Almost 60 year old broker closes down. OvalX (ETX Capital)
For those who don’t like to read a lot I will sum up here the article:
In a nutshell
ETX Capital was bought by guru capital. Later they bought the already failed and bankrupt Italian app Oval Money and they eventually drove the business bankrupt.
Now for the rest, lets start from the very beginning.
A brief history:
ETX Capital is a UK-based financial services company that offers online trading services in various markets, including forex, CFDs, and spread betting. The company was founded in 1965 as Monecor Limited and was primarily involved in traditional stockbroking services.
In 2002, the company launched a trading platform, TradIndex, which allowed traders to speculate on the price movements of various financial instruments. In 2007, the company rebranded as ETX Capital, and in 2009, it obtained regulatory approval to offer spread betting services in the UK.
In 2010, ETX Capital expanded its product offerings to include forex and CFD trading, and in 2015, it launched a binary options trading platform. However, following regulatory changes in 2018, the company decided to discontinue its binary options offering.
ETX Capital was a well-established online trading platform that offered a range of products and services to traders around the world.
Guru Capital (an independent private equity firm based in Rolle, Switzerland) bought the UK entity of ETX Capital (Monecor LTD) in October 2020.
Around a year after Guru Capital acquires the European part of ETX capital, the Cyprus-based Monecor (Europe) Ltd to make sure that they can still operate in EU after Brexit.
Later the same year, Guru Capital acquires a failed and already bankrupt Italian savings app Oval Money. On top of that, they placed the executives of the savings app in key positions to manage the new project.
For some good (probably) reason the company decided to let the long years old good name of ETX Capital and replace it with Oval. It was probably an attempt to reach younger audiences. Therefore, eventually they renamed ETX Capital to OvalX.
From there after, the company started to struggle and they have seen a decline in all sectors.
Eventually, unable to recover, the company decided to close. We have received the below email:
