OvalX will close its operation on March 17th and hand over its client to another broker, Capital.com.
In response to the stopping operation issue, OvalX's customer service executive states, "OvalX will be closed as of the 17th March 2023,". He added, "We offer some clients to transfer their account to Capital.com." OvalX has informed all stakeholders that they will discontinue service to all clients in the coming weeks.
Considering the clients' interests, OvalX has agreed with Capital.com that they may voluntarily transfer their accounts, positions, and funds to the intended company.
OvalX provided retail and institutional traders with forex and contracts for differences (CFDs). Monecor (London) Limited managed the brand in London, while Oval Money (Europe) Ltd supervised operations in Europe.
Following the completion of the client document acquisition, Peter Hetherington, Capital.com's Group CEO, said, "OvalX, which began life 20 years ago as TradIndex and then ETX Capital, has a long and reputable track record in the UK financial spread-betting and CFD industry." Further, he added, "This agreement is an important step towards continuing that legacy."
In May 2022, ETX Capital was rebranded as OvalX after the private equity firm Guru Capital acquired the broker in October 2020. The brand was discontinued within a few years, despite initial plans to expand its market footprint and pursue investment opportunities in active companies operating within the EMEA and APAC regions.
This was due to Moncore's reporting a pre-tax loss of £9.2 million in 2021. After tax credits, its net loss was £6.8 million, compared to a net profit of £428,000 the previous year. Trading revenue on the platform decreased to £24.1 million that year from $31.7 million in the previous year due to Brexit.