TIOMarkets UK reports $78,461 in 2020 revenues
TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.
Per its latest filing with the UK Companies House, TIOMarkets UK Limited has yielded $78,461 in 2020 revenues. This figure reflects a small-scale business that employs a small number of workers, namely 2 employees.
In terms of its bottom line, the firm’s operations barely broke even with a $2 net loss compared with a profit of $7,812 in 2019.
In 2020, Trade.io entered into an agreement to acquire Primus Capital Markets, which is authorized by the UK financial regulator and offers brokerage services to professional investors. Primus Capital Markets then rebranded as TIO Markets and now is offering FX monthly subscription packages as a replacement for ad hoc trading fees and broker commissions.
The forex product by trade.io was introduced in two stages. At its initial stage in 2018, Trade.io rolled out trading on forex and CFDs instruments, including precious metals, oil, commodities, indices, and global equities. At this stage, Trade.io clients were allowed to open their accounts through its St. Vincent and Grenadines entity ــ TIO Markets Ltd.
Meanwhile, the second stage brought an added option for clients to open their accounts with its FCA-regulated arm TIO Markets UK Ltd., depending on their geographic location.
One of the company’s notable milestones was the appointment of Stefanos Mitsi, the former chief executive officer of IronFX UK, as the Director of TIOmarkets’ FCA-regulated entity. The FX veteran, however, resigned from his position in 2020 to assume a CEO role with Trade.io in Cyprus as the company planned to acquire a CySEC license to operate in Europe.