This OvalX review assesses the broker’s regulatory history, trading platforms, asset offerings, and client protections. Formerly known as ETX Capital, OvalX was a UK-based provider of CFDs and spread betting services. The firm ceased operations in 2023, following the sale of its client book to Capital.com. It is no longer accepting new clients and does not maintain active regulatory licenses.

Regulation and Safety

OvalX (ETX Capital) was previously authorised by the UK’s Financial Conduct Authority (FCA) under the company Monecor (London) Ltd, license number 124721.

• OvalX’s FCA license has been revoked
• Previously offered FSCS protection up to £85,000 for eligible clients
• Client funds were held in segregated Tier-1 bank accounts
• No longer provides regulatory coverage or support to clients

Execution Model and Trading Platforms

OvalX operated under a no-dealing desk (NDD) model with variable spreads across its trading platforms. It focused on delivering fast execution to retail traders with minimal slippage.

Platform options included:

• MetaTrader 4 (MT4): Fully supported with custom tools
• OvalX Trader Pro: Proprietary multi-asset platform for advanced users
• Mobile and web access with full functionality

No FIX API or VPS was offered to retail clients. Platforms are now discontinued.

Markets and Instruments

OvalX provided access to a broad range of CFDs and spread betting products:

• Forex – Over 60 currency pairs
• Indices – Global indices including NASDAQ, DAX, FTSE
• Commodities – Gold, crude oil, silver
• Shares – UK, US, and EU equities
• Cryptocurrencies – BTC, ETH, LTC, XRP

All instruments were offered as derivatives with no underlying asset ownership.

Accounts, Spreads and Leverage

OvalX offered a single retail account type with the following conditions:

• Spreads: From 0.6 pips on major pairs
• Leverage: Up to 1:30 for retail clients (FCA cap)
• No commissions on most instruments
• Minimum deposit: £100
• Islamic account option available

Leverage could be increased for professional clients meeting eligibility criteria.

Funding and Base Currencies

Prior to closure, OvalX supported several payment methods:

• Bank transfers (UK and international)
• Debit/credit cards
• eWallets – Skrill, Neteller

Base currencies included GBP, EUR, and USD. Withdrawals were typically processed within 1–2 business days. The deposit and withdrawal infrastructure is no longer active.

Client Protections and Features

OvalX previously offered standard FCA-regulated protections:

• Negative balance protection for retail traders
• FSCS coverage up to £85,000
• Client funds held in segregated accounts
• 2FA login and secure client portals

Following its closure, none of these protections apply to new clients or accounts.

Institutional and Retail Offering

OvalX catered mainly to retail clients but also offered professional and institutional accounts:

• Retail: MT4 and proprietary trading platform with basic research tools
• Institutional: White-label solutions and multi-asset execution (discontinued)

OvalX’s white-label and B2B partnerships were phased out following the 2023 closure.

Pros

• Previously FCA regulated with FSCS coverage
• Wide range of CFDs including crypto and spread betting
• Access to MT4 and advanced proprietary platform
• Competitive spreads with no commissions on most trades

Cons

• No longer operational or accepting new clients
• FCA license revoked and website offline
• Discontinued platform and withdrawal support
• No investor protections apply anymore

Frequently Asked Questions

Is OvalX still in business?

No, OvalX ceased operations in 2023. Its client accounts were transferred to Capital.com.

Was OvalX regulated?

Yes, OvalX was authorised by the UK’s FCA (License No. 124721) before its license was revoked.

Can I open a new account with OvalX?

No, the broker is no longer operational and does not accept new registrations.

What happened to OvalX clients?

All active OvalX client accounts were transferred to Capital.com under new terms and conditions.

Did OvalX offer spread betting?

Yes, OvalX was one of the few UK brokers offering both CFD trading and spread betting products.