FxPro UK Reports Strong Financial Recovery For 2023

FxPro UK, a retail broker based in London, has reported its financial results for the year ending December 2023. The report, published by Companies House UK, indicates that the company has returned to profitability, aided by a significant increase in revenue.

The financial figures show that FxPro improved from a loss of £614,558 the previous year to a profit of £153,103. Additionally, the company turned around an operating loss of £611,497 to achieve an operating profit of £93,283. Despite an increase in distribution costs from £212,780 to £331,517, FxPro successfully lowered its administrative expenses from £1,511,382 to £1,182,292.

FxPro Seeks To Enhance Services And Meet Client Demand

In the previous year, FxPro launched a new office in Dubai to improve its services for retail and institutional clients in the region. The firm had opened a representative office in Dubai the year before, shortly after it introduced its services in the Bahamas.

FxPro has a presence in several locations, having opened offices in London, Cyprus, and Monaco. The broker holds regulatory licenses from various authorities, including the Financial Conduct Authority in the UK, the Cyprus Securities and Exchange Commission, and the Financial Sector Conduct Authority of South Africa.

Furthermore, the company is expanding into the rapidly growing cryptocurrency sector. Last year, FxPro incorporated cryptocurrency options into its cTrader accounts.

This allows traders to access their cTrader accounts and create new accounts under their profiles. Currently, some of the cryptocurrencies available on the platform include Bitcoin, Ethereum, and Ripple.

FxPro UK’s financial recovery and strategic expansions indicate its commitment to enhancing its services and meeting the demands of its growing client base.

FxPro Aims To Enhance Client Offerings By Introducing Physical Share Trading

FxPro clarified that its trading revenue stems from providing online financial services as part of its normal operations. This includes clients trading in Contracts for Difference (CFDs) and financial spread betting, where the company acts as the counterparty to client trades.

The broker confirmed that it maintained sufficient capital resources and complied with all regulatory capital requirements during the year. There were no changes to the company’s authorized or issued share capital for the year ending December 31.

FxPro announced plans to expand its offerings to include physical share trading for clients this year, alongside its existing CFD services.

During the reported period, FxPro UK increased its total assets, less current liabilities, from £3,408,342 to £3,561,445. The company’s cash reserves also grew significantly, rising from £2.6 million to £3.6 million, marking a 4% increase in total assets excluding liabilities.