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In the fast-paced world of forex trading, choosing the right broker is crucial. NAGA and CM Trading 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.
The radar chart above illustrates the comparison between NAGA and CM Trading across several key metrics, with the highest possible score being 100 in each category.
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 NAGA and CM Trading, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
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:
Based on these findings, NAGA earned a higher trust rating than CM Trading.
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 CM Trading has overall lower trading costs than NAGA.
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.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both CM Trading and NAGA offer copy trading.
A broader range of CFD instruments provides more trading opportunities. CM Trading offers a greater variety of instruments compared to NAGA:
For those interested in trading cryptocurrencies, NAGA offers 25 cryptocurrencies, while CM Trading offers 23 cryptocurrencies. Therefore, NAGA is the better choice for cryptocurrency trading.
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 NAGA charges a withdrawal fee and CM Trading does not. Overall, NAGA has better deposit and withdrawal processes than CM Trading.Â
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.Â
NAGA has better educational support than CM Trading. Both CM Trading and NAGA offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that NAGA offers better research analysis than CM Trading and that both CM Trading and NAGA offer frequent webinars.
Please note that NAGA does not currently accept traders from Uganda. This review is for information purposes only.Â
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.Â
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.Â
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.
Founded in 2012 in Johannesburg, South Africa, CM Trading is an FSCA-regulated broker with a few drawbacks. It offers six accounts on two different trading platforms, but both its minimum deposits and ongoing trading costs are higher than other brokers.Â
Another drawback is the lack of UGX trading accounts: Any Shilling deposits are converted to USD or EUR, and profits must be converted again when withdrawn. CM Trading also charges higher deposit and withdrawal fees than other brokers, which, in combination with currency conversion fees, may discourage some Ugandan traders.Â
On a positive note, CM Trading has a well-trained customer service team that provides platform support and one-on-one training.
For more detailed reviews, please read our comprehensive assessments of NAGA and CM Trading.
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Broker | 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 |
|---|---|---|---|---|---|---|---|
 |     | 0.10 pips | USD 3 | USD 7 | |||
 |      | 0 pips | USD 0 | USD 10 | |||
 | | 0 pips | USD 0 | USD 10 | |||
 |       | 0.60 pips | USD 0 | USD 6 | |||
 |   | 0.90 pips | USD 100 | USD 9 | |||
 | | 0.40 pips | USD 100 | USD 14 | |||
 |  | 0.70 pips | USD 5 | USD 7 | |||
| | 0.60 pips | USD 5 | USD 6 | |||
 | | 0.10 pips | USD 200 | USD 8 | |||
 | | 0.70 pips | USD 10 | USD 17 |
Select another broker to another broker to compare features, fees, and platforms side by side.
Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.
