It’s a sunny time for the forex broker Monex which registered an astounding 457% increase in profits over the second quarter of the year. Compared to the same period in 2020, the Japanese group registered impressive growth across all of its trading verticals which include several brokerages as well as a cryptocurrency exchange. The Monex Group undoubtedly benefited from the huge rise of interest in cryptocurrencies where trading levels went through the roof in April and May. There was also a considerable rise in business across the forex brokerage verticals of the group. If you haven’t yet started trading forex then have a look at these Best Forex Brokers. Revenue jumps and expenses reigned in by forex broker Monex Get FREE Forex Signals Now! Monex continued its successful strategy with a huge increase in revenue as well as a reigning in of expenses. Official results showed that consolidated group revenue was more than 27.32 billion YEN. This was almost double the 14.3 billion yen generated in the previous year’s similar quarter. Additionally, out of this total, an impressive 27 billion YEN was directly generated from operations. Although there was a huge surge in revenue, the forex broker managed to keep a lid on its expense costs. The quarterly expense was up to 16.2 billion YEN which was only 4 billion when more when compared to the previous year’s 12.3 billion YEN. Monex’s profits jumped to considerable levels in the April to June quarter. These skyrocketed with a pre-tax profit of 11.1 billion YEN, going donw to 7.28 billion YEN after tax deductions. This compares with figures of 1.99 billion and 1.41 billion YEN respectively last year or a jump of 457%. Basic earnings per share were also up to 28.18 YEN from 5.57 YEN or an almost 500% increase. Crypto remains main driver for Monex Group With the forex broker business split across five segments (Japan, US, Asia-Pacific, Investment and crypto), the main driver for profits was the crypto market. Total profits generated from this market was an impressive 9 billion YEN or almost 80% of the total. Monex entered the crypto industry when it acquired the crypto exchange Coincheck. This had been struggling after a huge security breach but has now achieved a complete turnaround. In a note, the forex broker said that crypto trading volume on the exchange remained very high in the quarter due to considerable market volatility. Interestingly, the exchange’s dependence on Bitcoin trading declined considerably with a correspondent increase in altcoin revenue. Only around 12 per cent of the exchange’s revenue was due to Bitcoin trading. “Coincheck focuses on expanding the number of supported coins and offers the highest number of cryptocurrencies for trading among Japanese crypto-asset exchanges,” Monex Group said. The other major driver for profits was the Japanese brokerage business which brought in 2.1 billion in revenue. The US and Asia-Pacific segments brought in just 0.2 and 0.1 billion YEN respectively. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Gerald Fenech Gerald Fenech Freelance journalist and writer with over ten years experience in forex and fintech writing. Specializes in crypto and blockchain View All Post By Gerald Fenech Forex Industry share Read Next AUD/USD Price Extending Daily Slide Despite Better CPI, Awaiting Fed Saqib Iqbal 2 years It's a sunny time for the forex broker Monex which registered an astounding 457% increase in profits over the second quarter of the year. Compared to the same period in 2020, the Japanese group registered impressive growth across all of its trading verticals which include several brokerages as well as a cryptocurrency exchange. The Monex Group undoubtedly benefited from the huge rise of interest in cryptocurrencies where trading levels went through the roof in April and May. There was also a considerable rise in business across the forex brokerage verticals of the group. 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