ATFX (UK) has revealed exclusively to Finance Magnates that it has received regulatory approval to increase its share capital by £3.15 million, only months after the foreign exchange (forex) broker previously boosted its share capital by £1.5 million.
According to a statement seen by Finance Magnates today, the broker will use the extra funds to facilitate its ambitious expansion plans within the European Union. The company’s ultimate goal is to offer more localised services by increasing its global footprint.
Furthermore, ATFX will be using the extra cash to establish its new office Hub . As Finance Magnates previously reported, the broker raised its share capital by £1.5 million in April of this year, as part of its geographical and product expansion plans.
Today’s announcement follows on from the UK-headquartered firm opening up a new office in Krakow Poland, which the company revealed earlier this month. The focus of the new Polish office will be IT development and marketing – search engine optimisation (SEO).
In addition to being put towards its expansion, ATFX also plans to use the newly increased capital improve its educational programs and it will be invested in ATFX Connect, the broker’s new institutional arm.
Revenues Increase in H1 2020 for ATFX
While revealing that it has increased its share capital, the FCA-regulated firm has confirmed higher revenue earnings for certain product categories during the first half of 2020.
For the first half of the year, volumes increased by 61.29 per cent, and 46.52 per cent, for Q1, and Q2, respectively when compared to 2019. The number of total active traders also rose by 54.64 per cent and 66.40 per cent.
Wei Qiang Zhang, Managing Director of ATFX UK
Commenting on the performance, the Managing Director for ATFX (UK), Wei Qiang Zhang said in the statement: “One of the best parts about increasing our share capital is that there’s no stipulations attached to the funds we’ve raised, and with the advantage of no restrictions - we can direct further investment into ATFX.
“We’re heavily focused on our Forex Education Centre and how we can help traders to succeed with the use of our extensive educational resources. As such, we’ll continue to invest in education in order to support our clients through every step of their trading journey. As we are now in the third quarter of 2020, our relentless focus on innovation and delivering top tier services to our customers should again provide a solid foundation for continued business growth”.
