FX Broker Goldenway Global UK Sees 22% 2021 Revenue Dip, Terminates Services

Goldenway Global Investments (UK) Limited, the forex broker that terminated operations last month, has published financials for the year 2021. During the period, the broker generated a turnover of £148,353 and ended up with a loss of £261,445.

The turnover of the broker took a hit last year as it decreased by more than 22 percent from £190,551 generated in the financial year 2020. Though there was a gross profit of £131,907, an administrative loss of £380,528 sank the company to an operating loss of £248,621.

However, the broker narrowed its year-end losses significantly by more than 23.3 percent.

Goldenway (UK), which is a part of the wider, Goldenway Group, provided only forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokerage services in the last financial year.

“As a service provider, the directors consider that the key financial risk exposures faced by the company relate to counterparty credit risk and the need to maintain sufficient liquidity to satisfy regulatory capital requirements and working capital needs. The company does not take trade positions which expose it to material price risk and nor does it have a material exposure to foreign exchange movements,” the Companies House filing stated.

“The company's financial risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term objectives are therefore to minimize the key financial risks.”

Termination of Services

Operated with a license from the Financial Conduct Authority (FCA), Goldenway terminated its services last month. “We regret to inform you that Goldenway Global Investments (UK) Limited has decided to terminate the Provision of FX and CFD trading service to all customers on 11/08/2022,” a notice on its website states.

“We apologize for the inconvenience caused to our customers.”

Furthermore, the platform closed all UK customers’ trading positions and terminated withdrawal services on 9 September.