XM vs Naga | We Compare Brokers
Home page -> Broker Comparison -> XM vs Naga

XM vs Naga | Broker Comparison

Review By: Alan Little
Review Updated: 2022-08-31

Is XM better than Naga? This depends on what you need from your broker. We compare the brokers side by side to help you work out which is the best broker for you. While XM has a low minimum deposit and negative balance protection, Naga has a great range of instruments and funding options. When you compare XM vs Naga, both brokers have a lot to offer but come with some very different features. Work out which is the best broker for you in our comparison below. 


Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • Great choice of trading platforms
  • 1,000+ instruments
  • Low minimum deposit
  • No cryptocurrencies
  • Support is not 24/7

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.

  • 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


  • 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



Minimum deposit:
Withdrawal fee amount:
Inactivity fee charged (Y/N):
Max leverage:
1:30 or 1:1000
Spread from:
0.0 pips
1.3 pips
Number of instruments:
Year founded:
Time to open account:
1 business day
1 business day
Demo account provided (Y/N):
Countries of regulation:
Cyprus, UK
Germany, Cyprus
Products offered:
Forex, CFDs, Stocks, Commodities, Energies, Precious Metals, Equity Indices
Forex and CFDs – Stocks, Cryptos, Indices, ETFs, Commodities, Futures – along with a dedicated copy-trading platform
Compare other brokers

Does Naga or XM offer lower costs?

It is never easy to compare the trading costs at different brokers, as they are calculated differently, with many brokers offering a no-commission trading model but taking a profit directly from the spreads, and others charging a commission, depending on the account type. At both XM and Naga, the trading costs, and the trading model offered, depend on the account type you choose. XM offers tighter spreads, with the lowest spreads offered on the account that also takes a commission. At Naga, spreads on basic accounts can be quite high, though they tend to be very competitive on the firm’s professional accounts.

It is also important to note that Naga levies a $5 fee on withdrawals, and a small fee on each trade carried out using its copy trading platform, along with a 5% fee on profits from copy trading, to compensate the traders you are copying. However, there is no inactivity fee at Naga, as there is at XM.

Which has better spreads, Naga or XM?

With the XM Zero account, spreads can go as low as 0.0 pips, but you will pay a standard commission of £3.50 per $100,000 traded. With Naga, spreads on the Iron and Bronze accounts are around 1.7 pips on the more popular currency pairs and higher on less frequently traded pairs. Those with higher account levels get better deals on the spreads, but this comes with a higher deposit requirement.

Does Naga or XM offer better leverage?

If you are trading from within the UK or the EU, both Naga and XM will tend to offer you leverage of up to 30:1, which is the standard maximum leverage offered by brokers regulated in the UK and throughout the EU. Naga does offer higher leverage to some international traders operating outside normal EU and UK regulations, with a maximum cap of 1000:1.

How easy is it to open an account at Naga or XM?

The account opening process with both Naga and XM is quick and easy. It takes just minutes to complete the initial registration, and you will then need to verify your account. It is possible to have your account up and running within one business day at either brokerage.

Does Naga or XM offer a demo account?

Both Naga and XM offer a demo account so that you can try out the brokerage before committing to opening a live account and investing any real money. The Naga demo account offers $10,000 in virtual funds, while the XM demo account provides $100,000 of virtual money to practice with.

Which trading platform is better, Naga or XM?

When it comes to trading platforms, both Naga and XM offer MT4 and MT5 trading along with a copy trading platform, so if MetaTrader is your preferred platform, and you want the opportunity to carry out copy trading, you will be fine with either broker.

XM provides copy trading via the XM Mirror Trader platform, while Naga also has its own social and copy trading platform, with a copy trading community of more than one million clients. Naga is well-known for its copy trading facilities, and this has long been the firm’s main area of focus. Naga claims a winning trade rate of more than 93% for the top 10 experts on the platform, so for those who focus mainly on copy trading and want a large community and access to some of the best traders in the copy trading space, Naga is definitely one to consider.

Which has the lowest deposit requirement, Naga or XM? 

XM has a very low minimum deposit of just $5 on all its main account types. Naga requires a bigger deposit in order to open an account, with a minimum deposit of £/€/$250, even with a basic account, known as an Iron account. At Naga, a Bronze account can be opened with $2,500, a Silver account with $5,000, and a Gold account with $25,000. There is also a Diamond account, requiring a $50,000 deposit, and a Crystal account, requiring a minimum of $100,000. Investors with more to deposit get better trading conditions and tighter spreads.

Which has the most trading assets, XM vs Naga?

XM provides trading in more than 55 currency pairs and offers a total of more than 1,000 instruments, including forex, CFDs, stocks, commodities, energies, precious metals and indices. Naga offers a similar amount of instruments, including forex, CFDs, stocks, indices, ETFs, commodities and futures. In addition, Naga offers trading in some cryptocurrencies, which XM does not.

When deciding whether to trade with Naga or XM, remember that the number of instruments on offer is not necessarily that important. What is vital to look into is whether the broker you are considering offers the specific instruments, and forex pairs, that you are interested in trading.

Which should I choose, Naga or XM?

There are a lot of similarities between these brokers, including the fact that they both use the MT4 and MT5 platforms, and are both regulated European brokers. Naga has an excellent reputation for copy trading, and the opportunity to trade crypto assets. However, XM has a much lower minimum deposit, across all its different account types, making it more accessible and flexible. Don’t forget that you can try out both platforms with a free demo account.