FxPro is ready to expand its offerings by launching trading in physical shares through its FCA-licensed UK entity, FxPro UK Limited. Traditionally focused on Contracts-for-Difference (CFDs), this strategic move aims to enhance FxPro’s competitiveness in a rapidly evolving market.
As other online CFD brokers, such as Trading 212 and XTB, transition into “full-service” firms with broader asset offerings, FxPro is keen to follow suit. The company highlighted its intentions in a recent regulatory filing, which also revealed its financial performance for the UK market in 2023. According to the filing, FxProanticipates that clients will be able to trade physical shares starting in 2024.
FxPro Set to Launch Physical Shares Trading in 2024
Regarding its 2023 financial results, FxPro UK reported revenues of £1.37 million, marking a significant 23% increase from £1.11 million in 2022. The broker also turned a profit, posting a net income of £153,000 compared to a loss of £615,000 the previous year. Despite the overall growth, the funds held in fiduciary capacity by FxPro UK saw a decline, amounting to £7.46 million at the end of December 2023, down from £8.19 million in 2022. It is important to note that client bank accounts remain segregated from the company’s operational accounts, ensuring client funds are protected.
Founded in 2002, FxPro has established itself as one of the original online brokers from Cyprus and is currently under the control of Denis Sukhotin. With this new initiative, FxPro is going to enhance its service offerings and remain competitive in the ever-changing landscape of online trading.
As the firm seeks to bolster its competitive edge against evolving online CFD brokers, this move not only reflects a commitment to meeting client demands but also enhances its position in the financial market. With a solid performance in 2023 and a focus on expanding services, FxPro is ready to navigate the challenges ahead and adapt to the growing complexities of the trading landscape. This strategic expansion could prove vital in attracting new clients and retaining existing ones in a highly competitive environment.
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