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Alison Heyerdahl
Edited by Alison Heyerdahl
Author Chris Cammack
Author

IC Markets vs. NAGA

In the fast-paced world of forex trading, choosing the right broker is crucial. IC Markets and NAGA are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.

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Brokers Comparison
Our Score
4.46
/ 5
4.14
/ 5
Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Assets Available
Education & Research
Customer Service
Beginner Friendly
Analysis Research
Min. Deposit
USD 200
USD 10

Regulations

Regulation
Capital Markets AuthorityCyprus Securities and Exchange CommissionSecurities Commission of the BahamasThe Seychelles Financial Services Authority
Cyprus Securities and Exchange CommissionFinancial Regulatory Services AuthorityThe Seychelles Financial Services Authority
Trading Desk Type
ECN/DMA
Market Maker NDD
Trading Instruments
Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices
Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Futures, Indices

Conditions

Forex Pairs
64
49
Crypto Pairs
18
25
Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
  • Well regulated
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
  • Well regulated
  • Great platform choice
  • Wide range of assets
% Lose with this broker
70.81%
77.41%
Leverage
30:1
1000:1
Spread
0.10 pips
0.70 pips
Hedging
Yes
Yes
Scalping
Yes
Yes
Account Types
RAW - cTrader, RAW - MetaTrader, Standard - MetaTrader
Bronze, Crystal, Diamond, Gold, Iron, Silver
Islamic Account
Yes
Yes
Trading Platforms
cTrader, MT4, MT5, TradingView
MT4, MT5, NAGA Web App
Funding Methods
Bank Transfer, Mastercard, Neteller, Paypal, Skrill, Visa
Bank Transfer, Bitcoin, Diners Club, Giropay, Maestro, Mastercard, Paypal, Sofort Banking, Visa
Trading Commissions
7 USD / lot - Raw Spread Account
Fees Included in Spread
IC Markets
NAGA
Trust Rating
4.5
4
Trading Conditions
4
2.5
Trading Platforms
5
4.5
Deposit & Withdrawal
4
5
Assets Available
4.5
5
Education & Research
5
5
Customer Service
4.5
4.5
Beginner Friendly
3
3
Analysis Research
5
5
Overall Rating
4.46
/ 5
4.14
/ 5

How Do IC Markets and NAGA Compare?

The radar chart above illustrates the comparison between IC Markets and NAGA across several key metrics, with the highest possible score being 100 in each category.

Helping You Choose the Right Broker

At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated IC Markets and NAGA, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.

Trust and Regulation

Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses.  We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.

In our comparison:

  • IC Markets holds one Tier 1 and no Tier 2 licences.
  • NAGA holds one Tier 1 and one Tier 2 licences.

Based on these findings, IC Markets earned a higher trust rating than NAGA.

Is IC Markets financially regulated?

Yes IC Markets was founded in 2007 and is regulated by CMA, CySEC, SCB and FSA-Seychelles.

Is NAGA financially regulated?

Yes NAGA was founded in 2015 and is regulated by CySEC, FRSA and FSA-Seychelles.

Trading Costs Comparison

When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.

We found that IC Markets has overall lower trading costs than NAGA.

Top Overall Rating Bokers

Trading Platforms Offered

Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.

  • IC Markets supports cTrader, MT4, MT5 and TradingView
  • NAGA supports MT4, MT5 and NAGA Web App

Copy Trading Availability

Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both IC Markets and NAGA offer copy trading.

Range of Trading Instruments

A broader range of CFD instruments provides more trading opportunities. IC Markets offers a greater variety of instruments compared to NAGA:

  • IC Markets: 64 Forex pairs.
  • NAGA: 49 Forex pairs.

Cryptocurrency Trading

For those interested in trading cryptocurrencies, NAGA offers 25 cryptocurrencies, while IC Markets offers 18 cryptocurrencies. Therefore, NAGA is the better choice for cryptocurrency trading.

Deposit and Withdrawal Processes

Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that both IC Markets and NAGA charges a withdrawal fee. Overall, NAGA has better deposit and withdrawal processes than IC Markets. 

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. 

IC Markets and NAGA both have very good educational support. Both IC Markets and NAGA offer educational support for more experienced traders.

Market Analysis Materials

Access to frequent and high-quality market research and analysis is crucial.

We found that IC Markets offers better research analysis than NAGA and that both IC Markets and NAGA offer frequent webinars.

Overall Verdict

  • IC Markets:

    An excellent all-round broker with a very high trust rating, IC Markets was founded in 2007 in Australia and holds licences from some of the strictest regulators in the world. IC Markets is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools.

    IC Markets offers a lower-cost trading environment than almost any other broker, with average spreads of 0.10 pips (EUR/USD) on its Raw Spread Account in exchange for a low commission of 6 USD (round turn) per lot.IC Markets is one of the few Forex brokers to support all four major trading platforms, including MetaTrader4, MetaTrader5, TradingView, and cTrader; and offers numerous trading tools for each, including VPS services, Trading Central, and various copy trading services.

    Beginner traders will benefit from IC Markets’ exceptional customer support, which is available 24/7 to help with any account or technical queries. While its education section is more comprehensive than most other brokers’, it offers a fairly limited selection of market analysis materials.

  • NAGA:

    Please note that NAGA does not currently accept traders from Uganda. This review is for information purposes only. 

    NAGA is a traditional, well-regulated broker that caters well to beginner traders. It offers an excellent social trading platform in addition to MT4 and MT5 and a range of accounts with higher deposits linked to tighter spreads. 

    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. 

    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 10 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.

Overall Ratings

  • IC Markets: 4.46
  • NAGA: 4.14

For more detailed reviews, please read our comprehensive assessments of IC Markets and NAGA.

Pepperstone
AvaTrade
FCA, ASIC
Regulators
ASIC, FSCA
30:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0 pips
Min. Spread
0.9 pips
USD 0
Min. Deposit
USD 100
AvaTrade
XM
ASIC, FSCA
Regulators
CySEC, ASIC
30:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.9 pips
Min. Spread
0.6 pips
USD 100
Min. Deposit
USD 5
NAGA
Pepperstone
CySEC, FSA-Seychelles
Regulators
FCA, ASIC
1000:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.7 pips
Min. Spread
0 pips
USD 10
Min. Deposit
USD 0
XM
FxPro
CySEC, ASIC
Regulators
FCA, CySEC
30:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.6 pips
Min. Spread
0.4 pips
USD 5
Min. Deposit
USD 100
Exness
Pepperstone
FSCA, FSA-Seychelles
Regulators
FCA, ASIC
Unlimited:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.1 pips
Min. Spread
0 pips
USD 3
Min. Deposit
USD 0
XTB
Exness
CySEC, FCA
Regulators
FSCA, FSA-Seychelles
30:1
Leverage
Unlimited:1
xStation5
Platforms
MT4, MT5
0.8 pips
Min. Spread
0.1 pips
USD 0
Min. Deposit
USD 3
HFM
IC Markets
CySEC, FCA
Regulators
CySEC, FSA-Seychelles
2000:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.0 pips
Min. Spread
0.1 pips
USD 0
Min. Deposit
USD 200
Axi
BlackBull Markets
FCA, CySEC
Regulators
FMA, FSA-Seychelles
500:1
Leverage
500:1
MT4
Platforms
MT4, MT5
0.0 pips
Min. Spread
0.1 pips
USD 0
Min. Deposit
USD 0
FBS
Pepperstone
CySEC, ASIC
Regulators
FCA, ASIC
3000:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.7 pips
Min. Spread
0 pips
USD 5
Min. Deposit
USD 0
IC Markets
Pepperstone
CySEC, FSA-Seychelles
Regulators
FCA, ASIC
30:1
Leverage
30:1
MT4, MT5
Platforms
MT4, MT5
0.1 pips
Min. Spread
0 pips
USD 200
Min. Deposit
USD 0
Unbiased Expertise

Independent, in-depth reviews and comparisons of all well-regulated Forex brokers, empowering you to make informed choices.

Educational Resources

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Transparent Information

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Best Brokers Uganda 2025

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Countries Regulated
Minimum Spread EUR/USD
Minimum Deposit
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
Broker Score
Broker Website
Select and Compare
FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services Commission
Financial Services CommissionJordan Securities Commission
0.10 pips
USD 3
USD 7
4.32
/ 5
FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services Authority
Bundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority
0 pips
USD 0
USD 10
4.61
/ 5
CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services Authority
Financial Services CommissionThe Seychelles Financial Services AuthorityCapital Markets Authority
0 pips
USD 0
USD 10
4.53
/ 5
FCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersMonetary Authority of Singapore
Dubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationSwiss Financial Market Supervisory AuthorityFinancial Markets Authority of New ZealandBundesanstalt für FinanzdienstleistungsaufsichtBermuda Monetary Authority
0.60 pips
USD 0
USD 6
4.69
/ 5
ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Agency
Central Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority
0.90 pips
USD 100
USD 9
4.59
/ 5
FCA Regulated BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services Authority
Securities Commission of the Bahamas
0.40 pips
USD 100
USD 14
4.39
/ 5
CySEC Regulated BrokersASIC Regulated Forex BrokersInternational Financial Services Commission
0.70 pips
USD 5
USD 7
4.33
/ 5
CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityInternational Financial Services Commission
FSCA Regulated Forex Brokers
0.60 pips
USD 5
USD 6
4.45
/ 5
CySEC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasCapital Markets Authority
0.10 pips
USD 200
USD 8
4.46
/ 5
CySEC Regulated BrokersThe Seychelles Financial Services AuthorityFinancial Regulatory Services Authority
0.70 pips
USD 10
USD 17
4.14
/ 5
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