German social trading-focused broker, NAGA Group (XETRA:N4G) announced its plans to expand its services into Australia and South Africa on Thursday.
The brokerage has already registered its local Australian entity last week and is now seeking approval from the Australian Securities & Investments Commission (ASIC). It is planning to open a new Sydney office in the next few months.
“With more than six million people who invest actively in the financial markets, Australia shows a massive potential for us,” Benjamin Bilski, founder and CEO of NAGA, said in a statement.
“Our platform is ready for the Australian market and in our view, fits the Australian client profile. We would be able to expand our client base, capture more trading hours per day, and accelerate our growth significantly.”
To enter the South African market, the broker has applied to the Financial Sector Conduct Authority (FSCA) and is planning to establish a local presence in Cape Town.
NAGA is attempting to launch both Australian and South African operations by next year, but that will be subject to the regulatory greenlights.
Ready to kick-off your Trading Game with Manchester United?Go to article >>
“South Africa has seen a lot of momentum in the CFD & stock trading market over the past years,” Bilski added. “Based on our market research we have learned that a social investing platform like NAGA will have a head-start in South Africa and that the market still has substantial growth potential.”
Notably, NAGA also operates two training centers in Nigeria.
Traders Are bullish with Social Trading
Along with the expansion plans, the broker also published its financials for July, showing a total generated revenue of € 2.2 million with a trading volume of little less than €10 billion.
NAGA has reported healthy growth for the last few months and the latest figures fall on the same trend.
“Despite the fact that summertime usually has lower trading activity due to the holiday season, we are very satisfied with the result of July, especially that we were able to post a profitable month on a net-profit level, even though we invest heavily into growth,” the CEO added.