alexa certify
0

Admiral Markets Records 340% Jump In profits for 2020

Admiral Markets, the local subsidiary of Admiral Markets AS in Estonia, reported a 340% increase in net profit for 2020. The broker published an unaudited financial report showing a net profit jump from €4.6 million (2019) to €20.3 million (2020).

The report reflects the impressive state of the stock market in 2020 for the brokerage industry. Worldwide restrictions led to a booming demand for trading from the retail market, which in turn increased market volatility.

Admiral Markets Doubles Trading Volume, Executed Trades

Like many other brokers in the industry, Admiral Markets benefited tremendously from the 2020 uptick in retail investments.

In addition to almost quadrupling its 2020’s net profit, the broker saw its trading volume increase by 68% to €998million. The total number of executed trades increased by 110% from €31.8 million to 66.9 million trades. Consequently, Admiral Markets doubled its trading income from €23.3 million to €47.1 million.

Commenting on the gains, the Company’s Chair, Sergei Bogatenkov said that the growth is synonymous with the broker’s expansion plans.

“Our impressive growth was accompanied by the launch of new regions which have brought us closer to our long-term goals.”

The Broker Launched Client Focused Products In 2020

Bogatenkov continued that the company launched exceptional new services in 2020 aimed at bringing financial freedom to their clients.

“We acquired a platform to offer Peer to Peer lending. As a result, the next generation is open to access capital from crowdfunding and friends”.

The platform helps clients to reduce unnecessary red tape and costs associated with financing from traditional banking procedures.

Admiral Markets’ next goal is to welcome 10 million new customers by 2030. In order to achieve this, Bogatenkov said that the broker is rebranding from a product-centric approach to a client-oriented approach. In other words, the rebranding is aimed at enabling Admiral Market to offer agile, transparent, and convenient services to its clients.

By the end of 2021, the broker also plans to rebrand its name to Admirals, in accordance with a 2020 announcement.

Meanwhile, the broker is still in the process of challenging a €32,000 fine by the Estonian Regulator. According to the recent news, the broker was facing accusations from the regulator of mishandling negative oil prices in 2020. In fact, the regulator said that Admiral Markets changed its financial instruments’ terms of service without properly notifying its clients.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 0 (0 reviews)

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.



You might also like

Leave a Reply

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending