ENVALITH
トレイダーズホールディングス株式会社 logo

TRADERS HOLDINGS CO.,LTD.

8704・Standard Market・Securities & Commodity Futures

Official website
トレイダーズホールディングス株式会社 logo
TRADERS HOLDINGS CO.,LTD.8704

Business

Traders Holdings is a pure holding company founded in 1999, operating through five consolidated subsidiaries. Its core subsidiary, Traders Securities, provides Minna no FX, LIGHT FX, Minna no System Trade, Minna no Option, and Minna no Coin, focusing mainly on FX margin trading, FX option trading, and crypto asset margin trading for individual investors. Its system development subsidiary, FleGrowth, handles the development, maintenance, and operation of the group's FX systems with a staff of 190 in Japan and overseas, and also has overseas bases in China (Dalian) and Vietnam (Hanoi). The company is listed on the Standard Market of the Tokyo Stock Exchange (securities code: 8704).

Business Model

In the Financial Instruments Trading Business, trading gains/losses arising from FX transactions with customers on a principal basis are the main revenue source, and growth in customer assets under custody directly leads to expansion of the revenue base. In the System Development Business, revenue-share-type intra-group sales linked to Traders Securities' trading gains/losses (¥3,063 million in FY2026 (ending March 2026)) account for the majority of revenue, forming a structure that secures stable revenue while reducing system usage fees paid to external vendors through vertical integration within the group.

Company Strengths

In December 2015, the company made FleGrowth a wholly owned subsidiary, establishing a structure to complete FX trading system development, maintenance, and operation entirely within the group. This reduced substantial system usage fees paid to external vendors and reformed the earnings structure. With an engineering organization of 190 members both domestically and overseas, the company differentiates itself from competitors through the speed of product development and the rapidity of feature improvements.

Customer assets under custody stood at ¥133,295 million at the end of FY2026 (ending March 2026), an increase of ¥21,024 million from the end of the previous fiscal year, leading the company to revise upward its medium-term management plan target to ¥150,000 million (from the previous target of ¥145,000 million). Traders Securities' capital adequacy ratio was 662.8%, substantially exceeding the statutory requirement, maintaining sound financial standing. The number of customer accounts also continued to expand, reaching 662,459 accounts (an increase of 56,430 accounts from the end of the previous fiscal year).

The company introduced the "LIGHT Pair," which offers industry-leading spreads and swap points under LIGHT FX, to Minna no FX as well (April 2025), and further introduced new Swiss franc carry trades (September 2025). By focusing on Swiss franc cross-currency pairs where competition is limited, the company has attracted customers oriented toward medium- to long-term trading, achieving net growth in assets under custody.

ENVALITH's Perspective

Operating revenue for FY2026 (ending March 2026) came to ¥13,218 million (down 1.6% year on year), and operating profit came to ¥6,161 million (down 7.1% year on year), resulting in a decline in both revenue and profit for the first time in two periods. As an external factor, fluctuations in volatility and market liquidity for major currency pairs affected earnings, while company-driven cost increases—such as web advertising expenses (transaction-related expenses of ¥2,173 million, up 5.5% year on year) and real estate-related expenses associated with office space expansion (¥811 million, up 17.7% year on year)—also pushed down profit. This can be characterized as an adjustment phase reacting to the previous period's rapid growth (operating profit had increased more than 50% year on year).

Customer assets under custody reached ¥133,295 million, up 18.7% from the end of the previous period, indicating that the expansion of the earnings base continues. The company forecasts for FY2027 (ending March 2027) call for operating revenue of ¥15,700 million (up 18.8% year on year) and operating profit of ¥7,000 million (up 13.6% year on year), anticipating a return to profit growth. Growth drivers for the coming period and beyond are taking concrete shape, including the completion of the migration of Minna no System Trade to MT5 and a full renewal of Minna no Option (scheduled for completion next fiscal year), suggesting a reasonably high probability of achieving the forecast.

Given a revenue structure in which trading gains/losses account for approximately 98% of operating revenue, external factors such as fluctuations in foreign exchange volatility and market liquidity directly affect business performance. In addition, competition in swap points is easy for other companies to match, so close attention is needed regarding the sustainability of any differentiation advantage. On the other hand, diversification of cover trading counterparties (addition of four domestic and overseas financial institutions) and investments in strengthening risk management and security, such as the introduction of eKYC and passkeys, can be evaluated as contributing to improved reliability over the medium to long term.

Growth Strategy

Pursuing sustainable growth through diversification of FX products and system renewal, centered on achieving ¥150,000 million in customer assets under custody

Acquired mid- to long-term trading-oriented customers through the introduction of LIGHT pairs in 'Minna no FX' and the new introduction of Swiss franc carry trades. The mid-term management plan's target for assets under custody was revised upward to ¥150,000 million (from the previous ¥145,000 million), and expansion of Swiss franc cross-currency pairs will continue.

Completed system migration from MT4 to MT5 and implemented UI/UX improvements. From the next fiscal year, enhancement of repeat-order and follow-trade EA offerings will be strengthened, cultivating system trading services as one of the pillars of the FX business.

Market share gradually recovered during the current period through pricing improvements. Through a full system renewal and cloud migration scheduled for completion next fiscal year, a more competitive binary option offering will be introduced to further expand market share.

Planning a renewal of AMS, the core system responsible for applications, account management, deposits and withdrawals, and migration to cloud infrastructure. Aiming to improve availability, scalability, and maintainability to ensure stable service delivery and improved development efficiency.

Patenting the added value created by highly unique services to prevent imitation by competitors, thereby sustaining a high-profit business structure. Continuing efforts to improve operational efficiency and enhance services through the use of AI technology.

Last updated: July 19, 2026