NAGA Reviews 2020

Cyprus-based online broker NAGA was founded in 2015 and is regulated and authorized by the Cyprus Securities and Exchange Commission. In a very short span of time, NAGA has emerged as a leading name in the ever-evolving area of social trading.

This broker currently has more than 500,000 accounts, and its customers can invest in over 500 instruments, including cryptocurrencies, indices, forex, commodities, etc.

Background

  • NAGA Group AG was founded by Yasin Qureshi and Benjamin Bilski in 2015 with the aim to decentralize financial technology and make the best market tools accessible to everybody.
  • In October 2015, NAGA launched its top-notch social trading platform, NAGA Trader.
  • In June 2016, Swipestox (now NAGA Trader) along with NAGA Markets brokerage recorded the first real-money transaction.
  • Launched in July 2017, NAGA Group’s Initial Public Offering (IPO) was profoundly successful and was the fastest IPO in Germany along with the NAGA stock (N4G) listing on the Frankfurt Stock Exchange. Later, it was identified as the most successful IPO of 2017; N4G reached an ROI of 260% based on the issuing price.
  • NAGA has its very own cryptocurrency known as NAGA Coin.
  • NAGA has led the world’s 18th largest token sale in 2017, with more than 63,000 subscribers, reaching >$50 million just a few months after the company’s debut on the Frankfurt Stock Exchange.

Features

  • NAGA provides its exclusive browser-based trading platform, NAGA Trader. This has features like an AI trading assistant known as CYBO, and themed asset management through NAGA Portfolios.
  • This broker additionally offers a wide scope of trading tutorials and webinars, describing how to use their platform.
  • Customers can trade on a wide assortment of asset classes with NAGA, which includes,
    • 47 forex sets
    • 13 cryptocurrencies
    • 11 indices
    • 681 stock CFDs
    • 4 commodities
    • 22 futures and
    • 17 ETFs
  • NAGA offers clients several methods to withdraw and deposit funds. This comprises of credit or debit cards, cryptocurrencies, wire transfer, Skrill, Neteller, Trustly, GiroPay, and by NAGA Card.
  • The NAGA trading platform is backed by TradingView. It can be accessed over several devices and offers features that are generally suited for novice traders.
  • Besides, once logged in, withdrawals can be made through the Secured Client area, and are subjected to a charge of 10 USD / EUR / GBP.
  • NAGA offers its users to trade and download from the MetaTrader 4 trading platform.
  • Experienced traders can enjoy a wide range of trading indicators and sharing functionalities. Moreover, from the testing side, the platform does not allow the trader to trade from the chart or see trade levels about price, which might be a concern.

How NAGA is Unique?

NAGA comes with the following distinctive features

Charting tools:

Users can view live prices, outline patterns and create personal templates – all powered by TradingView™

Market Sentiment:

Keeping oneself updated about the prevailing market sentiment is of prime importance. NAGA helps its users explore the community’s favored assets to trade and streamline their first trade.

NAGA Protector:

Users can secure their profits and limit their risks with NAGA Protector. It protects your investments automatically.

Cross-Platform:

The NAGA platform is accessible on all mobile devices and web browsers.

Multi-currency Accounts:

The platform allows all types of investors to choose from five fiat currencies (USD/EUR/GBP/PLN/CHF) or four crypto-based trading accounts.

Ultra-low fees:

NAGA offers exceptionally low trading fees for all 500+ instruments.

Moreover, NAGA is

Social:

NAGA simplifies investing by empowering masses to trade the global markets with ease.

Transparent:

By operating in full transparency, NAGA ensures that traders get all the benefits of social trading; all profiles are made available to everyone to see, follow, and copy.

Client-oriented:

NAGA is constantly working to improve the social trading experience of its clients with new tools and features.

Responsible:

NAGA strongly advises its traders not to trade with money they are not prepared to lose. It recommends the use of its smart risk management tools and various educational materials.

Supported Countries

  • NAGA acknowledges clients from over 200 nations. By keeping their worldwide customers in mind, the platform at present supports eight languages including, English, German, Spanish, Czech, Polish, Hungarian, Italian, and Portuguese.
  • Similarly, client support language comprises of English, Arabic, Italian, German, Czech, Polish, and Spanish. A list of nations which has limited access to the platform includes Canada, Belgium, Iran, China, Japan, Israel, Sudan, North Korea, Yemen, and Syria.

Compliance

NAGA’s compliance with CySEC regulation brings assurance for potential customers. Its participation in the Investor Compensation Fund ensures that customers will be compensated to around twenty thousand Euros if the broker goes bankrupt. Another confirmation is the segregation of accounts, which makes the broker handle the finances of the customers separate from their funds. This enormously brings down the danger of potential fraud.

Lower Spreads

NAGA offers its customers a spread of 1.2 on EUR / USD, below the 1.5 margins. The size of the spread is particularly important since it decides the cut the broker gets from the potential profit that a customer may get. Even though it might appear to be insignificant in a single trade, over some time, small differences may add up to a larger sum. Succinctly put, the lower the cut, the higher will be the profit.

Commissions & Fees

  • NAGA provides a commission-free model; when trading with most of the instruments, which includes forex, commodities, cryptocurrencies, and futures. Moreover, profits are earned from the spreads, which are competitive, with currently, USD/Euro spread cited at 1.2 pips.
  • Current Spreads are displayed on the site. Furthermore, the commission on stocks is 0.20 percent and on ETFs is 0.10 percent. It can be possible, to begin with, a basic account that demands no minimum deposit.

Social trading platform

  • One of the most important features of NAGA broker is the social trading platform that they offer for their customers. Potential customers can approach various brokers who they may want to follow and decide to auto copy their trades.
  • Such a platform enables traders to invest their funds in trades they trust, which might bring them profit. Customers can have a look at how many followers a trader has, the number of trades he has completed and the size of the trader’s P&L. This is not a typical feature among brokers and should be seen as an advantage.
  • Clients can see charts, but functionality is exceptionally restricted with no capacity to trade directly from it. However, through this broker, the trader can access
    • NAGA Card
    • NAGA Wallet
    • NAGA Coin
    • Crypto-Exchange
    • Auto Copy services
    • News Feed
    • Social trading leader board
    • AI Trading Robot, CYBO
    • NAGA Trader TV
    • Webinars
    • Support
    • Also, advanced traders can use NAGA MetaTrader 4 for mobile trading applications

NAGA Messenger

NAGA offers the world’s first trading messenger. Clients can share the analysis of other traders and invest funds with a single click. In Messenger, three available kinds of chats are –

  • Personal chats – traders can add different traders and directly message them through a private chat on NAGA
  • Group chats – traders can create a group and invite other investors to discuss the recent market trends, news or predictions about any of the 500 plus instruments available at NAGA
  • Public chats – traders can join public channels that are managed by experts and interact with similar individuals around the globe

Flexible Leverage

  • NAGA provides similar leverage for all the account types, 1:200. Moreover, it should be taken into consideration that for the US and Japan, there are limits on the extreme possible leverage that might be offered by brokers like 1:50 and 1:25 respectively.
  • Moreover, high leverage of 1:200 should be risky. From one perspective, it expands the trader’s purchasing power, however, on the other, it might increase the risk. That is the reason why the trading sector is moving increasingly towards limiting the maximum possible leverage.

Account Types

NAGA Markets offer one Dynamic Account Type, by empowering traders to open situations more on 100,000 units of a primary currency as low as 0.01. Moreover, it permits flexible leverage with a limit of 1:200 on most forex instruments. It additionally offers brokers more than 700 CFD instruments through this Dynamic Account. Presently, NAGA Markets is creating other account categories for its traders.

CYBO

The most unique feature, the CYBO, makes NAGA unique and helps customers in providing market knowledge with the help of a robot and helps in investing.

CYBO is a Smart Trading Tool and comes with a few advantages:

  • CYBOs are so-called Robo-advisors which significantly improve the trading experience. They are intended to automatically pick and pursue the best successful traders on the platform.
  • CYBOs are equipped with active risk management and armed with a range of trading parameters and algorithms to catch the best trading opportunities and reduce error rates.
  • By depositing at least €1000, NAGA offers its clients with the choice of making their very own CYBO.
  • This implies that there is no need for checking the past performance of a successful trader before choosing to invest in the trades; CYBO will do that for the trader automatically.
  • This significantly saves more time and removes the probability of emotional trading which may incur significant costs, particularly for inexperienced traders.
  • NAGA enables traders to create their own personalized investment strategy with the help of CYBOs.

High Minimum Deposit

The minimum amount of deposit required by NAGA for the most basic account is €500 which is very high. Even though customers might be guaranteed by the broker’s authenticity, since it is CySEC regulated, it is still a huge amount that may drive novices away; who is not prepared to commit to such a huge amount.

The minimum withdrawal amount charges are also high in the NAGA platform.

Trading Platform

NAGA Markets provides the most prominent trading software, MetaTrader 4. It is an incredibly user-friendly interface, empowering both new and experienced traders to trade effortlessly and with comfort. Besides, with more than 50 technical indicators and interactive charts in 9 distinctive time frames, MetaTrader offers everything for experienced traders. MetaTrader 4 is accessible on Windows, Android, macOS, iOS and Web versions.

Mobile Trading

Additionally, NAGA offers an excellent mobile trading application, which is accessible free for Android and iOS devices, to make the trading easy and simple.

NAGA Coin (NGC)

  • The NGC is a decentralized digital currency for investing and trading in virtual goods, financial markets, and cryptocurrencies. Moreover, all activities in the network go around NGC, from serving as the essential form of fees and guarantee to fill in as the primary base currency for any transactions.
  • Additionally, NAGA Markets offers a wide range of CFDs on cryptocurrencies including major cryptos like Bitcoin and Ethereum, just as other well-known cryptocurrencies. For example, Litecoin, Dash Coin, and Ripple. Besides, NAGA Markets offers CFDs on cryptocurrencies with exceptional adaptability and variations.

Earning by Copying

It is very challenging to become a top trader, which requires an impressive trading experience and the correct tools. Regardless of whether the trader is new, NAGA offers the chance to create trading methodologies and benefit from different beginners.

NAGA wallet

April 2018 NAGA Wallet Launch

NAGA’s cutting-edge cryptocurrency wallet was launched in April 2018. It supports all major crypto and all ERC-20 tokens.

  • Utilizing a single NAGA account gives the trader fast access to trading stocks, commodities, and forex.
  • A NAGA Wallet is a wallet where the trader can store NAGA coin and all other different cryptocurrencies. The NAGA wallet brings together crypto power to one platform and opens up the financial related markets to 2 billion unbanked individuals throughout the world.
  • Moreover, the NAGA Wallet is associated with the NAGA Credit Card that enables the trader to utilize cryptocurrencies to pay for anything.
  • With the NAGA wallet, the trader gets immediate access to the environment and can interface the wallet with NAGA Trader and trade forex, stocks, forex, commodities, and cryptos.

NAGA Card

With the NAGA Card, traders can keep their funds safe and have access to an in-depth analysis of the whole market, which includes a risk assessment to decide whether a cryptocurrency is a good purchase or a sell.

Switex

  • As an energetic gamer, the traders can likewise utilize Switex, a network of people to stay updated and connect about their preferred games. The number of NAGA Coins the traders procure through Swipe Stocks can be utilized to buy in-game things on Switex.
  • Switex is the first legal market eco-framework to introduce gaming items as trading instruments. Moreover, it permits game developers, publishers, gamers to profit reasonably.
  • Switex has entered the games market with around 1.8 billion gamers.

NAGA Academy

The NAGA Academy provides guidance on online trading through webinars, videos, and tutorials. It also conducts offline training through workshops, seminars and classes in financial trading, virtual goods trading/economy, fintech technology, and cryptocurrencies.

  • This offering by NAGA Academy can be obtained by utilizing NGC or some other crypto and fiat cash through the NAGA Wallet. The learners have the freedom to pick their favored course based on their preferences.

Customer Service

  • Multi-lingual client support is accessible 24 hours every day, 5 days per week, through phone, email, and live chat. Also, the organization runs online social media accounts on Twitter, Facebook, and Instagram, providing a faster way for its clients to connect.
  • Response time is quick, and the staff is proficient and supportive.
  • Informative blogs related to trading with NAGA specifically makes it simple for new clients to trade on the platform.
  • NAGA Markets provides supportive client care. It gives first-class support and helps their clients. The devoted customer care division helps customers during the week, over 5 local languages through live chat, land-line phone, and e-mail.

Limitations

  • Trading in the NAGA platform by copying or following or replicating the trading strategy of other traders includes higher levels of risks, even though when following or copying or replicating the leading traders.
  • Moreover, the account opening deposits are very high. For instance, to open a crystal trader account, traders need a minimum deposit of EUR 100,000.
  • No service to traders from Canada, USA, Iran, Cuba, etc.
  • Comparatively higher trading cost
  • Moreover, there are several hidden costs, like a maintenance fee for accounts that are not active, (after six months), yet the organization will email this to the customer, with a month’s notice, before enforcing this.

Wrap Up

NAGA is developing fast and getting known as a reliable firm offering a wide scope of tradable instruments with incredible social trading opportunities. The data offered on the site makes NAGA more appealing to new or less-experienced traders. The mix of news and updates through the blog, education for clients, good customer support and simple copy trading, will attract more new traders. Moreover, it is important to note that before deciding on an investment, traders should do their research and check the terms of the legal documentation very carefully, as their investment might be at risk.

NAGA

9

USER EXPERIENCE

8.1/10

REPUTATION

9.8/10

SUPPORT

8.6/10

SECURITY

9.6/10

PAYMENT OPTIONS

8.7/10

Pros

  • NAGA provides its exclusive browser-based trading platform.
  • It offers a wide scope of trading tutorial & webinars.
  • NAGA offers clients several methods to withdraw and deposit funds.
  • The NAGA trading platform is backed by TradingView.

Cons

  • Comparatively higher trading cost
  • Several hidden costs.
  • No service to traders from Canada, USA, Iran, Cuba, etc.
  • the account opening deposits are very high.