TIOMarkets UK Sees Significant Jump in Revenue in FY2020

TIOMarkets UK Limited, a provider of online forex trading to both retail and institutional clients, has published its annual report and financial statements for the year ending on December 31, 2020, showing a significant jump in revenue.

According to the figures, TIOMarkets UK's revenue reached $78,461, an increase of more than 904 percent compared to $7,812 generated in the previous year. The company highlighted that the main revenue is dependent on the trading volume of its clients and spread mark-up.

But, the cost of sales of the UK company came in at $99,791, compared to $84,942 in the previous year. In addition, the broker broke even in the year with only $2 in pre-tax losses. In the previous fiscal year, it witnessed a profit of $4,367.

"The directors believe that the firm is in a strong financial position to move forward in 2021 and expect its client numbers to increase significantly owing to a new marketing campaign, slick website which offers further products and services meeting the needs of its existing and new clients," the company said.

Earlier this year, TIOMarkets announced the reduction of commissions for trading on its standard account from $6 per lot down to $2.50 per side to celebrate 2 years of operations. TIOmarkets hoped the reduction can relieve barriers of entry to anybody wishing to trade FX on the company's standard account.