WIKIFX REPORT: ATFX UK sees Revenues drop in 2021 as it ceases serving Retail clients

ATFX UK (or more formally AT Global Markets UK Limited), the FCA regulated arm of Chinese controlled retail FX broker ATFX, saw a slight decrease in Revenues is fiscal 2021 (year ended October 31, 2021), although by reducing costs the company was able to reverse the previous years net loss.

ATFX UK reported Revenues of £2.94 million in 2021, down 3% from £3.02 million in 2020. The company earned a net profit of £225,000 in 2021, versus a loss of £766,000 in 2020.

As a result of the UK leaving the European Union and the continued long term impact of COVID-19, ATFX UK said that it took the decision to cease offering services to Retail clients. Retail client activity was wound down during 2021. The firm shifted its focus to the provision or services to Professional institutional clients, via ATFX Connect. This resulted in a significant reduction of costs. The new focus of the business has resulted in lower costs, while volume has increased.

ATFX UK client assets were reduced to just £344,730 at year-end 2021, down from £3,116,832 in 2020, due mainly to the aforementioned decision to stop servicing Retail clients.

ATFX is controlled by Chinese entrepreneur Hiu Keung (Joe) Li. The group has licensed subsidiaries in the UK (FCA), Cyprus (CySEC), and offshore in Mauritius.

ATFX UKs 2021 income statement follows: