NAGA launched in 2015 with a view to providing an innovative social trading platform that would offer decentralized access to financial markets and allow investors to like share and copy trades on over 500 different financial instruments. The formula has proved pretty popular so far, with NAGA boasting over 500,000 active user accounts. In this NAGA Review 2020, we take a closer look at what the platform has to offer and how to get started with an account. We’ll also consider how suitable NAGA is for traders around the world.
It should be noted that NAGA effectively has two entities – NAGA global and NAGA Europe. The latter offers services exclusively to clients within the EEA. Therefore, if you are looking for platforms in Australia, New Zealand, Canada or India, you will need to ensure you open an account from your home country to gain access to the correct subsidiary.
Pros & Cons of NAGA
- Global reach
- Several trading platforms
- NAGA crypto trading available
- Facility to copy successful trading strategies
- Regulated broker
- Multilingual customer support
- Currently unavailable outside of the EEA
- Spreads are higher than some competitors
Naturally, an important focus of our NAGA Review 2020 is actually using the platform – what the interface is like, how easy it is to use and, perhaps most importantly, how secure it is. When opening a NAGA trading account, users can choose between a variety of platforms. However, these are all linked by NAGA’s proprietary social trading base. Here, users can create a profile page and start exploring the community to gain insights into trading strategies, look for signals and scope out top traders to auto copy. NAGA also offers the industry-leading MetaTrader 4 and MetaTrader 5 platforms, which most traders will no doubt be familiar with. Between them, the MT platforms offer a host of professional tools, giving access to a host of technical indicators and tools for more complex analysis of the markets.
As with any reputable broker, NAGA places a great emphasis on the security of its users and their data. As the platform operates in Europe, it is subject to strict GDPR regulations and the site itself is encrypted with the latest protocols. NAGA also provides its users with the option of a crypto wallet, so it stands to reason that the firm has invested a great deal in protecting its platform from all manner of cybercrime.
Our NAGA review was also impressed with the overall feel of the website. Despite a comprehensive offering of financial services, everything is intuitively laid out and the trading platforms are well integrated with the NAGA website.
How To Trade
First thing’s first, you’ll need to register and open a NAGA account. The initial process is simple enough and involves inputting a few details. If you are opening an account from Europe, you can also choose whether you register with NAGA Markets or NAGA Global. The platform also invites you to select a platform during registration, NAGA has 2 MT trading platforms, as well as a web-based trader and a mobile trading app. Of course, you can switch platforms after having registered.
Once your account has passed verification, you’ll then need to add funds to your account. This can be done via a variety of methods and accounts can be funded with either fiat or cryptocurrency if you are using NAGA Wallet.
Explore the Community
NAGA is a social trading platform and one of the biggest advantages is it allows you to engage with the wider trading community. Therefore, before committing to any trades, it’s a good idea to investigate a few tips, tricks and strategies used by some of the pros.
Having opened an account, added funds, and explored the website, you will then be ready to start trading. It’s important at this stage to choose the right platform for you, which will largely come down to personal preference. However, our NAGA review recommends that trading novices start with the proprietary web trader.
NAGA supports an impressive array of payment methods for both deposits and withdrawals. One feature that impressed our NAGA review 2020 was the option to fund accounts with multiple currencies – both crypto and fiat – via the NAGA Wallet. When it comes to actually making transactions, the platform supports most major payment methods. Fiat currency deposits and withdrawals can be made by the standard options, including Visa, Mastercard, and wire transfer, as well as the most popular e-wallets, such as Sofort, Neteller, Krill, and Giropay. There are no fees for making deposits via the methods detailed above and funds should be credited to your accounts instantly, with the exception of bank transfers, which can take up to 5 business days to clear.
Withdrawals can be made via all the same methods and NAGA aims to process requests within 24 hours. However, the time it will take funds to show in your account will depend on the processing times associated with the chosen method. As previously mentioned, all withdrawals have a flat fee of 10 GBP/EUR.
Our NAGA Review 2020 was pleased to find that the platform has very little by way of commissions and fees. Forex, cryptocurrency, CFDs, and commodities can all be traded commission-free, whilst commission on stocks is 0.20% and 0.10% for ETFs. Of course, commission-free trading will always be seen as a positive, but most experienced traders will realise that this means NAGA makes up its fees elsewhere – namely in the spreads. That being said, our NAGA review found that the spreads were still pretty competitive. For example, USD/Euro spread is currently quoted at 1.2 pips, which is fairly standard. Of course, you will find narrower spreads, but these will almost definitely be with brokers that charge a flat commission for trading.
There are other fees associated with using NAGA. Whilst the platform has dispensed with its inactivity fees, our review was disappointed to find there is a flat charge for withdrawals of 10 GBP/EUR. This is an important consideration for smaller volume traders and should be factored into profit/loss strategies. NAGA also charges traders for using the auto-copy function. This varies across the different markets and for different pro traders, but the fees are either set at 5% or a fixed fee of 0.50 GBP/EUR.
Next up, our NAGA Review we’ll take a look at the platform’s customer support offering. It’s worth noting here that NAGA is a social trading platform, therefore there is a big emphasis on community and users will find an extensive collection of articles and posts covering everything from using the trading platforms to the small print of the NAGA terms and conditions. That being said, NAGA still provides comprehensive customer support, with agents available 24 hours a day, Monday to Friday via phone, live chat and email. According to the website, support is available in English, German, Spanish, Italian, Polish, Czech, Hungarian, Portuguese, Malay, Bahasa, Vietnamese, Thai, Chinese, and Farsi.
An important factor for our NAGA Review 2020 is the platform’s regulatory credentials. The brokerage is fully licensed and regulated by the Cyprus Securities and Exchange Commission. Naturally, this means that NAGA is subject to strict CySEC rules and guidelines, which should give clients peace of mind that they are using a trusted and reliable broker. In addition to being regulated by CySEC, the platform is also subject to European MiFID financial harmonisation laws, which are effectively in place to boost customer protection by insisting upon financial transparency and promoting fair competition. NAGA Global operates under license from the Financial Services Authority St. Vincent and the Grenadines.
When it comes to account security, our NAGA Review found the platform employs a comprehensive KYC process and each customer account must be fully verified before they will have full access to the trading platform. Unfortunately, this also means that those from prohibited countries, such as Australia, New Zealand, Canada, the US and India will not be able to open an account unless they have a registered address within the EEA.
Reputation and Customer Feedback
NAGA is fairly well entrenched in the fintech world and the brand had already established a fairly strong reputation before launching its social trading platform. Generally, customer reviews are positive and the platform is yet to experience any security breaches. Some users have noted that the spreads are wider than those on rival platforms, but our NAGA review found this to be largely inaccurate once commission fees were factored in.
Overall, our NAGA review found the platform offered a comprehensive brokerage and trading platform that should appeal to both novice and professional traders. The inclusion of a social trading feature is becoming more commonplace in the industry, but NAGA has really hit the ground running in this area and the social aspect of the platform is already very well developed and offers a huge amount of information and ways to get into trading. Finally, the option to switch between trading platforms means users have plenty of options when it comes to accessing metrics, industry reports and advanced trading tools.