Forex Broker News May 15

Retail FX and CFD broker NAGA Group AG has issued a trading update for April, indicating that the company saw best-ever results in terms of both monthly account openings, and client trading volumes.

NAGA Group, which operates the CySEC licensed NAGA.com website, said that in April close to 40,000 trading accounts were opened, which represents growth of more than 50% month over month from March. Also, active clients, deposits and trading volume are at new record levels on a monthly base with volumes crossing €22 billion (USD $26.7 billion) for the first time. We had earlier reported that NAGA‘s previous best was $23.8 billion in February 2021. By contrast, NAGA’s monthly trading volumes during Q4-2020 averaged about $16 billion.

NAGA shares (FRA:N4G) have traded down more than 50% since early February, although they remain slightly up for 2021. After the company issued some bullish projections for 2021 revenue and then strong January trading volumes for NAGA.com the stock more than doubled from January 1 through to February 10 (52 week high of €9.30), but as noted has come back down to earth and sits at €4.64 as of the time of writing.

NAGA Group share price over past six months. Source: Google Finance.

“In contrast to our peers, NAGA is accelerating its growth. We remain bullish on our targets and by keeping this pace Q2 will be another record growth quarter, especially in terms of transactions, and volumes. Our retention and acquisition metrics are healthy, we keep on improving our platform and customer experience every single day. Also, the engagement ratios and the copy activity are extremely promising enabling us to further build competitive advantage with our unique FinTech ecosystem”, comments NAGAs Founder Benjamin Bilski.

NAGA also reported that it has re-appointed its Board of Directors – Benjamin Bilski as Group CEO, Michalis Mylonas and Andreas Luecke as Group Executives – for a further five years to lead NAGA to further growth.

“We are pleased with the trust in our Management Team, especially by our major investor FOSUN. We are ready for many more exciting years at NAGA as there is a huge growth potential still in front of us!”, adds Bilski.

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