OvalX, formerly known as ETX Capital, was a forex and contracts for differences (CFDs) broker based in London. It was reported that Chief Executive Luca Merolla informed all the company staff that 17th March 2023 will be the last operation day for OvalX.
OvalX urges clients to transfer their accounts and positions, and funds to Capital.com if they still wish to continue trading, however, they are not obliged to do so.
When Swiss private equity fund Guru Capital acquired ETX Capital in October 2020, it was then renamed OvalX in May 2022. The deal was thought to have been sponsored by the US-based venture capital firm Jump Capital. As a result, Jump Capital, whose partner Saurabh Sharma joined Monecor's Board, owned Monecor. The brand shut down after a few years, despite the initial objectives under Guru Capital's management to increase its market presence and look for investment possibilities in active firms operating in the EMEA and APAC region.
Due to erratic investments and macroeconomic circumstances, Moncore reported a pre-tax loss of £9.2 million in 2021, the first full year under Guru's leadership. After deducting taxes, it had a net loss of £6.8 million as opposed to a net profit of £428,000 the year before.
The platform's operations suffered that year as trade revenue decreased due to Brexit from £31.7 million the previous year to £24.1 million. Although its funding sales climbed 39 per cent thanks to its professional clientele, its spread revenues decreased by 45 per cent year over year.
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