FX and CFDs Broker Acetop Posts a Loss of £519K for 2020

Acetop Financial Limited, a London-based CFDs and spread betting provider, published its annual financials for 2020, showing a massive dent in its yearly revenue, which pushed the broker into losses.

The broker’s latest Companies House filing revealed that it generated only £713,000 from revenue and other incomes last year, which is more than 62 percent lower than the $1.9 million it generated in the previous year.

Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!

“Our main revenue for 2020 was from our trading side and the provision of liquidity to our professional and corporate clients,” the broker revealed. “With a reduction in outsourced income, we took the opportunity to maximize our revenue through increased trade volumes.”

Acetop handled a total of $5.1 billion in notional trading volume for the year, which mostly came from its spot gold, FX and indices offerings.

After considering interests and expenses, the company reported a net loss of around £519,000. It was profitable in 2019, generating a net income of nearly £100,000. Additionally, the total asset of the broker went down from £4 million to £3.4 million, with a net of £1.7 million.

An Eventful Year for the Broker

While most of the other brokerages saw a windfall in demand for their offerings amid the Covid-spurred volatility in the market last year, the situation was the opposite for Acetop. However, it was an eventful year for the broker other than the impact of the pandemic.

The ownership of the company was changed at the beginning of 2020 as Wing Seun Lau took over the parent company of the brokerage. Moreover, the business of the brokerage felt some impact with the close of the Brexit deal. Acetop now offers its services in the United Kingdom and several other countries with its FCA license, but it has not decided to establish a European base to serve its European clients yet.

Source: Read Full Article