Two years in, Darwinex turns in profit for a second year

Two years in, Darwinex turns in profit for a second year

darwinex

Darwinex, the FCA-regulated social forex broker which launched operations in 2014, continues to be profitable, even more so in its second year of operation, shows the 2016 report its owner Tradeslide Trading Tech filed with UK’s Companies House.

The data encompasses the period from the end of June 2015 to the end of June 2016. For the 12 months under review, the company had a turnover of €1 009 867 and a pre-tax profit of €534 928. The net assets of the company amounted to €738 223.

In comparison, in its first year of operation (June 2014-June2015), Darwinex had a turnover of € 146 500, profit of €19 793 and assets of €203 295.

According to Juan Colon, director of the board, in the second year of client activity, client assets have grown “by orders of magnitude”, with monthly a trading volume approaching $8 billion.

The company has experienced strong revenue growth and the main uncertainty would be to maintain the standard of services as the growth continues, Colon notes. A main challenge is to sustain the growth momentum, which will require ongoing investment in technology, support infrastructure and expansion of marketing activities to attract new clients.

Darwinex was set up in 2012 as TradeSlide and was operating as a regulated investment adviser. In the spring of 2014, however, it overhauled its platform, obtained a broker license from UK’s regulator FCA and rebranded itself as Darwinex.

The social platform of the broker allows users to upload data on their performance and strategies, which are evaluated through a set of criteria and if deemed eligible, turned into “Darwins” – trading strategies which can be followed by investors.

Currently Darwinex has a trading volume of around $10 billion and lists nearly 1000 trading strategies.

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