NAGA Review

Is NAGA safe?

Yes, NAGA is a safe broker to trade with. It maintains regulation from CySEC in Cyprus, Germany’s BaFin, and is registered in St Vincent and the Grenadines.  

Established in 2015, and headquartered in Germany, NAGA is a publicly listed company on the Frankfurt Stock Exchange. It also maintains regulation from top-tier authorities, including the Cyprus Securities and Exchange Commission (CySEC), Germany’s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), and is registered in St Vincent, and the Grenadines. See below for a list of registrations:

• NAGA Markets Europe Ltd is regulated by the Securities and Exchange Commission (CySEC) under license No. 204/13.
• NAGA Global (SV) Ltd, with registered address at Trust House, 112 Bonadie Street, Kingstown, St. Vincent, and the Grenadines.
• NAGA Technology GmbH is authorised and regulated by BaFin with registered address at Neustadter Neuer, Weg 22, 20459 Hamburg, under licence number  135203.

NAGA clients in South Africa will be trading under the subsidiary, NAGA Global (SV) Ltd, authorised and registered in St Vincent and the Grenadines.  For all intents and purposes, the SVG FSA is not considered a forex broker regulator and applies no supervision of any CFD trading-related activities.  Clients must rely solely on the reputation of NAGA, as no additional measures exist to ensure client protection. However, in a show of good faith, NAGA segregates all funds from the company’s operating capital at top-tier banks, and it offers negative balance protection to all its clients.  

While South Africans may be apprehensive about trading under a subsidiary that is essentially unregulated, NAGA’s subsidiaries in Europe are also regulated by BaFin and CySEC, which are both top-tier authorities.  

Additionally, NAGA Group A.G. is publicly listed on the Frankfurt Stock Exchange, which means that all its operations are completely transparent, and it is supported by Fosun, a major shareholder with a billion-dollar asset fund.  

Overall, because of its long history of responsible behaviour, BaFin and CySEC regulation, strict internal processes, and the fact that NAGA is a publicly listed company, we consider NAGA  a trustworthy broker. 

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Trading Fees

NAGA’s trading fees are significantly higher than other brokers.

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

NAGA’s accounts were assessed to compare the costs to those of other brokers. When making this calculation, we use one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread. Unfortunately, NAGA does not publish the average spreads for each account tier, so these calculations were based on the standard spreads.  

The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:

Spread x Trade Size + Commission = Total Trading Cost (USD):

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As you can see from the table above, no commissions are charged, and trading costs are built into the variable spreads across all account tiers.  Additionally, traders should note that spreads are variable at NAGA, meaning that they will get wider or tighter depending on trade volume and market volatility. 

Overall, spreads are wider than average at NAGA. The average cost for trading one lot of EUR/USD among similar brokers is about 9 USD per lot. As you can see from the table above, 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.  The spreads on these account tiers would be found at other brokers for an initial deposit of 250 USD or less. 

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

NAGA

2.5/ 5

USD, EUR, GBP, AUD

1.70 pips

USD 17

0.7 pips

2.0 pips

1.6 pips

0.0

Fibo Group

5/ 5

EUR, USD, RUR, CHF, GBP

0.60 pips

USD 6

0.2 pips

0.4 pips

0.2 pips

0.0

Eightcap

4.5/ 5

AUD, USD, EUR, GBP, NZD

0 pips

USD 7

0 pips

0 pips

0 pips

7

Swap Fees

The other main trading cost to consider is the overnight swap fee. This is charged on trades held open overnight and is derived from the difference between the interest rates of the two currencies being traded. NAGA’s swap rates are published on its website for each financial instrument. NAGA charges swap fees of -3.5 on the EUR/USD on a long position, and -0.65 on a short position.

Compared to other similar brokers NAGA’s initial and ongoing costs are high. The minimum deposit on the entry-level account is higher than at other brokers and spreads are wider than average across all account tiers.

Non-Trading Fees

NAGA’s non-trading fees are average compared to other market maker brokers.  No deposit or inactivity fees are charged, but it charges high withdrawal fees.  

Some of the most overlooked trading costs are the non-trading fees that are charged by brokers.  These fees can significantly affect your profitability and so should be carefully scrutinised.

NAGA does not charge inactivity or deposit fees, but it charges relatively high withdrawal fees.

Withdrawal fees are charged according to the account tier.  For example, Iron Account holders are charged a withdrawal fee of 5 USD per transaction, while Crystal account holders (who deposit over 100,000 USD) are not charged a fee at all. For more on NAGA’s deposit and withdrawal methods, click here.  

Opening an Account at NAGA

The account opening process at NAGA is user-friendly, fully digital and accounts are ready for trading within one day.

All South African residents are eligible to 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

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one 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 number.   
3. Once this step is complete, traders will automatically be directed to a demo account.
4. In order to open a live account, traders will have to click on “Upgrade Account”, where they will be directed to complete the KYC process, including personal information.  
5. Once this step is complete, clients are required to fill out a questionnaire that helps NAGA assess the trader’s investment knowledge, experience, and expertise to deem 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 Passport, national ID card, driving license, 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 login 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’s Accounts

NAGA offers one live account with tighter spreads and other benefits linked to higher minimum deposits.  

A market maker, NAGA offers one live account but tighter spreads and other benefits can be gained with higher minimum deposits. Trading is offered on multiple assets, including Forex, stocks, indices, commodities, futures, and ETFs (click here for more on NAGA’s tradable assets).

Trading conditions at NAGA are generally poor, with high minimum deposit requirements and higher than average trading costs across most account tiers. Spreads average 1.70 pips pips (EUR/USD) on the entry-level tier, which requires a minimum deposit of 250 USD. Not only is this spread wider than most other brokers’ entry-level accounts, but the minimum deposit is also higher. Most brokers will offer an average spread of 1 pip (EUR/USD) and a minimum deposit of 100 USD or less on their entry-level accounts.

It is difficult to find any advantages with NAGA’s account tiers, either for experienced or beginner traders. As mentioned above, the entry-level account has both higher initial and ongoing costs than similar accounts at other brokers. While spreads on its top-tier accounts (Diamond and Crystal) offer spreads starting at 0.9 pips and 0.7 pips (EUR/USD), respectively, the minimum deposits are prohibitively high – starting at 50,000 USD and 100,000 USD.

Traders also unlock other benefits with higher tiers.  For example, when traders reach Gold Trader status (with a minimum deposit of 25,000 USD) they access spreads of 1.2 pips on the EUR/USD, cheaper withdrawals, four one-on-one tutoring sessions per month, premium books, and access to premium contests.  

NAGA allows all trading strategies, including hedging, scalping, and copy trading.  Leverage is up to 1:1000, depending on the financial asset, and accounts are denominated in USD, EUR, GBP, and PLN (click here for more on NAGA’s base currencies). NAGA also offers Islamic swap-free accounts.

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

NAGA Live Account

NAGA offers only one live commission-free account with increasing tiers and benefits linked to higher minimum deposits.  A minimum deposit of 250 USD is required to open its entry-level account where spreads start at 1.70 pips on the EUR/USD, which is wider than other similar brokers. With a minimum deposit of 100,000 on its Crystal tier, traders can access spreads of 0.7 pips (EUR/USD).  Withdrawal commissions also vary depending on the minimum deposits, and traders have access to more premium content the higher the tier.  See below for more details:

• 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.      

Deposits and Withdrawals

NAGA offers a wider range of funding and withdrawal methods than other similar brokers, but it charges relatively high withdrawal fees.  

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

NAGA supports over 170 payment methods, including 29 regional bank wires, credit cards/debit cards, 132 alternative payment options, including Skrill, Neteller, Sofort, Giropay, EPS, iDEAL, P24, Trustly, etc., as well as payment options based solely on geographic location. It also offers six cryptocurrency deposit methods. South Africans should note that payment methods are limited to local bank transfers (via FNB, Standard Bank, ABSA, etc.), Visa, and cryptocurrency transfers.

Although NAGA does not charge any fees/commission on deposits, clients may be subject to fees from payment providers.  All 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.  Please see the following methods with terms and conditions:

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Overall, NAGA offers a wider range of funding and deposit methods than most other brokers.  However, while deposits are free, NAGA charges high withdrawal fees. 

Base Currencies

NAGA offers four base currencies, which is limited compared to other similar brokers.

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 ZAR trading accounts, which is a disadvantage for South Africans who will likely have bank accounts denominated in ZAR, and who will have to pay currency conversion fees on deposits and withdrawals.

For traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with a ZAR account, there will be a small conversion fee for every trade made.

Overall, NAGA offers fewer trading account currencies than most other large international brokers and doesn’t offer accounts denominated in ZAR. 

Trading Platforms

NAGA’s trading platform support is better than other similar brokers, with MT4, MT5, and its proprietary NAGA web app available.

NAGA presents traders the choice between the industry-standard MT4 and MT5 products, in addition to its own proprietary 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 (for more on NAGA’s mobile platforms, click here).

Metatrader 4

MetaTrader 4 (MT4) is still undoubtedly the world’s most popular trading platform for forex traders due to its ease of use, feature-rich environment, and automated trading ability.   Features of NAGA’s MT4 platform include:

• 30  technical indicators
• 31 graphing objects
• Three chart types
• Nine timeframes
• One-click trading.  
• Traders can also add custom EAs and indicators.

While MT4 has great customizability, the platform feels outdated, and some of the features may be hard to find.  In addition, only the basic orders are available, including Market, Limit, Stop, and Trailing Stop.

MetaTrader 5

The newer version of the MetaTrader platform suite, MT5 is being adopted by more traders all the time.  MT5 incorporates all of the key features of MT4 and an optimised environment for EA trading. 

Features of NAGA’s MT5 include:

• 38+ preinstalled technical indicators
• 44 analytical charting tools
• 6 pending order types
• 4 order execution types
• Three chart types
• 21 timeframes
• Detachable charts
• Depth of Market
• An integrated Economic Calendar.

The benefit of NAGA offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.  Additionally, there are thousands of plugins and tools available for the MetaTrader platforms. 

NAGA Web App

The NAGA Web App is NAGA’s social trading platform.   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.  Its 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 that are rated based on their profits, the number of profitable trades, and the number of active investors who have 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 is a benefit for beginner traders finding their footing in the Forex trading space.   

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Broker

Platform Choice

Copy Trading

Platforms

NAGA

4.5/ 5

Yes

MT4

MT5

NAGA Web App

Fibo Group

5/ 5

Yes

MT4

MT5

cTrader

Eightcap

4.5/ 5

Yes

MT4

MT5

Overall, NAGA’s platform support is better than other similar brokerages, and it offers its own proprietary trading platform which is easier to use and set up than MT4 and MT5.  

NAGA’s Mobile Trading 

NAGA’s mobile trading support is excellent compared to other similar brokers.

The MT4, MT5, and NAGA Web applications offer full NAGA account functionality to offer a seamless transition from the desktop application. These are available on both Android and iOS.  However, traders should be aware that these apps may vary in the number of technical indicators and instruments available to trade, and have different chart types and market analysis tools compared to the desktop versions. 

Trading Tools

NAGA’s trading tools are virtually non-existent.  Most other brokers offer a range of technical analysis tools such as Autochartist or Trading Central to help traders make better trading decisions, which is unavailable at NAGA. 

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

NAGA

Yes

No

No

No

No

Fibo Group

Yes

No

No

No

No

Eightcap

No

No

No

No

No

As mentioned above, NAGA does offer its own proprietary social trading platform. 

NAGA’s Financial Instruments

NAGA offers an average range of tradable assets compared to its competitors.

NAGA offers CFD trading on Forex, indices, shares, commodities, cryptocurrencies, ETFs, and futures (click here for more on CFD trading).

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• Forex pairs: NAGA offers 47 Forex pairs to trade, including majors, minors, and exotics such as USD/ZAR and USD/MXN. This is around the average offered by its closest competitors. Maximum leverage is 1:1000 and trading is available on MT4, MT5, and the NAGA web app.
• Commodities: NAGA offers trading on 8 commodities, including energies such as oil and natural gas, and softs such as wheat and cotton, which is around the average offered by most other brokers. Maximum leverage on commodities is up to 1:500 and trading is available on all NAGA’s platforms. 
• Stock CFDs: NAGA’s stock CFD offering is average compared to most of its competitors, with 400 stock CFDs available to trade, including popular US tech companies, and those listed on the NASDAQ, and NYSE, and more. Traders should note that stock CFD trading is only available on MT5 and the NAGA web app.  Stock CFDs are traded with a leverage of up to 1:10.
• Indices: NAGA offers cash and futures contracts on over 25 international indices, including the NASDAQ, S&P500, UK100, and the DAX. This is an average range of indices compared to other brokers. Maximum leverage is 1:500, and these are available on MT4, MT5, and the NAGA Web app.
• ETFs: NAGA offers trading on 17 ETFs, which is a limited range compared to most other brokers.  The maximum leverage on ETFs is 1:5, and trading is available on all three platforms.  
• Futures: NAGA offers trading on 12 global futures, including the DAX, FTSE100, S&P500, and the Nikkei, which is average compared to most other brokers.  Maximum leverage is up to 1:50 on futures and trading is available on all NAGA’s platforms  
• Cryptocurrencies: NAGA offers a reasonably wide range of cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Dash Coin, NAGA Coin, Ripple & Litecoin.  Leverage is limited to 1:20 for cryptocurrencies which is standard for these products, as volatility can be extreme. Spreads on these currencies are variable and are significantly higher than Fiat currencies but in line with other brokers.

Overall, NAGA  provides an average range of tradable assets, which should leave most professional traders satisfied.

NAGA for Beginners

NAGA does not offer as many educational materials for beginner traders as its peers.   It also lacks up-to-date market analysis content, providing only a basic daily technical analysis, economic calendar, and a 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

NAGA offers an adequate range of educational materials, but these are not as good as the best brokers in this space.

As mentioned, 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 a number of educational articles, tutorials, and videos, and webinars are only available for its active traders. 

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

NAGA

Yes

No

Yes

None

Yes

Fibo Group

No

No

No

Low

Yes

Eightcap

Yes

No

Yes

Medium

No

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 a number of tutorials on how to use its proprietary NAGA web app. 

ebooks:  NAGA’s collection of ebooks is comprehensive, however, traders have to 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 have to register a live account to gain access to 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.  

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.  These materials are curated by its in-house team of analysts.  

Customer Support

The responsive and helpful customer support team at NAGA is available during business hours, 24/5 week via telephone, live chat and email, but, as with all regulated brokers, cannot offer investment advice. 

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

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. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance of a NAGA community member is not a reliable indicator of his future performance. Content on social trading platform is generated by the members of its community and does not contain advice or recommendations by or on behalf of NAGA.  

Overview

NAGA is a traditional, CySEC-regulated market maker broker, well known for its popular proprietary social trading platform.  Trading is offered on one live account with increasing minimum deposits linked to more benefits.  Its variable spreads are wider than its competitors, and minimum deposits are higher than the industry average too, but it offers a good range of tradable assets.  

In addition to the NAGA web app, NAGA offers the industry-standard MT4 and MT5 platforms.  NAGA has limited educational and market analysis materials, but provides excellent customer support, has an unlimited demo account, and provides a copy-trading system to get new traders started.