Plus500 Sees 78% Jump in New Customers for Q1 2021

Plus500​, the retail Forex and CFDs broker which has recently secured a new Chairman of Board of Directors​, has provided a trading update for the first quarter of 2021, revealing an excellent performance building on the positive momentum the broker achieved in 2020​. 

Revenue in Q1 2021 was $203.2m, compared to $316.6m for Q1 2020 and $91.9m for Q4 2020. This was driven by continued attractive trading conditions.  

According to the trading update​, the London listed broker has on-boarded a total of 89,406 new customers in the quarter, up 8% compared with Q1 2020 and up 78% compared with Q4 2020 (Q1 2020: 82,951, Q4 2020: 50,314).

Additionally, Plus500 achieved a record quarterly number of active customers of 269,743 during Q1 2021, representing an increase of 39% compared with Q1 2020 and an increase of 25% compared with Q4 2020 (Q1 2020: 194,024, Q4 2020: 215,305).

Over the first three months of 2021, the Company has also repurchased 1,550,563 shares at an average price of £13.64, for a total cash consideration of $29.2m, as part of its share buyback programmes. 

David Zruia, Chief Executive Officer of Plus500, commented: "Our vision is to enable simplified, universal access to financial markets, as we start to evolve from a technology company solely focused on CFDs to a multi-asset fintech group over time. We aim to achieve this by accessing multiple growth opportunities, through organic investment in our technology and targeted acquisitions."