- Variety of Accounts
- Online Webinars
- Trade Now!
NAGA Broker Review – Is The Positive Feedback True?
- Max Leverage:1:1000
- Spread:Starting from 1 pip
- Forex Licence:CySEC
A brief introduction to NAGA
Established in 2015, NAGA is one of the best Forex brokers in the financial industry. The company offers its customers a wide array of trading instruments as well as ideal conditions for trading. It should be pointed out that the broker is a completely legitimate entity and provides services to customers around the globe (except the USA). In addition to currency pairs and Forex, you can also trade cryptocurrencies, commodities, and other instruments.
NAGA.com broker has been translated into 10 languages, however, its main feature is the social trading platform. A huge number of different trading instruments complicates navigation and suggests the need for several large monitors to optimize the trader’s workplace.
The broker has received numerous awards throughout its history. It is a fintech company, that constantly upgrades its services and focuses a lot on technological aspects. In our NAGA review, we will further talk about the broker’s advantages.
While talking about the NAGA FX broker it is necessary to point out regulations and the license that is related to the broker. Cyprus-based NAGA Markets Ltd (registration number 251168) is regulated by the Cyprus Securities and Exchange Commission (CySEC), license no. 204/13. The company also has some restrictions: clients from the USA, Belgium, South Africa, Syria, Iraq, North Korea, and Australia are, unfortunately, restricted.
NAGA positions itself as a social network, the investment platform of which allows traders of all levels to invest in various financial markets and cryptocurrencies.
Licenses are important as they protect clients’ interests. First of all, if there are complications and legal issues there is always someone to whom the customer can appeal. In this case, CySEC is the entity that can help customers resolve their issues connected to the account or any other case.
NAGA Broker Trading Platforms
NAGA offers its clients trading using the web version of the NAGA trading platform, the mobile version of NAGA trader for iOS and Android, and the MT4/MT5 platform widely known in the trading environment. Of greatest interest is the NAGA trader platform with a huge number of different social trading functions and a social network.
Users can leave comments, like posts they like, subscribe to new posts of selected traders. Novice traders can track and copy deals of experienced traders, follow their orders and trade statistics. Through the NAGA Wallet service, the broker’s clients can conduct transactions with cryptocurrencies. The company pays great attention to the safety of operations carried out by clients: if the client overestimates the risks, the functions for copying transactions may be disabled.
In general, we can point out that both desktop and mobile platforms of trading are well-designed and the user experience is at its best. Customers can make the most out of platforms and execute trades in no time. Furthermore, trading platforms have no special requirements, that might confuse novice traders.
NAGA.com Trading Instruments
In addition to Forex, which is the main branch of the broker, customers can also start trading with the following instruments: cryptocurrencies, commodities, stocks, CFDs on stocks, ETFs, etc. There is a wide range of possibilities for trading and each of these options has pros and cons which are necessary to point out.
For example trading with cryptocurrencies is riskier than the other options. Users should be aware of the fact that there is no 100% winning strategy in trading, but they can always minimize risks by applying correct trading methods and use guiding principles set by the broker.
Depending on the trading instrument you are going to select, there are almost no commission fees. For example, stock trading is absent from additional charges, which is a massive advantage for the broker.
NAGA FX Broker Account Types
There are 3 major types of accounts available on the broker’s website: live account, demo account, and Islamic account also known as swap-free accounts. Live account is divided into 6 types ranging from Iron to Crystal. The minimum deposit requirements are different as well as some conditions vary. We should also point out that you need to progress in order to advance to the next level.
Demo accounts on NAGA FX broker pretty much explain themselves – you are not required to deposit any money and in the virtual environment, you can get acquainted with Forex trading. The losses, as well as profits during trading in a virtual environment, do not apply to the live account. It is a good idea for rookie traders to first start exploring all features of the demo account before moving to live trading.
The final one is a swap-free account, also known as Islamic Account. Considering the peculiarities of Islamic finances, trading conditions are different for Muslim traders. You need to contact support to obtain the Islamic account.
NAGA.com Bonuses and Promotions
Right now, there are no first deposit bonuses available on the website. After making the deposit, the broker does not guarantee additional funds for trading. However, you can claim a certain percentage as a bonus, from copy trading. If other customers will copy your trades, you will receive a bonus. Depending on the type of account you are using, the commission percentage could vary.
NAGA.com regularly updates the list of promotions on the website. In the future, we should anticipate new offers that will be aimed at attracting more customers.
NAGA.com Forex broker also offers customers additional educational material. Users who are new to Forex trading can find out more about webinars, articles, access various tutorials and eBooks. Such materials are extremely useful to find out more about financial markets and acquire additional knowledge. Incorporating them in trading would be beneficial for trading, as everything comes out of knowledge.
Copy-trading, which we have already mentioned several times is an excellent addition that is not available on many brokers’ platforms. With copy trading, you can gain additional income by copying the trades of successful traders that have a proven experience and record of trading.
NAGA.com Deposits and Withdrawals
NAGA clients can replenish their trading account by bank transfer, using payment cards, through the electronic payment systems Giropay, Skrill, Neteller, Paysafe Card, and Klarna, as well as using cryptocurrencies (Bitcoin, Ethereum, Dash, Litecoin, Bitcoin Cash, and NAGA Coin). Third-party payments are prohibited. The deposit can be opened in the following currencies: USD, GBP, PLN, EUR, and cryptocurrency (NGC, BTC, ETH, BNB).
The minimum deposit on NAGA.com is $250. The maximum amount depends on your location. As for withdrawals you need to have at least $50 to withdraw the funds from your balance, while the broker will impose additional fees, which are normally $10 or equivalent in other currencies.
Deposits and withdrawals on the broker’s website are highly secured and NAGA.com makes sure that every customer gets the best possible experience. The website is protected from illegal interference and hacker attacks.
Decent customer support is a must for Forex brokers and that goes without a question. In addition to English, customers can get technical support in other languages. The customer of the company can contact the support service in the online chat, by phone, or by mail. The broker’s website states that technical support works around the clock, five days a week. During the daytime, chat operators respond promptly and try to answer all questions.
The support group is very friendly and amicable. Traders can get the necessary information related to comprehensive subjects in no time.
NAGA FX broker is interesting primarily for a large number of CFDs, few brokers can boast of such a large number of trading instruments. For traders whose main trading volume is in currency pairs and are focused on independent trading, NAGA is the best option. Fans of other OTC trading instruments are also welcome.
While there are no bonuses and promotions, the possibility of obtaining additional funds from copy trading is an excellent opportunity. What’s more, the broker is licensed and its services are legitimate in different locations and countries. We highly recommend having business with NAGA.com Forex broker as it is a decent operator with numerous advantages.
FAQ on NAGA.com Forex Broker
Is NAGA.com a legit FX broker?
- Yes, NAGA.com is a completely legal and trustworthy brokerage company. It is licensed by CySEC which is known for its reliability in the world. At the same time, you can discover proof and additional documents on the website.
What is the minimum deposit on NAGA.com?
- For every payment method, you need to deposit at least $250 to start trading. This is the minimum requirement for every broker. As for the maximum amount, restrictions apply depending on your location.
|Languages||English, Italian, Arabic, Spanish, French, Portuguese, Turkish, German, Danish, and Vietnamese.|
|Deposit Methods||Credit/ Debit Card, Neteller, Bank Wire Transfer, Skrill, and more|
Disclaimer: Some information listed in the review may differ depending on the entity the trader is registered under.