Plus500 customer numbers rose nearly 25,000 customers in the three months to the end of September, as its drive to attract customers to its US futures platform bore results.
In its latest quarterly trading update, the CFD-focused trading platform announced it had added 24,922 new customers during the reporting period, representing a 21% rise year on year,
The group noted the growth of its customer base had been “enabled by its proprietary marketing technology, targeted marketing investment and ongoing structural expansion efforts, including within the US futures businesses”.
This comes after Plus500 reported in its interim results in May that it had “enhanced its operations in the strategically important and highly attractive US futures market”. The “Plus500 Futures” proprietary futures trading platform launched in the US in late 2023.
In the third quarter, the number of the group’s active customers – those who made at least one real money trade during the period – reached 120,968, up 2% from 118,501 in the same three months of 2023.
Active Plus500 customer numbers over the nine-month period ended 30 September 2024 stood at 210,565, up from 205,343 in the same period of 2023.
The new customers helped drive an increase in trading activity on the platform, which saw 14.5m in total trades in Q3 2024, up from 10.1m in the same period of 2023.
Average revenue generated per user rose to $1,548 over the period, up from $1,418 in Q3 2023.This helped drive an overall year on year increase in revenue of 11% to $187.3m over the quarter.
Plus500 chief executive officer David Zruia said “Plus500 delivered further strategic and operational successes during the third quarter of 2024 as the Group continues to go from strength-to-strength across its global operations.
“Underpinned by a strong financial position, the Group remains strategically well positioned to capture both short-term market dynamics, as well as the longer-term structural growth trends in its end markets, as evidenced by the strong momentum seen during 2024 to date.”
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
