- Forex Broker TIOMarkets UK Increases By A Whopping 904% In FY20202
- Broker Revenue Reaches $78,461, an almost tenfold increase from the previous year.
- Trading volumes increase substantially during the period under review
The forex broker TIOMarkets UK saw its revenue jump by a massive 904% in FY2020. The total revenue of the broker came in at $78,461 with the figure including revenue for the financial year that ended on 31 December 2020.
The revenue of the UK based forex broker increased almost tenfold when compared to the $7,812 generated in the previous year.
“The company’s main revenue is dependent on the trading volume of its clients and spread mark-up,” TIOMarkets UK stated in the Companies House filing.
TIOMarkets is quite a new player in the forex and CFD broker space. It has already started to make some noise however. It is aggressively targeting retail, professional and institutional traders with a considerable array of investment products.
And apart from the incredible increase in revenue, the UK forex broker managed to break even in the year with just a minuscule $2 in pre tax losses registered. The broker managed to achieve this by putting the brakes on sales costs as well as administrative expenses despite the massive increase in revenue.
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Forex Broker TIOMarkets Expected To Continue Growing SubstantiallyAccording to the filing at Companies House, the TIOMarkets directors expect business to continue growing exponentially.
“The Directors believe that the firm is in a strong financial position to move forward in 2021 and expect its client numbers to increase significantly owing to a new marketing campaign, slick website which offers further products and services meeting the needs of its existing and new clients,” the filing stated.
“This will naturally lead to an increase in revenue which will strengthen the firm’s financial position and will assist TIOMarkets UK Limited to grow organically”, the comments further continued.
It has to be noted that the impact of rising retail trade demand across the industry was caused by volatility after the economic impact of the Covid19 pandemic. This is one of the major factors in TIOMarkets UK’s considerably steep jump in revenue.
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TIO Markets Also Leads In Other Corporate Areas
Apart from its core business, TIOMarkets is also taking the lead in other corporate areas such as employee satisfaction.
Earlier in September, the Cyprus office of the forex broker group introduced a 4-day working week for all its employees.
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