FX Broker Goldenway Global UK Sees 22% 2021 Revenue Dip, Terminates Services

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FX Broker Goldenway Global UK Sees 22% 2021 Revenue Dip, Terminates Services

<p>Goldenway Global Investments (UK) Limited, the forex <a href="https://www.financemagnates.com/tag/brokers/" target="_blank">broker</a> that terminated operations last month, has published financials for the year 2021. During the period, the broker generated a turnover of £148,353 and ended up with a loss of £261,445.</p><p>The turnover of the broker took a hit last year as it went down by more than 22 percent from £190,551 generated in the financial year 2020. Though there was a gross profit of £131,907, an administrative loss of £380,528 sank the company to an operating loss of £248,621.</p><p>The broker, however, narrowed its year-end losses significantly by more than 23.3 percent.</p><p>Goldenway (UK), which is a part of the wider, Goldenway Group,  provided only <a href="https://www.financemagnates.com/terms/f/forex/" target="_blank" id="6faa6714-7f7b-4d23-b1c5-c0d40807d613_2" class="terms__main-term">forex</a> brokerage services last financial year.</p><p>"As a service provider, the directors consider that the key financial risk exposures faced by the company relate to counterparty credit risk and the need to maintain sufficient liquidity to satisfy regulatory capital requirements and working capital needs. The company does not take trade positions which expose it to material price risk and nor does it have a material exposure to foreign exchange movements," the Companies House filing stated.</p><p>"The company's financial <a href="https://www.financemagnates.com/terms/r/risk-management/" target="_blank" id="aedb745c-adf9-415f-97e2-ee56a920f0f8_1" class="terms__secondary-term">risk management</a> objectives are therefore to minimize the key financial risks."</p><p>Termination of Services</p><p>Operated with a license from the <a href="https://www.financemagnates.com/tag/fca/" target="_blank">Financial Conduct Authority</a> (FCA), Goldenway terminated its services last month. "We regret to inform you that Goldenway Global Investments (UK) Limited has decided to terminate the Provision of FX and CFD trading service to all customers on 11/08/2022," a notice on its website states.</p><p>"We apologize for the inconvenience caused to our customers."</p><p>The platform also closed all UK customers' trading positions and also terminated withdrawal services on 9 September.</p>

This article was written by Arnab Shome at www.financemagnates.com.

Source: FX Broker Goldenway Global UK Sees 22% 2021 Revenue Dip, Terminates Services