INFINOX, a global 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 and CFD broker, has provided some insights into its 2022 performance, reporting 215% year-over-year growth in new accounts or new users in 2022. The broker attributed the growth to a boost in its business across Latin America, Asia, the Middle East and North Africa, Africa and Southeast Asia regions.

INFINOX in a statement released on Thursday said the growth is the product of its 'streamlined approach' to client onboarding which simplified the process of opening, verifying and trading with an account for its clients.

INFINOX’s FTDs Skyrockets over 200% in Latin America

Giving more details, INFINOX reported a big boost in its first-time deposits (FTDs). The biggest growth emerged from Latin America where FTDs shot up over 200% and is followed by Asia with FTDs that jumped 112%. In addition, the broker noted that customer downloads of IX Social, its social copy trading app, doubled by 120% in 2022. Narrowed down to a specific region, the highest number of IX Social downloads emerged from Asia where the figure surged 237% last year.

“We are now looking to build on these advances as we focus on a more regionalized strategy for the year ahead,” Robert Berkeley, INFINOX's Founder and CEO, said in the statement. The brokerage firm emphasized that it plans to further strengthen its presence in the Latin America and Asian markets.

INFINOX Capital Doubles 2022 Revenue

Meanwhile, INFINOX Capital in its published full-year results for its operations in the United Kingdom for the fiscal year 2022 posted a 105% growth in revenue which came in at over £17 million. The brokerage group’s revenue in this market has been on an upward trend, rising from £8.3 million to £10.16 million during the last two fiscal years.

Furthermore, Finance Magnates reports that INFINOX Capital generated a gross profit of £8.5 million during the fiscal year 2022, which ended on March 31 last year. The number represents a 22% jump in gross profit from the prior year’s £6.6 million.