- Is Naga safe or a scam?
- Trading Platform
- Deposits and Withdrawals conditions with a minimum deposit and withdrawal fee
What is Naga?
Naga was founded back in 2015 as a Fintech company that provides access to world markets through decentralized technology along with necessary support so that global investors may gain bigger exposure.
The company is established under Cyprus laws, also complied according to European legislation allowing access to trade financial markets, cryptocurrencies, stocks and virtual goods supporting all major global markets.
10 Points Summary
|📉 Instruments||Forex, cryptocurrencies, stocks and virtual goods|
|🖥 Platforms||MT4, MT5, NAGA Web|
|💰 EUR/USD Spread||1.2 pips|
|💳 Minimum deposit||0 $|
|💰 Base currencies||USD, EUR, GBP|
|🎮 Demo Account||Available|
|📚 Education||Learning courses, Social trading, analysis|
|☎ Customer Support||24/5|
Naga offers several ways of financial investments through either manual or automated investing, Social Trading opportunity, trading of over 500 instruments, ICOs, etc. Actually, Naga Markets is a publicly listed FinTech company in Frankfurt backed by Multibillion fund FOSUN, which provides transparency over trading processes.
Eventually, Naga constantly add on innovations and new challenges that allow rapid development of the company and its clients as well.
Is Naga safe or a scam?
In fact, the NAGA group took all necessary steps to be a fully regulated and transparent firm which is not only publically listed company, but also a broker authorized by a CySEC in Cyprus and a technology company operating in Germany.
NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange (WKN: A161NR | ISIN: DE000A161NR7). Which brings a certain level of stability together with a strong establishment and operational base. Also, NAGA is backed with a Chinese fund FOSUN making it a reliable firm under any circumstances.
In addition, there is an entity located in SVG which gives global expand to NAGA service, as long as it is authorized and regulated by European legislation it is considered safe even being registered in the offshore zone.
So together with numerous performance standards and high reliability as a public company, NAGA also complies its trading service with necessary requirements set by MiFID. As such, traders’ funds are always segregated from the company and are covered by a compensation scheme in case of brokers’ insolvency.
What is also great as we discover within our NAGA review is a choice between the platform you’re getting. So you may select either MetaTrader4, its newer version MetaTrader5 or use proprietary software NAGA Web platform together with its applications.
While MT4 and MT5 do not require many words and introduction due to its world popularity and proved powerful capabilities that remain at your disposal either for manual or automatic strategies. NAGA trading platform brings you additional capabilities and a truly great balance between a friendly interface and its sophisticated solutions.
NAGA, being a FinTech company made it truly great software that will suit the most demanding appetites accompanied by online support, news streaming and comprehensive analysis features. While one of the main parts from NAGA offering is a Social trading capability, you will find excellent capability for copy trading, which is based on proprietary algorithms defining top traders and leading trades along with numerous bonuses.
Also, there is a quite great offering performed via Naga Exchange that allows unlimited and commission-free crypto and fiat trading through its biggest social network. So either you are professional or beginning trader, Naga welcomes both with unique opportunities either to copy trades or act as a “master”.
What are Naga Costs?
Once you decide to trade with Naga, you many choose from 5 fiats (USD/EUR/GBP/PLN/CHF) or 4 crypto- based trading accounts available for all types of investors with no diverse of trading conditions based on deposits or so.
Naga mentions on its website offering of the lowest spreads for all traders despite trading account size, so any investor will get better trading conditions. Typical spread for EUR/USD is 1.2 pips, which is considered a good spread mong industry offering. As for other instruments, there could be commission charges for some assets which you will find directly from the platform.
Also while using Social trading all costs and spread of the profit between master account and copy account will be calculated automatically.
As an example, you may refer to the table below and see average spread for some currency pairs, as well you may compare fees to another popular broker Avatrade.com.
Also, always consider Naga rollover or overnight fee as a cost, charged on the positions held longer than a day and determined by the direction you trade either selling or buying, also refer to some examples below.
Also while trading with Naga you may access flexible leverage that allows you to control and manage risks better and according to your trading style. However and since Naga is a European broker, the company offering fully complies with ESMA restrictions, therefore, falls under recent updated to use lower leverage levels. So the maximum leverage available for retail traders is 1:30, while professionals may access higher ratios once the professional status is confirmed.
What Funding Methods Naga offers?
And the last point in our Naga Review is a question about how to transfer funds into your trading account. Eventually, Naga supports all major cards, cryptocurrencies and alternative payment methods like e-wallets.
In addition, since February 2019 firm launched NAGA Card & IBAN that allows users to manage funds and pay for services or goods even easier, throughout all benefits of NAGA MasterCard.
There is no minimum amount required by Naga for first-time deposits, yet as the broker mentions usually new traders deposit amounts from 200$ in order to have exposure to almost any market and try out Naga conditions. Also note, each payment method may require specified minimum amount available for transfer.
Naga covers all deposit fees whatever method you will use for money transfer, which is great for you as a trader. As for the withdrawals, typically Naga does not waive fees, yet you better check with your payment provider in case there are any changes that might be applicable due to international transfer laws.
Overall, Naga Review shows us a company that stands on strong technology and development of trading innovation. So trading with Naga you will find vast investment opportunities either you are beginner, so social trading will assist in your steps.
Alternative forex broker is Octafx with similar licenses and a bit better trading condition
Nevertheless, we would be good to know your personal opinion about Naga, you may share your experience in the comment area below, or ask us for some additional information.
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