FxPro UK is facing many problems. This retail broker in contracts for differences and foreign exchange is having a rough patch as its competitors continue to ascend and its financial troubles mount.
We want to help our readers stay properly updated regarding the latest developments in the foreign exchange market.
We believe sharing this new report on our official website will help them, especially if they are FxPro UK customers.
FxPro UK is struggling as it faces tough competition from the likes of CMC Markets, IG Group, and Plus500. Most of these rival firms have performed quite well in the past few months.
IG Group is, in fact, implementing a share repurchase program worth £150 million, or about US$161 million at the time of writing this forex news. Other contracts for differences and foreign exchange brokers are also performing well.
Exness and ATFX have witnessed their monthly volumes climb in the past few months, per the report posted on the Internet by InvestingCube, a news website delivering the latest financial market news, education, and analysis about forex, cryptocurrency, and commodity markets.
Another problem FxPro UK is facing is its rising financial losses. This FxPro Group Limited subsidiary had a problematic performance last year even if the financial markets flourished.
FxPro UK reported a net loss in 2021 as business activity dwindled. This company, which is regulated by the United Kingdom’s Financial Conduct Authority, saw its revenue plummet last year to merely £900,000 or exactly US$966,941.35 at the time of writing this forex report.
This figure was approximately 48 percent below what it made in 2020. Furthermore, FxPro UK had made £1.7 million or exactly US$1,826,444.77 at the time of writing this forex update two years ago and more than £4.4 million, or exactly US$4,727,268.82 at the time of writing this forex news, in 2017.
As a result, the United Kingdom-headquartered broker’s total loss for last year came in at £545,000 or exactly US$585,536.71 at the time of writing this forex report.
The volume of FxPro UK’s client assets dipped by 30 percent at the same time from £10.47 million or exactly US$11,248,751.03 a year earlier to £7.5 million or exactly US$8,057,844.58 at the time of writing this forex update.
Net volume FxPro UK traded during the year dropped by 40 percent to £38.8 billion or exactly US$41,685,915,962.05 at the time of writing this forex news.
The forex broker also witnessed its total non-current assets crash to £321,000 or exactly US$344,875.75 from £678,000 or exactly US$728,429.15.
Its total assets decreased to £4.3 million or exactly US$4,619,830.89. Hence, these financial results demonstrate that FxPro UK’s business in the United Kingdom is undergoing challenging times.
Financial market analysts think this company will likely depart the market if the troubling trend it is undergoing goes on.
FxPro UK’s parent organization is FxPro Financial Services Limited, a leading international retail broker in contracts for differences and foreign exchange.
FxPro Financial Services Limited opened FxPro UK Limited or FxPro UK, its United Kingdom subsidiary, in November 2010, which was a component of the FxPro Group’s intent to extend its global coverage into the United Kingdom market.
FxPro UK provides a customized account-opening process for all United Kingdom residents. We feel sad for FxPro UK’s stakeholders amid these hard times for the company.
We do hope this forex broker will be able to find the time and the appropriate remedies to resolve its many issues.
In this manner, FxPro UK can stay as a business and prevent its clients from having problems and eventually moving to other service providers.