简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:NAGA Group, a social and copy trading-focused online broker, has released a short trade report, noting that the company's cost-cutting measures have enabled it to begin 2023 financially.
NAGA has indicated that year-to-date the company generated group Revenues of close to €6 million (which we assume covers the first six weeks of 2023), while expenses were kept at around €4.5 million, after a couple of analysis revealed that NAGA Revenues fell by 43% to €20 million for the last six months of 2022, closing out a money-losing year (note that NAGA has not yet released its official FY2022 results).
Following a restructure in the summer of 2022, NAGA reduced its cost base by more than 65% compared to the beginning of 2022 in 2023, while maintaining new customer growth 15% above 2022 levels.
NAGA, which manages the CySEC-licensed nagamarkets.com and the offshore naga.com, said that Active Users on a three-month basis are at an all-time high, as is monthly trading volume. Copy trading accounts for 55% of all transactions, while customer deposits in 2023 are up 50% over the same time in 2022, and average deposits per new client are up 75%.
Surprisingly, the trade report made no mention of or provided an update on NAGA's previous claim that it was in talks with a “multi-country brokerage firm.”
The organization said that it is continuing to increase its marketing efficiency by building further automation and business intelligence technologies, as well as planning to expand into Southeast Asia and Latin America via its recently incorporated offshore Seychelles corporation NAGA Capital.
“We are pleased to see that our restructuring efforts are materializing,” says Benjamin Bilski, CEO and founder of NAGA Group AG, assessing the successes achieved at the beginning of the year. “We kept new user growth up whilst cutting overall operating expenses significantly. Our acquisition cost per user has improved by over 75% and the value per user went up by another 13% year over year. We keep improving the current operation and preparing ourselves for more global business from the emerging markets, which we see as a significant profit driver in 2023.”
NAGA is a forward-thinking fintech firm that integrates personal financial transactions and investments via its social trading platform. The company's own platform provides a variety of goods, including stock trading, investments, and cryptocurrencies, as well as a real VISA card. Furthermore, the site enables transactions with other traders, relevant information in the feed, and auto-copy features for successful users' trades. NAGA is a synergistic comprehensive solution that is simple to use and all-inclusive. It gives a stronger platform for trading, investing, networking, earning, and paying. This is true for both cash and cryptocurrency items.
Stay tuned for more WikiFX broker news.
Install the WikiFX App on your smartphone to stay updated on the latest news.
Download link: https://www.wikifx.com/en/download.html?source=fma3
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
In the world of online trading, a common misconception persists: trading is often seen as no different from gambling. This belief is particularly prevalent among newcomers, who may view the financial markets as a fast-paced game where winning is just a matter of luck. But trading, when done correctly, is far from mere chance!
Saxo Singapore will discontinue SaxoWealthCare and SaxoSelect by December 2024, advising clients to withdraw funds and offering alternative investment options.
Spartan Capital Securities, LLC, a brokerage firm, has agreed to a settlement with the Financial Industry Regulatory Authority (FINRA), which includes a fine of $115,000, a censure, and the requirement to retain an independent consultant.
TradingView adds Irish stocks from Euronext Dublin, broadening access to 30 companies, including Ryanair and Kerry Group.