Finotec Trading Reports a 41% Jump in Revenues in 2020

Fazzaco learned that Finotec Trading UK Limited (FTUK), a FCA-regulated broker, has posted its annual financials for 2020, ending on December 31.

According to the Companies House filing, FTUK's revenue came in at $1.5 million, which was up 41 percent compared to the FY2019. Along with the total revenue, the cost of sales associated with the broker's operations also increased. But, there was a decline in administrative expenses. The brokerage has ended the year with a profit of £313,792, which is a significant increase from the previous year's £59,774.

"Finotec's target is to reach $US20 million in total deposits by the end of 2021," the broker stated.

Finotec offers execution and clearing services to professional traders, brokers, investors, asset managers and hedge fund operators. The platform requires a minimum investment of $100,000 from its clients and does not onboard any retail traders. In addition, the broker provides ancillary technologies and investment management solutions.