FNG Exclusive… FNG has learned that Cyprus based Retail FX and CFDs broker FxPro is planning to launch trading in physical shares, via its FCA licensed UK entity FxPro UK Limited.
To date, FxPro has offered shares trading via Contracts-for-Difference (CFDs).
The move will seek to help FxPro compete with other online CFDs brokers who have been transitioning to become more “full service” brokers with a wider tradable asset offering, such as Trading 212, and more recently XTB.
In a regulatory filing which also included the release of its 2023 UK financial results, FxPro stated that the company is “expected to offer to its clients the dealing of physical shares in 2024.”
Regarding the company’s 2023 results, FxPro UK brought in Revenues of £1.37 million in 2023, up by 23% from £1.11 in 2022. FxPro UK posted a Net Profit of £153K in 2023, versus a loss of £615K the previous year.
As at 31 December 2023, FxPro UK client funds held in a fiduciary capacity amounted to £7.46 million, down from £8.19 million in 2022. The client bank accounts are segregated from the bank accounts of the Company.
FxPro is one of the “original” Cyprus based online brokers, founded in 2002. The company is controlled by Denis Sukhotin.
