NAGA Broker Review - Forex and CFD Trading

NAGA Broker Review

Review By: Alan Little
Review Updated: 2022-07-26
3.9
Rating
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RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading derivatives with this provider. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money.

Bottom Line Summary

Do you want an EU-centric broker traded on a national stock exchange that primarily focuses on copy trading? If so, the NAGA Group, a Germany-based forex and CFD broker, may be the financial partner you are seeking. Founded in 2015, this firm has experienced accelerated growth, claiming an enthusiastic customer base of more than one million enjoying its proprietary and automated social trading network. It has competitive spreads in its upper account ranges, but it also provides adequate support for beginners. It is traded on the Frankfurt Stock Exchange and complies with CySEC and BaFin, but it recently withdrew support for UK residents.

Overall Ratings
3.9
NAGA Fees
3.7
Accounts/Membership Levels
3.7
Deposit and Withdrawal
3.5
Trading Platforms
4.2
Mobile Trading App
4.2
Markets and Products
4.1
Market Research
4
Customer Service
4
Education
4

NAGA broker features

Feature NAGA
Minimum deposit: 250 EUR, GBP, USD
Withdrawal fee amount: 5 EUR, GBP, USD
Inactivity fee charged (Y/N): N
Max leverage: 1:30 or 1:1000
Spread from: 1.3 pips
Number of instruments: 950+
Year founded: 2015
Time to open account: 1 business day
Demo account provided (Y/N): Y
Countries of regulation: Germany, Cyprus
Products offered: Forex and CFDs – Stocks, Cryptos, Indices, ETFs, Commodities, Futures – along with a dedicated copy-trading platform

NAGA pros and cons

Pros
  • Major focus on social and copy trading with community of one million clients
  • More than 1,000 tradable asset choices
  • Professional trading tools and multiple funding methods
  • BaFin/CySEC regulatory oversight of German-based firm on Frankfurt Stock Exchange

 

Cons
  • Spreads and fees could be more competitive at basic retail levels
  • Withdrawal fee of $5 with complicated process
  • Does not offer service to residents of UK (terminated December 2021), US or Canada

 

 

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Review Sections:

Who are NAGA?

In 2015, Benjamin Bilski and Yuri Qureshi had a dream of creating a user-friendly and efficient social trading network. NAGA was born, and within a few years, it went public on the Frankfurt Stock Exchange after launching its proprietary NAGA Feed and AutoCopy, its version of automated trading in line with chosen experts in its community.

If the number of active traders is a measure of success, then NAGA has already established a successful track record in the forex and CFD space by onboarding one million customers and counting. It must be doing something right with its social trading network and broad portfolio of more than 1,000 tradable assets. It now has 10 offices spread across the globe, with Europe as its primary base. It complies with the regulatory standards of CySEC and BaFin by virtue of its publicly traded status.

NAGA supports the MT4 and MT5 trading platform products, but its hallmark is the NAGA trading platform, designed for direct web access, as well as usage on its mobile app available for both Android and iOS devices. It has announced that it will soon list its stock on the Nasdaq exchange to appeal to a broader base of investors, and it expects to reach €100m in annual revenue turnover by the end of 2022, despite withdrawing from the UK market over Brexit issues.

NAGA Fees

3.7
Rating

If you are a professional trader or someone who starts with a $10,000 account, then you can experience very competitive fees and spreads with NAGA. Its two lowest account categories, Iron and Bronze, however, incur spreads that average 1.7 pips for highly traded forex pairs. Commissions may also be nearly non-existent, but we felt that the broker could offer more to its lower-deposit clients. There is also a $5 withdrawal fee, and fees of roughly €1 apply for its hallmark copy-trading service each time a trade is copied. A profit-sharing charge of 5% is taken on all copy profits over $5, which supposedly flows back as income to the experts in the system.

Accounts/Membership Levels

3.7
Rating

The NAGA account categories are skewed heavily to the higher deposit crowd of customers, a disappointment for beginners and newcomers to this broker. The Iron account has a minimum deposit of 250 units of USD, EUR or GBP, but even the Bronze account at a $2,500 deposit does not give access to lower spreads. As CFDs assess a spread at both ends of the transaction, higher fee burdens are the result. The firm’s reason for being is copy trading, and if you believe its claims of more than 93 winning trade rates for the Top Ten experts, then spreads may not hold you back. The broker informs anyone contemplating depositing $10,000 to call its customer support directly for access to VIP accounts. A dedicated account manager does come with each account class.

Opening an account is also a simple four-step process, as detailed in the following screenshot:

Deposit and Withdrawal

3.5
Rating

NAGA does make it convenient to deposit funds into your account by supporting an array of deposit methods, including bank wires, credit/debit cards, PayPal, Neteller and Skrill, along with more than a half-dozen local regional payment facilitators. While there are no deposit fees, your choice of payment processor may have charges to cover. The firm also supports four base currencies for your account, which can have a conversion impact if gains are in another currency.

When it comes to withdrawals, there is a $5 fee that applies, though it might be waived for high-deposit account options. The broker requires the client to re-verify its documentation before a withdrawal request can be processed. This added hurdle can cause delays.

Trading Platforms

4.2
Rating

NAGA management did choose to appeal to the majority of forex traders who favour the MT4 and MT5 product line of trading platform products, but the main draw for this broker is its NAGA-branded auto copy trading app. As for MT4 and MT5, the firm supports the basics, but some clients have complained about problems with downloading the desktop version. Even if you are an MT4 or MT5 user, you can participate as an ‘expert’ in the NAGA copy trading community.

Traders experienced with MetaTrader products will not be disappointed with the NAGA Web App platform. It has much of the same functionality as MT4 and MT5, but it also supports the firm’s copy trading system. Indicators, trading tools, execution orders and alerts are sufficient, though the latter service only starts with a Silver account membership classification.

The vision of the NAGA broker founders was to become the leader in copy trading technology. One million customers over a six-year span would seem to confirm its leadership position as having produced the ultimate copy trading tool for the EU market and beyond. To employ Autocopy is as easy as reviewing a leaderboard, choosing an expert, specifying an amount to allocate, and clicking ‘Autocopy’. The algorithm does it all. Although the process automatically mirrors your expert’s trades, you have not given up control. You may step in and close a trade if you want. Published results for May 2022 are profits of $539,413 and a 93.9%-win rate for Top 10 experts.

Mobile Trading App

4.2
Rating

MT4 and MT5 mobile apps are supported, but once again, the draw is for the NAGA trading mobile app, which can be downloaded for both Android and iOS devices. The app is as fully functional as the web version, including price alerts, execution order types, copy trading, a dedicated news feed, and access to the full NAGA portfolio of tradable assets. It is also available in nearly a dozen languages with a user-friendly design.

Markets and Products

4.1
Rating

NAGA’s portfolio of products seems to be a moving target, depending on where you look or from which subsidiary your trade agreement resides. Assets seem to vary from 500 to 1,500, the difference being access to stocks on a global basis. The firm already offers forex and CFD trading in stocks, indices, ETFs, cryptocurrencies, commodities and futures. It announced in October 2021 that it was also adding direct stock trading for €0.99 per trade for its global customers and that it would also launch its version of a crypto NFT marketplace, where users could create and trade their original creative works. Leverage is limited for Europeans to 1:30 in accordance with ESMA mandates, but higher levels can be accessed in other jurisdictions.

Market Research

4
Rating

NAGA takes a minimal approach to research, offering only a news feed and a service labelled Market Buzz, a third-party service from Trading Central. Reviewers have been critical of the analytics and sentiment indicators, but it is free. For asset offerings, there is no library of fundamental data, and the broker does not make trading suggestions. The direction that NAGA has chosen, however, is in line with industry trends. Investors have learned to search out their own trusted advisors, rather than depend on their brokers to guide their efforts.

Customer Service

4
Rating

Customer service for NAGA gets a passing grade with multilingual support available 24/5. The lack of weekend support could be problematic for some traders, but the firm does support several international phone lines, email and live chat. Reviews have suggested that direct phone access scores the best grades, while live chat could be improved.

Address: NAGA Markets Europe LTD is 7, Ariadnis Street, Mouttagiaka, 4531, Limassol, Cyprus Neustadter Neuer, Weg 22, 20459 Hamburg

Education

4
Rating

For beginners and newcomers to the NAGA website, there are a host of materials that can prepare you for your trading journey. The Learning Center is well populated with videos, webinars, tutorials, eBooks and informative articles. The broker also supports a rather extensive YouTube channel. A free demo account comes with each account classification, as does a dedicated account manager.

Safety

NAGA complies with regulations from CySEC for its European subsidiary. While CySEC is often said to be a bit lax in oversight, NAGA must also comply with BaFin, the German regulator, due to it being listed on the Frankfurt Stock Exchange. All deposits are segregated in separate bank accounts, and the management of the firm include their bios on the company website, evidence of a willingness to provide transparency in all matters.

Verdict – Is NAGA right for you?

If you are interested in copy trading and want a safe European broker with a proven track record, then NAGA may be right for you. It offers a series of trading platforms and escalating account categories to appeal to every type of trader. Spreads at the lower levels could be better, but success in the social trading venue can elevate your standing and access to more competitive spreads. CySEC regulatory oversight and the transparency benefits that accrue to a company traded on a public stock exchange ensure that your deposits are safe and secure. One million customers seem to like what this broker is doing. You might also agree.

Alternatives to NAGA

Our NAGA review determined it to be a large, global enterprise that is regulated by CySEC and traded publicly on the Frankfurt Stock Exchange. It offers trading in more than 1,000 assets in forex and CFDs in a range of categories. Its primary focus is social and copy trading, but as efficient as it is at what it delivers, it still has worthy competitors in its defined space. If your preferences are better suited for a different approach, we have prepared a shortlist of five other brokerage firms that are perennial leaders in global rating services:

If you are a beginner and would like additional support when looking for your first forex broker, we can also help you in your search.

FAQ

How does NAGA make money?

NAGA is a typical CFD broker, which earns much of its income from commissions and spreads, trading fees, withdrawal fees, and income derived from net trading losses of its customers on CFD contracts with this broker.

Is NAGA regulated?

Yes, NAGA is regulated by CySEC in Cyprus. The firm’s holding company is also listed on the Frankfurt Stock Exchange and complies with regulations from BaFin. Outside of the EU, the firm operates a subsidiary out of Saint Vincent and the Grenadines for its global clientele.

How do you sign up with NAGA?

You can start trading with NAGA in four easy steps: Register, Verify, Fund and Trade. Numerous ‘Sign up’ buttons appear on the NAGA website. Registration is quick and affords you access to a free demo system. Submitting ID materials, a requirement of international law, follows, and you may then fund your account at your convenience. You can be approved quickly, or, if there is a verification issue, in a day or two, and you can then begin your trading journey.

Does NAGA offer any bonuses?

Bonuses are prohibited in the EU sector, but residents in other global jurisdictions may take advantage of various promotional programmes offered from time to time.

Is NAGA good for beginners?

NAGA has ample training and educational resources on its website, including webinars, videos, FAQs, eBooks, a dedicated learning centre, and more. The firm supplements this offering with a devoted YouTube channel with additional videos and commentary support. Basic trading accounts for beginners with low deposit levels, however, do not have access to competitive spreads.

What do you do if NAGA is down?

NAGA complies with rigorous operating standards from regulatory authorities, which require the broker to have in place contingency plans for handling downtime. Outages are very infrequent and are usually the result of a local communication provider that is outside the control of this broker. In the event of an emergency related to downtime, contact NAGA support through several channels to resolve any trading issues.

How do you sell on NAGA?

NAGA supports MT4 and MT5 platforms, which are known for their one-click trading capabilities, but the firm’s proprietary system performs with similar functionality. If you are a trader on the broker’s social copy trading system, trades are automated, based on the activities of your chosen experts, which you may override at any time.

Risk Disclaimer

RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading derivatives with this provider. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money.

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