It is now expanding its client base across regions.
The United Kingdom-based parent company of FXOpen, a forex and contracts for differences (CFDs) broker brand, published the financials for the fiscal year that ended on 31 December 2022, reporting a turnover of £645,643 and a net loss of £338,651.
An Improvement in Financials
According to the recent Companies House filing, the turnover of the brokerage operator increased 5.5 percent in 2022. However, with an increased sales cost from £161,488 to £209,191, the gross profit declined 3.2 percent to £436,452.
Meanwhile, the administrative costs of the broker declined from £870,252 to £777,878. With this, the operating loss of the company came in at £341,426, narrowing down from the previous year’s £420,035.
After considering income and expenses from interest, the brokerage operator reported a net loss of £338,651, which is 20 percent down from £403,487. However, it gained £40,717 from foreign exchange profits, lowering the total comprehensive loss to £297,934 compared to £456,913 in the previous year.
“The results for the year and the financial position at the year-end represent tough market conditions. During the course of 2022, the group maintained its client base in the UK and other markets. Improvement in turnover, as compared to 2021, reflected an increased client base,” the Companies House filing stated.
Expansion Is Underway
FXOpen offers retail trading services with currency pairs and CFDs of stocks, indices, commodities, and a few other asset classes. Its primary source of revenue is from the commission charged on trades and is directly dependent on trading volumes on its platform.
“As a part of its corporate strategy, the group continued to expand its client base in the UK and the rest of the world.” Meanwhile, the expansion within the European Union is being carried out by the Cyprus-registered entity FXOpen EU Ltd.
“Though its group structure, the board is confident in expanding its client base, professional and retail,” the filing added.
The United Kingdom-based parent company of FXOpen, a forex and contracts for differences (CFDs) broker brand, published the financials for the fiscal year that ended on 31 December 2022, reporting a turnover of £645,643 and a net loss of £338,651.
An Improvement in Financials
According to the recent Companies House filing, the turnover of the brokerage operator increased 5.5 percent in 2022. However, with an increased sales cost from £161,488 to £209,191, the gross profit declined 3.2 percent to £436,452.
Meanwhile, the administrative costs of the broker declined from £870,252 to £777,878. With this, the operating loss of the company came in at £341,426, narrowing down from the previous year’s £420,035.
After considering income and expenses from interest, the brokerage operator reported a net loss of £338,651, which is 20 percent down from £403,487. However, it gained £40,717 from foreign exchange profits, lowering the total comprehensive loss to £297,934 compared to £456,913 in the previous year.
“The results for the year and the financial position at the year-end represent tough market conditions. During the course of 2022, the group maintained its client base in the UK and other markets. Improvement in turnover, as compared to 2021, reflected an increased client base,” the Companies House filing stated.
Expansion Is Underway
FXOpen offers retail trading services with currency pairs and CFDs of stocks, indices, commodities, and a few other asset classes. Its primary source of revenue is from the commission charged on trades and is directly dependent on trading volumes on its platform.
“As a part of its corporate strategy, the group continued to expand its client base in the UK and the rest of the world.” Meanwhile, the expansion within the European Union is being carried out by the Cyprus-registered entity FXOpen EU Ltd.
“Though its group structure, the board is confident in expanding its client base, professional and retail,” the filing added.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
T+1 Securities Settlement Looms: Why Automating FX Processes Becomes Key in Managing Risks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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