Shares of publicly traded Retail FX and CFDs broker NAGA Group AG (ETR:N4G) dropped by 15% on Monday, falling to […]
NAGA stated that it is soon launching its first ever White Label partnership with a regulated online-brokerage from Kuwait.
In Q2 2023 Revenues at NAGA declined to just €7.9 million, a 32% quarter-to-quarter decline from Q1.
The letter hints at some of the problems which have been plaguing NAGA, which led to the recent ouster of longtime CEO Ben Bilski.
NAGA co-Executive Director Michael Milonas will become Group CEO, while Benjamin Bilski is moving to focus on technology as CIO.
The move comes as NAGA seems to have turned a corner following a loss-making 2022.
NAGA saw $13.5 billion in monthly trading volumes in Q1-2023, basically identical to the $13.6 billion it averaged in 2022.
Matthew Kent joins CySEC-licensed NAGA.com after spending the past two years in a similar role at Eurotrader.
Vince De Castro was previously CMO of CySEC licensed brokers NAGA.com (2019-20), FXPrimus (2018-19), and Orbex (2017-18).
Investors and traders seem to be selling last year’s “did well” stocks, without much regard to current performance and outlook.