Social trading platform NAGA announced that it had increased its cryptocurrency trading leverage up to 1:20 in response to rising cryptocurrency demand.
13 August 2020 | AtoZ Markets – The NAGA Group is a German fintech company focused on social trading and listed on the Frankfurt Stock Exchange. Established in 2015, the company has more than 500,000 accounts and offers cryptocurrency, indices, FX, and commodities trading services. It also has its own cryptocurrency known as NAGA Coin. NAGA, the social trading platform, is licensed by CySEC.
NAGA Now Offers up to 1:20 Crypto Leverage
The COVID-19 pandemic affected the financial market in every country of the world. However, the global coronavirus crisis also appears to have attracted many new traders due to rising market volatility. As a result, NAGA said that it had launched increased leverage up to 1:20 on cryptocurrency trading in response to widespread demand. The platform seeks to take advantage of the increasing volatility of the overall market. Traders or investors can trade ten cryptocurrency-based pairs with up to 1:20 leverage on their MT4 and MT5 platforms.
According to Benjamin Bilski, NAGA CEO, the company was facing economic hardship in 2018 and 2019. But after going through a restructuring process and into a completely different world situation, the situation looks quite different.
He said in the statement, “As we continue to hone our product, clients remain at the heart of every development. This new crypto leverage is part of our larger initiative to make trading better and more approachable to traders of all levels of expertise.
“As cryptocurrencies have gained a lot of traction in the last years, we thought it would be the right time to offer crypto enthusiasts and traders something more. This is how the crypto trading leverage came to life. We believe our expert crypto traders will love it. It will give them more leeway to enjoy trading their favorite digital currencies. It enables them to increase their risk exposure if they so desire.”
As AtoZ Markets reported recently, NAGA Group revenues declined 27% (€5.1 million) in Q2 2020, compared to €7 million in Q1 2020. Despite the decline, NAGA has achieved a remarkable turnaround since last year. Total revenues in the H1 amounted to €12.1 million, which outperform €3.9 million in revenues in 2019.
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