In response to an increase in demand for cryptocurrencies, social trading platform NAGA announced this Wednesday that it has launched an increased leverage of 1:20 on cryptocurrency trading.
Volatility driven by the COVID-19 pandemic has seen an uptick in trading across many assets, including cryptocurrencies, especially Bitcoin. Therefore, the company said in a statement today that it has launched the 1:20 crypto leverage in response to extensive demand, with the platform aiming to capitalise on the heightened volatility and trading activity.
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On NAGA, investors can choose from 10 currency pairs based on cryptos. These can be traded as contracts for difference (CFDs) via the company’s MetaTrader 4 and MetaTrader 5 platforms.
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It is worth pointing out that the 1:20 crypto leverage is only available to clients of NAGA’s operations in Saint Vincent and the Grenadines – NAGA Global Ltd, which is registered under the country’s local regulator the Financial Services Authority (FSA).
Commenting on the new development, NAGA CEO Benjamin Bilski 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, and we believe our expert crypto traders will love it because it will give them more leeway to enjoy trading their favourite digital currencies, enabling them to increase their risk exposure if they so desire.”
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Today’s announcement follows on from the NAGA Group reporting record financial results in the first and second quarter of this year. With the strong performance in the first half of 2020, the company is now setting its sights on expanding its footprint in Europe as well as globally.
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