How do CMC Markets and NAGA stack up against each other?
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare CMC Markets and NAGA, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Does CMC Markets or NAGA have a better trust and regulation rating?
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that CMC Markets holds three Tier 1 and two Tier 2 licences, and NAGA holds one Tier 1 and one Tier 2 licences.
Is CMC Markets financially regulated?
Yes CMC Markets was founded in 1989 and is regulated by ASIC, BaFin, FCA, FMA and MAS.
Is NAGA financially regulated?
Yes NAGA was founded in 2015 and is regulated by BaFin and CySEC.
Based on these findings, CMC Markets earned a higher trust rating than NAGA.
Does CMC Markets or NAGA have lower costs?
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that CMC Markets has overall lower trading costs than NAGA.
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Does CMC Markets or NAGA offer a better choice of trading platforms?
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, 0 offers support for and 0 offers support for .
Do the brokers offer copy trading?
In this case both CMC Markets and NAGA offer copy trading.
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Which broker offers a better choice of trading instruments?
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that CMC Markets offers a greater range and depth of instruments to trade than NAGA. CMC Markets offers 350 Forex pairs to trade and NAGA offers 47 Forex pairs to trade.
And what about Cryptocurrencies?
In this case, NAGA offers 30 cryptocurrencies while CMC Markets offers 12 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with NAGA.
Which broker offers better deposit and withdrawal processes?
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that NAGA charges a withdrawal fee and CMC Markets does not. Overall, CMC Markets has better deposit and withdrawal processes than NAGA.
Which broker offers better educational support?
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
CMC Markets has better educational support than NAGA. Both CMC Markets and NAGA offer educational support for more experienced traders.
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Which broker offers better market analysis materials?
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that CMC Markets offers better research analysis than NAGA and that both CMC Markets and NAGA offer frequent webinars.
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Our overall Verdict on CMC Markets
Founded in 1989, CMC Markets is a well-known Forex and CFD broker with a high trust rating and a strong presence in the UK. It has local FCA regulation and local customer support and offers spread betting accounts.
CMC Markets offers two live accounts with no minimum deposit requirements - a low-cost commission-free account with spreads starting at 0.7 pips on the EUR/USD, and a commission-based account with spreads of 0.1 pip and commissions of 0.005% (which amounts to 50 USD per lot traded), which is extremely high.
Trading is offered on both MT4 and its powerful, innovative proprietary platform that features numerous technical and fundamental analysis tools. CMC Markets also offers excellent education and market analysis materials to get new traders started, and although customer service is offered 24/5, it does not provide a live chat feature, which is a serious oversight by this broker.
Our overall Verdict on NAGA
As of 17 December 2021, NAGA no longer accepts clients from the UK. This review is for informational purposes only.
With its popular proprietary social trading platform, NAGA will appeal to beginner traders who enjoy learning how to trade from each other. However, NAGA’s minimum deposits and ongoing trading costs are higher than other similar brokers.
With a focus on social trading, NAGA’s web app allows its customers to copy the trades of top traders, who then earn a commission on each profitable trade. The platform is easy to set up and use, and traders can access multiple technical analysis and charting tools. For traders who prefer industry-standard platforms, trading is also offered on MT4 and MT5.
NAGA’s trading conditions are generally poor compared to other market makers, with spreads that start at 1.70 pips on the EUR/USD in exchange for a minimum deposit of 250 USD on its lowest account tier. Spreads tighten to 0.7 pips (EUR/USD) on its highest account tier, but this is in exchange for a minimum deposit of 100,000 USD, making it inaccessible to most traders.
NAGA’s educational and market analysis materials are average compared to other similar brokers, but beginner traders will get a good feel for the basics of Forex trading.
Which broker has the highest overall rating?
CMC Markets has an overall rating of 4.53 and NAGA has an overall rating of 3.68. For more detail please read our reviews of
CMC Markets and
NAGA.