Goldenway Publishes 2019 Financials 

Online forex broker, Goldenway Global Investments, has published its annual financials for 2019. With a £44,98 net loss for the fiscal year, it swung from £59,482 in profits for the previous year.

Its total turnover for the year stood at £3,371,859, over a 100 percent increase. This was from the same figure in 2018, but a majority of it was from their sales. This was according to full audited accounts filed by the broker with the UK’s Companies House.

The UK-registered broker reported a gross profit of £416,216. The high administrative expenses of £470,152, barred it from registering any profits for the year.

In 2018, however, the gross profit of the broker was at £346,739. However, its disclosed administrative expenses were only at £292,716.

Notably, 2018 was exceptional for Goldenway, as it reported losses for the previous two consecutive years. This was following an astronomical profit of £461,732 in 2016, which was driven by the low sales cost.

The broker also earned an interest income of £7,361 in 2019, which was higher than the previous year.

At the end of the year, the company had net assets of £1,839,781 (2018 – £1,884,769). This was from a director’s message.

A Sluggish 2019 across the Trading Industry

Goldenway is only one of the forex brokers posting poor figures for 2019. Many other European FX brokers also reported poorly for last year. They were reporting annual numbers in 2019 showing decline in revenues along with net losses.

This was mainly due to the strict regulations imposed by the European Securities and Markets Authority (ESMA). Its restrictions turned out to be a major setback for the brokers.

However, most of these brokers reported record sales for the first half of this year. This could be because of the higher trader activity due to the market volatility induced by COVID-19.