Is OvalX Still Operating? Broker Closure Explained

OvalX, formerly ETX Capital, is no longer operating. It was a long-established, UK-regulated CFD and spread-betting broker, but it wound down in 2023, sold its client book to Capital.com, and entered voluntary liquidation. If you are a former client or were considering it, here is what happened and what it means for any money still owed to you.

Is OvalX still operating?

No. OvalX ceased operating as a broker in 2023. The company agreed to transfer its client base to Capital.com, stopped taking on trading activity, and went into voluntary liquidation. You cannot open an account or trade with OvalX today, and any website still presenting it as a live broker should be treated with caution.

What was OvalX?

OvalX had a long history. It began roughly two decades ago as TradIndex, became ETX Capital, and was rebranded to OvalX in May 2022 after a private-equity-backed acquisition. It was a UK-based broker offering forex, indices, commodities, shares, and crypto CFDs, along with spread betting, through the MetaTrader 4 platform and its own TraderPro platform, with a wide instrument range.

Importantly for safety, it was genuinely regulated by top-tier authorities: the UK’s Financial Conduct Authority (FCA) and, through its European entity (Monecor / Oval Money (Europe) Ltd), CySEC in Cyprus under licence 096/08. That regulation is the main reason its wind-down was orderly rather than a disappearance.

It is worth being balanced, though. In its ETX Capital era the broker attracted a number of conduct complaints, including reports of withdrawal delays and disputes over fees and execution. So while it was properly regulated, it was not without criticism during its lifetime.

Why did OvalX close?

The closure came down to money. After the 2020 acquisition and the 2022 rebrand, the business ran heavy losses, including a pre-tax loss of around £9.2 million in 2021, alongside a sharp decline in trading revenue. Its backers ultimately stopped funding it. Rather than continue, the company arranged to transfer clients to Capital.com and wind itself down through voluntary liquidation.

This is a useful reminder that regulation protects how a broker must behave and how client money is handled, but it does not guarantee a broker will stay in business. Financial stability matters alongside regulation.

What happens to client funds?

Because OvalX was regulated, client money was handled through a proper process rather than simply lost:

• Clients were offered the option to migrate their accounts to Capital.com.
• Clients who did not migrate had their balances dealt with through the liquidation. Where balances remained unclaimed, funds were directed to the UK Court Funds Office for clients to reclaim, typically subject to a claim process and a small administrative fee.

If you believe you still have a balance, follow the official reclaim route rather than responding to unsolicited contact. As with any closed broker, confirm the current process through official UK channels, since procedures and deadlines can change over time.

A warning about scams

Closed brokers are a magnet for fraud. Scammers target former clients with phishing emails and fake “fund recovery” services, posing as the broker, the liquidator, or a recovery agent, and asking for fees or login details to “release” your money. Treat any unexpected message about reclaiming OvalX funds with suspicion. Never pay an upfront fee to a recovery service, and verify any reclaim process through official sources before acting.

Conclusion

OvalX was a long-running, FCA and CySEC-regulated broker that closed in 2023 due to sustained financial losses, transferring its clients to Capital.com and entering voluntary liquidation. It is no longer a broker you can trade with. Former clients with outstanding balances should use the official reclaim route and stay alert to scams. The wider lesson is that regulation and financial stability both matter when choosing where to trade.

Frequently asked questions

Can I still trade with OvalX?
No. OvalX wound down in 2023, transferred clients to Capital.com, and went into voluntary liquidation. It is no longer operating.

Was OvalX regulated?
Yes. It was regulated by the FCA in the UK and by CySEC in Cyprus (licence 096/08). That regulation is why its closure was handled in an orderly way.

How do I reclaim money from OvalX?
Clients were offered migration to Capital.com, and remaining balances were directed to the UK Court Funds Office to reclaim. Use official channels only, and be wary of scam “recovery” offersefused.