Here we are going to talk about a trading platform that is based on a social network that comprises only traders and investors. Any guesses? Yes, we are talking about NAGA TRADER. This dynamic trading platform has made its mark in some extraordinary ways. In this article, we will be discussing them in detail and analyze whether you should opt for this trading platform or not.
NAGA TRADER platform was previously known as SwipeStox. The NAGA Group AG launched the NAGA TRADER platform. NAGA Group is a Hamburg-based German company which has headquarters in London, Sarajevo, Palma de Mallorca, Barcelona, Madrid, and Valencia. Benjamin Bilsk, Andreas Luecke, and Yasin Sebastian Qureshi manage the company. Germany’s Hauck & Aufhauser bank and China’s Fosun fund support the company.
NAGA TRADER, the social trading platform works well on both the web and the mobile operating systems- Android and iOS. It is packed with investment tools that can be easily used for direct trading from either the mobile platform or the web.
It is registered with CySEC (Cyprus Securities and Exchange Commission), and MiFID. If you wish to look into the platform’s licenses, then you can easily do so through the links provided on the website of the company. Further, the company has also mentioned a list of authorized companies that can operate their services in Italy.
How to open an account on NAGA TRADER?
The route to opening an account on NAGA TRADER is through opening a trade account with any recognized brokers who are the partner with the platform. Why? Well, this is because the platform is like a junction between many brokers. After this point, with the help of your selected broker, you can easily take care of your funds and copy trading experiences.
Although there are several recognized brokers in the market today, the most recommended one is the Naga Markets. Opening an account with the Naga Markets opens up a range of services and benefits for the user. When a user opens an account with the Naga Markets, the person is given default access to NAGA TRADER, Naga Wallet, Naga native Coin (NGC), Naga Virtual, Naga Stocks, and Naga Wealth. The Naga Markets operate on CFDs, ETFs, Forex, Equities, Futures, cryptos, and commodities.
NAGA TRADER supports these brokers- OneFinancial, FXCM, IB, BlackBull Markets, ThinkMarkets, BDSwiss, Portex, FPMarkets, GKFX, and AxiTrader. The list of brokers keeps on growing as the platform keeps on connecting new ones.
Why choose NGC as the base-currency while opening an account on NAGA TRADER?
Although currencies such as EURO and USD can be used for opening an account on NAGA Trader, if you select NGC (Naga native Coin), then you get to enjoy the following benefits-
- NGC can be selected as the base currency at this stage, as it offers several benefits that cover the finance sector, trading, crypto sector, and the gaming world.
- Other benefits of selecting NGC are
- Upon copying a user trade, the user gets a ‘double copy bonus.’
- The user gets to pay only 50 percent of the total trading commissions.
- For every trade, the user receives a bonus in the Naga wallet.
- There is also a provision of getting a cashback upon opening a trade.
- Moreover, the NGC selection as the base currency can bring users some perks such as exclusive offers, webinars, etc.
Here’s what you can do on NAGA TRADER
- Your trading pressure gets shared by the autonomous operating system of the platform. With its help, you can easily deal with all kinds of cryptos, fiat-based currencies, stocks, indices, ETF, commodities, games-based virtual objects, and future indices.
- Like any other social media platform, the user can easily follow other traders and also copy trades easily.
- The user can also enjoy no-fuss copy trading.
- Further, the users can also seek advice from an artificial intelligence-based robot advisor called ‘CYBO.’ It can assist the user in investments, read market movements, and learn from various other market trends.
- The user can also make use of NAGA Portfolios for investment and trading purposes.
- Since it is a social network, communicating and following other traders and investors is quite easy and similar to other social media platforms. Through communication and forming contact, there can be mutual learning and advice sharing environment.
How effective is the fellow-trader-following feature?
On the surface, this feature looks very interesting and promising. But is it really effective? Well, yes. But it is not a blindfolded following. The platform allows the user to first gauge the substantiality of any profile before following the trader.
How can anybody gauge the effectiveness of other traders? Well, the platform gives insights such as- graphical representation of the account balance progress, P&L insights, ROI information, how many trades have been completed, information about Risk/Return, what is the maintenance time on an average, information on the winning percentage, and Drawdown insight.
Based on the above critical insights, the user can weigh which trader is worth following and learning from. Although these features are great, like every good thing, there is still a scope of improvement in the depth of information offered in the form of better graphs, and drawdown tool.
Moreover, there is an interactive trading ranking among the traders based on the activeness of the users. Criterion such as Best performance in ROI, P&L, the trader with the highest Copy Trader, extensively Copied trader, ROI on FX, ROI on CFDs, and so on. The user can easily adjust the features based on one’s unique focal point and based on time frame too, i.e., based on any particular day.
The cutting-edge unique-selling points of NAGA TRADER
The platform allows the users to trade on Forex Currencies, Indices, Metals, and Commodities, ETS, (USA, UK, DE, NL, ES, FR, CHF) Stocks, Future Index, Commodity Futures, Cryptocurrencies, and in-game virtual items. The services are highly competitive and leave other platforms behind.
- The user gets to choose from eleven different cryptos to trade on the platform.
- The unique feature of NAGA TRADER is that it allows the users to exchange items that are in the game. This proves to be great news for gamers who can do trading while enjoying games on the platform.
- Despite the feature-rich platter, the platform still sticks to an easy-to-navigate interface, menu options.
- As discussed earlier, it comes in the web version and the mobile app version. The mobile version gives all the information such as graphs, market trends, time frames, etc., but only on the web version, the user can perform the fully-fledged trading action. On the web version, the user can make use of graphics tools, use the trading indicators, and so on.
- The user gets to see ranking sections of the traders from which the performance can be analyzed.
- The auto-copy feature of the platform allows the user to copy the successful strategies from other users. This further can be taken a level up with the help of the artificial intelligence-based robot called ‘CYBO.’
How effective is the Mobile app of NAGA TRADERS?
The mobile app comes for both Android and iOS operating systems. The mobile app flaunts a few features that are not available on its counterpart- the web version. They are-
- The user can stay updated about all the trading activities through the ‘news and app feed’ feature. Through this feature information about stocks, new trends on the social trading network, tips on the trading decision making, and overall mass trading inclinations.
- Next comes the ‘swipe copy’ feature. This allows the user to peep into what trades other traders are setting their eyes to, and the reason behind their reasons, the ongoing performance, details of the trader, details of the position, and so on.
- Naga Protector Feature also is a useful tool. It helps in opening the Stop Loss and Take Profit settings that further help in understanding the value, and the Risk and Return ratio of each trade.
- There is a provision to save any trade to ‘watch later’ stage by swiping right. All those trades that do not interest you can be swiped left.
- The trades that interest the user can also be copied and saved for viewing later.
- With time, the intuitive nature of the platform picks up the inclinations and the preferences of the user based on the trading behaviors and makes suggestions based on the same.
THE TRADER RADAR
This feature is an added feature which is useful in its own sense. To use this feature, the user needs to switch on his or her geolocation. Then the Trader radar of the platform looks up for other traders who have shared their location. This feature basically helps the user to get in touch with those traders who are in the vicinity of the user to form deeper connections.
CYBO the trading advisor with robot intelligence
NAGA TRADER offers this innovation only to raise the trading bar higher. This artificial intelligence-based technology acts as a personal assistant to your trading ventures. It brings you the most useful insights that you can use in your trading strategy. When you sign up for CYBO, you are asked to fill in a questionnaire that basically aims to understand your vision and your inclinations for your trading aims. By understanding you better, this robot assistant helps you to accelerate your trading ventures in a very efficient manner.
What makes your trading even more effective is the fact that it is a 24/7 support. All you need to do is to simply set your preferences. The rest will be taken care of by robot intelligence. It will carry on the trade based on your established guidelines, and therefore, you don’t miss any trade opportunity. The robot is designed in a manner that can’t withdraw any funds from your account. It strictly follows what you suggest.
Try before finalizing with Demo Account
NAGA TRADER allows first-time users to get a taste of the platform with its ‘Demo Account’ feature. With this feature, the user can register as a demo user and get a knack of the features of the platform before committing to it fully.
It takes $2,500 virtual money to open this demo account. If we compare the features of the LIVE account with the Demo account, apart from the limitation on the number of CFDs usage, the rest of the features and tools are almost the same.
All the activities a demo user undertakes are only accessible to the other demo accounts and vice versa. No LIVE account can be accessed by a demo user. Amongst each other, the demo users can follow each other, communicate with each other, copy each other’s trades and strategies, and so on.
Earning money on the platform
As discussed earlier, the copying of trades, the popularity of the trader strategies, result in bonuses and double bonuses too. How many times the trades get copied determines the calculation of the bonuses. More the followers, the more is the bonus earning.
Due to the presence of an automatic copy feature, there stays a room for risks. Although a good number of followers means additional bonuses, sometimes some unprofessional activities occur from the signal providers, which result in risks. That is why it becomes very important to pay close attention to the activities, and the intention of the trader before trusting it.
NAGA TRADER, on the other hand, takes a small portion of the percentage of the revenue which is generated by every trade copying or other activates on the platform. This is the source of the income of the service provider- NAGA TRADER.
Summarizing the Pros
- The mutual sharing and the learning feature of the platform beat all the other trading platforms.
- Another aspect that stands out is the copy trading feature.
- The platform strives to make the trading and investment process simple for the traders (both experienced and new). It does so with CYBO (the artificial intelligence-based trading and investment robot advisor), and NAGA portfolio feature.
- The mobile app of NAGA TRADER is very effective and feature-packed.
- The web platform, on the other hand, is a step ahead of the mobile app and offers full-fledged trading.
- The fact that the interface is user-friendly attracts all kinds of users to the platform. The variety of trading instruments is another point that the users can enjoy.
- The mix of social media network structure with the trading platform gives NAGA TRADER an edge over others.
- It is a neat arrangement to have the demo users and demo accounts separated from the LIVE users and their accounts. It saves from so much of possible confusion.
- The NGC based bonuses are also an interesting twist to the trading platform.
Summarizing the Cons
- If we talk about the improvement sector, there can be some improvement done on the user performance view, other trader’s operations, and overall the social features can get more depth to them to become more effective.
- The risk factor in trading on the platform can be a turn-off for some people.
- Lastly, the web trading platform can be seen as less competitive because of its simplicity.
Trusting this platform becomes natural because of its long-standing proven history and ever going great performance and success. The platform has made its mark on the market due to its strong performance. For instance, its retail trading is an excellent innovative step that sets it apart from the rest. It is an improvement from the Metatrader platform.
Those who are used to the Metatrader may find the transformation a little tricky to get a grip on, as the improvements are targeted to attract the new generation of traders and investors. The blend of social media network with the investment and trading platform is like a new source of fresh air that connects all kinds of masses. The open platform that allows the user to connect with anyone and learn from anyone is certainly the new age fun-based trading platform.
NAGA TRADER’s trading features are second to none. They are highly competitive and are highly user-friendly. The fact that the new users can also gain the confidence of trading by copying trades from the established ones is a great way to encourage mass participation. After the long-detailed review, we can confidently give you a green signal to participate in this unique trading platform that is designed for the millennial as well as the traditional investors and traders.