FNG Exclusive… FNG has learned via regulatory filings that FCA licensed Retail FX, CFDs and spread betting broker Acetop Financial Limited had a fairly successful first full year of operation. The company brought in £1.9 million of Revenue in 2019, and eked out a net profit of £87,000. In 2018 Acetop recorded just £18,000 in Revenue and posted a net loss of £1.66 million, as it geared up for taking on clients in 2019.

Acetop clients generated $4.6 billion of total trading volume in 2019, with a focus on Spot Gold, Spot Crude Oil, and Spot FX. The majority of flow was driven through outsourced liquidity, which was principally matched with institutional partners.

Acetop Financial was incorporated in early 2016, and received its FCA license in September 2017. The company’s parent Acetop International Financial Group Limited is incorporated in the British Virgin Islands. The company is controlled by Chinese national Wing Suen Lau, now resident in Hong Kong.

The company was set up with £5 million in capital in 2016, but losses in 2017 and 2018 (as noted above) during setup ate into more than half that amount. However, Acetop remained very well capitalized as at the end of 2019 with more than £2.16 million in shareholders’ equity.

Acetop UK is run by CEO Mark Gemma, who was formerly with XTrade and Henyep Group. Acetop offers trading on the MT4 platform. The UK company had 18 staff as at year end 2019, down from 21 in 2018.

Acetop seems to be fairly pleased with its UK launch, and made the commitment of a 5-year London office lease in May 2020, at a cost of £45,000 annually.