The broker’s UK unit closed the year with a net loss of £892,630.
It added about 1,000 clients last year.
The United Kingdom-registered entity of Capital Markets Elite Group, a broker specializing in forex and contracts for differences, released its financials for the last fiscal year as it generated an annual turnover of £449,772.
A Loss Making Broker
The figure for the fiscal year, which ended on 31 May 2023, was reported following a year when it recorded a turnover of £27,786. After considering £311,364 in cost of sales, the brokerage operator's latest gross profit amounted to £138,408.
However, the administrative expense of the UK-registered company exceeded £1.03 million, compared to £560,534 in the previous year. The costs also pushed the company towards an operating loss of £895,807, deepening it from a loss of £495,991 in the previous year.
The net loss of the broker from its UK operations for the year totaled £892,630, while this figure was at a loss of £448,282 in the previous year.
A Multi-Regulated Broker
Apart from its operations in the United Kingdom, the broker brand also operates with another entity licensed in the Cayman Islands, which is owned by a holding company registered in Saint Lucia.
“The firm continues in business using its existing financial service regulated permissions. The firm offers brokerage and execution services for both equities and derivative products. The firm’s focus to date has been to the equity markets targeting mainly retail clients based in the UK and Europe,” the latest Companies House filing stated. However, it is not clear how the brokerage has any other licenses from any European Union member to operate within the bloc.
The latest filing added that the client onboarding program of the UK entity added close to 1,000 new accounts in the last fiscal year, and about half of them have “progressed to funding.” It further highlighted that the client demographic is predominantly “retail.”
The United Kingdom-registered entity of Capital Markets Elite Group, a broker specializing in forex and contracts for differences, released its financials for the last fiscal year as it generated an annual turnover of £449,772.
A Loss Making Broker
The figure for the fiscal year, which ended on 31 May 2023, was reported following a year when it recorded a turnover of £27,786. After considering £311,364 in cost of sales, the brokerage operator's latest gross profit amounted to £138,408.
However, the administrative expense of the UK-registered company exceeded £1.03 million, compared to £560,534 in the previous year. The costs also pushed the company towards an operating loss of £895,807, deepening it from a loss of £495,991 in the previous year.
The net loss of the broker from its UK operations for the year totaled £892,630, while this figure was at a loss of £448,282 in the previous year.
A Multi-Regulated Broker
Apart from its operations in the United Kingdom, the broker brand also operates with another entity licensed in the Cayman Islands, which is owned by a holding company registered in Saint Lucia.
“The firm continues in business using its existing financial service regulated permissions. The firm offers brokerage and execution services for both equities and derivative products. The firm’s focus to date has been to the equity markets targeting mainly retail clients based in the UK and Europe,” the latest Companies House filing stated. However, it is not clear how the brokerage has any other licenses from any European Union member to operate within the bloc.
The latest filing added that the client onboarding program of the UK entity added close to 1,000 new accounts in the last fiscal year, and about half of them have “progressed to funding.” It further highlighted that the client demographic is predominantly “retail.”
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.
52% Acknowledge Parental Influence: Financial Legacies in Hong Kong
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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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
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#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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