NAGA Forex Broker: Is it the Best of the Best?
Contact Info
- Website: www.naga.com/
- International Support: +44-20-3318-4345
- Office address:
- Naga Markets LTD
- Ariadnis 7, Moutagiaka, 4531 Limassol
- Cyprus
NAGA FX brokerage is a CySEC regulated firm that has grown huge over the last four years. Currently, it has much to offer to its consumer.
NAGA Global LLC is based in St. Vincent and the Grenadines, but they also have offices the legal entity registered in Cyprus as NAGA Markets Ltd, with a CySEC license, which most of you are probably familiar with.
NAGA is also quite popular with its social trading feature, which allows any trader to become sort of like an “influencer”. You can earn as much as a quarter per person who follows your trade, and if you become relatively popular on the social platform, that can add up quickly over time.
You can trade with the NAGA mobile trading app on iOS and Android, and they have signals and top traders, so you can click on the top traders and even auto imitate some of them. There are a lot of deposit options available. You can see that there are over 20 methods available, and you can choose your country, so let’s say you’re in Germany, and you can see that there are cards, wire transfers, alternative payments, and, of course, cryptocurrency. The minimum deposit is $250, so it’s a fairly low barrier to entry into trading and gaining access to so many of the world’s markets.
This broker has many accolades to show for the many accomplishments it has been given over the course of the year since its inception in 2015.
Regulations
The NAGA FX brokerage site’s products and services are regulated and monitored by the CySEC and SVG regulatory bodies. Also, multiple trustworthy agencies, including the International Financial Services Commission, regulate the site. So, with all of this legal overhead, it’s safe to say that NAGA is a safe brokerage to trade with.
Account Types
There are six different accounts available on the site. They are named after various metals by their value. The last three account types are the most exclusive and are made for high-end customers. This is very much evident. NAGA caters to all types of trader no matter their experience or social and economical status.
The account types are
- Iron
- Bronze
- Silver
- Gold
- Diamond
- Crystal
The last three are the VIP accounts of the NAGA Forex broker.
Assets/Tools
There are eight different types of assets on NAGA. These are:
- Forex
- Stocks
- CFDs
- Crypto
- ETFs
- Indices
- Commodities
- Futures
In terms of tools, NAGA has a built-in mobile app called SwipeStox, which specializes in simplifying placing trades for stocks and currencies.
If you’re more of a crypto person, then the NAGA Wallet is designed just for you. With the on-site NAGA coins, you can easily switch between different trading assets without having to pay any fees.
Trading Platform
The available trading platforms on the site include MetaTrader 4 and MetaTrader 5.
NAGA MT4 is probably a bit more popular than the MT5, even though it’s only designed for Forex. There’s nothing too special about this software, it’s the MT4 you’ve seen everywhere, so there’s not much to talk about it.
The NAGA MetaTrader 5 is more commonly used for other assets such as CFDs. Most traders prefer to diversify their portfolios regardless of what platform they are on. And since NAGA offers such an opportunity, many take advantage of it.
As for indicators and other tools, the MT4 and MT5 come with everything you’ve seen on other brokers. Oscillators, EAs, EWs, you name it, it’s on MetaTrader.
Mobile
The NAGA Mobile app’s developers did their homework and incorporated numerous features to benefit their trader base. The program allows users to open and close deals quickly and easily. NAGA traders are already familiar with the website’s efficiency and flawless operation. In this aspect, the app is just as good, if not better. There were no technical concerns after downloading and installing the app, and we were able to use all of the functions pretty easily. The app has a one-of-a-kind design that is incredibly simple and intuitive. The UI is highly user-friendly, and navigating it is like a walk in the park.
NAGA’s mobile trading app makes forex trading easier and more accessible than ever before. They offer Major pairs, Minor pairs, and Exotic pairs.
Bonuses
There are no promotions available on the site. Instead one can find a lengthy educational section, which we will be discussing in one of the next parts of our NAGA Review.
Account Creation
To create an account on NAGA one needs to follow a few simple steps.
You must first register on the site before you can open a trading account. After you’ve completed the signup process and put your funds into your NAGA account, you can open an MT4 or MT5 trading account by following these simple steps.
- Go to the dashboard first
- Select “Sign up” from the drop-down menu
- After that, fill up all of the required boxes with your personal information
You are now ready to begin trading with NAGA forex broker with only three simple clicks.
Unique aspects
Due to the regulatory restrictions, there is very little the firm can do regarding promotional initiatives. The strict regulations of the Cyprus Securities and Exchange Commission and SVG qualification can’t permit the company to have many promotions other than the bonus offerings they currently have for their copy trading system.
However, there are a handful of unique aspects about NAGA that are more than interesting and beneficial to the consumer and every type of trader. The most interesting thing about it is the fact that most of the industry standards are in shape with the grateful mechanisms that are in place to serve the traders.
NAGAX is a new digital asset exchange that offers new and experienced traders a user-friendly and secure trading environment. Find out what makes NAGA Forex broker NAGAX stand out from a crowded field of competitors in the following sections.
Additional Material
They have a strong social media presence, which is critical for information exchange. They’ve actually used these media outlets to promote their sweepstakes. In terms of instructional tools, there are numerous video guides accessible where one may get excellent guidance and brush up on a variety of trade-related topics. There are many blogs created on the site for your leisure if you like written content.
Additionally, we have to acknowledge the fact that NAGA has a great, even astonishing social media presence, they have truly utilized all of the aspects of several media channels. There are also news updates on the site directly from very trustworthy sources as NAGA has great resources and understanding of the industry as a whole.
Pros and Cons
In this section of the NAGA review, we will be talking about the advantages and disadvantages that the firm possesses. We are going to highlight the best aspects of the NAGA Forex broker services and also talk about the aspects that can be improved in the future.
Pros
Interactive Pages
NAGA’s operations and initiatives are based on a set of precise principles that outline its approach to existing and prospective partners and clients.
These are the ideals of fairness, growth, and long-term development. Clients are given first priority. This is why the platform’s pages are so immersive and, as a result, incredibly participatory. When it comes to demonstrating marketplace operations, the platform’s visual stimuli are effective.
Charts
The platform’s visual stimuli are used to demonstrate various financial transactions. It has a lot of important added features, and one of them is the availability of charts. It also has other features, such as autochartist trading signals and risk management tools.
Cons
Fees
All of the site’s users’ accounts are subject to an inactivity fee. The same may be said about their special platforms, such as the NAGA mobile app, which are available on the site. The cost for inactivity is rather hefty.
There are copy fees which basically are fees charged for copying a position from another user.
All copied trades will be charged a set price of €0.99 by the NAGA FX brokerage. All trades with a profit of €10 or more will be subject to an extra 5% surcharge. On copiers, there is an auto-copy cost as well for the users that are auto copying other traders.
Fees for withdrawals are also a thing with NAGA, with a minimum withdrawal amount of $50, the typical withdrawal fee is $5 or equivalent in other currencies. With each upgrade to a higher VIP Level, the withdrawal price reduces until it is completely free for the Crystal Trader. There is also a fee for using the network. NAGA charges Network fees for the services offered when transmitting cryptocurrency from NAGA Wallet to other external wallets.
Support
The customer support on the NAGA Forex broker site is available 24/7 which is a great thing to know about the company as they can be quite easy to connect to via multiple communication channels like a live chat or an email. People can also always call the NAGA customer services hotline.
The website, much like other service providers, is multilingual. This means that not only the website itself is available in over ten languages but so do the customer service operators. Communication has never been so easy as it is at the NAGA forex broker.
FAQ on NAGA Forex Broker
Is NAGA Mobile App better than MT4?
The NAGA Mobile App is a really good piece of software, but it’s not MT4. There is not as much as it can do, but that’s the bane of every FX trading app when comparing it to MT4. On its own, the mobile app is amazing, but comparing it to MT4 is simply unfair as the desktop version will always beat the mobile version by a long shot.
Is NAGA Forex broker good?
Yes! They are very good. Every aspect of the firm is practically perfect in key factors like the assets and tools necessary for a successful trade. They have margin boosters, access to webinars, reduced commission, and much more!
Competitive spreads and leverage