OvalX closed. It was the last name ETX Capital traded under, and the business wound down after 8 February 2023, when the firm taking on its clients announced the agreement. Checked on 5 Sep 2026, the OvalX web address no longer serves a broker site. There is no account to open and no live product to review.
Updated 5 Sep 2026. The status this page carries changed from withdrawn to no UK entity, and nothing about the brand changed with it. Our own data had held both facts since August: that the brand closed in 2023, and that the FCA cancelled the authorisation of Monecor (London) Limited, the firm behind it, on 25 April 2025. Those describe two different moments and the status field can hold one, so it now holds the later one, which is the one that answers whether you can open an account. The closure and its evidence are unchanged. Earlier: Updated 3 Sep 2026. The FCA register entry this page rests on was re-read and captured, and the capture now sits on the page under the sentences it supports. Earlier: Rebuilt on 26 Aug 2026. The page now answers the question its readers are actually asking — whether there is an OvalX account worth reviewing — instead of describing the product as though it were open. Two claims came off it. The specific closure date we used to give has no source we hold, so the sourced announcement date replaces it. The firm reference number came from the acquirer’s announcement rather than the FCA register, so it came off the page. On the same day the register was read for the first time on this project, and what it holds is now on the page: one firm behind both brand names, and an authorisation cancelled in April 2025.
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The Name Was Newer Than The Business
OvalX was the third name on one company. The acquirer’s own description runs TradIndex, ETX Capital and OvalX, oldest first, and the rename to OvalX came only a short time before the wind-down.
That order explains something a reader searching this name usually finds confusing. The brand had a long history and almost none of it happened under the name on the sign. Reviews of it are thin because there was little time to build any, and the reviews that do exist are mostly about the business under its previous name.
Our page on ETX Capital carries the brand chain and the closure evidence at length, because that is the name most people search. This page answers the question that arrives with this one.
Why There Is No OvalX Review Here
Every search that reaches this page is some version of the same question: is this broker any good. The honest answer is that the question no longer has an object, and our own scoring rules say so before this page does.
We rate accounts on six criteria — Trading Cost, Trading Experience, Trading Platform, Trust, Range Of Markets and Customer Service — and each of them describes something a reader could go and experience. There is no cost to measure on a closed account, no platform to open and no support desk to contact. A score built from criteria that cannot be observed is a number with nothing underneath it.
So we hold no criterion scores for this brand and publish no rating for it, which is the rule applied to every withdrawn brand in our data rather than a decision taken about this one. Our account scoring method sets out what each criterion covers and which parts of an account we assess rather than test.
The consequence for a reader is worth stating. A comparison site that still shows a star rating for OvalX is rating a memory. What you can act on is the ranking of accounts that are open, and that ranking sits further down this page and on our spread betting broker reviews directory.
How You Can Check This Yourself
The OvalX web address returns a permanent redirect to the announcement that clients were being offered a move, and so does the ETX Capital one. We re-checked both on 5 Sep 2026. A firm still taking clients does not point its own domain at somebody else’s press release.
At the point of that announcement, clients were offered the chance to move their accounts to Capital.com. The release says some of its existing retail and professional clients rather than all of them, so we state the offer and not the outcome. What happened to any individual account is not something this page can tell you.
The firm behind the brand is Monecor (London) Limited, from the FCA register rather than from the announcement, read on 26 Aug 2026. The same entry carries ETX Capital as a trading name until 2022 and OvalX from 2022, which is the regulator confirming what the acquirer said about the two names being one business.
It also carries what the announcement could not: the FCA register lists ETX Capital and OvalX as trading names of one firm, Monecor (London) Limited, firm reference number 124721, whose authorisation was cancelled on 25 April 2025. Our guide to spread betting regulation in the UK covers what a cancelled authorisation means for a former client, and the ETX Capital page sets out the register entry in full.
OvalX On The FCA Register
Monecor (London) Limited, FRN 124721, on the FCA Financial Services Register: status No longer authorised, status date 25 Apr 2025. Captured 3 Sep 2026. Source: the firm’s register entry, Financial Conduct Authority.
The capture is the firm details and firm status panels of the entry as the register served them on that date, and the link opens the live entry. The permissions panel is not in it, so this page makes no claim about which regulated activities the authorisation covers. Our regulation guide sets out verifying a spread betting broker on the FCA register.
What Other Review Sites Say About OvalX
These are OvalX’s ratings on the platforms below, each read on the date shown and stated in that platform’s own scale. They are other people’s ratings, gathered on those sites’ own terms, and we publish them so you can weigh them against ours.
OvalX’s Trustpilot profile, captured 3 Sep 2026. We recapture these monthly, so the figure in the table is the one the platform showed on that date rather than a number typed in once and left to age.
Our own score is set on the six criteria we publish and is not influenced by any third-party rating. A high rating on a review platform and a low mark here can both be true of the same account, because they measure different things.
Where To Spread Bet Instead Of OvalX
These are the three highest-scoring accounts in our ranking that you can open today, in score order. The order is the ranking’s own and does not change from page to page. Our scores are set on the criteria we publish and are never influenced by what a broker pays us. The list below is therefore the same list you will find on our spread betting platforms we rank.
1. Pepperstone - Review score 98/100
Nine-pair average: 1.34 points, EUR/USD at 0.6 points
76.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Your capital is at risk. This page is not financial or tax advice.
How We Picked Those Three
They are the top three of the fourteen accounts in our ranking, in score order, with nothing else applied. Each is FCA-authorised and taking UK clients, which is the filter a reader arriving from a closed brand needs first. Our scores are set on the criteria above and are never influenced by what a broker pays us.
Each carries the spread average we harvest from that broker’s own site every month, the one cost figure every provider states on the same basis. We rank the FCA-regulated spread betting brokers still offering the product against each other on cost and platform.
Between 61% and 76.6% of retail investor accounts lose money when trading spread bets and CFDs with the providers we compare.
Spread betting is leveraged and losses can exceed the amount you set out to risk on a bet. This page is not financial or tax advice.
OvalX Spread Betting: FAQs
Is there an OvalX review anywhere on this site?
No, and not by oversight. We score accounts a UK reader can open, on criteria we publish, and OvalX cannot be opened. A score for it would be a rating of something nobody can buy, which is worth less than saying plainly that the account has gone. The same rule keeps every withdrawn brand out of our ranking.
Is OvalX regulated by the FCA?
It was, and it is not now. The FCA register, read on 26 August 2026, holds one firm behind both brand names: Monecor (London) Limited, firm reference number 124721, which carries OvalX as a trading name from 28 May 2022 and ETX Capital from 2008 to 2022. Its authorisation was cancelled on 25 April 2025, so the register now records it as no longer authorised. This site previously published a firm reference number for another brand that nobody had read off the register, and removed it; this one is the register.
Was OvalX the same broker as ETX Capital?
Yes. The acquirer describes a business that began as TradIndex, became ETX Capital and then OvalX. The OvalX name was the last of the three and the shortest-lived. Our page on ETX Capital covers the brand chain and the closure evidence in full, for readers searching under the older name.
Is OvalX a scam?
No, and that is a different question from the one this page answers. It was a long-established UK broker that wound down, and its clients were offered a route to another firm rather than being left without one. What a reader needs now is an account that is open and authorised, not a verdict on one that closed.
Justin Grossbard co-founded Spread-Bet.co.uk with Noam Korbl in 2024, and co-founded the broker comparison network CompareForexBrokers with him in 2014. He has been investing since 1998 and actively trading since 2014, and has written on forex and CFD trading for Kiplinger, Entrepreneur, Finance Magnates and MoneyShow since 2019.
