FXTM’s UK Subsidiary Saw Declines in 2021 Revenue and Profit

Exinity UK, the British entity of retail FX and CFDs broker, ForexTime (FXTM), has released its annual financials for the 2021 fiscal year ending 31 December, showing a decline in its revenue and profit.

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The company reported a total revenue of £1.79 million, down from previous year's £1.6 million. The company noted that its revenue derives from commission receivable from a related group entity, Forextime Limited, through acting as a matched principal broker in the retail CFDs market.

The administrative expense of the company increased from previous year's £1.93 million to £2.8 million. The decline in revenue and the rise in expense made the broker turn a loss of £976,540 for the year. In the previous year, the company generated a profit of £6,233.

The FXTM or Forex Time company launched in 2011 with its headquarters in Cyprus (Limassol) also authorized by Financial Conduct Authority and other regulators, been named as one of the world's fastest growing and best forex brokers.