OvalX Is Officially Closing Operations

Fazzaco learned that OvalX​, a spread-betting and CFD provider based in London, is officially shutting down. Reportedly, the Chief Executive Luca Merolla has informed all the staff of the company on Wednesday of the move.

Besides, a customer services executive of OvalX confirmed that the firm will be closed as of the 17th March 2023. "We are offering for some of our clients to transfer their account to Capital.com," noted the exec.

OvalX has been experiencing declining performance. It was rebranded from ETX Capital in May 2022.

Earlier this month, Fazzaco reported that OvalX was selling its client assets to Capital.com​, a Forex and CFD broker. Details of the transaction, however, was not disclosed.

Previously, Luca Merolla stated in a meeting that the company's controlling shareholder, an American venture capital firm Jump Capital, had decided to stop funding OvalX, which may lead to the end of OvalX's operations.