DCFX Europe Limited, previously known as KVB Prime UK Limited, published its annual financials for the year ending 31 March 2022. Though the company's turnover plunged 39 percent year over year to £106,205, it made progress like starting to onboard clients and refining the "website and technology that sit behind the registration and account management process."
KVB Prime UK Rebrands to DCFX Europe
"For the past year and a half, like most of the long-standing companies, many businesses went into survival mode – cutting costs, laying off workers, and doing whatever it took to keep the doors open or stay in a position to reopen later. Now, the company is ready, well-funded, and innovative enough for the Post-pandemic Era," the Companies House filing stated.
Trading activities on the platform were limited during the period. It was mostly concentrated on business development, including rebranding, which was finalized in June 2022. It came within a couple of weeks after the Financial Conduct Authority (FCA ) approved an application for change in control of the broker.
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DCFX to Improve Offerings
The new owners of DCFX have continued with the same business model for offering rolling spot forex exchange. However, the broker will now concentrate on onboarding "higher quality retail clients." Furthermore, the firm is currently considering a new liquidity provider to enhance offerings by replacing the existing one or bringing it as a backup.
Additionally, the Companies House filing detailed that the broker will introduce a new generation of forex and contracts for differences (CFDs) trading platforms suitable for both retail and professional traders. It even started negotiations with several payment solution providers to improve the ease and security of payments.
Going back to the FY22 numbers, the broker ended the year with an operating loss of £508,626, narrowing from the previous year's £659,958. Furthermore, it trimmed its administrative expenses from £659,958 in FY21 to £554,064 in the last financial year.
