FXTM UK revealed its financials for 2022, claiming a slight decline in revenue to £1.68 million and recording a high jump in Profit of 1.902% from the previous year.
The UK arm of leading online trading specialist FXTM reported that revenue for the 12 months ending 31 December 2022 witnessed a slight decline from £1.79 million last year to around £1.68 million. By contrast, the company claimed a 1,902% jump in profits from the previous year. According to Companies House filings, profit from FXTM UK in the 2022 fiscal year was £319,251, a rise compared to 2021's £16,778.
One of these high jumps came from the profit acquisition of £ 258,111 on one-time investments received by the company last year. Moreover, FXTM managed to reduce administrative costs from £ 1.79 million to £ 1.61 million and others from £ 19,314 to £ 9,153. But despite the success, the company saw a drop in other income in 2022 to £7,214 from £35,729.
Founded in February 2017, Exinity UK received a license from the Financial Conduct Authority (FCA) after one year thrived as a trading platform provider to its clients on April 2018. Platform performance and other metrics have improved significantly over the years. Furthermore, Exinity UK added 710 new accounts the previous year, with 370 accounts fully funded. The company also opened 363 accounts last year, and 204 of them funded the accounts by the end of the year.
See Also: FXTM Review