FXTM’s UK Subsidiary Quadruples Revenue in 2019

Exinity UK, the British entity of retail FX and CFDs broker, ForexTime (FXTM), has published its annual financials for 2019, showing excellent growth in its revenue. The company even turned profits from the previous year’s heavy losses.

The latest Companies House filing showed that the revenue of the UK entity, formerly known as ForexTime UK Limited, for the year came in at £1.6 million, four times more than the previous year’s £402,748.

“Revenue is recognized by reference to the total volume of client trading activity and from service charged to ForexTime Limited,” the filing explained.

The broker detailed that its revenue comes from commissions “receivable from a related group entity.”

Finance Magnates reached out to FXTM to know the details behind this massive jump in revenue but did not receive anything as of press time.

Turning Profits in the Second Year

The astronomical rise in revenue helped the UK broker to turn profits of £18,099. In the previous year, it ran at a loss of £674,538.

Though the number of new clients onboarded by Exinity UK in 2019 is not known, the entity opened 838 new accounts in 2018, out of which 521 accounts received deposits.

It is to be noted that FXTM’s British entity was formed in 2017, and it gained a license from the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) in February 2018. Most of the broker’s European clients are onboarded under its Cyprus-regulated entity.

Moreover, FXTM has a third entity, Exinity Limited, registered and regulated in Mauritius to offer trading services to traders outside Europe.

The performance of 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 brokers is accessed with the number of newly opened accounts, the volume traded and overall profitability.

“The company is within its first year of trading so as yet does not have any comparative figures to benchmark its performance against,” the filing noted.

Meanwhile, the European broker is constantly expanding its services and launched its European share of CFDs earlier this year, followed by the launch of commission-free stock trading services for traders outside Europe.