NAGA Adopts iSAM Securities Risk Tools That Flag Client Accounts at Other Brokers

NAGA has integrated iSAM Securities' Radar risk analytics platform and Apex liquidity bridge, the two companies announced on Monday. The Hamburg-based fintech, listed in Frankfurt, operates a multi-asset app covering CFDs, stocks and ETFs, crypto, copy trading and neo-banking, and reports more than 2.6 million users across over 100 countries.

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 reaching beyond NAGA's own book is Network Alerts, which the companies say identifies linked accounts, behavioral patterns and trading clusters across the wider broker network. According to iSAM, this allows risk teams to see whether a client's details suggest that person also holds accounts elsewhere.

Neither company disclosed 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 maintain control over "exposure, execution quality, and ultimately, broker PnL." Philip Tatarov, Head of Projects at NAGA, said: "This project gives our risk and dealing teams the real-time visibility and execution control they need to scale confidently."

Apex, the second component, is iSAM's liquidity bridge covering pricing, liquidity, routing, hedging and execution settings. iSAM positions it for latency-sensitive flow during volatile conditions, though no latency figures were published 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 recently opened a Limassol office to support retail trading infrastructure.

Platform push and financial picture

iSAM has been embedding Radar into trading platforms rather than selling it only to brokers directly. Devexperts integrated it into DXtrade, and Spotware made iSAM's risk and trading tools available to cTrader brokers. NAGA is taking the tools directly rather than through a platform. Competitors in the same space include Centroid Solutions, which built risk products around MT5, and Tools for Brokers, whose DEXA platform consolidates trading activity into a single view. iSAM also offers a cut-down version, Radar Lite, aimed at smaller brokers.

NAGA said the rollout will help it support higher trading volumes and a growing client base. Its latest quarterly figures, however, show profitability driven by lower costs rather than revenue growth. 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. New user registrations rose to 87,500 from 73,902, while new funded accounts declined to 4,903 from 6,088. Full-year 2025 EBITDA came in at €3.3 million, down from €9.0 million in 2024. The company guides 2026 revenue of €68 million to €75 million and EBITDA of €10 million to €15 million. NAGA did not say whether the integration changes headcount in its risk and dealing functions.