FXCM UK Narrowed Annual Loss Despite Lower Trading Volumes in 2024

Stratos Markets Limited, which operates the FXCM UK brand under Financial Conduct Authority (FCA) regulation, reported a modest revenue turnaround in 2024 after recording a positive turnover of $103,606, compared with a $1.68 million loss in the prior year.

Despite the improvement in turnover, the London-based firm posted a net loss of $2.02 million, narrower than the $2.52 million loss recorded in 2023. Client cash holdings fell by nearly 30% to $88.8 million, while retail trading volumes dropped 19.2% to $243 billion. The company attributed weaker trading activity in part to subdued market volatility, with the VIX average falling to 15.5 in 2024 from 16.85 a year earlier.

The firm's financial report also pointed to ongoing costs from what it described as a "strategic transformation," including technology and product development, partly offset by a $6.15 million transfer pricing adjustment from its parent company, Jefferies Financial Group. Stratos introduced its new "Tradu" brand and platform in 2024, expanded into share trading through a third-party provider, and launched an eWallet service in early 2025.

While the company remained loss-making, it maintained a strong capital position. Tier 1 capital was reported at $60.5 million at year-end, well above the $4.4 million regulatory requirement.

Stratos underwent significant structural changes in recent years, including Jefferies' acquisition of full ownership in September 2023. The company, previously known as Forex Capital Markets Limited, rebranded that year to Stratos Markets Limited as part of a broader renaming initiative across its European entities.