Forex Broker News: Naga Reports Record Q2 Revenue – Forex Crunch
It’s been a rosy period for the Hamburg-based forex broker NAGA. The social trading platform announced that it generated preliminary revenue of a staggering $15 million in the second quarter of 2021. This is an increase of 135 percent when compared to the $6.3 million reported in Q2 2020.
These not yet audited figures have shown another record-breaking quarter for the DAX listed company. It has been reporting a surge in turnover for a substantial number of quarters now. These latest figures are an increase over the $13.7 million record figure set in Q1.
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Forex broker NAGA’s Business Goes Through The Roof
NAGA’s business has been increasing at a fantastic rate largely driven by the huge interest in forex trading of late. The forex broker said that total group sales were up by a staggering 85% to $29 million.
NAGA CEO Benjamin Bilski was understandably extremely upbeat about these results.
“2021 was fantastic for us, and we keep on accelerating our growth,”, he said.
“We are entering growth levels which will soon elevate our brand and platform to global success. It’s all a question of marketing, brand awareness and ensuring that our systems scale. We understand our profitability ratios better and our cohort’s user growth is healthy”, Nilski further commented.
NAGA operates as a brokerage firm but is very well known for its popular social trading platform. The results highlighted the fact that copied trades grew by an impressive 366 percent to 2.8 million in the first half of 2021. Overall transactions were up by 78% to 4.8 million. Total copied trades remained static however at 1.7 million.
NAGA Continues To See Demand Surge Substantially
Total trading volume for forex broker NAGA was also through the roof. This clocked in at $155 billion for the first half of this year and is well above the $143 billion registered for the whole of 2020. It is also almost 250% more than the $59 billion registered in the first half of 2020.
Hamburg based NAGA is also expanding globally and is dipping into services that go beyond its usual brokerage business. The forex broker has signed a partnership agreement with Visa for its upcoming payments service which is expected to be launched in Q3 2021.
“Given the current valuations of peers from the payment space, we believe that NAGA Pay will be an absolute growth catalyst for the Group and strengthens our growth speed. We are extremely excited to get started and expect a lot of interest. We have 100,000 cards being delivered for the launch day,” Bilski commented.
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