E*TRADE exiting its Direct Online Brokerage Business

January 29, 2010Andy No Comments »

E*TRADE has decided to exit its direct online brokerage business for its UK share dealing service for equities, CFDs, spread betting and SIPP accounts.

‘..Following a strategic review, E*TRADE has decided to withdraw from the provision of local market trading services in the United Kingdom. As a result, and subject to your express consent, we will be transferring your account to TD Waterhouse, one of the UK’s leading online brokers…’

Meanwhile, London Capital Group Holdings plc (“LCG”) in a separate announcements has confirmed the continuation of the E*TRADE white label offering -:

TD Waterhouse has today announced that it will be acquiring the UK customer base of E*Trade Securities Limited (UK). LCG, which currently provides the financial spread betting service to E*TRADE’s UK customers, is pleased to announce that TD Waterhouse has confirmed that LCG will continue to provide this service to those customers following the completion of the acquisition.

Comments: So long! I really liked the ETrade platform and their frequent trader rate was much easier to achieve than SelfTrade and they were cheaper.

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