Independent Review - NAGA
NAGA is a CFD broker, but one that is focused on social trading and copy trading. They offer a broad portfolio of assets for trading, including a fairly comprehensive cryptocurrency offering. Plus, any of the clients trading with NAGA are eligible to have their trades copied and are compensated each time trades are copied by other traders.
NAGA was formed in 2015, and it operates as a separate brand of NAGA Markets Ltd., which in turn is under the umbrella of NAGA Group AG, a Berlin-based Fintech company that has shares listed on the Frankfurt stock exchange. With offices in Cyprus and St Vincent and the Grenadines, NAGA is regulated by both CySEC and the FCA, as well as coming under the requirements of the European Union MiFID. All of which is to say the broker is trustworthy and safe.
NAGA is one of a new type of broker that focuses on social trading. That allows clients to copy the trades of others, or to have their own trades copied and receive compensation for that. With over 950 individual assets available it is not hard to find some good trading opportunities in forex, stocks, crypto, commodities, or indices and ETFs.
The broker offers its own proprietary trading platform, which unlocks many of the social trading features, or traders can choose to use the MetaTrader 4 or MetaTrader 5 platform.
The social trading aspect of the exchange is not necessarily unique, but NAGA does focus on social trading and they do it well. Basically, social trading allows clients of the broker to interact with one another, sharing ideas and even copying the trades and strategies of others. This type of trading can be useful for new traders who are just learning the ropes in the markets.
Users can manually copy the trades of others, or when using the proprietary platforms, they are able to subscribe to a trader and auto copy all of their trades, or just their trades in one specific asset – Bitcoin for example.
NAGA has both NAGA Global (SV) in St Vincent and the Grenadines, and NAGA Global (CY) in Cyprus. Both were created as a brand under NAGA Markets Europe Ltd., a Cyprus-based investment firm. In turn, the parent company is The NAGA Group AG, which is a Berlin, Germany based FinTech company. The NAGA Group AG is also listed on the Frankfurt Stock Exchange.
Because it is authorized in both Cyprus and St. Vincent and the Grenadines, NAGA is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 204/13 and by the Financial Conduct Authority (FCA) in the U.K.
With the combination of CySEC and FCA regulation, plus its operation as a publicly traded company, NAGA is heavily regulated, and clients can feel safe, knowing they are trading through a reputable and trustworthy broker.
NAGA also adheres to the European Union MiFID agreement, which gives consumers greater protections, and increases the financial transparency of the broker. Plus, MiFID promotes fair competition in the financial broker industry.
Clients of NAGA benefit from having their funds held in segregated accounts, and the broker also participates in the Investor Compensation Fund, which provides for up to €20,000 in compensation to clients if the broker is unable to fulfill its financial obligations.
NAGA has six different tiers of accounts that will appeal to all types and experience levels. The accounts differ in the minimum deposits required, the spreads offered, the withdrawal fees, and other features available or not. The different account tiers are as follows:
The Iron Trader account is the base level account with a minimum deposit of $250 and spreads that start from 1.7 pips on EUR/USD. Traders also earn $0.12 on copied trades. Withdrawals cost $5 and traders receive up to 5 signals per day.
The Bronze Trader account is the next level up with a minimum deposit of $2,500 and spreads that start from 1.7 pips on EUR/USD. Traders also earn $0.15 on copied trades. Withdrawals cost $4 and traders receive up to 5 signals per day.
The Silver Trader account has a minimum deposit of $5,000 and spreads that start from 1.7 pips on EUR/USD. Traders also earn $0.18 on copied trades. Withdrawals cost $3 and traders receive up to 10 signals per day. Silver traders can also request one-on-one tutoring twice per month.
The Gold Trader account has a minimum deposit of $25,000 and spreads that start from 1.2 pips on EUR/USD. Traders also earn $0.22 on copied trades. Withdrawals cost $2 and traders receive up to 15 signals per day. Gold traders can also request one-on-one tutoring four times per month.
The Diamond Trader account is a professional account with a minimum deposit of $50,000 and spreads that start from 0.9 pips on EUR/USD. Traders also earn $0.27 on copied trades. Withdrawals cost $1 and traders receive up to 20 signals per day. Diamond traders can also request one-on-one tutoring eight times per month.
The Diamond Trader account is a professional account with a minimum deposit of $100,000 and spreads that start from 0.7 pips on EUR/USD. Traders also earn $0.32 on copied trades. Withdrawals are always free and traders receive up to 20 signals per day. Diamond traders have access to unlimited one-on-one tutoring.
NAGA offers over 950 different assets, which means there is plenty of opportunities for every type of trader. Those assets span the following classes:
- Forex: 11 of the most popular forex pairs are available.
- Cryptocurrency: CFDs on 22 different cryptocurrencies and 27 pairings.
- Indices: 6 major indices are available, including the S&P 500 and the DAX 30.
- ETFs: Invest in 17 of the world’s top exchange traded funds.
- Commodities: 9 different commodities, including popular metals and energies, in addition to agricultural assets like wheat and corn.
- Shares: Trade on hundreds of the top global company shares with low spreads, competitive fees, and no commissions.
There are a number of platforms available from NAGA, which include the popular MetaTrader 4 and MetaTrader 5 platforms, as well as NAGA’s own proprietary trading platform in web-based or mobile versions. Traders decide which platform to use based on the features they require, since many of the social features are only available to traders who use the proprietary platform.
When using the the MetaTrader 4 and MetaTrader 5 platforms clients can trade on all the available assets, they can use the copy trading functionaility, and they have access to the mobile versions of MT 4 and MT5. Those who wish to trade commission free stocks rather than CFDs are limited to the MT5 platform. It is a very basic offering for those who do not need all the social trading options available from NAGA.
Those who wish to access all NAGA’s social trading features are required to use the proprietary platform, which is available as a web-based terminal, or as mobile apps for Android and iOS devices. This gives access to auto copy trading, NAGA Messenger, signals, the newsfeed, and Leaderboard. If the NAGA Radar feature is desired the trader must use the mobile Android/iOS platforms.
NAGA is quite comprehensive in offering over 20 deposit and withdrawal methods, although the individual options available will depend on what country the trader is located in. These methods include:
- Bank Wire transfer (Instant)
- Credit/Debit card i.e. Visa, Mastercard and Maestro (Instant)
- Cryptocurrencies i.e. Bitcoin, NAGA Coin or Ethereum (Instant)
- Alternative payment methods i.e. Skrill, Giropay and Neteller (Instant)
Minimum deposits are $250 in any case, and maximum deposits depend on the country of residence.
Withdrawal requests are processed the same day if submitted during working hours, or on the next business day if submitted outside working hours. The minimum withdrawal is $50, and there is a fee that ranges from $0 to $5 depending on the account tier of the client.
NAGA’s customer service team is top-notch and the representatives are knowledgeable and professional. Support is available Monday through Friday from 9:00 to 24:00 EEST and the team can be easily contacted via telephone or email. There is also live chat available, and a knowledgebase that will have the answers to many basic questions.
Global Support (English)
With so many brokers available for traders to consider we believe NAGA is well worth choosing. They have a history stretching back to 2015, they are regulated by the FCA and CySEC, and the parent company is a public company traded on the Frankfurt Stock Exchange. All of this adds to their trust level and reliability.
We also liked the selection of assets, and for those who desire a social trading broker NAGA should be high on the list of potential brokers. While the spreads are not the most competitive, the lack of other fees and commissions should make up for this.
With a fairly low minimum deposit NAGA should be a good choice even for beginning traders, and they can certainly benefit greatly from the social aspects of the broker.