Admirals Forex Broker Announces Positive Financial Results
Admirals managed to reduce costs by 9% and increase its revenue during the first half of 2024. The company has also taken steps to address regulatory challenges in the European Union regarding fraud using the Admirals name.
Forex broker Admirals recently shared an update on its financial performance for the first half of 2024, coinciding with a period of low market volatility. The broker reported a 4% increase in net trading revenue, up from EUR 21.1 million last year to EUR 22.0 million this year. Forex broker Admirals also made strides in cutting operating costs, reducing them by 9% from EUR 25.2 million to EUR 22.9 million.
In terms of profitability, this FCA regulated broker showed an impressive turnaround, with positive EBITDA of EUR0.4 million compared to losses EU 2.9 million in the first half of 2023. Net losses also increased significantly, falling from EUR4.8 million to EUR1.2 million.
On the technology side, Admirals introduces advanced analytical research terminal powered by AI for users of MetaTrader 4 and 5. The platform includes tools such as corporate and economic calendars, NewsIQ, and Dow Jones updates, which offer traders valuable insights for decision making.
Despite its positive momentum, this commission-free broker has temporarily stopped signing up new customers in its European Union operations, which are overseen by Admirals Europe Ltd, to ensure full compliance with CySEC regulations.
In addition, during this period, the UK Financial Conduct Authority (FCA) issued a warning about copycat fraud. A fake company with the name “admrlmrkts.co” attempted to defraud investors by using the contact information of Admiral Markets UK Ltd.
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