TigerWit reports record revenues of US$27.5m for their financial year ended 31st March 2020

TigerWit, one of the newest CFD brokers has announced record revenues for their year ended March 2020.

CFD brokers have generally benefitted from the recent market volatility generated from the COVID-19 panic. Although forex brokers have seen a busy period as trader look at the markets as a speculative opportunity, the end of the year may be a different story.

TigerWit has also recently launched a partnership with Liverpool FC (as all brokers seem to be doing), launched additional CFD cryptocurrencies and received a Type 3 licence from the Securities and Futures Commission in Hong Kong which enables them to expand into the valuable APAC trading demographic.

Could revenues continue to increase for all brokers?

If the country gets back to work and earning soon the brokers may see further deposit increases, however, if more businesses fail traders and HNW sophisticated investors may look at less risky investment products in a flight to safety.

What have Tigetwit got to say about their increased revenue?

We spoke to Tim Hughes, CEO at TigerWit, about their approach last year and you can read his interview here.

Regarding the said:

“The last financial year has been both successful and transformational for the Group as we progressed our strategy of broadening our global footprint and further developing our technology. These investments position us to offer an innovative suite of trading and fintech products to retail investors around the world. This strategy is becoming a reality with our multi-jurisdiction regulation, establishment of regional partnerships and product innovation.

“Despite the uncertainty of what the global coronavirus pandemic presents, we have ensured we do our utmost to protect our employees by providing them with everything they need to be able to work safely from home. This financial year has commenced strongly in the face of today’s uncertain economic climate and we continue to grow, looking forward to the months and years ahead with great optimism.”

Regulatory changes within in the online trading industry

Regulators, including the FCA have been clamping down on the rogue online trading platform and increasing the requirements for established brokers over the past few years. The recently imposed ESMA and FCA restrictions on what type of clients can trade have also had an impact on spread betting brokers onboarding new clients.

However, probably for their own good in the short term. Some, however, have said that the restrictions on UK regulated brokers have meant that it has actually had a negative effect as traders who want to trade, cannot get an account with an FCA regulated broker and have as such opened an offshore account with a non-UK regulated broker meaning they do not get the client protection of the FCA and FSCS.

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