FX week in review: Crypto CFD ban, ETX Capital sold
This week’s FX industry news as well as the discussion on FNG was dominated by one main topic – the FCA’s cryptocurrency CFD ban.
ETX Capital is the operating brand name of FCA licensed Monecor (London) Limited.
ETX operates a retail forex and CFD brokerage business. The company brought in £32.2 million (USD $40 million) in Revenue in 2018 with profit coming in at £1.9 million, both figures fairly flat as compared to the previous year.
In June 2020 Switzerland based fintech investment fund Guru Capital SA announced a deal to acquire control of ETX Capital. That transaction closed in October 2020. Guru Capital is run by former Swissquote FX executive Ryan Nettles.
This week’s FX industry news as well as the discussion on FNG was dominated by one main topic – the FCA’s cryptocurrency CFD ban.
Guru Capital said that it intends to leverage the strong ETX Capital brand, and also to grow the business globally through M&A activities.
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ETX has been branching out from its core business of Retail FX and CFD brokerage, acting as broker in a number of capital raising deals.
The FCA said to be aware that scammers may give out other false details or mix these with some correct details of the registered firm.
ETX Capital has a new home. The FCA-licensed broker has been acquired by Guru Capital SA, the one-year-old fintech investment […]