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NAGA review: How good is the online broker? – Test for Traders
- Regulated by the CySEC
- Fast order execution
- 1000+ assets available
- Free demo account
- Raw spreads
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Last updated: September 21, 2023
Choosing a good broker is one of the best decisions a trader can make. Not only can it save you high trading fees, which leads to more profits, but it can also provide you with protection and security. That is why it is worth checking out different brokers in more detail.
In this review, we analyze the offers and conditions of the broker NAGA. We will look at the trading conditions and which regulatory authorities oversee the platform. Furthermore, you will find many helpful tips for trading with NAGA.
NAGA is an online broker under the regulation of some international financial bodies. They offer trading services to traders in various countries worldwide. NAGA has technologically advanced trading platforms, making trading simple and easy for traders.
What is NAGA? – The company presented
NAGA started in Germany sometime in 2015. Benjamin Bilski and his colleague, Yasin Quaresin, started the brokerage firm. Today the company is a good social copy trading platform that offers a variety of assets for customers to increase their portfolios. For their customers who use the copy trading platform, they are also able to receive payments fast.
The brokerage company has its offices and headquarters in Germany and has spread its reach to other parts of the world. NAGA also has companies in India, Mexico, and even Cyprus. The company offers its clients 12 languages to communicate with their customer service team. This makes questions and answers easy to communicate.
NAGA has won several financial trading awards as a brokerage company. The broker platform has a technological interface and UX, which maximizes the experience of its trader’s copy trading activities.
Is NAGA properly regulated?
NAGA is under the regulation of CySEC, a Cyprus-based financial licensing company. This body is changed to ensure that NAGA does not act fraudulently toward its traders.
Under the regulation, the company does not provide trading services to some parts of the world, such as the US, South Africa, North Korea, and Australia. Before most people start trading on any brokerage platform, they want to know if it has the necessary licenses that offer customer protection and legitimacy to the firm.
NAGA cannot go against the policies that CySEC has given to it. If not, the brokerage company will be punished. The regulations make trading activities on the platform safe. With the regulation from CySEC, an international financial regulator, it is clear that this broker is not a scam. CySEC regulates many international forex brokers.
Review of NAGA’s trading offers and conditions
Trading platform
This broker has a technologically advanced platform that enables its traders to trade safely and quickly. The platform is a MetaTrader 4 and 5. MetaTrader platforms are popular platforms that can perform multiple actions for traders. They are also easy to understand as the navigations are well represented.
Aside from the MT platforms, the brokerage firm also has WebTrader. This one is used for trading on the computer and is a Mobile platform for Android and iPhones. With its platform available across different devices, trading is simple and accessible to traders anytime and anywhere.
As a new trader on the platform, it has a feature that allows you to copy the trading style of a professional trader. This allows trading easy for new traders. The social copy trading feature is easy to implement. NAGA trading platform allows new and old traders to follow interesting posts and updates, keeping them on track of market activities on the platform.
Account types of the forex broker NAGA
Traders on the platform can choose from the different trading accounts that are available. NAGA provides its traders with three account types – the live account (which traders use to carry out their live trading activities), the demo account (a practice or game account), and the Islamic account.
Live account
NAGA has a live account that traders can use to buy and sell assets. Trading activities in the live account affect the investor’s initial deposit or available balance. This broker has six accounts in the live account that traders can choose from. These accounts are iron, bronze, silver, gold, diamond, and crystal. Each of these account types has a different spread pip.
- The iron account starts from 1.7 spread pip
- The bronze account starts from 1.7 spread pip
- The silver account starts from 1.7 Spread pip
- The gold account starts from 1.2 spread pip
- The diamond account starts from a 0.9 spread pip
- Crystal account starts from 0.7 spread pip
The spread pip determines the kind of competition in the market. Crystal account users have the tightest spread of all the six live accounts. Aside from the spread that varies across the different accounts, traders also pay different commissions and deposits depending on the account. The account with the highest minimum deposit is the crystal account.
Demo account
The demo account is more like a practice or game account. Both new and old traders on the platform can access this account. As a new trader on the platform, you may use the account to test how the NAGA trading experience feels. The demo account is already funded with money that the traders can use.
If you are a professional trader, you may want to use the demo account to test trading techniques before you use it in your live account. The demo account is useful for both the new and old traders.
Besides using the demo account to learn and plan strategies, users on NAGA are able to understand just how the interface works. The demo account helps them to Navigate better on the app or browser till they are ready to make use of their real account.
Islamic account
The Islamic account is called the swap account. This account is available because the trading conditions for its Islamic clients are different from normal clients. This enables Muslim traders to enjoy favorable trading conditions.
Financial assets available for trading on NAGA
NAGA makes the trading experience of clients interesting, and the traders have a wide variety of trading instruments they can use to expand their investment portfolio. These trading assets on the platform include the following.
Each of these instruments has different trading tools from which the traders can choose. With many assets to choose from, traders’ trading options are not limited.
Trading fees on the NAGA forex platform
NAGA has a trading fee that is favorable to its clients. Most spreads on the platform have zero commission, so for trades that are copied, the broker charges $0.51. While trades that are higher than $5.11 are charged more.
The trading conditions are to make trading transparent. The transparency makes it easy to follow costs regarding copy trading.
| Fee: | Information: |
|---|---|
| Swap fees for overnight open trades: | Apply. |
| Management fees: | No management fees. |
| Inactivity fee: | $20 per month after 3 months of inactivity. |
| Deposit fee: | No deposit fees. |
| Withdrawal fee: | $5 standard withdrawal fee. |
| Market data fee: | No market data fees. |
Test of the NAGA trading platforms
As seen above, the following platforms are available to trade:
- MetaTrader 4 and MetaTrader 5 (Popular trading platform)
- WebTrader (For desktops)
- Mobile Trader (IOS and Android platforms)
MetaTrader 4
MetaTrader 4 is a popular platform, that is available for both desktop and mobile phones. It’s mainly used by those who have been in the Forex trading game for a long time. The platform is easy to use, and it is multifunctional. Copy trading with the MT4 is easy to accomplish. The charts on the MetaTrader 4 are customizable, allowing traders to focus based on the color and style they have set the chart. This platform has 30 indicators that it comes with.
MetaTrader 5
This is another popular platform, though not as used as the MT4. It is capable of being multifunctional to its users. This allows users to move swiftly across the platform. MetaTrader 5 is better than the MT4; it has more features than the MT4.
Users on the platform can customize the chart to suit their trading style. This allows traders to pick a chart style and color that maximizes their trading concentration and success. The MT5 platform is available on the mobile version.
WebTrader
If you prefer using your browser and not the MT4 nor 5, then the WebTrader is best for you. This platform offers an incredible trading experience, including easy social copy trading actions allowing trade swiftly. The WebTrader allows traders to be able to change the chart look to suit their trading experience. It also provides users with easy copy trading access.
MobileTrader
These platforms are available for use by downloading the app on either your play store (on Android) or app store (IOS). The platforms are incredible and have the MT4 and five platforms available. The MobileTrader is easy to use, and its chart can be customized to how you as a user want it.
The good thing about having the mobile trader platform is that it is handy and the interface is easy to allow users trade to their optimal satisfaction.
How to trade on the NAGA platform
When you finish your sign-up process, the first thing you get is a demo account. This demo account is important for several reasons and should not be skipped for any reason. Demo accounts are available at clients’ disposal on NAGA to help them know how to trade on the platform.
The demo account is a means to help new traders know how to plan new strategies and get a feel of the NAGA trading platform before delving into the live account. Some people go ahead and start trading with their live account, but this involves a lot of risks. If you want to learn how to trade properly on the platform, the demo account is one of the best ways to start.
At times, the demo account is not sufficient. NAGA has an academy where traders can learn how to trade on the platform. They can learn much about forex and other digital assets on the platform. The academy brings how to trade to an understandable level for any trader that wants to learn.
It is also good to consider NAGA’s blog posts; there are already writings on how to trade on the platform. The FAQ section can also provide traders with useful information on how to trade on the platform. It is best as a trader for you to learn how to trade on the platform before you start using your live account.
The blog page is another place to learn how to trade on NAGA’s trading platform. The blog has different writeups on how to trade, the best digital assets to trade with, where to begin, and even navigating through the trading platform. In the blog post, you learn about the different asset leverages.
How to trade forex on NAGA
Trading forex is now easy thanks to NAGA’s copy trading technique. If you don’t know how to trade forex, here are steps to follow on how to trade forex on NAGA.
Step 1 – Create an account
The first thing you want to do is create an account on NAGA. To create your account, go to the website or open the app on your phone. Click on create an account, and then provide your details. After your account verification, you can go ahead to the next step.
Step 2 – Choose a trader to copy
After opening your account and depositing an amount for trading into the account, you should head to the leaderboard to find a trader that follows your taste. Select the trader of your choice. The leader board is a ranking of some of the best digital asset traders.
Step 3 – Set the investment amount
Before you auto-copy, you must set an amount you are ready to trade with. To set an amount, it must mean that you have deposited money into your trading account. The lowest money you should put is the minimum deposit. Once you have set the amount you want to use, hit the auto-copy button to proceed.
Step 4 – Auto copy
By clicking on the auto copy, the AI will set itself in motion to start copying the trader you have selected. This makes forex trading much more simple.
If you don’t even know how to trade forex, this is a good means for you as a trader to try it out. Thanks to technology, asset trading has never been easier for traders.
| Forex pairs: | 48+ |
| Leverage: | Up to 1:1000 |
| Spreads: | Spreads from 1.7 pips |
| Execution: | Instant |
| Availability: | During trading hours |
How to trade stocks on NAGA
Trading stock takes only simple steps. Let’s look at how you can start trading stocks on NAGA.
Step 1 – Open an account
The first step to take is creating a trading account on NAGA. To create an account, you must sign up on the trading platform. After signing up and your account has passed the verification level, you can trade with the various assets available on the broker.
Step 2 – Select a particular stock asset
After creating your account, the next thing to do is select a particular stock asset you would like to include in your portfolio. NAGA is a platform that offers a wide range of stock assets for you to choose from.
Step 3 – Place a trade
Once you have selected the asset you want to trade with, you can invest in the stock asset.
| Stock assets: | 500+ |
| Leverage: | Up to 1:1000 |
| Spreads: | From 0.2% over-market |
| Execution: | Instant |
| Availability: | During trading hours |
How to open your trading account
Opening your trading account on NAGA is simple. With simple steps on the browser or your mobile phone, the same steps apply to opening an account on the broker. The first thing you will want to do is click on the sign-up button. Once you have, the broker will have a list of details you will have to fill in.
The details you must fill in include your name, address, phone number, profile picture, and password (for security purposes). Once you have done that, you will be able to access your account but just the demo account. To access the live account, you will need to upgrade your account by providing more information about yourself.
To fully access your account, the broker will request that you provide a means of identification or verification. The means of identification include providing a national passport or national identity card and proof of your residency. An example of your proof of residency can be your utility bill.
Once you are through this process, you can access your trading account, deposit the amount of money you want to start with, and start investing. Opening your account with the broker takes simple steps that, if followed through properly, you can start creating your portfolio in no time.
After opening your account successfully, you can access the different account types in the live account. You can also switch between the demo and the live account if possible. As a Muslim trader, NAGA has an Islamic account type that you can use. When selecting any live accounts (from Iron to Crystal), ensure you have carefully seen the conditions in owning the account type.
How to login to your NAGA trading account
If you already have an account with NAGA, if you are on your laptop, go to the website or if you are on the phone, open the mobile app you have downloaded. Click on the login button to open your already existing account.
Of course, after clicking the login button, you will need to enter the details used to create the account. These details will be your email or phone number, together with the password you used to create your account.
If the details you enter are correct, it will in no time open your trading account for you to begin trading. If you wish, you can practice with your demo account, or if you have funded your account, you can start placing trades on the platform.
How to deposit money into your NAGA trading account
Depositing funds into your account takes simple steps. The broker is available with different payment methods with which one can fund their account. Once you have opened your account and you are ready to start trading on the account, you have to fund it with some money.
NAGA has more than 50 payment methods that you can use, including Skrill, and PaysafeCard, among others. Traders can also make use of cryptocurrencies to fund their accounts. It is best to choose the payment method that fits your taste.
NAGA has different account types, and the accounts have different minimum deposits that one can use to fund them. The standard minimum deposit for your account on NAGA is $250. NAGA is a safe trading zone, and you can rest assured that the money you are depositing will not be tampered with.
To deposit money into your account, you must select the deposit button at the top of the screen after clicking on the “fund account” button. Having clicked on the button, enter the amount you want to invest. NAGA has a minimum deposit amount, so make sure what you are depositing is not less than the minimum deposit.
Select a payment method. You will see different payment methods enabling you to fund your account. As a trading platform, NAGA does not charge any extra fee for deposits, which means you can deposit money for free.
Payment methods for deposits
There are different payment methods available on the platform. Let’s look at some of the payment methods available on the platform.
- Credit cards and debit cards
- Wire transfers (this includes banks)
- Other payment methods (like Skrill, P24)
- Cryptocurrencies
NAGA does not offer any bonus to traders for depositing money into their trading account, but there’s no deposit fee. It is advised that you should not fund your live account till you are sure that your trading account is ready for use. NAGA will send a notification to inform you when your trading account is ready.
How to withdraw funds on NAGA
If you want to withdraw money from your account, you must first log in to your account. If you are in the demo account, switch it to a live account. Before you bother withdrawing, make sure you meet the minimum for withdrawal or have more than the amount. After making sure you have enough funds for withdrawal, click the “withdraw funds” button.
The next thing that you will need to do is enter the amount you want to withdraw from your trading account. You cannot withdraw funds higher than your account, so ensure that the figure you are punching in is the right one.
After choosing the amount you want to withdraw, you should select a payment method. Make sure to select the payment method that suits you. Having picked a payment method, you will need to confirm the withdrawal and wait for a message to be sent to your email. The message will come from NAGA.
If you follow the instructions above on withdrawing, there should be no problem. If you encounter any problem during your withdrawal, you should contact customer support for help.
Unlike the deposit, there’s a fee attraction for withdrawals. When traders want to withdraw funds, NAGA charges them $5 or more depending on the amount they want to withdraw. For example, the minimum withdrawal on NAGA is $50, and the withdrawal fee is $5. NAGA has different payment methods which traders can use to withdraw money. The methods are the same as the deposit payment method.
Customer support for traders
The broker has decent support for traders. They have the FAQ section in the help center which traders can find useful information about questions they need answers to. Besides the FAQ category, NAGA has a blog page with several possible questions that traders may want to ask regarding trading and the platform itself.
Traders can reach out to their support team for help through the customer support number on their website. These are various contact numbers for different countries. So, wherever you are, as long as they render trading services in that country, you will be able to get help.
Their customer support system is available from Monday to Friday. If you have inquiries that are not so pressing, you can message NAGA’s mail team, which is available to chat 24 hours daily. This is their email address – [email protected].
| Customer care number: | Email: | Live chat: | Availability: |
|---|---|---|---|
| +35725041410 | [email protected] | Yes, available | 24 hours a day from Monday to Friday |
How to learn trading with NAGA
NAGA provides its traders with educational materials which teach them how to trade on the platform. This is one good thing about trading on the platform. Both new and old traders can access ebooks, webinars, and forums where they can learn how to trade assets on the platform.
New traders should look into their ebooks: Japanese Candlesticks, Popular Bullish trading strategies, new to forex, and 50 trading tips and tricks. These materials will help new traders get familiar with the platform and everything that has to do with forex trading.
Traders may also visit the academy available on the platform. The academy has many materials that traders can learn from. The resources are reliable as they provide steps on the best way to start trading on the platform.
NAGA organizes webinars occasionally to help traders connect and learn how to trade on the platform. The webinars are conducted by the best traders who will teach new and existing traders how best to maximize their trading journey on NAGA.
In what countries is NAGA available?
NAGA markets are available for traders in most parts of the world. This means that some have access to the markets while others do not. Some of the countries that NAGA accepts its clients from including the following:
- Cyprus
- Qatar
- Germany
- Sweden
- Italy
- UAE
- Nigeria
- Hong Kong
Countries not allowed to trade on NAGA include the US, Canada, Cuba, e.t.c. Before going ahead with the registration process, make sure that you check to see if your country is accepted to trade on the broker. This should be done if you want to trade on any broker’s platform.
Advantages (pros) of using the NAGA trading platform
Below are some of the advantages of trading on the platform:
- The broker has a quick payment method known as NAGA PAY. This is a wallet that allows traders to fund their accounts with ease and speed.
- The broker allows crypto trading 24-7, which allows the crypto market to be flexible and accessible at all times.
- The broker offers free practice or demo account
- NAGA offers clients low fees for copy trading
- Reliable educational materials are at the trader’s disposal.
- Responsive customer support in different languages
- It has a leaderboard with traders to copy from, making choosing someone’s trading pattern to copy much easier.
- Different platforms with unique functions for the traders.
Disadvantages (cons) of using the NAGA trading platform
Though the platform has many advantages, it still has some setbacks, which we will look at now:
- The platform charges its traders on withdrawals they make.
- The minimum deposit is too high. Starting from $250, not everyone might be able to begin trading on the platform.
- Overnight charges are on the platform
- Users cannot choose more than one trading account. This may restrict the flexibility on the platform for some traders.
Is NAGA a reliable trading platform?
NAGA as a brokerage company is good. The broker offers multiple trading platforms for traders to choose from. The multiple platforms have unique capabilities that help the traders have the best trading experience. NAGA is available on the phone, which makes trading flexible.
The trading conditions are transparent, and it accepts traders from most countries in the world. NAGA offers a wide range of assets, giving investors a wide range of options. The unique ability for traders to copy the trading style of another trader makes the trading experience easy for new traders.
The platform offers a free deposit option with up to 50 payment methods. NAGA is under the regulation of CySEC, a Cyprus-based company that keeps the firm’s activities in check. CySEC offers security to the traders, protecting their trading rights.
With these NAGA has shown how good it is, and the broker continues to advance its platform’s technology to make digital trading better for its clients.
How trustworthy is this broker?
So far, NAGA remains used by most traders around the world, there hasn’t been any report of financial abuse on the part of the broker. Since its creation in 2015, the broker has been operating transparently with no hidden charges. NAGA is under a regulation that makes sure that it does not act in any way to the detriment of the trader’s right.
Conclusion – NAGA is a trustworthy broker with good conditions
Though it cannot be considered a new, or an old broker, NAGA which started in 2015 has continued to prove itself over the years to show why it is a good broker to trade with. The broker continues to provide its clients with ways through which they can have the best possible trading experience.
The broker is licensed and safe for traders to trade with. Though the platform may lack in some things, it still makes up for others. NAGA brokerage company offers services to clients in different parts of the world and its customer service responds to clients in 12 different languages which is impressive.
Besides, NAGA is one of the best social copy trading companies that exist. The broker continues to offer trading knowledge to its clients with its educational resources. The educational resources are well-researched and simply explained so that traders, both old and existing can start their trading journey.
Frequently asked questions (FAQs) about NAGA:
Is NAGA a scam or a legit broker?
NAGA is legit, the broker is under the regulation of CySEC. CySEC is an international financial body that regulates many popular broker platforms. Traders trade safely on the platform. If you wish to know more about the broker’s legitimacy, you can visit the website for more information.
Does NAGA have special offers?
NAGA does not offer any special bonuses or offers to its clients. However, the platform is transparent and offers every client the same trading experience.
What are the trading hours on the broker’s platform?
The trading hours on the platform depend on the number of assets you are trading with. For example, trading forex on NAGA cannot be done every day, and a trading limit excludes weekends for trading forex assets. However, traders can trade crypto 24-7. The trading hours on the platform depend on the asset you want to trade with.
How does trading work on NAGA?
NAGA trading is simple to follow. The broker is a social copy trading platform that allows a trader to copy another trader’s trading method. This method has proved to be a good way through which traders can now do less while earning profit. By copying a trader’s trading move, your trading moves will follow the same pattern as the one you are copying. To do this social copy, make sure you copy the good trader.
Is it safe to trade on NAGA?
Online trading, in general, is risky, there are many brokers out there that tend to be fraudulent, but NAGA is not the case because the broker is under a regulatory body. On the other hand, forex is risky, so before you start trading on the platform, make sure that you understand how to trade and what is involved in becoming a digital asset trader. NAGA will, however, provide its traders with adequate educational resources to help them trade safely on the platform.
Does NAGA have stocks available?
NAGA offers stock assets to its traders. Stock assets are one of the most traded assets on the broker. NAGA has a variety of stocks that clients can choose from. You can choose from any of the various stocks available on NAGA to expand your trading portfolio.
How long does it take to verify your account?
After creating your account on NAGA, you will have access to the demo account, but to access your live account, you need to upgrade your account fully. As a trader, NAGA will require you to drop some information to help them process and upgrade your account. The information which will be requested for you to submit is your means of identification ( a national passport or ID card) and proof of residency.
After submitting, your account will need to be verified. This process should take 24 hours. After a day, you should be able to access your live account and make deposits into the live account. If, after 24 hours and you still cannot access your live account, you should contact customer support to find the problem.
Does NAGA have a demo account?
Yes, the broker has a demo account that the users can use. The demo account has $10,000 in it. The traders can use this money to practice their trading skills and techniques till they want to try it out on the real market. The demo account will not expire, meaning traders will have continuous access to the demo account.
Does NAGA have a cTrader?
cTrader is a platform that is reliable but unfortunately, the cTrader platform is not available on NAGA. However, it has other platforms, such as MT, Web, and mobile platforms. The available platforms on the broker are reliable, customizable, and easy to navigate.
Is NAGA good for beginners?
NAGA has all it takes for beginners to start trading on the platform. The broker has educational resources that traders can use and access anytime. The broker has responsive customer service, and an easy-to-understand trading platform and the account creation process is straightforward for anyone who wants to become their client.
How long will it take to withdraw money from your NAGA trading account?
After submitting a request for withdrawal, the process will take a day for the money to be sent to the payment method you select. As a trader on NAGA’s platform, you should ensure that your profile is current. This will help prevent any form of delay. Withdrawals on weekends and holidays are impossible because withdrawal days are only set to business hours.
NAGA’s leverage – How is it?
NAGA has different leverages across the different assets. The highest leverage on the platform is 1:1000. This leverage is seen in Forex currency pairs for Euros and Dollars. The other assets have smaller leverage on them. The asset with the smallest leverage is ETFs with 1:5.
Is NAGA copy trading good?
Yes, NAGA copy trading is good and convenient. The platform has a copy trading technology that makes it easy to copy a trader’s trading movement. NAGA provides users that want to copy with a leaderboard. This leaderboard is a list of the best traders ranking from the top.
Choosing a particular trader from the board gives whoever is copying a sense of confidence because those on the leaderboard are top traders. Although before you can copy it, you will need to pay an amount of money. This amount is affordable for traders that want to copy.