NakedPnL vs NAGA: Verified Performance vs Social-Investing Brokerage
NAGA is a CySEC-regulated social investing brokerage with Autocopy. NakedPnL is a publisher of verified performance with a Bitcoin-anchored chain.
- NAGA is a CySEC-regulated brokerage (license 204/13) that combines social investing, copy trading via Autocopy, and a multi-asset trading app.
- NakedPnL is a publisher of verified performance — it never holds funds, never executes trades, and never lets a follower copy a leader.
- If you want a brokerage with a social feed and one-click copy, NAGA is built for that. If you want viewer-verifiable performance data with cryptographic re-derivation, NakedPnL is the only product in that shape.
Verdict at a glance
NAGA is a regulated brokerage product with social and copy-trading features layered on top. The regulated entity (NAGA Markets Europe LTD, CySEC license 204/13) holds client funds, executes trades, and offers Autocopy that mirrors lead-trader positions. The product is built around the act of trading and following.
NakedPnL is positioned upstream of that act. It does not custody funds, does not route trades, and does not allow copy trading. Its single output is a publicly readable, cryptographically chained record of verified performance for traders who connect supported venues. The right comparison is not 'which gives a better trading experience' but 'do you want to invest alongside someone or do you want to evaluate someone's history?'
What they do differently
NAGA's flow centers on the trader who has an account at NAGA. They can deposit funds, trade markets directly, follow other users in a social feed, and use Autocopy to mirror selected lead traders' positions automatically. The leaderboard is the discovery surface; the brokerage is the execution surface; the social feed is the engagement surface. CySEC oversight covers the regulated brokerage activity.
NakedPnL's flow centers on the trader who already has positions on a supported venue. They connect with read-only credentials, daily NAV is hashed and chained, and the public registry shows the verified TWR. Viewers can independently re-verify the chain in their browser using Web Crypto. There is no NAGA-equivalent execution layer because no execution layer exists in the platform. The role of NakedPnL is to publish the data, not to facilitate the trade.
Feature comparison
| Criterion | NakedPnL | NAGA |
|---|---|---|
| Category | Verified-performance publisher / registry | Regulated brokerage with social and copy trading |
| Custody model | None — read-only connections only | Segregated client funds at the regulated entity |
| API access model | Read-only API keys; broker tokens; wallet signatures | Direct trading API + in-app execution |
| Verification mechanism | SHA-256 chain + daily Bitcoin OpenTimestamps anchor | Brokerage trade reporting; no public cryptographic chain |
| Independent re-verification | Yes — browser-side SHA-256 re-derivation from raw payloads | No — trust in NAGA's brokerage reporting |
| Public registry / leaderboards | Public registry of opted-in verified traders | Public Autocopy leaderboard with profitability/ROI/risk filters |
| Supported asset classes | Crypto, equities (IBKR), prediction markets | Forex, indices, crypto, equities, commodities (CFDs) |
| Performance metric | Time-weighted return (TWR), Decimal.js precision | ROI, win rate, risk score, P&L |
| Cost to traders | Free tier; paid tiers for advanced features | Standard brokerage fees (spreads, commissions) |
| Cost to viewers / followers | Free public read | Brokerage account required to follow/copy |
| Regulatory category | Publisher of verified data; not adviser/broker | CySEC-regulated investment firm (license 204/13) |
| Open-source methodology | TWR + hash methodology published with re-derivation snippets | Calculation methodology not published as reproducible spec |
| Privacy model | GDPR-aligned PublicConsent; opt-in and withdrawable | Lead-trader profiles publicly visible by default if opted in to copy |
| Order replication / copy | No — disabled permanently by feature flag | Yes — Autocopy is a core feature |
| Append-only history | Yes — chain rejects retroactive deletion | Brokerage trade history per regulatory record-keeping rules |
Use cases
- Retail user who wants a single app to trade, follow, and copy: NAGA fits that bundle and is regulated for it.
- Emerging manager building a verified track record they can show allocators: NakedPnL provides the cryptographic record.
- Allocator who wants to verify a candidate's history before any DD call: NakedPnL's chain re-verification is the differentiator.
- Trader who wants follower revenue from copy fees: NAGA's model is built for that.
- Multi-venue trader (e.g. spot crypto + IBKR equities + prediction markets) who needs unified TWR: NakedPnL is the only product spanning that universe.
Pricing
NAGA monetizes through standard brokerage flows — spreads, commissions, swap charges, and copy-trading economics. NakedPnL monetizes only the publisher side: trader tiers (FREE / PRO / FUND_DESK plus Founding Lifetime) gate features such as alerts, custom domains, LP-link sharing, and outbound webhooks. NakedPnL never charges viewers or followers because it has no follower flow.
Why this comparison is hard
NAGA is a regulated brokerage; NakedPnL is a non-custodial publisher. Listing them side by side is convenient when comparing 'public trader rankings', but the underlying economics, regulatory frame, and user-action surface are entirely different. NAGA's value is in execution — bringing trade, follow, and copy under one regulated roof. NakedPnL's value is in evaluation — making track records cryptographically re-verifiable without any execution coupling.