ETX credit line for ex-Alpari UK


KPMG, FSCS, ETX Capital, ETX credit line, ex-alpari uk client, Alpari UKFollowing the highly discussed Alpari UK client base purchase by ETX Capital back in March 2015, more news involving the case has been made publicly today. The British spread betting and multi-asset CFD brokerage acquired back at the time about 160,000 Alpari UK’s client data from the joint special administrators for an unknown sum. Allowing former Alpari UK clients, whose funds are locked down by KPMG and the FSCS, to execute direct transfers into an ETX trading account.

However, little information and further clarification was undisclosed back in March this year, until this very moment. As the FCA regulated brokerage has released an announcement today, indicating that ETX Capital offers the acquired and former-Alpari UK customers the benefit of transferring back a small proportion of their locked down funds to an ETX Capital trading account. Further clarification upon ETX credit line was sent through email to those eligible that decided earlier to retrieve their funds directly through an ETX Capital trading account.

In more detail, the terms and conditions specified in today’s sent email indicates that ETX Capital only cover up to 30% of the locked funds, while the maximum extension is limited to £3,000 or the equivalent of this in other currency’s. Eventually, the ETX credit line benefits those who chose to go along with ETX Capital by gaining an advanced start to get back trading.

Reportedly, many of these transferred clients from Alpari UK are already active again with their ETX Capital accounts. Even though, not every transferred client enjoy the luxury yet to get back to trading, due to still inaccessible accounts caused by the long administrative process. Therefore, with today’s introduced mechanism, more former Alpari UK clients will be able to get back to trading again, while waiting to receive their funds back again.

The CEO of ETX Capital, Mr. Andrew Edwards has expressed his contentment with today’s introduced ETX credit line for the ex-Alpari UK clients: “We know that people have been waiting to receive their funds for a while now. However, one thing we are able to do in the meantime is provide our clients with advanced access to some of their funds.”

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