The broker completed the year with losses of £1.7 million.
It is spending extensively on infrastructure and executive recruitment.
Zenfinex, a London-based broker, has released its financial statements for the fiscal year ending in December 2021, revealing revenue of £238,751. It was reported for 13 months since the broker changed its reporting period to align with the calendar year.
According to the report with Companies House, the broker's income increased 1,281 percent from £17,281 during the previous fiscal year.
According to the company's Companies House statement, 2021 was a year in which the corporation generated low income, but investment levels remained high.
The company's administrative expenses surged to almost $2 million from only $514,198 the year before. The loss for the 2021 fiscal year was £1.7 million, compared to £496,197 for the previous year.
“The company envisions a long-term future in the United Kingdom and, as such, has invested in personnel and infrastructure to support future development; as a result, the company's annual losses have increased,” the filing said.
Last year, the firm made a number of significant hiring, including the appointment of Matthew Wright as CEO. Earlier this year, the company appointed Michel Chabbouh as the MENA CEO and Jeffrey Navarro as the LATAM Head.
In addition, the corporation issued 2,916,300 ordinary shares having a £1 par value during the previous fiscal year. The company issued 414,475 of these common shares in the prior year.
Zenfinex identifies itself as a “boutique brokerage” that offers forex and CFD trading on various asset classes. It is already growing globally, acquiring a license in the Seychelles early this year with UAE permission in the works.
Zenfinex on WikiFX
On WikiFX, Zenfinex has a decent score. This indicates that this broker is regulated, has a high risk-management score, has a user-friendly website, and, most importantly, its asset management practices are very well-organized. Since this broker's listing date, no complaints have been received. This is the most trustworthy broker that investors want. Zenfinex is governed by the FCA and FSA. To learn more, visit Zenfinex's WikiFX Dealer Page.
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About Zenfinex
This research focuses on Zenfinex, a London-based forex, metals, commodities, and indices brokerage. The broker provides several services, such as exceptionally low spreads, social trading, and MT4 analytical tools. To assist you in deciding whether to register a live account with Zenfinex, we analyze the MT4 platform, its product selection, and more.
Zenfinex Details
Zenfinex is a worldwide renowned brokerage with headquarters in London's Mayfair. The firm was created by Nick Cooke in 2017 and is regulated by the FCA. Europe, Asia, Australia, South America and Africa are all part of the company's increasing customers.
“Our purpose is to create an ideal trading environment that gives traders the greatest potential to win,” reads the mission statement of the FX and CFD provider.
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