Darwinex reports higher revenues, flat profit for 2022
Darwinex, a UK-based social trading broker and asset manager, has reported its financials for its new fiscal year ending December 31, 2022, which covers an 18-month period. The group managed to match some of last year’s performance metrics, having grown its net income, and the FY2022 turned into the best revenue since it was founded in 2012.
Tradeslide Trading Tech Ltd, the UK business of Darwine, has changed its year-end from June 30 to December 31, and this is the first financial reporting period adopting the new year-end date.
Over the previous fiscal year, the broker saw its operating revenue increase to £9.6 million in FY 2022, up from £5.27 million a year ago.
In terms of its bottom line, the firm reported its net profit at a figure of £376,982 for 2022, higher than £224,547 in the previous year.
Darwinex’s revenues consisted mainly of commission earned on foreign exchange trading by clients. The latest results highlight a flat performance for Darwinex, with the London-based firm’s organic profit hardly breakevens for a second year.
The primary culprit for the flat performance might have been its higher administrative expenses which increased to £7.76 million relative to £4.09 million a year earlier. However, the broker attributed this rise to higher investments in marketing.
Darwinex, which offers a hybrid of social-related copy trading solutions, saw its revenues grow from just €146,500 in 2015 to over €1.0 million in 2016, then doubled the figure to €2.15 million for 2017 until it peaked in the prior fiscal 2022.
Earlier in July, the UK-headquartered retail broker and asset manager made a significant stride by revealing its integration with US discount broker Interactive Brokers (IBKR).
The introducing broker arrangement allows Darwinex’s users to access their Interactive Brokers account, fully backed by the guidance of the former’s dedicated customer success team. They will also be able to engage in trading various assets, including shares, futures, and exchange-traded funds (ETFs) directly on the IBKR platform.
Darwinex, which offers a hybrid of social-related copy trading solutions, will enable IBKR clients to access its analytical toolkit to assess their strategy, participate for seed capital, and attract investor capital on the platform. As usual, a DARWIN can facilitate traders growing their Assets under Management (AuM) from three sources, including the company’s capital allocation program.
For traders currently utilizing Interactive Brokers but eager to attract investments through Darwinex, the process is straightforward. No tiresome paperwork is required, and there will be no alterations to their existing Interactive Brokers account.