Brief Look at ETX Capital
The decline of ETX Capital (now OvalX) can be attributed to several serious problems.
Firstly, users reported numerous issues with withdrawing funds. ETX Capital began delaying or outright rejecting withdrawal requests without providing explanations. Traders were often caught in bureaucratic hurdles, with the company demanding excessive documentation or citing regulatory compliance issues.
Former clients also raised concerns about hidden fees and charges, such as inflated spreads, high overnight fees, and significant slippage during volatile trading periods, none of which were adequately disclosed.
Some traders accused ETX Capital of manipulating trading conditions to its advantage, including artificially influencing price feeds, causing trades to be executed at less favorable prices.
Furthermore, despite being registered in the UK, the broker is not regulated by the Financial Conduct Authority (FCA).
The combination of these problems led to ETX Capital's downfall. In the late 2010s and early 2020s, these issues severely damaged the company's reputation.
As a result, ETX Capital (OvalX) is now blacklisted by the crypto community.
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