Forex Broker Registers An Impressive Jump in Q2 Revenue, Most of Which Came From Crypto Trading Q2 Revenue Jumps By $233 mn from Crypto trading for a total 133% Increase But Headwinds Remain More than half of this transaction-based revenue came from crypto trading however massive loss still reported It has been an excellent second quarter for the forex broker RobinHood, which registered an eye watering increase of 131% in revenue. More than half of this revenue jump came from crypto trading which saw a massive surge of interest in the second quarter mostly due to the considerable surge in prices. The NASDAQ listed forex broker (HOOD) reported a total net revenue of $565 million for the second quarter of 2021. As already indicated, a large chunk of this came from cryptocurrency trading. This first earnings report for RobinHood as a public company was filed last Wednesday. The 131 per cent increase in revenue was from the previous quarter. The transaction-based revenue of the forex broker registered $451 million which was more than double the $187 million registered in the first three months of the year. If you’re interested in trading forex then have a look at this Trading Forex For Beginners Guide Forex Broker Posts Impressive Revenue Increase But Losses Also Surge Get FREE Forex Signals Now! Although the options and equities transaction value was up by 48 and 28 per cent respectively, it was cryptocurrency that carried the lion’s share of proceedings. In fact, crypto trading brought in a staggering $233 million which is more than half of all transaction-based revenue. When one compares to Q1, the cryptocurrency share was only 17%. The forex broker began cryptocurrency trading in 2018 and currently lists only seven different coins. It is currently one of the few regulated trading venues in the US that offers Dogecoin trading. This strategy was highly successful at least in the second quarter with the dog-themed crypto rising by over 1000% in just a few weeks. However, despite this pretty impressive revenue, RobinHood registered a net loss of $502 billion. This remained within expected forecast losses of between $487 and $537 million. The forex broker had reported a profit of $58 million for the first quarter of 2020. If you’re interested in taking the plunge to trade forex, then have a look at these Top Forex Brokers. RobinHood expects A Slower Third Quarter In Terms Of Revenues And Growth In notes to the financial statements, the forex broker said that it expected weaker third quarter results This is due to the seasonal slowdown in the trading industry and which is expected. “For the three months ended September 30, 2021, we expect seasonal headwinds and lower trading activity across the industry to result in lower revenues and considerably fewer new funded accounts than in the prior quarter,” the earnings report said. The company explained that it had ended the quarter with an impressive 22.5 million funded accounts, or a rise of 4.5 million from the previous year’s 2nd quarter. Assets under custody came in at $102 billion or a massive 205% jump from the same quarter of 2020. “We’re happy to expand access through products like commission-free crypto trading, which saw strong growth this quarter among women investors in particular, and IPO Access, which gives customers an opportunity to invest in companies at their IPO price,” Vlad Tenev, Robinhood’s Co-Founder and CEO said in comments to the financial statements. 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. 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