Dukascopy Posts $1.07 Million Loss in 2018, Revenues Also Lower

Geneva-based Retail FX broker Dukascopy has reported its financials for the year ending December 31, 2018. The group failed to mitigate during the reported period, having suffered from lower revenues, which weighed down the broker’s bottom line last year.
Over this period, Dukascopy saw its operating revenue decrease to CHF 27.4 million ($26.09 million) in FY 2018, down from CHF 30.9 million a year ago, or -11.3 percent lower year-over-year

The latest results continued to highlight a downturn for the , with the Swiss firm incurring its first annual loss in several years. Specifically, Dukascopy reported its operating losses at a figure of CHF 1.1 million ($1.07 million) for 2018, compared to a slight profit of nearly CHF 100k in the previous year. Dukascopy gained CHF 2.5 million back in 2016.
The primary culprit for the downbeat performance has been the reduced trading volumes, where FX and CFD turnovers were 11 percent lower than in 2017. The binary options trading volume, however, rose 21 percent from a year ago.
Account and deposits grow in 2018
This drop in revenues, however, was offset by lower operating costs which decreased as compared to the year ended December 2017. In terms of the expenses the company incurred last year, the figure was reported at CHF 27.6 million ($27.09 million) relative to CHF 30.9 million in the prior year.
On the positive side, the number of active trading accounts at Dukascopy increased by 50 percent compared to 2017. Total client deposits also grew by 8 percent to CHF 114 million in 2018 from CHF 105.5 million the previous year. Dukascopy also said it currently opens 1,000 new accounts per day.
Looking at the rest of the filing, highlighted that its most demanded service in 2018 was the MCA account. The number of  MCA new accounts reached 25,553 in 2018 compared to only 116 were opened in 2017.

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