NAGA Review

Author By Jeffrey Cammack
Updated: February 12, 2021
Overall Rating
3.58 3.58 / 5
Min. Deposit
USD 250
Regulators
Trading Desk
Trading Cost
USD 17
Website Language
English
Support Language
English
AlertDoes not accept Australian Clients. Average spread EUR/USD 1.7 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4/MT5 platform supported. NAGA is regulated by CySEC.

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Summary

NAGA does not accept clients from Australia.  In this event, we recommend that traders looking for a broker similar to NAGA review either eToro or FXCM

Founded in 2015, NAGA is a traditional, CySEC-regulated CFD broker. A market-maker with its headquarters in Germany, it offers a single live and an unlimited demo account.  The minimum deposit on this account is 250 USD.  Trading platforms offered include MT4 and MT5, in addition to its own proprietary NAGA platforms.  Its variable spreads are wider than its peers, averaging at 1.70 pips, but it does not charge commission.  NAGA prides itself on its Copy-Trading system, allowing new traders to copy the transactions of more experienced traders.

NAGA offers a reward programme to its clients dependent on the amount deposited.  It lacks in educational material and up-to-date market analysis, but its customer support is available 24/5 via email, live chat and telephone.

Reviews

Regulation
1110.503.5/ 5
Trading Conditions
110.5002.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111115/ 5
Education & Research
10.50001.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Bonuses
USD, EUR, GBP, AUD

Account Information

Base Currencies
USD, EUR, GBP, PLN
Number of FX Pairs
48
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
1.70 pips
Commission
Fees Included in Spread
EUR/USD
1.7 pips
GBP/USD
2.0 pips
USD/JPY
1.6 pips
Max. Leverage
30:1

Company Details

Company Name
NAGA Markets Ltd
Founded
2015
Website
Office Locations
Cyprus

Pros

  • Well regulated
  • Great platform choice
  • Wide range of assets
  • Fast and free withdrawals

Cons

  • High minimum deposit

Is NAGA safe?

NAGA is regulated by the Cyprus Securities and Exchange Commission (CySEC).  It is also registered in Hamburg, and St Vincent and the Grenadines. See below for a list of registrations:

  • NAGA Markets Europe Ltd is regulated by the Securities and Exchange Commission (CySEC) under under license No. 204/13.
  • NAGA Global (SV) Ltd, with registered address at Trust House, 112 Bonadie Street, Kingstown, St. Vincent and the Grenadines.
  • NAGA Technology GmbH with registered address at Neustadter Neuer, Weg 22, 20459 Hamburg.

As per regulation, NAGA keeps client funds segregated from the day-to-day operational account of the broker, and offers negative balance protection.   

NAGA’s Trading Conditions

NAGA offers one live account and a demo account that does not expire.  It does not charge a commission, but charges withdrawal and copy-trading fees.  Leverage is up to 1:1000 on its account, and minimum transaction level is 0.1 lots.  Trades are executed in real-time, and NAGA provides a copy-trading service, a benefit to beginner traders.   

Scroll for more detailsPreviousNext
Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Bronze
USD 2500
30:1
1.70
None
Account Details
Crystal
USD 100000
30:1
0.70
None
Account Details
Diamond
USD 50000
30:1
0.90
None
Account Details
Gold
USD 25000
30:1
1.20
None
Account Details
Iron
USD 250
30:1
1.70
None
Account Details
Silver
USD 5000
30:1
1.70
None
Account Details

NAGA allows currencies to be dominated in many base currencies, including crypto.  Trading sessions run from Monday 00:00 – Friday 24:00 CET.  It also offers Islamic Swap Free accounts. 

See details of the various accounts:

Demo Account

The NAGA Demo Account does not expire, which is helpful for beginner traders.  NAGA provides clients with a virtual starting balance of 2500 EUR, which can be topped up on request.  It allows one to view charts, news and analysis, get access to the full-featured MT4 and MT5 platforms, experience real-time prices and real forex market volatility.  While the demo account is not limited in time, but it will automatically close after 3 months of inactivity. 

NAGA Live Account

NAGA offers only one live account, which requires a minimum deposit of 250 USD to initiate.  Variable spreads start at 1.7 pips on its major FX pairs, and leverage is up to 1:1000, subject to approval.  NAGA does not charge a commission on its forex or CFD trading, but minimum transaction level is 0.1 lots.  NAGA offers a rewards programme, where the more money a client deposits, the more benefits are derived. 

NAGA Rewards Programme  

Spreads and commissions

NAGA’s variable spreads start at 1.7 pips, which is wider than its peers.  NAGA does not charge a commission, but charges withdrawal and copy-trading fees.

NAGA Spreads and commissions

Deposits and Withdrawals

NAGA complies with the Anti-Money Laundering Directive, by returning funds to the original source, and only up to the initial deposited amounts.  Although NAGA does not charge any fees/commission on deposits, clients may be subject to fees from payment method providers.  All withdrawals are subject to a 10 USD (or equivalent) fee with a minimum withdrawal amount of 50 USD.  NAGA offers many deposit and withdrawal methods.  Deposits and withdrawals are processed within 24 business hours by NAGA.  Please see the following methods with terms and conditions:

  • Visa: Deposits take ten minutes; and withdrawals can take three to five business days to reflect.
  • Bank Wire Transfer (May Bank/CIMB Bank/): Estimated deposit and withdrawal transaction times are up to six business days.
  • Alternative payment methods (Ambank Group/Bank Islam Malaysia Berhad): Deposits are instant and withdrawals can take up to 24 hours.
  • Cryptocurrencies (Bitcoin/Ethereum/NAGA Coin/Dash/Litecoin): Deposits are instant, but withdrawals can take up to one hour.

NAGA does not charge an inactivity fee.

NAGA for Beginners

NAGA does not offer many educational materials for beginner traders compared to its peers.  The NAGA Academy offers a limited number of educational articles, tutorials and videos, and only offers webinars to its active traders.  It also lacks in up-to-date market analysis content, providing only a basic daily technical analysis, economic calendar and blog.  On the other hand, its demo accounts do not expire, and the responsive customer service team is available during business hours, five days a week for all client account and technical questions, which is helpful for beginner traders.

Educational Material

As mentioned, NAGA has very limited educational content.  It does offer a number of articles and videos on Forex trading, but you have to register an account and start trading to access its webinars.  Its educational content is only available in English.

NAGA Educational Material

Analysis Material

NAGA’s limited research and analysis section provides an up-to-date basic daily technical analysis, an economic calendar, and a ‘latest news’ section.  Market analysis material is only available in English.

Customer Support

The responsive and helpful customer support team at NAGA is available during business hours, 24/5 week via telephone (only through New Zealand), live chat and email, but, as with all regulated brokers, cannot offer investment advice. 

Trading Platforms

NAGA presents traders the choice between the industry-standard MT4 and MT5 products, in addition to its own proprietary platforms.  All the necessary trading tools and resources are on hand to allow traders to conduct research and analysis, enter and exit trades and even use third-party automated trading software.  All platforms allow copy trading, CFD trading on all markets, and are available for PC, smartphones and tablets. 

NAGA’s Trading Apps

The MT4, MT5 and NAGA Web applications offer full NAGA account functionality to offer a seamless transition from the desktop application. These apps may vary in the number of technical indicators and instruments available to trade, and have different chart types and market analysis tools. Customer service is available 24/5 to answer questions about the software and help with set-up.

NAGA MT4

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of how we review NAGA’s product offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

NAGA’s Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. NAGA would like you to know that:  CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance of a NAGA community member is not a reliable indicator of his future performance. Content on social trading platform is generated by the members of its community and does not contain advice or recommendations by or on behalf of NAGA.  Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the top-performing traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.

Overview

NAGA is a traditional, CySEC-regulated market maker broker. Its variables spreads are wider than its peers, but it offers commission-free trading on its account.  Minimum deposit is set at 250 USD, leverage is up to 1:1000 on FX pairs, and minimum transaction level is 0.1 lots.  NAGA charges a flat withdrawal fee of 10 USD per transaction, which is fairly high. 

NAGA offers the industry-standard MT4 and MT5 platforms, in addition to its own proprietary platform.  NAGA has limited instructional documentation, but provides excellent customer support, has an unlimited demo account, and allows a copy-trading system to get new traders started.

AlertDoes not accept Australian Clients. Average spread EUR/USD 1.7 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4/MT5 platform supported. NAGA is regulated by CySEC.
Scroll for more detailsPreviousNext
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.58/ 5
USD 250
Market Maker NDD
Forex
Indicies
Commodities
Equities
Cryptocurrencies
Futures
48
19
  • Well regulated
  • Great platform choice
  • Wide range of assets
  • Fast and free withdrawals
  • High minimum deposit
1110.503.5/ 5
110.5002.5/ 5
11110.54.5/ 5
111115/ 5
10.50001.5/ 5
11110.54.5/ 5
111104/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
30:1
1.70 pips
Bronze
Crystal
Diamond
Gold
Iron
Silver
Visa
Mastercard
Maestro
Bank Transfer
Skrill
Neteller
Bitcoin
Fees Included in Spread
11110.54.07/ 5
USD 100
Market Maker NDD
Forex
Equities
Cryptocurrencies
Commodities
40
4
  • Great platform choice
  • Excellent education
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
111104/ 5
11110.54.5/ 5
11110.54.5/ 5
11110.54.5/ 5
110.5002.5/ 5
111104/ 5
111104/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
500:1
0 pips
Raw
Standard
Visa
POLi
Bank Transfer
BPay
Skrill
Neteller
Unionpay
7 USD / lot
Visit Broker
AlertMost retail CFD accounts lose money. Your capital is at risk.

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