FNG Exclusive… FNG has learned via regulatory filings that FCA licensed Retail FX, CFDs and spread betting broker Acetop Financial Limited (website: acetop.uk) saw a significant increase in activity in 2023, led by active Spot Gold trading among its clients.
Revenues at Acetop increased by more than 300% in 2023, coming in at £757K versus just £181K in 2022. We’d note, however, that Acetop did more than £1.8 million in Revenues as recently as 2019.
Acetop reported a small net loss of £13K for the year, versus a loss of £335K last year.
The company’s principal activity is the provision of regulated products and services relating to spread betting and contracts for difference (CFDs). Total notional trading volumes at Acetop stood at close to $4.65 billion for 2023 (2022: $3 billion), with a focus on Spot Gold. The majority of flow was driven through the company’s outsourced liquidity, which was principally matched with its institutional partners.
Acetop said that its growth can be attributed to a combination of strategic initiatives, innovative product offerings, and an adept response to the evolving financial landscape. The business climate in 2023 was marked by a dynamic and rapidly changing financial environment. Global markets experienced heightened volatility, presenting both challenges and opportunities for the industry. The Acetop team demonstrated resilience and adaptability in navigating through these market conditions, leveraging its expertise to capitalise on opportunities and manage risks effectively.
About Acetop
Acetop Financial was incorporated in early 2016, and received its FCA license in September 2017. Acetop UK has been run since 2019 by CEO Mark Gemma, formerly with Henyep (now HYCM) and Xtrade. The company’s parent Acetop International Financial Group Limited is incorporated in the British Virgin Islands. Acetop is controlled by Chinese national Wing Suen Lau, now resident in Hong Kong. The Acetop group also operates the acetopgold.net online trading website under the same brand, catering to Chinese traders.
Acetop Financial’s 2023 income statement and balance sheet follow:
