Exclusive FNG… FNG has learned through regulatory filings that FCA licensed Retail FX, CFDs and spread betting broker Acetop Financial Limited (website: acetop.uk) has seen a significant increase in activity in 2023, resulting in active Spot Gold trading among its clients.
Revenue at Acetop increased by more than 300% in 2023, reaching £757,000 compared to just £181,000 in 2022. We note, however, that Acetop made more than £1.8 million in revenue in 2019 alone.
Acetop reported a small net loss of £13K for the year, compared to a loss of £335K last year.
The company’s main activity is the provision of regulated products and services related to spread betting and contracts for difference (CFDs). Total Notional Trade Volume in Acetop Set to Close to $4.65 Billion by 2023 (2022: $3 billion), with an emphasis on Spot Gold. Most of the flow came from the company’s liquidity outsourcing, which was mainly matched with its institutional partners.
Acetop said its growth can be attributed to a combination of strategic initiatives, innovative product offerings and a savvy response to the evolving economic landscape. The business climate in 2023 was characterized by a dynamic and rapidly changing financial environment. Global markets have experienced increased volatility, presenting both challenges and opportunities for the industry. Acetop’s team has demonstrated resilience and adaptability in navigating these market conditions, leveraging its expertise to capitalize on opportunities and effectively manage risks.
About Acetop
Acetop Financial was founded in early 2016 and was licensed by the FCA in September 2017. Acetop UK has been led since 2019 by CEO Mark Gemma, formerly with Henyep (now HYCM) and Xtrade. Its parent company Acetop International Financial Group Limited is incorporated in the British Virgin Islands. Acetop is controlled by Chinese national Wing Suen Lau, who now resides in Hong Kong. Acetop Group also operates online trading website acetopgold.net under the same brand, aimed at Chinese traders.
Here is Acetop Financial’s 2023 income statement and balance sheet:
