FXOpen Ltd posts £457K loss in 2021 following AMB acquisition
FNG has learned via regulatory filings that FCA regulated Retail FX and CFDs broker FXOpen Ltd posted a loss in 2021 of £456,913, although smaller than the £772,653 net loss the company saw in 2020.
Revenues at FXOpen increased from £248,959 in 2020 to £611,705 in 2021.
Client money held by the broker increased to £2.3 million in 2021, from £1.5 million as at year-end 2020.
Part of the increase in activity at FXOpen Ltd was due to the company’s 2020 acquisition of Cyprus based, CySEC licensed FX broker AMB Prime Ltd (formerly known as Valutrades CY Ltd). AMB Prime has since been renamed FXOpen EU Ltd, and is operated from Cyprus as the group’s EU gateway, still headed by former AMB Prime Executive director Maria Markidou.
Gary Thomson, Director and Chief Operating Officer of FXOpen UK, spoke with FNG and said:
“2021 saw the continued transformation at FXOpen, with a significant increase in revenue and gross profit as both the UK and newly integrated EU business continue to expand. We continue to invest and make significant enhancements to our products. Our traders are already seeing the benefits of the first stage of our improved liquidity, with a significant reduction in spreads on the ECN. Further improvements and exciting partnerships are also in progress, with more information to be announced later this year.”
The FXOpen group has licensed operations in London, Cyprus and Australia, regulated by the FCA, CySEC and ASIC respectively. FXOpen is controlled by Belarusian-Latvian entrepreneur Aliaksandr Klimenka.