Darwinex, a UK-based social trading broker and asset manager, has posted its annual financial figures for the period, ending on June 30, 2020. The total turnover of the company jumped by over 72 percent exceeding €4.69 million.
In its latest Companies House filing, the broker detailed that improvements in its efficiency resulted in the revenue jump. It further explained that both trader equity and investor equity went up by 25 percent year-over-year.
Additionally, trader equity went up by 16 percent following the reported fiscal year period.
FBS Broker Releases New Partner Area for its IB Program UsersGo to article >>
Despite the solid growth in its revenue, other key metrics performed poorly, mostly due to the enormous administrative expanse. The broker gained only €580,156 in pre-tax profits, which is down from the previous year’s €840,480. The total comprehensive income for the year remained €469,926: this figure was €683,146 in FY2019.
Securing European Operations
Previously known as Tradeslide, Darwinex offers a hybrid of social-related copy trading solutions. It is regulated by the UK’s Financial Conduct Authority (FCA) and passports its license to operate in Europe.
“The principal activity of the company is the provision of brokerage and investment management services, leveraging a proprietary technology stack that removes friction between talent and capital in financial markets,” the filing stated.
It raised concerns over the impact of a no-deal Brexit on the heavily regulated brokerage industry. To continue offering services to European clients, Darwinex revealed that it applied for a Spanish license and is expecting to start operations under the new regulator from next month.