Another independent Retail FX and CFD broker seems to have made a dent in the UK online trading market.
FCA regulated Fortrade Limited has reported that its Revenues in 2016 nearly tripled to £15.9 million (USD $20.6 million), up from just £5.5 million the previous year.
Fortrade reported a profit of £954,000 for the year, versus a loss of £213,000 in 2015.
Fortrade was incorporated in 2013, and was growing slowly until bringing on board CEO Nick Collison in early 2015, replacing Simon Roberts. Mr. Collison came from the proprietary trading world, having founded and run Saxon Financials, an international proprietary trading company dealing in listed exchange traded derivatives, equities and FX. The Saxon group had offices in London, Gibraltar, Madrid, Dublin, Montreal, Chicago, Singapore and Warsaw.
Fortrade is organized and run somewhat differently than most other FCA regulated CFD brokers. The company has few employees in its FCA regulated entity, with just two admin employees and two directors. The company outsources a lot of the operational and marketing functions to its subsidiary in Israel, Fort Securities Israel Ltd.
The company also pushes its own Fortrader platform with both a desktop and web version, in addition to MT4.
Fortrade’s 2016 income statement follows: