Here we are going to look at the ETX Capital 2020 results, with the London-based broker experiencing a notable increase in revenues. They also successfully launched their new corporate brokerage business. Active clients grew by 3% to 10,354 and total revenue grew by 48% compared to 2019, up to £31.8 million.
FX Explained can report that Philip Adler, Chief Executive Officer, stated “The year has been truly eventful, I am very pleased with our results and the team performance during COVID’ . He went on to add that they “finished on a high with the acquisition of ETX Capital by Swiss based private equity firm Guru Capital which helped set our new vision and initiatives.”
In 2020, the COVID-19 pandemic required ETX staff to work remotely and the company continues to operate a flexible work policy. The strong 2020 performance has reflected the robustness of the ETX business model.
Looking forward into 2021, the ETX strategy gives emphasis to the integration of the ETX and Oval Money businesses. Oval Money was acquired by ETX in May 2021 and is a FinTech platform that allows users to create automated smart rules for defining savings habits and investment goals. The Oval acquisition will enable ETX to offer a full suite of financial products and services to a much wider audience, with the ability to track spending and make payments with a debit card.
You can learn more about ETX in our broker review here.
CFDs and spread bets are complex instruments and due to leverage come with a high risk of losing money rapidly. When spread betting or trading CFDs with ETX, 73.18% of retail investor accounts lose money.