NAGA Review

Author By Jeffrey Cammack
Updated: March 1, 2021
Overall Rating
3.58 3.58 / 5
Rated #54 of 66 Recommended Brokers
Min. Deposit
USD 250
Regulators
Trading Desk
Trading Cost
USD 17
Website Language
English
Support Language
English
AlertAccepts UK Clients. Average spread EUR/USD 1.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4/MT5 platform supported. NAGA is regulated by CySEC.

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Summary

NAGA is a CySEC-regulated CFD broker offering trading on Forex, shares, indices, crypto, commodities, ETFs, and futures. A market-maker with a single live account and impressive copy-trading functionality, NAGA offers wide platform support including MT4 and MT5, but traders will have to use NAGA’s own platform to access all the copy-trading features.

The minimum deposit is standard at 250 USD, and NAGA’s spreads are wider than the industry average, but it does not charge commission. Beginner traders will find better educational material and market analysis at other CFD brokers, but the unlimited demo account will be welcome.

NAGA also offers commission-free investment in shares, though this is only available to European clients.

Reviews

Regulation
1110.503.5/ 5
Trading Conditions
110.5002.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111115/ 5
Education & Research
10.50001.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Bonuses
USD, EUR, GBP, AUD

Account Information

Base Currencies
USD, EUR, GBP, PLN
Number of FX Pairs
48
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Acct

Trading Conditions

Min. Spread
1.70 pips
Commission
Fees Included in Spread
EUR/USD
1.7 pips
GBP/USD
2.0 pips
USD/JPY
1.6 pips
Max. Leverage
30:1

Company Details

Company Name
NAGA Markets Ltd
Founded
2015
Website
Office Locations
Cyprus

Pros

  • Well regulated
  • Great platform choice
  • Wide range of assets
  • Fast and free withdrawals

Cons

  • High minimum deposit

Is NAGA safe?

NAGA is regulated by the Cyprus Securities and Exchange Commission (CySEC) and is a part of the European Markets in Financial Instruments Derivatives (MiFID), which allows it to operate in the entire European Union under the European Economic Area (EEA) agreement.  Its authorisation via the EEA also extends to the United Kingdom, allowing it to provide services to British residents.  See below for a list of registrations:

  •  NAGA Markets Europe Ltd is regulated by the Securities and Exchange Commission (CySEC) under under license No. 204/13.
  • NAGA Markets Europe Ltd is registered with various regulatory bodies of EEA member states that allow the provision of services in those jurisdictions.

As per regulation, NAGA keeps client funds segregated from the day-to-day operational account of the broker, and offers negative balance protection.   

NAGA’s Trading Conditions

NAGA offers one live account and a demo account that does not expire.  It does not charge a commission, but charges withdrawal and copy-trading fees.  The variable spreads are wide compared to its peers at 1.7 pips.  Leverage is up to 1:30 on all accounts, and minimum transaction level is 0.1 lots.  Trades are executed in real-time, and NAGA provides a copy-trading service, a benefit to beginner traders.   

NAGA allows currencies to be dominated in many base currencies, including crypto.  Trading sessions run from Monday 00:00 – Friday 24:00 CET.  It also offers Islamic Swap Free accounts.  

See details of the various accounts:

Demo Account

The NAGA demo account does not expire, which is helpful for beginner traders.  NAGA provides clients with a virtual starting balance of 2500 EUR, which can be topped up on request.  It allows one to view charts, news and analysis, get access to the full-featured MT4 and MT5 platforms, and experience real-time prices and real forex market volatility.  While the demo account is not time-limited, but it will automatically close after 3 months of inactivity. 

NAGA Live Account

NAGA Rewards Programme

NAGA offers only one live account, which requires a minimum deposit of 250 USD.  Variable spreads start at 1.7 pips on its major FX pairs, and leverage is up to 1:30.  NAGA does not charge a commission on its forex or CFD trading, but the minimum transaction level is 0.1 lots.  NAGA offers a rewards programme, where the more money a client deposits, the more benefits are derived. 

Scroll for more detailsPreviousNext
Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Bronze
USD 2500
30:1
1.70
None
Account Details
Crystal
USD 100000
30:1
0.70
None
Account Details
Diamond
USD 50000
30:1
0.90
None
Account Details
Gold
USD 25000
30:1
1.20
None
Account Details
Iron
USD 250
30:1
1.70
None
Account Details
Silver
USD 5000
30:1
1.70
None
Account Details

Spreads and commissions

NAGA’s variable spreads start at 1.7 pips, which are wider than its peers.  NAGA does not charge a commission, but charges withdrawal and copy-trading fees.

NAGA Spreads

Deposits and Withdrawals

NAGA complies with the Anti-Money Laundering Directive, by returning funds to the original source, and only up to the initial deposited amounts.  Although NAGA does not charge any fees/commission on deposits, clients may be subject to fees from payment method providers.  All withdrawals are subject to a 10 USD (or equivalent) fee with a minimum withdrawal amount of 50 USD.  NAGA offers many deposit and withdrawal methods.  Deposits and withdrawals are processed within 24 business hours.  Please see below for deposit and withdrawal times:

  • Visa/Mastercard: Deposits take ten minutes; and withdrawals can take three to five business days to reflect.
  • Bank Wire Transfer (Donner & Reuschel/Eurobank): Estimated deposit and withdrawal transaction times are up to two to three business days in the EU/EEA zone.
  • Alternative payment methods (Neteller/Skrill/Trustly/Sofort): Deposits are instant and withdrawals can take up to 24 hours.
  • Cryptocurrencies (Bitcoin/Ethereum/NAGA Coin/Dash): Deposits are instant, but withdrawals can take up to one hour.

NAGA does not charge an inactivity fee.

NAGA for Beginners

NAGA does not offer many educational materials for beginner traders compared to its peers.  The NAGA Academy offers a limited number of educational articles, tutorials and videos, and only offers webinars to its active traders.  It also lacks in up-to-date market analysis content, providing only a basic daily technical analysis, economic calendar and blog.  On the other hand, its demo accounts do not expire, and the responsive customer service team is available during business hours, five days a week for all client account and technical questions, which is helpful for beginner traders.

Educational Material

As mentioned, NAGA has very limited educational content.  It does offer a number of articles and videos on Forex trading, but you have to register an account and start trading to access its webinars.  Its educational content is only available in English.

NAGA Educational Material

Analysis Material

NAGA’s limited research and analysis section provides an up-to-date basic daily technical analysis, an economic calendar, and a ‘latest news’ section.  Market analysis material is only available in English.

Customer Support

The responsive and helpful customer support team at NAGA is available during business hours, five days a week via telephone, live chat and email, but, as with all regulated brokers, cannot offer investment advice. 

Trading Platforms

NAGA presents traders the choice between the industry-standard MT4 and MT5 products, in addition to its own proprietary platforms.  All the necessary trading tools and resources are on hand to allow traders to conduct research and analysis, enter and exit trades and even use third-party automated trading software.  All platforms allow copy trading, CFD trading on all markets, and are available for PC, smartphones and tablets.  

NAGA’s Trading Apps

The MT4, MT5 and proprietary NAGA applications offer full account functionality to offer a seamless transition from the desktop application. These apps vary in the number of technical indicators and instruments available to trade, and have different chart types and market analysis tools. Customer service is available 24/5 to answer questions about the software and help with set-up.

NAGA MT4

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of how we review NAGA’s product offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

NAGA’s Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. NAGA would like you to know that:  CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.39% 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 you money. Past performance of a NAGA community member is not a reliable indicator of his future performance. Content on NAGA’s social trading platform is generated by the members of its community and does not contain advice or recommendations by or on behalf of NAGA. We do not establish accounts to residents of certain jurisdictions such as the USA, Japan, Canada, Belgium, Cuba, Iran, Iraq, Syria and North Korea.

Overview

NAGA is a traditional, CySEC-regulated market maker broker. Its variables spreads are wider than its peers, but it offers commission-free trading on its single account. Minimum deposit is set at 250 USD, leverage is up to 1:30 on FX pairs, and minimum transaction level is 0.1 lots. NAGA charges a flat withdrawal fee of 10 USD per transaction, which is very high.

NAGA offers the industry-standard MT4 and MT5 platforms, in addition to its own proprietary platform. NAGA has limited instructional documentation, but provides excellent customer support, has an unlimited demo account, and allows a copy-trading system to get new traders started.

 

AlertAccepts UK Clients. Average spread EUR/USD 1.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4/MT5 platform supported. NAGA is regulated by CySEC.
Scroll for more detailsPreviousNext
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Acct
Trading Platforms
Funding Methods
Trading Commission
1110.503.58/ 5
USD 250
Market Maker NDD
Forex
Indicies
Commodities
Equities
Cryptocurrencies
Futures
48
19
  • Well regulated
  • Great platform choice
  • Wide range of assets
  • Fast and free withdrawals
  • High minimum deposit
1110.503.5/ 5
110.5002.5/ 5
11110.54.5/ 5
111115/ 5
10.50001.5/ 5
11110.54.5/ 5
111104/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
30:1
1.70 pips
Bronze
Crystal
Diamond
Gold
Iron
Silver
Visa
Mastercard
Maestro
Bank Transfer
Skrill
Neteller
Bitcoin
Fees Included in Spread
11110.54.00/ 5
GBP 5
Market Maker NDD
ECN/DMA
60+
9
  • Great platform choice
  • Low minimum deposit
  • Limited education
111104/ 5
111115/ 5
111115/ 5
100001/ 5
1110.503.5/ 5
111104/ 5
111104/ 5
58% of retail investor accounts lose money when trading CFDs with this provider
1000:1
0.20 pips
cTrader NDD
MT4 Cent
MT4 Fixed
MT4 NDD
MT4 NDD No Commission
MT5 NDD
Bank Transfer
Visa
Mastercard
Skrill
Neteller
WebMoney
Fasapay
PerfectMoney
6 USD / lot
11110.54.07/ 5
USD 100
Market Maker NDD
Forex
Equities
Cryptocurrencies
Commodities
40
4
  • Great platform choice
  • Excellent education
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
111104/ 5
11110.54.5/ 5
11110.54.5/ 5
11110.54.5/ 5
110.5002.5/ 5
111104/ 5
111104/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
500:1
0 pips
Raw
Standard
Visa
POLi
Bank Transfer
BPay
Skrill
Neteller
Unionpay
7 USD / lot
Visit Broker
AlertMost retail CFD accounts lose money. Your capital is at risk.

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