FxPro UK Revenue Drops 48% in 2021, Turns To Loss

WikiFX has uncovered that retail FX and CFDs broker FxPro UK Limited, the FCA-regulated arm of Cyprus-based broker FxPro, has continued to witness a fall in activity, resulting in a net loss in 2021.

Revenues at FxPro UK fell to a little over £900,000 in 2021, down 48% from £1.72 million in 2020. FxPro UK produced more than £4.4 million in yearly revenue as recently as 2017. The drop in the top line resulted in a net loss of £545,000 for the year, compared to a profit of £467,000 in 2020.

Client assets held by FxPro UK fell by 30% to £7.35 million at year-end 2021, down from £10.47 million the previous year. Client bank accounts are kept separate from corporate bank accounts.

Notional volume traded at FxPro UK declined by 40% in 2021 to US$38 billion (or an average monthly volume of $3.2 billion), compared to US$64 billion ($5.3 billion monthly) in 2020. Management stated that the decrease in trading volume and revenue performance was primarily caused by a decrease in the number of clients as a result of Brexit, as well as the consequences of the Covid-19 outbreak, which caused abnormally significant market volatility and thus unprecedented increased trading revenue in 2020.

Denis Sukothin, the firm's creator, is the biggest stakeholder, however, he owns less than 50% of the company via Guernsey-based FxPro Group Limited.

The income statement and balance sheet for FXPro UK for 2021 are as follows:

About FxPro

FxPro is a world-class online FX and CFD broker. The brokerage provides 24/5 trading across 6 asset classes and over 2100 financial products. This 2022 broker review will look at the advantages and disadvantages of trading with FxPro, including mobile platforms, demo accounts, spreads and costs, and other investment tools, before concluding. Find out whether our experts suggest creating a FxPro account.

More on FxPro

FxPro was founded in 2006 and has since established itself as a forex industry leader.

It has grown to provide direct trade to clients in over 170 countries. Over the years, the firm has received over 85 significant international honors.

Their development has also resulted in the establishment of offices in London (headquarters), Cyprus, Dubai, and the Bahamas.

FxPro Financial Services Limited is a subsidiary of FxPro Group Limited. Charalambos Psimolophitis is the current CEO of the firm.

FxPro Group Limited is the parent company of FxPro UK Limited, which is approved and regulated by the Financial Conduct Authority (registration no. 509956).

FxPro Financial Services Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission (license number. 078/07) and the Financial Sector Conduct Authority (authorization no. 45052).

The SCB authorizes and regulates FxPro Global Markets Ltd. (license no. SIA-F184).

Furthermore, traders from the UK and the EEA are covered by the Financial Services Compensation Scheme (FSCS) and the Investors Compensation Scheme, respectively.

If you sign up for the FxPro trading system, you may have seen their sponsorship of sports teams and events, such as McLaren and the Yacht Club de Monaco. In the past, the corporation has also sponsored Aston Villa, Watford FC, and Virgin Racing F1.

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The portal lists approximately 39,000 brokers, both legal and unregistered. WikiFX's staff has been working hard with 30 financial regulators from across the world to guarantee that the information supplied is factual and correct.

Check out FxPro dealer page: https://www.wikifx.com/en/dealer/0001892535.html

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