GCEX, a prime brokerage headed by Lars Holst, published the financials for the fiscal year ending on 31 December 2022, reporting a turnover of £4.5 million, an increase of 136 percent from the previous year’s £1.9 million.

GCEX Is a Profitable Company

Additionally, the company closed the year with a net profit of £1.5 million, marginally higher than the £1.42 million it generated in the previous fiscal year. It was the second consecutive full-year financials for the company.

“2022 was an extremely successful year for GCEX as we continued to experience rapid growth despite the challenges faced by the industry towards the end of the year,” said Holst, the Founder and CEO at GCEX. “Our strong financial results highlight that we are a trusted provider with robust technology and a compelling offering.”

Expansion Continues

Established in 2018, GCEX enables brokers, hedge funds, and professional traders to access deep liquidity in FX and digital assets and offers a range of technology solutions.

On top of that, it recently entered the trading technology space with the launch of two proprietary trading platforms, XplorSpot and XplorTrader, which are parts of the XplorDigital trading solutions. XplorSpot is a digital asset trading platform developed to serve institutional and professional clients, while XplorTrader is for margin forex and contracts for differences trading.

Headquartered in London, GCEX is expanding its geographical footprint aggressively and now has a well-established presence in the Middle East and Asia. It has strengthened its international team with several hiring.

The company is offering its services under a Financial Conduct Authority (FCA) license and is registered with the Danish FSA as a Virtual Asset Service Provider (VASP). Furthermore, it received a VASP license for the MVP phase from the Dubai Virtual Assets Regulatory Authority.

“We are reinvesting our profits in the business in order to continue our international expansion, further develop our proprietary XplorDigital solutions and evolve our offering for our global client base. We have ambitious growth plans and will be making a series of strategic announcements over the coming months,” said Holst.