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NAGA Group, following its recent merger with CAPEX.com, has launched a groundbreaking feature that allows retail traders to access its platform directly from Telegram. By introducing the “NAGA Everything Trading” app to Telegram’s App Center, users can now onboard, complete KYC processes, deposit funds, and trade—all without leaving the app.
A First for Telegram and Trading This integration marks a significant milestone, enabling traders to utilize both NAGA's web and mobile platforms directly within Telegram. As Telegram boasts over 950 million users globally, NAGA sees this as a key opportunity to expand its reach. According to NAGA's CEO, Octavian Patrascu, this launch is a "transformational moment" for the trading industry, positioning NAGA to "democratize financial markets" on a larger scale.
Future Features and Expansion NAGA plans to further enhance its offering by introducing Social Trading with AutoCopy as part of upcoming updates, enhancing the trading experience for Telegram users. Despite the potential, concerns remain about Telegram’s susceptibility to scams, as a joint survey by Finance Magnates and FXStreet revealed the platform’s high incidence of financial fraud.
Merger with CAPEX.com This integration comes on the heels of NAGA’s merger with CAPEX.com, a move expected to boost revenue by $250 million over three years and expand their user base significantly. Together, the two brokers aim to grow their combined user count to over 5 million by 2025/26.
This development could signal a new era of how trading platforms leverage social media for growth and user engagement.
Hantec Markets’ UK unit experienced a significant increase in revenue, ending 2023 with a 24% jump in annual turnover, reaching over £6.8 million. However, the brokerage reported an operating loss of £47,437, reversing from a £36,058 profit in 2022.
IT Investment Leads to Losses The loss was attributed to increased administrative expenses, primarily driven by additional IT expenditures related to the company's new technology strategy. The filing with Companies House revealed that annual administrative costs rose sharply to £6.9 million, up from £5.5 million the previous year. Hantec expects that this investment in technology will enhance future profitability, with the company's directors anticipating a return to profit next year.
Financial Strain After factoring in interest expenses, Hantec’s pre-tax profit dipped to £51,542, compared to £51,084 in 2022. After taxes, the company recorded a net loss of £55,418, down from a profit of £24,824. This loss also slightly reduced the company’s assets, which dropped to £5.39 million from £5.45 million.
Positive Outlook Amid Expansion Despite the loss, the company described its overall business performance as satisfactory given the competitive and regulated nature of the sector. Hantec Markets UK, a subsidiary of its Hong Kong-based parent, operates under various regulatory bodies, including those in Australia and offshore jurisdictions such as Mauritius and Vanuatu. In its ongoing expansion, Hantec recently introduced a $500,000 client fund insurance policy and entered the rapidly growing prop trading market.
At the iFX EXPO Asia 2024, cTrader was recognized with two prestigious awards presented by UF AWARDS:
Best Trading Platform APAC 2024
Best API for Algo Trading APAC 2024
These awards highlight cTrader's excellence as a versatile trading platform, featuring advanced trading tools, customizable UI, and seamless API integration. The platform's cloud-based infrastructure ensures fast order execution and 100% uptime, hosted in Equinix data centers. Notably, its cTrader Algo API is celebrated for enabling automated trading strategies, enhancing the growth of brokers and traders alike.
Spotware, the technology provider behind cTrader, supports over 250 brokers globally, with a user base of 4 million traders, setting new industry standards with its innovative solutions.
Petros Zachariades, the sole shareholder of Crowd Tech Ltd, which operated the forex broker Trade360, has had his suspension from management duties extended by the Cyprus Securities and Exchange Commission (CySEC). This extension, announced on Monday, includes a prohibition on Zachariades from exercising his voting rights or managing the Board of Directors at Crowd Tech.
The suspension, initially imposed in January 2023, stems from CySEC's concerns over Zachariades’ influence, which it deemed "prejudicial to sound and prudent management." Crowd Tech, previously known as MPF Global Markets Ltd, has since voluntarily renounced its Cyprus Investment Firm license, which is under review.
Meanwhile, Trade360's Australian operator, Sirius Financial Markets, also faced regulatory challenges. Following an investigation by ASIC, Sirius surrendered its Australian Financial Services license in July 2022. The investigation revealed misconduct, including the use of offshore call centers and pressure-selling tactics for high-risk instruments like CFDs, leading to multiple bans on company executives.
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