We’re all eager to get a look into the lives of other people – that’s why influencers are so popular, and why brands fork out thousands to get them to create short, 30-second content snippets to try and convince their followers to buy things.
This works well, because it turns out that the rest of us are desperate to see what products these people are using, what routines they’re following, and what kind of things they eat. Platforms like Instagram, YouTube, and TikTok are profiting heavily out of our desire to copy people. As a result, many people have carved entire careers out of dishing out lifestyle tips.
But the way we use social media is changing, and the way that platforms are designed is changing as a result. NAGA, a social trading platform that lets you follow the investments of other traders, is one of them.
NAGA is a German-based online social network for investors that lets you follow the investments of influential traders – and even copy from them and learn from them. It was founded by serial tech entrepreneur, Benjamin Bilski in 2014, and has since grown to over 1 million users.
NAGA Trader is a finance super app. It has three core pillars: investing, crypto, and payments, which it combines into a single account, with a single Know Your Customer (KYC), the practice carried out by companies to identify their customers. NAGA Trader is essentially an umbrella term for three distinct different parts. We’ll dive into them below:
NAGA Social NEO-Broker
NAGA Social NEO-Broker enables long and short trading on over 1,000 assets, and social stock trading for only €0.99 per trade. It has a proprietary copy trading tool (one of the most exciting features of the app, which we’ll move on to very soon), a self-learning personal feed, a fully-licensed market maker available in the EU and Australia, and an in-build messenger feature.
For crypto enthusiasts, the NAGA platform includes a proprietary crypto wallet, and a proprietary crypto exchange. At the end of Q4 in 2021, the platform is even planning to launch its own NFT platform.
NAGA Neo-Bank is a proprietary mobile banking app. It is integrated into NAGA brokerage, and features integrated social trading and a crypto wallet and exchange. It also currently features IBAN and VISA Debit card insurance in the UK and EEA.
Now we’ve got the basics covered, let’s move on to the most exciting part of the app: the part that lets users copy influential traders.
NAGA Popular Investor Lets Users Share Their Trading Strategies
Ever wanted a look in on what the best, most skilled investors decide to invest in? Well, it turns out that now is your chance. And you can take it one step further – instead of just looking at what the top-earners are putting their money into, you can directly copy them.
This feature is executed through the NAGA platform’s Autocopy tool, which allows users to copy trading transactions with one another in real time, with a price execution guarantee.
Developed and tested over four years, the performance of this fully-transparent tool is based on the real-money data of influential traders, known as ‘leaders’. It allows these leaders to view advanced statistics by providing copiers with a full performance view without overwhelming them, and it gives copiers the option to copy expert leaders proportionally, or with a set amount.
Each copier will follow an average of five leaders on the NAGA platform, and they will trade four times more than self traders who do not follow experts.
This feature is extremely exciting, and it’s one of the first instances of the investing community being blended together with the creator economy.
Now, you might be wondering:
Why on earth would the world’s best investors let me look in on how they are making money?
If you haven’t guessed already, there’s something in it for the leaders too. They get rewarded proportionally for their efforts. In fact, leaders can get paid up to $100,000 each month from the Popular Investors’ Fund in exchange for being copied by other users on the NAGA platform.
As it stands, copiers will pay €1 for each copied trade. Around 35% of this is shared with leaders. Leaders will receive a flat fee for each copied trade. They can also view their analytics to understand their audience and further optimize their trading style to earn more in the future.
If copiers want to start or stop copying trades from a leader at any time, they are free to do so – they are in full control all the time.
Ultimately, this is a big game changer for influencers and investors in the community. Instead of having to pay large, one size fits all platforms such as Facebook, Instagram, and TikTok to advertise their content and cultivate a following, influencers can now go through the NAGA app directly to attract people that they know are interested in their niche.
Now, they will be able to show their trading skills to grow their audience instead of having to fork out lots of money just to get people to notice them.
Platforms like NAGA Are Changing The Way That Social Media Works
Over the past few years, social media has been going through some rapid shifts. Only a few years ago, it seemed like most of us were willing to post our every thought on Facebook. Then Instagram came along, and we ditched writing our thoughts in favor of expressing ourselves through pictures. Most recently, TikTok has come along and replaced photographs with short soundbites of video and music.
There is no one-size-fits-all for social media platforms any more – even niche communities have become so large that they are splitting off and forming their own more specialized communities. Greg Isenberg outlined this concept in a newsletter last year, which he named The Ultimate Guide to Unbundling Reddit.
He wrote: “There are hundreds of wonderful startups waiting to be built using this simple strategy: create a product that serves the unmet needs of an individual subreddit.”
NAGA is just one example of this ‘unbundling’ strategy, and it shows how successful the strategy can be when done correctly. Social media isn’t a novelty any more, and more and more of us are tailoring our social media usage to help us learn new skills instead of consuming mindless content. Joining a specialized social community filled with other traders is a great way to do that – especially when it allows people to make money.
For talented investors, it seems like a no-brainer. Instead of having to fork out money for expensive ads to get their name out there and build a following, they have access to a platform full of potential audience members who are interested in exactly what they do – and they get paid for it directly.
NAGA building a platform for investors is just the beginning – over the next few years, we’re likely to see this idea being replicated across multiple different industries.