OvalX (formerly ETX Capital) has confirmed that the company will close on March 17, 2023. The London-based Forex and CFD broker has emailed details to clients, and the broker's CEO Luca Merolla reportedly informed all of the company's employees of the move on Wednesday.

OvalX will close on March 17, 2023

"OvalX will close on March 17, 2023," said Luca Merolla, "We are offering some of our customers the service to transfer their accounts to Capital.com."

"We are writing to inform you that, with regret, OvalX will be closing its services to all customers in the coming weeks. Customers have always been at the heart of our business and will continue to be so throughout this process, "OvalX said in an email to customers.

In order to minimize disruption to your trading and ensure continuity of service, we have reached an agreement with Capital.com where you can transfer your accounts, positions and funds to Capital.com if you wish to do so. This will enable you to continue trading, but you are under no obligation to accept this option."

The announcement comes a day after OvalX CEO Luca Merolla called all employees to confirm that the company would be shutting down. He also asked employees not to disclose the news publicly.

OvalX's current problems are well known, and as the company has experienced a sustained decline in performance, it is selling its customer books to London-based competitor Capitall.com. The brokerage also laid off a significant portion of its staff last month.