The firm faced higher expenses in 2024, keeping it at a loss, though results improved over 2023.
Earlier, the company integrated Fireblocks, enabling clients in Denmark and Dubai to leverage its infrastructure.
GC Exchange Limited, a UK-based prime brokerage specialising
in online trading of FX, indices, commodities, and cryptoassets for
professional and institutional clients, has published its financial results for
the year ended 31 December 2024.
Higher Turnover, Lower Loss Reported in 2024
Lars Holst, CEO and Founder, GCEX
Turnover rose by 64% to £3.76 million. Despite this growth,
the company reported a pre-tax loss of £232,567, narrowing from the previous
year’s loss.
The improvement came amid a sharp rise in expenses. Cost of
sales more than doubled, while administrative expenses increased by 24%, driven
by intra-group expenses, consulting fees, staff costs, and foreign exchange
revaluation losses.
Revenue growth was mainly supported by a 315% rise in crypto
CFD trading volumes. This reflected a recovery in the cryptoasset market after
the “crypto winter.” The company noted a positive revenue trend
starting from the last quarter of the year, which it expects to continue into
2025.
“Our significant increase in turnover was also
replicated in our Dubai and Copenhagen based entities, resulting in a strong
year for the GCEX Group,” Lars Holst, Founder and CEO, GCEX Group, commented.
“Our model remains robust, we don’t run risk and don’t do
lending or borrowing, and we continue to have significant excess Tier 1 capital
in our UK entity,” he added. “Looking ahead, we are confident that our strong partnerships
and ongoing technological innovation will enable further growth, both in the UK
and globally.”
After receiving a tax credit, GCEX reported a net loss
of £172,789, down from £279,622 in 2023. Shareholders’ funds stood at £4.7
million at the end of 2024, slightly lower than the previous year.
During the year, the company diversified its client base,
expanded its execution-only offering, and added new liquidity providers to its
FX and crypto services. It also launched a client portal to enhance client
experience and improve internal operations.
The Board commented: “The core purpose of GC Exchange
is to deliver sustainable value to shareholders over the medium and long term
by offering best-in-class brokerage services across financial products to
institutional and professional clients.”
Integrating Fireblocks for Institutional Crypto Trading
Meanwhile, GCEX
has integrated Fireblocks' enterprise platform to enhance its institutional
cryptocurrency trading capabilities. This partnership allows clients in Denmark
and Dubai to use Fireblocks' infrastructure, including its Policy Engine for
transaction control, multi-level authorization, and compliance. The integration provides access to Fireblocks'
network, offering instant settlement and addressing key operational challenges
in institutional crypto trading.
GC Exchange Limited, a UK-based prime brokerage specialising
in online trading of FX, indices, commodities, and cryptoassets for
professional and institutional clients, has published its financial results for
the year ended 31 December 2024.
Higher Turnover, Lower Loss Reported in 2024
Lars Holst, CEO and Founder, GCEX
Turnover rose by 64% to £3.76 million. Despite this growth,
the company reported a pre-tax loss of £232,567, narrowing from the previous
year’s loss.
The improvement came amid a sharp rise in expenses. Cost of
sales more than doubled, while administrative expenses increased by 24%, driven
by intra-group expenses, consulting fees, staff costs, and foreign exchange
revaluation losses.
Revenue growth was mainly supported by a 315% rise in crypto
CFD trading volumes. This reflected a recovery in the cryptoasset market after
the “crypto winter.” The company noted a positive revenue trend
starting from the last quarter of the year, which it expects to continue into
2025.
“Our significant increase in turnover was also
replicated in our Dubai and Copenhagen based entities, resulting in a strong
year for the GCEX Group,” Lars Holst, Founder and CEO, GCEX Group, commented.
“Our model remains robust, we don’t run risk and don’t do
lending or borrowing, and we continue to have significant excess Tier 1 capital
in our UK entity,” he added. “Looking ahead, we are confident that our strong partnerships
and ongoing technological innovation will enable further growth, both in the UK
and globally.”
After receiving a tax credit, GCEX reported a net loss
of £172,789, down from £279,622 in 2023. Shareholders’ funds stood at £4.7
million at the end of 2024, slightly lower than the previous year.
During the year, the company diversified its client base,
expanded its execution-only offering, and added new liquidity providers to its
FX and crypto services. It also launched a client portal to enhance client
experience and improve internal operations.
The Board commented: “The core purpose of GC Exchange
is to deliver sustainable value to shareholders over the medium and long term
by offering best-in-class brokerage services across financial products to
institutional and professional clients.”
Integrating Fireblocks for Institutional Crypto Trading
Meanwhile, GCEX
has integrated Fireblocks' enterprise platform to enhance its institutional
cryptocurrency trading capabilities. This partnership allows clients in Denmark
and Dubai to use Fireblocks' infrastructure, including its Policy Engine for
transaction control, multi-level authorization, and compliance. The integration provides access to Fireblocks'
network, offering instant settlement and addressing key operational challenges
in institutional crypto trading.
ASX Faces $150M Capital Charge After Scathing Inquiry Finds Years of Neglect
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
