NAGA Broker Review

Regulation: NAGA is regulated by CySEC in Cyprus and has a good reputation in the trading community. However, global traders will trade under the subsidiary NAGA Capital Ltd, which is regulated by the Seychelles FSA.

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. Seychelles regulation also means that NAGA can offer higher leverage and bonuses to global 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. 

Eligible traders 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:
   • Proof of Identification – NAGA accepts all government-issued identification documents such as passports, national ID cards, driving licenses, or other government-issued ID. 
   • 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.

NAGA provides a wide range of tradable assets, which should satisfy most traders.

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, with a minimum deposit of 10 USD. The ongoing costs on this account are higher than those 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. 

We opened and tested NAGA‘s accounts:

Unlike other brokers offering a range of different account options, NAGA offers one live account with different tiers and more benefits linked to higher minimum deposits.

Iron Trader

With a minimum deposit of 10 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.

NAGA complies with the Anti-Money Laundering Directive by returning funds to the source and only up to the initial deposited amounts.

Trading Account Currencies: Trading accounts can only be denominated in four base currencies – EUR, USD, PLN, and GBP. 

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. Traders should note that payment methods are limited to credit card payments via Visa, Mastercard, Maestro and bank transfers from Standard Bank or Absa Bank.

Deposits and withdrawals are processed within 24 business hours by NAGA.

NAGA offers support for its own NAGA App and the MT4 and MT5 mobile apps, which is average for the industry. 

NAGA App

The NAGA app builds on NAGA’s focus on social and copy trading and allows NAGA clients to trade forex, shares, indices, and more. The app is fully integrated with NAGA’s web trader (see below) and the desktop versions of MT4 and MT5.

Get Rewarded with Autocopy

Become a content provider and build your following. Get up to $1,20 for every copied trade of yours. NAGA’s lead traders can potentially get 1000+ copied trades in a day.

Learn While Trading with NAGA’s Free Education

NAGA’S Trading Academy offers free webinars, live coaching, and expert analysis of the latest trading news. The NAGA app has been downloaded by more than 500,000 people globally.

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.

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 Trader

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 and various trading calculators, NAGA offers Trading Central free 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.

NAGA has a wide range of educational content and webinars but not much for more advanced traders. 

Articles: NAGA offers a varied section of educational articles. Topics include Here’s How the Moving Average Works and Why it is Awesome!, How Traders Use Volume to Their Advantage, Why Risk Management is Must, and 5 Candlestick Patterns Traders Should Know.

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

Ebooks: NAGA’s collection 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 daiñy, but traders must register a live account to access them. They 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 a virtual starting balance of 10,000 EUR, which can be topped up upon request. It allows one to view charts, news, and analysis, access the full-featured MT4 and MT5 platforms, and experience real-time prices and forex market volatility. While the demo account is not limited in time, it will automatically close after 3 months of inactivity. 

As with all regulated brokers, Naga cannot offer investment advice. 

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, but there were a couple of instances where the customer service seemed unsure.