The UK unit of FxPro handled $80 billion in notional trading volume in 2024, 70 per cent higher than the previous year. According to the company, the increase in trading volume was mainly driven by the market volatility caused by the “Gaza-Israel conflict”.

“This geopolitical uncertainty triggered a sharp rise in client activity across multiple asset classes, leading to higher transaction volumes and increased revenues,” stated the latest Companies House filing of FxPro UK Limited.

A Strong Revenue

Indeed, the surge in trading demand also pushed the company’s revenue to £1.94 million, about 42 per cent higher than the previous year’s £1.37 million. However, the majority of the revenue was generated from intercompany charges, while £27,038 came from fees imposed on inactive accounts.

“The revenue of the company is derived from FxPro Global Markets Limited and is based entirely on a 10% cost-plus service agreement between the two entities,” the filing added.

Interestingly, FxPro UK also almost halved the commission it paid to introducing brokers, bringing it down to £122,857 from £215,144 in 2023. However, higher transaction processing fees pushed overall administrative expenses up.

After accounting for all income and expenses, FxPro UK ended the year with £155,139 in pre-tax and net profit. The figure was significantly higher than the previous year’s pre-tax profit of £89,613. The company also netted £153,103 after a tax credit.

Moves and Partnerships

FinanceMagnates.com recently reported that FxPro’s Group Chief Operating Officer and Head of Dealing on Own Account, Yiannos Xenophontos, left the company after over 14 years to join Equiti as Group Head of Trading. Additionally, last year, Marios Demetriades, the former Cyprus Minister of Transport, stepped down from his role on FxPro Group’s board after a tenure of over six years.

Meanwhile, FxPro is also strengthening its products and services. It recently partnered with tell.money to implement Confirmation of Payee (CoP) technology and integrated Convrs’ omnichannel messaging platform to improve global client communications across WhatsApp, Messenger, and Telegram channels.

This article was written by Arnab Shome at www.financemagnates.com.BrokersRead More

You might also be interested in reading Bulgaria’s Oldest Soccer Club Botev Plovdiv Adds Bitcoin as a Payment Option.