NAGA Group Hits Record €22 Billion in April Trading Volume
Hamburg-based Naga Group (XETRA: N4G) released a few of its trading metrics for April, reporting a record €22 billion (around $26.65 billion) in monthly trading volumes. Further, the broker opened 40,000 new trading accounts in the month, which is a 50 percent monthly surge.
These figures came after the social trading-focused FX and CFDs broker ended an excellent quarter with record performance. As Finance Magnates reported earlier, the sales of the company jumped by 69 percent in Q1 to $13.7 million. Additionally, the total trading volume of the quarter crossed $70 billion, surging 155 percent from the numbers posted in the first quarter of the previous year.
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“In contrast to our peers, NAGA is accelerating its growth,” NAGA’s Founder and Chief Executive, Benjamin Bilski said in a statement. “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.”
Strengthening Business and Management
NAGA has been posting impressive trading numbers for a while now. Moreover, the German company secured $30 million in financing to strengthen its presence in the industry.
Meanwhile, the company confirmed the reappointment of its board of directors: Bilski as the Group CEO, and Michalis Mylonas and Andreas Luecke as Group Executives for another five-year term.
“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 huge growth potential still in front of us!” Bilski added.
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