NAGA Broker Review

Regulation: Regulated by CySEC in Cyprus and BaFin of Germany, NAGA has a good reputation in the trading community. However, Indian residents will be trading under the subsidiary NAGA Global (SV) LLC, which is registered with St. Vincent and Grenadines FSA.  The SVG FSA is not a regulator and does not supervise trading or protect traders.

Safety Features: We were pleased to find that NAGA segregates all funds from the company’s operating capital and offers negative balance protection to all its clients.  No regulatory oversight also means that NAGA can offer higher leverage and bonuses to Indian traders, which may be attractive to some.

We were impressed that the account-opening process at NAGA is user-friendly and that accounts are ready for trading in one day. 

All Indians can open an account at NAGA but have to meet the following minimum deposit requirements:

• Iron Tier: 250 USD
• Bronze Tier: 2,500 USD
• Silver Tier: 5,000 USD
• Gold Tier: 25,000 USD
• Diamond Tier: 50,000 USD
• Crystal Tier: 100,000 USD

We opened an account at NAGA, and after we had submitted our documentation, our accounts were approved the next day.

NAGA offers individual and company accounts, but we will focus on opening an individual account:

1. New traders will have to click on the “Sign Up” button at the top of the page, where they will be directed to register an account.
2. Traders will then have to confirm their telephone numbers.   
3. Once this step is complete, traders will automatically be directed to a demo account.
4. To open a live account, traders must click on “Upgrade Account,” where they will be directed to complete the KYC process, including personal information.  
5. Once this step is complete, clients must fill out a questionnaire that helps NAGA assess the trader’s investment knowledge, experience, and expertise to determine the suitability and relevance of the services on offer. While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.  
6. NAGA requires at least two documents to accept you as an individual client:
   1. Proof of Identification – NAGA accepts all government-issued identification documents such as passports, national ID cards, driving licenses, or other government-issued ID. 
   2. Proof of Address – Proof of residence/address document must be issued in the name of the NAGA account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 

After the application is approved, traders can log in and fund their accounts  We advise that you read NAGA’s risk disclosure, customer agreement, and terms of business before you start trading. 

Overall, NAGA’s account-opening process is fully digital and hassle-free, and accounts are generally ready for trading within one business day.     

Unfortunately, NAGA does not publish the average spreads for each account tier, so our calculations were based on the standard spreads.  Spreads start at 1.7 pips (EUR/USD) on its entry-level account tier, which has a minimum deposit of 250 USD. Both the minimum deposit and ongoing costs on this account are higher than that of other brokers’ entry-level accounts. 

The average cost for trading one lot of EUR/USD among similar brokers is about 9 USD per lot. This is only achievable on the Diamond and Crystal account tiers, which are prohibitively expensive to open for most traders – requiring minimum deposits of 50,000 USD and 100,000 USD, respectively. 

Account Trading Costs:

We opened and tested some of NAGA’s accounts:

Iron Trader: With a minimum deposit of 250 USD, traders can access the Iron tier with spreads of 1.70 pips on the EUR/USD, which is wider than the spreads on entry-level accounts at other brokers.  Traders earn 0.12 USD per copied trade, and withdrawals cost 5 USD per transaction.  Traders also get access to webinars and 5 NAGA trading signals per day.

Bronze Trader: Minimum deposits start at 2,500 USD on the Bronze tier, and spreads also start at 1.70 pips on the EUR/USD.  Traders earn 0.15 USD for each copied trade, and withdrawals cost 4 USD per transaction.  Traders also have access to webinars and 5 NAGA trading signals per day.

Silver Trader: With a minimum deposit of 5,000 USD, spreads also start at 1.70 pips on the EUR/USD, which is much wider than other brokers on such high deposit accounts.  However, withdrawals cost 3 USD per transaction, traders receive 0.18 USD per copied trade, and traders receive 10 NAGA trading signals per day.  Additionally, Silver traders receive two one-on-one tutoring sessions per month.

Gold Trader: Minimum deposits start at 25,000 USD on the Gold tier and traders get access to spreads of 1.2 pips on the EUR/USD, which is still wider than the spreads on the entry-level accounts at other brokers.  Withdrawals cost 2 USD per transaction, traders receive 0.22 USD per copied trade and 15 NAGA trading signals per day.  Traders also receive four one-on-one tutoring sessions per month.

Diamond Trader: With an extremely high minimum deposit of 50,000 USD, traders achieve Diamond status.  Spreads start at 0.9 pips on the EUR/USD, which is average compared to other brokers, and traders receive 0.27 USD per copied trade.  Withdrawals cost 1 USD per transaction, traders receive access to 20 NAGA trading signals per day, and eight one-on-one tutoring sessions per month.  Diamond Traders will also have their NAGA signal provider profiles boosted.

Crystal Trader: NAGA’s highest account tier with a minimum deposit of 100,000 USD. Spreads start at 0.7 pips (EUR/USD), which is tighter than the spreads at other market maker brokers, and traders receive 0.32 USD per copied trade.  Withdrawals are free, traders receive 20 NAGA trading signals per day, and unlimited one-on-one tutoring sessions.  Like the Diamond tier, traders have their NAGA signal provider profiles boosted.  

Trading Account Currencies: Trading accounts can only be denominated in four base currencies – EUR, USD, PLN, and GBP, which is limited compared to other brokers.  Most other brokers denominated accounts in at least five to ten currencies.  Additionally, NAGA does not offer INR trading accounts, which is a disadvantage for Indians who will likely have bank accounts denominated in INR and who will have to pay currency conversion fees on deposits and withdrawals.

Deposits and Withdrawals: NAGA supports over 170 payment methods, including 29 regional bank wires, credit cards/debit cards, 132 alternative payment options, including Sofort, Giropay, EPS, iDEAL, P24, Trustly, etc., as well as payment options based solely on geographic location. It also offers six cryptocurrency deposit methods. Indians should note that payment methods are limited to credit card payments via Visa, Mastercard, Diners Club, and bank transfers via local banks, including the Central Bank of India and others.

NAGA does not charge deposit fees, but withdrawals are subject to a 5 USD (or equivalent) fee with a minimum withdrawal amount of 50 USD.  Deposits and withdrawals are processed within 24 business hours by NAGA.

See below for a list of funding methods, charges, and processing times:

MT4 and MT5 Mobile

The NAGA MT4 and MT5 apps allow traders to work from anywhere, with functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading to further assist traders while on the move.

Beginner traders should be aware that there is some loss in functionality when compared to desktop trading platforms, including reduced timeframes and fewer charting options.  In addition, spotty connections can reduce the overall trading experience. Generally, it is better to be at your desktop to conduct day-to-day trading and use a mobile device to keep an eye on the markets or close open positions.

Trading Platform Comparison:

NAGA presents traders with the choice between the industry-standard MT4 and MT5 products, in addition to its in-house NAGA web app. 

All platform choices are free to use, all can be downloaded to your PC, and all have web versions of the platform. All platforms are also available on mobile Android and iOS devices.

NAGA Web App

Trading: The NAGA Web App is NAGA’s social trading platform and a trading portal for MT4 and MT5. We were pleased to find that the platform allows traders to trade on all the financial instruments available at the broker and includes various charting tools and technical indicators. It has an intuitive interface and is easy to use and set up. 

Social trading: The platform’s most appealing feature is that it allows traders to copy the trades of various signal providers. Each investor (or copy trader) has access to the top traders rated based on their profits, the number of profitable trades, and the number of active investors connected to the signal provider.  The investor pays a predetermined commission fee from his profit to the trader for successful transactions.  Commissions are based on the account tier.  For example, Iron Account signal providers earn a commission of 0.5 USD per copied trade, while Crystal Account signal providers earn up to 1.20 USD per trade. 

On the whole, since social trading remains a distinct focus at NAGA, most clients will manage portfolios from the Web app, which benefits beginner traders finding their footing in the Forex trading space.   

MT4 and MT5

The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browser.

Alongside industry standards such as an Economic Calendar, various Trading Calculators, NAGA offers Trading Central free of charge to those who open a real account.

Trading Central

Trading Central is available to clients who register a live account.  A third-party tool, Trading Central’s professional analysts use the most advanced technical analysis tools in the industry to curate relevant information. This tool essentially supports traders without the technical know-how to make trading decisions.  Trading Central is one of the most popular trading tools available and provides excellent market analysis, and NAGA does well to offer this service to its clients.

Trading Tools Comparison:

NAGA’s limited research and analysis section provides an up-to-date basic daily technical analysis, an economic calendar, and a ‘latest news’ section.  Its in-house team of analysts curates these materials.  

NAGA has an adequate range of educational content but not much available for more advanced traders. NAGA also does not provide in-depth courses or lessons, but the basic introduction is good. It comprises several educational articles, tutorials, and videos, but webinars are only available for active traders.  

Articles: NAGA offers a short but varied section of educational articles.  Topics include Trading Psychology, Cryptocurrencies, and a few articles on NAGA’s platforms. 

Videos: The video section comprises short videos on the basics of forex trading, technical analysis, and several tutorials on how to use its proprietary NAGA web app. 

ebooks:  NAGA’s collection of ebooks is comprehensive; however, traders must register a live account to see the full content.  Titles include Japanese Candlesticks, 50 Trading Tips and Tricks, and Technical Analysis for all Moving Averages.  

Webinars: Webinars run weekly, but traders must register a live account to access the webinars.  Webinars cover more advanced topics such as How to use Fibonacci Retracements, Extensions and Fans, Bat Harmonics, and An introduction to Ichimoku Cloud Trading.  

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, access the full-featured MT4 and MT5 platforms, and experience real-time prices and real forex market volatility.  While the demo account is not limited in time, it will automatically close after 3 months of inactivity. 

Education Materials Comparison:

For the purposes of this review, we found the live chat support responsive and polite, and they could answer most of our questions to our satisfaction.