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UK forex broker ETX Capital has acquired the clients of peer PipIndex, finance news provider LeapRate reported on Thursday. This is the third client acquisition in ETX Capital’s portfolio for the past three years.
ETX Capital has not confirmed or denied the deal, but it has indicated that it has recently acquired a significant client list and is currently in discussions with other brokers as it is looking for more acquisitions, the media said.
“Unlike situations where a company purchases a client list for a small up front payment, ETX has developed a model to significantly enhance the upfront payment or share ongoing revenues to the benefit of both parties,” said ETX Capital CEO Andrew Edwards said, as cited by LeapRate.
PipIndex has ceased providing trading services, according to a notice on its website. The motivation behind the decision was not disclosed. The brand is owned by Pip Index Capital Markets Ltd., which used to operate as as an introducing broker (IB) to forex broker Finsa Europe until Q4 2016.
In 2015, ETX Capital also acquired the UK clients of Alpari UK, a broker that was part of Alpari group but ceased operations in 2015 as result of the Swiss franc’s unpegging of the Euro. A year prior to that it acquired the business of Irish spread betting broker Shelbourne Markets, formerliy know as MarketSpreads.
ETX Capital is a UK-licensed multi-asset brokerage house that offers trading in forex, binary options, CFDs, indices, equities, commodities, and spread betting. It offers three platforms – MetaTrader 4 (MT4), Markets Pulse for binary options, and its proprietary iTrade.