Founded as a Fintech company in 2015, NAGA provides traders with a social trading platform with access to world markets through decentralized technology.
NAGA's online trading platform is known for its unique copy trading feature called the Autocopy — which rewards traders financially when copied by other traders. It also has reasonable costs, research and education tools. Among the other highlight features of NAGA are its social feed and its NAGA messaging tool.
To open an account with NAGA, simply click 'Register' on their website. To apply, fill out a short online application form, verify your identity, and provide proof of residence.
Once your account has been verified, you can immediately begin trading. An Islamic swap-free account is also available upon request.
NAGA offers two types of accounts plus an Islamic account on request.
The NAGA Standard Account gives users access to more than 500 tradeable financial assets with a spread beginning at 1 pip.
The NAGA Professional Account offers traders a leverage of up to 1000:1 on major foreign currency pairs. There are however, conditions for opening a Professional Account. These are:
Take note: The NAGA Islamic account is available upon request at the customer service.
NAGA also has a Demo account that comes with $10,000 in virtual cash and is available by default once you sign up for an account. By using the simulator, you can familiarize yourself with the trading platform’s interface while practicing your trading strategies risk-free.
Keep in mind however, that the demo account of NAGA does not have any expiration date.
To access your account via NAGA Web, all you need to do is enter your email or username and password that you registered with when you created your account.
Following the set-up of your NAGA account, you can start trading by depositing to your fund through these payment mediums:
NAGA's minimum deposit requirement of $250 is the probably the only drawback traders complain about this trading platform. It sure is hefty but looking on the bright side, the amount of $250 is a good capital starting point to begin your trading journey.
The main platform to access NAGA is through its bespoke Naga Web. The NAGA Web platform allows traders to get access to every one of Naga trading markets, message each other through the app's built-in messenger feature to share trading analysis, avail of a "personal account" manager, Copy trading signals, an Autotrading feature, market news and a digital wallet.
NAGA can also be used through the MT4 and Mt5 trading platforms.
NAGA offers more than 15,000 financial assets covering cryptocurrencies, commodities, ETFs, Forex, Indices, CFDs, Futures and Stocks.
EUR/USD typically has a spread of 1.2 pips, which is considered a good spread in the industry. There may be commissions associated with other instruments that you will find directly on the platform.
In addition, all costs and spreads between the master account and copy account will be calculated automatically when using social trading.
NAGA offers flexible spreads with zero commissions on most financial assets. Spreads on GBP/USD, for example, are normally set at 1.8 pip with comparable fees charged on indices. CFD stocks (0.20%) and ETFs (0.10%) are the only products that charge commissions.
NAGA also charges a flat rate of $0.50 on all copied trades. In addition to this, a 5% fee is applied to trades that earns a profit of at least $5. This transparent structure makes it easy to monitor the costs of copy trading.
All quotes and prices related to each financial asset offered by NAGA are from real-time figures from the markets around the world and therefore are all accurate.
Withdrawal requests takes only one business day to be processed by NAGA, if it was submitted prior to the conclusion of working hours. Although, NAGA doesn't charge deposit fees, a standard withdrawal fee of $5 is applied.
NAGA's customer support is only available from Monday to Friday during the hours between 9:00 to 20:00 EST.
The customer support channels of NAGA are as follows:
NAGA has a reputation of a reliable online brokerage that comes with a wide range of useful trading tools, financial instruments and very innovative social trading environment.
NAGA also have a decent track record of offering CFD trading, Forex pairs, crypto trading, ETFs, Indices and Commodities in its more than 7 year run as an online trading platform.
NAGA is considered as a safe online trading platform and brokerage since it follows the laws and guidelines of a couple of leading financial regulatory boards the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority of the United Kingdom (FCA).
NAGA may have flown under the radar for some time as not too many traders have heard about it before. However, its low-key placement in the online brokerage industry also have its share of upsides. Traders who are using it already — just a little over a million — are gifted with several Pros such as an extensive copy trading platform, a unique concept in its own as it also allows copied traders to earn additional profit when copied by other traders. NAGA's trading platform also provides a savvy social network environment where traders can freely exchange trading ideas plus it is also being offered in both MetaTrader 4 and 5.
It does come with a couple of downsides mainly as it currently has no US-based clients and limited educational resources. It also has a small withdrawal fee charged to users and a slightly higher minimum required deposit of $250. Over-all, NAGA comes as a sound trading platform that traders can find more benefits than shortcomings.
