Accepts South African Clients. Average spread EUR/USD 1.70 pips on trading account with lowest minimum deposit of 250 USD. Max leverage 30:1. Islamic account available. MT4/MT5 platform supported. NAGA is regulated by CySEC.
NAGA is a CySEC-regulated CFD broker offering trading on Forex, shares, indices, crypto, commodities, ETFs, and futures. A market-maker with a single live account and impressive copy-trading functionality, NAGA offers wide platform support including MT4 and MT5, but traders will have to use NAGA’s own platform to access all the copy-trading features.
The minimum deposit is higher than similar brokers in South Africa at 250 USD, and NAGA’s spreads are wider than the industry average, but it does not charge commission. Beginner traders will find better educational material and market analysis at other CFD brokers, but the unlimited demo account will be welcome.
NAGA is regulated by the Cyprus Securities and Exchange Commission (CySEC). It is also registered in Hamburg, and St Vincent and the Grenadines. See below for a list of companies and registrations:
NAGA Markets Europe Ltd is regulated by the Securities and Exchange Commission (CySEC) under 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 with registered address at Neustadter Neuer, Weg 22, 20459 Hamburg.
As per regulation, NAGA keeps client funds segregated from the day-to-day operational account of the broker, and offers negative balance protection. Â
NAGA’s Trading Conditions
NAGA offers one live account and a demo account that does not expire. It does not charge a commission, but charges withdrawal and copy-trading fees. Leverage is up to 1:1000 on all accounts, and minimum transaction level is 0.1 lots. Trades are executed in real-time, and NAGA provides a copy-trading service, a benefit to beginner traders. Â
NAGA allows currencies to be dominated in many base currencies, including crypto. Trading sessions run from Monday 00:00 – Friday 24:00 CET. It also offers Islamic Swap Free accounts.Â
See details of the various accounts:
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.Â
NAGA Live Account
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NAGA offers only one live account, which requires a minimum deposit of 250 USD to initiate. Variable spreads start at 1.7 pips on its major FX pairs, and leverage is up to 1:1000, subject to approval. NAGA does not charge a commission on its forex or CFD trading, but minimum transaction level is 0.1 lots. NAGA offers a rewards programme, where the more money a client deposits, the more benefits are derived.Â
NAGA’s variable spreads start at 1.7 pips, which is wider than its peers. NAGA does not charge a commission, but charges withdrawal and copy-trading fees.
Deposits and Withdrawals
NAGA complies with the Anti-Money Laundering Directive, by returning funds to the original source, and only up to the initial deposited amounts. Although NAGA does not charge any fees/commission on deposits, clients may be subject to fees from payment method providers. All withdrawals are subject to a 10 USD (or equivalent) fee with a minimum withdrawal amount of 50 USD. NAGA offers many deposit and withdrawal methods. Deposits and withdrawals are processed within 24 business hours by NAGA. Please see the following methods with terms and conditions:
Visa: Deposits take ten minutes; and withdrawals can take three to five business days to reflect.
Alternative payment methods (ABSA/First National Bank/Nedbank/Standard Bank/African Bank/Bidvest/Tyme Bank): Deposits are instant and withdrawals can take three to five business days.
Cryptocurrencies (Bitcoin/Ethereum/NAGA Coin/Dash/Litecoin): Deposits are instant, but withdrawals can take up to one hour.
NAGA does not charge an inactivity fee.
NAGA for Beginners
NAGA does not offer many educational materials for beginner traders compared to its peers. The NAGA Academy offers a limited number of educational articles, tutorials and videos, and only offers webinars to its active traders. It also lacks in up-to-date market analysis content, providing only a basic daily technical analysis, economic calendar and 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
As mentioned, NAGA has very limited educational content. It does offer a number of articles and videos on Forex trading, but you have to register an account and start trading to access its webinars. Its educational content is only available in English.
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. Market analysis material is only available in English.
Customer Support
The responsive and helpful customer support team at NAGA is available during business hours, 24/5 week via telephone (locally in South Africa), live chat and email, but, as with all regulated brokers, cannot offer investment advice.Â
Trading Platforms
NAGA presents traders the choice between the industry-standard MT4 and MT5 products, in addition to its own proprietary platforms. All the necessary trading tools and resources are on hand to allow traders to conduct research and analysis, enter and exit trades and even use third-party automated trading software.  All platforms allow copy trading, CFD trading on all markets, and are available for PC, smartphones and tablets.Â
NAGA’s Trading Apps
The MT4, MT5 and NAGA Web applications offer full NAGA account functionality to offer a seamless transition from the desktop application. These apps may vary in the number of technical indicators and instruments available to trade, and have different chart types and market analysis tools. Customer service is available 24/5 to answer questions about the software and help with set-up.
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. Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the top-performing traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
Overview
NAGA is a traditional, CySEC-regulated market maker broker. Its variables spreads are wider than its peers, but it offers commission-free trading on its account. Minimum deposit is set at 250 USD, leverage is up to 30:1 on FX pairs, and minimum transaction level is 0.1 lots. NAGA charges a flat withdrawal fee of 10 USD per transaction, which is fairly high.Â
NAGA offers the industry-standard MT4 and MT5 platforms, in addition to its own proprietary platform. NAGA has limited instructional documentation, but provides excellent customer support, has an unlimited demo account, and allows a copy-trading system to get new traders started.
Accepts South African Clients. Average spread EUR/USD 1.70 pips on trading account with lowest minimum deposit of 250 USD. Max leverage 30:1. Islamic account available. MT4/MT5 platform supported. NAGA is regulated by CySEC.
Accepts South African Clients. Average spread EUR/USD 1.70 pips on trading account with lowest minimum deposit of 250 USD. Max leverage 30:1. Islamic account available. MT4/MT5 platform supported. NAGA is regulated by CySEC.
NAGA offers only one live account, which requires a minimum deposit of 250 USD to initiate. Variable spreads start at 1.7 pips on its major FX pairs, and leverage is up to 1:1000, subject to approval. NAGA does not charge a commission on its forex or CFD trading, but minimum transaction level is 0.1 lots. NAGA offers a rewards programme, where the more money a client deposits, the more benefits are derived. 
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