Step 1: Understanding the Concept:
This question is about the types of chemical bonds formed between atoms. The nature of the bond depends on how the valence electrons of the atoms interact.
Step 2: Detailed Explanation:
\[\begin{array}{rl} \bullet & \text{Covalent Compounds: Formed when atoms share electrons to achieve a stable electron configuration. This typically occurs between non-metal atoms.} \\ \bullet & \text{Electrovalent Compounds (or Ionic Compounds): Formed when there is a complete transfer of one or more electrons from one atom (typically a metal) to another (typically a non-metal). This transfer results in the formation of charged ions (a cation and an anion) that are held together by strong electrostatic forces of attraction.} \\ \end{array}\]
Since the question specifies the formation is by "transfer of electrons," the resulting compounds are electrovalent.
Step 3: Final Answer:
Compounds formed by the transfer of electrons are called electrovalent compounds.