NAGA has integrated iSAM Securities’ Radar risk analytics platform and its Apex liquidity bridge, the two companies said today (Monday).
NAGA is a Hamburg-based fintech listed in Frankfurt, running a multi-asset app that covers CFDs, stock and ETF investing, crypto, copy trading and neo-banking. It reports more than 2.6 million users across over 100 countries, a figure it does not break down by activity.
A Risk Layer That Looks Beyond NAGA’s Own Book
Radar gives dealing and risk teams an intraday view of client activity, exposure, profitability and trading behavior. When the product launched, iSAM pitched it to brokers as a way to optimize A-book and B-book routing.
The component that reaches past NAGA is Network Alerts. The companies say it identifies linked accounts, behavioral patterns and trading clusters across the wider broker network. iSAM has described it as letting risk teams see whether a client’s details suggest that person holds accounts elsewhere.
Neither company said how many brokers contribute data to that network, what client information is shared, or how it is anonymized. The announcement says the combined tools help NAGA keep control over “exposure, execution quality, and ultimately, broker PnL.”
“This project gives our risk and dealing teams the real-time visibility and execution control they need to scale confidently,” said Philip Tatarov, Head of Projects at NAGA.
Apex Handles the Execution Side
Apex is iSAM’s liquidity bridge, covering pricing, liquidity, routing, hedging and execution settings. The company positions it for latency-sensitive flow during volatile conditions, though it published no latency figures alongside the NAGA announcement.
iSAM Securities is regulated by the UK’s Financial Conduct Authority and Hong Kong’s Securities and Futures Commission, and is registered with CIMA in the Cayman Islands. It opened a Limassol office to support retail trading infrastructure.
iSAM Has Been Selling Radar Through Platforms
The vendor has spent the past period embedding Radar into trading platforms rather than selling it only to brokers directly. Devexperts wired it into DXtrade.
Spotware separately made iSAM’s risk and trading tools available to brokers running cTrader. NAGA is the buyer side of that same push, taking the tools directly rather than through a platform.
Others are chasing the same budget. Centroid Solutions built risk products around MT5, and Tools for Brokers launched DEXA, an analytics and risk platform that consolidates trading activity into a single view. iSAM also markets a cut-down version, Radar Lite, aimed at smaller brokers.
The Profit Has Come From Costs, Not Volume
The announcement says the technology will let NAGA support higher trading volumes and manage a growing client base. Its most recent quarterly figures show a different pattern.
NAGA posted its first profitable first quarter in 2026, with net profit of €0.5 million against a €1.7 million loss a year earlier. Revenue fell to €14.4 million from €16.4 million, and the profit came from a structurally lower cost base.
New user registrations rose to 87,500 from 73,902 over the same period. New funded accounts went the other way, falling to 4,903 from 6,088.
Full-year 2025 EBITDA came in at €3.3 million, down from €9.0 million in 2024, after what the company described as structural headwinds. It guides 2026 revenue of €68 million to €75 million and EBITDA of €10 million to €15 million.
The announcement also says the rollout reduces the operational burden on those teams. NAGA did not say whether that changes headcount in its risk and dealing functions.
This article was written by Damian Chmiel at www.financemagnates.com.Retail FXRead More
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