Naga Review 2024: Fees, Platforms, Apps, Safety, Pros & Cons

Naga is a licensed, publicly-listed broker founded in 2015 with over 1 million registered users. This review will show you how to open an account at Naga to begin online trading and investment. We will also provide detailed information on the broker’s fees, regulations, verification steps, safety, spread, leverage, and deposit & withdrawal methods.

Regulated By

Regulated By

CYSEC

Used By

Used By

1,000,000+ Traders

Established in

Established in

2015

naga logo Visit Broker

74% of CFD accounts lose money.

Spreads From

EURUSD 1.2 pips

What Can You Trade on NAGA

  • Forex
  • Stocks
  • Indices
  • Commodities
  • ETFS
  • Cryptocurrencies

Trading Platforms

DesktopMobileMT4MT5

Funding Methods

Wire TransferVisaMaster CardNetellerSofort

Naga Review 2024: Fees, Platforms, Apps, Safety, Pros & Cons

Naga is a licensed, publicly-listed broker founded in 2015 with over 1 million registered users. This review will show you how to open an account at Naga to begin online trading and investment. We will also provide detailed information on the broker’s fees, regulations, verification steps, safety, spread, leverage, and deposit & withdrawal methods.

  • author Adesuwa Ebuehi
  • Last updated 12/12/2023

74% of CFD accounts lose money.

Regulated By

Regulated By

CYSEC

Used By

Used By

1,000,000+ Traders

Established in

Established in

2015

Spreads From

EURUSD 89 Points

Trading Platforms

DesktopMobileMT4MT5

What Can You Trade on NAGA

  • Forex
  • Stocks
  • Indices
  • Commodities
  • ETFS
  • Cryptocurrencies

Funding Methods

Wire TransferVisaMaster CardNetellerSofort

Naga Overview

Naga Review

Naga is a publicly listed financial assets Contact for Difference (CFD) and Forex broker. The company which has several offices in different countries was founded in 2015 as a provider of financial investment services and a social platform for traders. They allow traders to open an account and trade multiple assets on all supported trading platforms, including Naga’s proprietary platforms, MT4, and MT5. Apart from forex trading, individuals with accounts are able to carry out derivative trading on many other assets. There are 1000+ trading instruments on offer including 350+ real stocks, 300+ stock CFDs, 15+ ETFs, 5+ commodities, 28+ cryptocurrencies, 49+ forex pairs, and 15+ indices. The verification process of the broker is relatively straightforward. Users will only need to provide their phone numbers, a valid ID, and proof of their present residential address. 

NAGA Main Features

Minimum Deposit$250
RegulationCYSEC
Spreads1.2
Tradable Symbols1,000+
Number of Pairs49+

The company is one of the few trading platforms that provides copy trading services to its users. Its services are available in several countries within and outside Europe. However, residents of the US, UK, Russia, Australia, and some other regions are not eligible to have accounts. Regarding fees, while the broker does not charge its users for a deposit, traders are expected to pay for each withdrawal, with the minimum withdrawal amount set at $50. It is a regulated broker, albeit with regulation from just the Cyprus Security Exchanges Commission (CySEC). 

This review article will cover all the points mentioned above in more detail. In addition, we will also provide detailed insight into the perception of Naga through online reviews on platforms such as Reddit, Quora, ForexPeaceArmy, and TrustPilot. 

Pros

  • Multiple Trading Platforms
  • Copy Trading 
  • Wide Range of Assets
  • Social Trading Platform
  • Personal Account Manager Available

Cons

  • Unavailable in the US and UK
  • Variable Withdrawal Fees
  • $250 Minimum Deposit
  • No 24/7 Customer Support
  • Only Licensed by One Regulatory Body
  • Overnight Charges

Naga Regulations

Naga is only regulated by the financial and investment regulatory body in Cyprus. Here we provide the full details regarding its regulation, address, and company licence number. 

Naga Markets Europe Ltd: This entity is authorised and regulated by the Cyprus Security Exchanges Commission (CySEC). It is located at Ariadnis 7, Moutagiaka 4531 Limassol, Cyprus.

  • Company Licence No.:  204/13.

Naga Technology GmbH: It is registered and located at Neustadter Neuer, Weg 22, 20459 Hamburg.

Naga Global (SV) LLC: The entity is registered and has its address at First Floor, First St. Bank Ltd Building, James Street, Kingstown, VC0100, Saint Vincent & the Grenadines.

Naga Global (CY) Ltd: Registered and located at Eurosure Tower, 3rd Floor, 2112 Nicosia, Cyprus.

Supported Countries

Naga is one of the global online trading brokers and accepts users resident in several nations. However, Naga is presently not supported in the UK, USA, Australia, Philippines, Canada, Iran, Afghanistan, Russia, Israel, Turkey, and a few other countries. To see the complete list of unsupported countries, you can visit their website.

Available Assets at Naga

Available Assets on Naga

The broker provides about 8 different trading assets, including Stock CFDs, Real Stocks, Indices, ETFs, Commodities, Forex, and Futures. The broker offers 1000+ unique instruments spread across these asset classes. In this section of the Naga review, we will examine all the available assets on this broker. We will also outline all the forex pairs and commodities available for trading, along with their average spreads and maximum leverage.

Cryptocurrencies on Naga

Naga supports participation in the blockchain economy, allowing users to diversify their portfolios and trade various cryptocurrency derivatives. The total number of coins available for trading on its platforms is about 28+. These coins have a wide range of market caps and exist across several niches.  

Cryptocurrencies on Naga

Stocks

The company allows its users to trade Stock CFDs on its various platforms. Traders with a registered account with this broker can speculate on the value of an organisation’s stock without directly owning a share in the company. They have 300+ Stock CFDs, including stocks from leading companies in Europe, the US, and the UK. 

In addition, traders looking to invest in stocks can purchase and sell them via Naga. Individuals who open an account with the broker can take direct ownership of a percentage of companies listed on its platforms. It provides 350+ of these Real Stocks. 

Stocks on Naga

Commodities

The broker offers several primary products for trade on its platforms. Registered users can trade 6+ commodities, such as gold, silver, crude oil, and natural gas.

Naga Commodities

Indices

Rather than monitor assets individually, indices enable traders to trade based on the average price point of a group of assets. The broker offers a list of 10+ broad and specialised indices, which includes DAX, S&P 500, NAS100, and many other popular and less-known options. 

Naga Indicies

Forex

Traders using the broker can participate in the highly liquid forex markets. It provides access to a large number of major, minor, and exotic forex pairs, allowing users to trade their preferred pair. There are 49+ forex pairs on Naga’s various platforms. 

Naga Forex

ETFs

Exchange-traded funds (ETFs) are assets that could monitor a specific index or different sectors and industries. ETFs could include a variety of investments, including bonds and stocks. They are not very common among most brokers. However, Naga provides users with 15+ ETFs on its platforms to buy or sell.

Naga ETFS

Futures

Futures are another asset available to traders looking to add to their portfolios. Currently, there are 17+ futures available for trading with this broker, including FTSE 100, DOW 30, and NIKKEI 225. 

Naga Futures

Spreads

Spread is the difference between the bid and ask price of any financial instrument. For assets such as Stock CFDs, the average spread on Naga could be as low as 0.5 pips or as high as 11 pips. For major forex pairs, however, the average spreads tend to range between 1.2 pips to 1.8 pips. Below we provide the average spread on all the available forex pairs and commodities.

Leverage

Leverage allows traders to hold larger positions in the market using borrowed money. The company provides different maximum leverages on its financial instruments. However, this leverage varies for EU and non-EU traders. 

Naga offers maximum leverage of up to 1:500 on forex major and minor pairs, indices, and cash commodities to non-EU traders. They also offer margin trading on other assets with a maximum leverage up to 1:10 for equities CFDs, 1:5 for ETFs, 1:33 for future commodities, 1:50 for future indices, and 1:20 for cryptocurrencies. 

For EU Naga users, maximum leverage on its platform is up to 1:30 for forex major and minor pairs, 1:20 for indices and cash commodities, 1:5 for equities CFDs and ETFs, 1:10 for future commodities and future indices, and 1:1 for cryptocurrencies. 

As part of our Naga review, we list all the forex pairs and commodities provided by the broker, their minimum average spreads, and maximum leverage in the table below.

Instrument

Average spread**

Leverage (Up to)

FOREX

Major Forex Pairs

AUD/USD1.3 pips1:500
EUR/USD1.2 pips1:500
GBP/USD1.6 pips1:500
NZD/USD2 pips1:500
USD/CAD1.8 pips1:500
USD/CHF1.6 pips1:500
USD/JPY1.3 pips1:500

Minor Forex Pairs

AUD/CAD1.7 pips1:250
AUD/CHF2.4 pips1:250
AUD/JPY1.6 pips1:250
AUD/NZD3.9 pips1:250
CAD/CHF2.1 pips1:250
CAD/JPY2.3 pips1:250
CHF/JPY2.2 pips1:250
EUR/AUD1.9 pips1:250
EUR/CAD2.2 pips1:250
EUR/CHF1.7 pips1:500
EUR/GBP1.9 pips1:500
EUR/NZD3.9 pips1:250
EUR/JPY1.6 pips1:500
GBP/AUD2.9 pips1:250
GBP/CAD3.6 pips1:250
GBP/CHF3.2 pips1:250
GBP/JPY2.1 pips1:250
GBP/NZD3.7 pips1:250
NZD/CAD1.7 pips1:250
NZD/CHF1.7 pips1:250
NZD/JPY-6578 pips1:250

Exotic Forex Pairs

EUR/HUF19.8 pips1:250
EUR/MXN82 pips1:250
EUR/NOK52.3 pips1:250
EUR/PLN22.8 pips1:250
EUR/SEK29 pips1:250
EUR/TRY320 pips1:250
EUR/ZAR270 pips1:250
GBP/ZAR350 pips1:250
USD/CNH160 pips1:250
USD/CZK9.5 pips1:250
USD/DKK18.5 pips1:250
USD/HKD11 pips1:250
USD/HUF23 pips1:250
USD/MXN45.5 pips1:250
USD/NOK28.5 pips1:250
USD/PLN12 pips1:250
USD/SEK15 pips1:250
USD/SGD2.6 pips1:250
USD/TRY300 pips1:250
USD/ZAR330 pips1:250
GBP/PLN79 pips1:250

COMMODITIES

SILVER48 pips1:500
GOLD35 pips1:500
CRUDE OIL42 pips1:500
UK BRENT44 pips1:500
NATURAL GAS19 pips1:500
PLATINUM SPOT467 pips1:500
PALLADIUM SPOT1074 pips1:500

** Figures are subject to change depending on current market conditions.

Naga Fees & Commissions

Fees & Commissions at Naga

Traders using this broker are expected to pay a number of trading and non-trading fees, such as commissions, swap fees, and network fees. In this section of our Naga review, we will provide a detailed explanation of each of these fees.

Naga Trading Fees

Naga typically charges a small fee for trading any of its assets. Below we explain the different trading fees charged by the broker.

Spread

Spreads typically vary depending on several factors, such as the prevailing market conditions and the financial instrument being traded. Some forex pairs, such as EUR/USD, can have spreads as low as 1.2 pips. However, for some commodities like Gold, spreads are usually much higher and can even reach 35 pips.

Commission

The company charges a commission on ETFs and Equities. These fees are deducted each time a trader places a trade on any of the platforms. The deductible fee is valued at 0.20% of the notional value of the asset. For gold, diamond, and crystal account owners, the commission fee is reduced to 0.10%.

Rollover Rate/Swap Fees

Traders who hold positions overnight will be charged a swap fee. These fees are regularly deducted for forex, spot oil commodities, crypto, metals, rolling futures, and stock CFDs. Swaps are not available for expiration futures.  

Non-Trading Fees

Non-trading fees are charges incurred by traders while using a broker for services that are not directly involved with buying or selling a financial asset or instrument. 

Withdrawal Fees

Withdrawal fees on Naga vary depending on the specific user account. Standard accounts are charged a withdrawal fee of $5. However, as traders upgrade their accounts, these fees are continuously reduced. Crystal account holders are not charged a withdrawal fee. 

Network Fees

Cryptocurrency traders are expected to pay a network fee for transfers from their Naga wallets to third-party e-wallets. For transfers to another blockchain address, the fee is 0.99%, while transfers to another email address are charged at 1%.

Copy Trading Fees

For individuals using the Auto Copy feature, the broker charges a fixed fee of 0.99 € on all copied trades. Naga also deducts an extra 5% on trades that make 10 € or more in profits. 

Naga Trading Platforms

Naga Trading Platforms

In addition to being one of the notable MT4 brokers, and MT5, the broker has a proprietary trading platform, which can be accessed through web and mobile applications. Their mobile app is available for iOS and Android, making it possible for users to trade anywhere and at any time. In this part of our Naga review, we explain the features of its proprietary trading platform, login processes, available languages, and charting tools. 

Naga Desktop Trading Platform

Desktop users can use the web application to trade all its 1,000+ financial assets. It’s one of the best forex brokers employing an easy-to-understand interface to enable both new and experienced traders to trade their assets with ease. The desktop trading platform also provides several technical indicators and trading tools to help traders properly analyse their trades. Naga’s web application also supports over 10 languages, including English, German, and Spanish. Some of the features of this desktop application are outlined below:

Naga Desktop Trading Platform

Copy Trading

Copy trading is one of the standout features of Naga’s desktop application. Traders with live accounts can mimic the trades of other experienced traders for a small fee of 0.99 €. Copy trading is available to all VIP levels on this broker’s platform. 

Naga Copy Trading

Messenger

As a social trading platform, Naga’s web application also has a messenger feature. Here, traders can interact, share market insights, and receive announcements on any new developments with this broker. 

Naga Messenger

Live Feed

On their live feed page, traders can view the latest posts from fellow Naga users. This section of the desktop application also provides information on the largest trades as well as the best and worst-performing assets in real-time. 

Live Feed

Copy Trading Dashboard

The dashboard feature is only available to bronze VIP level accounts on Naga. With the dashboard, Naga users can keep track of their performance and enjoy access to useful analytics tools to inform their trading decisions. 

Copy Trading Dashboard

How to Open an Account and Trade with Naga’s Desktop Trading Platform

Below, we provide a detailed step-by-step guide on creating an account and trading with Naga.

  1. Select the “Sign Up” button at the top-right corner of their website. Open an Account and Trade with Naga’s Desktop Trading Platform
  2. Fill in your email address and choose a password. Open an Account and Trade with Naga’s Desktop Trading Platform
  3. Enter your first name, last name, preferred username, and phone number. Open an Account and Trade with Naga’s Desktop Trading Platform
  4. Verify your phone number by entering the code you receive. Verify your phone number
  5. Once this is complete, you will be given access to a demo account to practise. Naga Demo Account
  6. To upgrade to a live account and access all of Naga’s features, select “Upgrade Now”. upgrade to a live account
  7. Complete the verification process by providing all the required personal information and presenting a valid ID and proof of address. verification process
  8. Once your account has been verified, you can proceed to the “Manage Funds” section on the web platform to see the list of available deposit methods. Manage Funds
  9. Select your preferred method, fund your live trading account and begin trading any financial asset of your choice. begin trading

Naga Mobile Trading App

The Naga mobile trading platform is available on Google PlayStore and the iOS AppStore. Although navigation on the mobile trading app is not as smooth as the desktop web application due to the smaller screen size, it still provides similar features and an intuitive user interface.  Some of its features are mentioned below:

Naga Mobile Trading App

Copy Trading

Naga users can access its auto-copy feature on their mobile application. By selecting copy trading from the drop-down menu of their mobile apps, traders can view a leaderboard with the highest-performing traders and select the specific trade to copy.

Naga Mobile Trading App - Copy Trading

Messenger

The messenger feature on the mobile application provides access to real-time information. Traders can communicate with each other and share important news. With Messenger, Naga users will also be informed whenever any changes are made to its operations.

Naga Meesenger

Copy Trading Dashboard

The copy trading dashboard is not available to Iron VIP level accounts on Naga. This feature allows traders to make calculated trading decisions and monitor their performance by providing analytics technology.

Copy Trading Dashboard

Live Feed

Here, Naga users can view posts from other accounts they follow. They will also have access to featured posts and the latest information on news that could determine the market direction of several assets. 

How to Open an Account and Trade with Naga Mobile Trading App

  1. Find and download the Naga mobile app from your device’s app store. Open an Account and Trade with Naga Mobile Trading App
  2. Select “Sign Up”. Open an Account and Trade with Naga Mobile Trading App
  3. Choose your country. Open an Account and Trade with Naga Mobile Trading App
  4. Enter your phone number. Enter Phone Number
  5. Enter your email address and preferred password. Enter your email address
  6. Access your demo account by providing your first name, last name, and preferred username. Access your demo account
  7. In the drop-down menu, select “Upgrade Account” to switch to a live account. Upgrade Account
  8. Next, you will be asked to complete a live account opening questionnaire. live account opening questionnaire
  9. Complete the verification process by providing all the required personal information and presenting a valid ID and proof of address. Complete the verification process
  10. Once your account has been verified, you can proceed to the “Deposits & Withdrawals” section on the drop-down menu to see the list of available deposit methods. Deposits & Withdrawals

Naga Account Types

Naga Account Types

The company is one of the platforms for beginner forex traders and experienced ones too, to try out the financial markets by providing demo and live accounts. Unlike live accounts, demo accounts allow traders to test-run their strategies and gain real-time experience in trading financial assets without the fear of losing money. In this section of our Naga review, we will examine the unique features of both account types.

Demo Account

Users who register with the broker are automatically given a demo account as soon as they sign up. Naga demo accounts are funded with a $10,000 virtual balance to enable traders to practise. However, you cannot lose real money or withdraw any profits you make while trading on this account type. In addition, demo accounts do not have access to features such as copy trading and autocopy.

Live Account

Unlike demo accounts, live accounts enable traders to deposit and withdraw real money on the platforms. Live account holders have access to all of Naga’s features including copy-trading and autocopy. Owners of live accounts will also be able to switch back to their demo accounts whenever they want to test their trading strategies. On a live account, users outside the EU will have access to leverage up to 1:500 on some assets. Unfortunately, traders within the EU can only enjoy leverage up to 1:30.

Live accounts with this broker are differentiated into six different VIP levels based on the amount in their trading account. These levels are Iron, Bronze, Silver, Gold, Diamond, and Crystal. 

Iron

Iron accounts on Naga are the most basic VIP level. Traders with this type of account are required to deposit a minimum of $250. They also have access to standard spreads which could be as low as 1.7 pips on major forex pairs such as EUR/USD. Individuals with this account type who wish to make a withdrawal must pay a $5 fee. 

Bronze

Bronze accounts represent the next VIP level on Naga. Its perks include a withdrawal fee of $4, 5 signals per day, trade alerts, and a PI Dashboard. Spreads for bronze VIP accounts are standard, similar to Iron accounts. However, the minimum deposit is $2,500.

Silver

Silver VIP level accounts have access to even more benefits. Traders on this level can receive two sessions of one-on-one tutoring each month, 10 trading signals per day, and reduced spreads, as low as 1.2 pips for major pairs such as EUR/USD. The withdrawal fee for silver accounts is $3 and the minimum deposit is $5,000.

Gold

Traders with gold-level status are expected to fund their accounts with at least $25,000. This VIP level comes with four sessions of one-on-one tutoring each month, 15 trade signals per day, a PI dashboard, trade alerts, and a $2 withdrawal fee. It also provided gold spreads, which could be as small as 0.9 pips on major forex pairs.

Diamond

Diamond VIP accounts command a $1 withdrawal fee. However, the minimum deposit is set at $50,000. This VIP level offers several benefits, including seven one-on-one sessions every month, 15 trade signals per day, a PI dashboard, and trade alerts. Spreads on diamond accounts are the smallest on Naga, reaching as low as 0.7 pips on major forex pairs. 

Crystal

Crystal is the highest possible VIP level on Naga. With this status, traders will have access to an unlimited number of individual tutoring sessions and signals, trade alerts, and a PI dashboard. Crystal accounts do not pay any fee for withdrawals made on Naga’s platforms. The minimum deposit amount for this VIP level is $100,000.

Naga Payment Methods

Naga Payment Methods

Naga supports more than 20 payment methods, depending on your country of residence. Customers can easily deposit and withdraw their funds on any of its platforms provided they have a real account and meet all the stipulated conditions. As part of the review, we will explain the available methods and requirements for funding a live trading account and withdrawing these funds via this broker.

Deposit Methods

Traders who wish to fund their accounts can choose from a variety of options, including credit cards, wire transfers, and alternative methods such as Sofort, e-wallets, internet banking, and Giropay. However, the specific deposit methods available to a trader are determined by their location. For most methods apart from direct wire transfers, the funds will be credited instantly into the trader’s account. The minimum deposit amount on Naga, regardless of the deposit method, is $250. 

Deposit methodTransaction timeMinimum deposit
Credit cards and Debit cardsInstant$250
Bank account transfer2-3 business days (within Europe); about 6 business days (outside Europe)$250
E-wallets (e.g. Skrill, Neteller)Instant$250
OthersInstant$250

Withdrawal Methods

Naga also has a wide range of withdrawal methods available to its users such as credit/debit cards, Skrill, Neteller, Sofort, and bank account transfers. Each of these methods has different payment processing durations as listed below:

Naga has a minimum withdrawal amount set at $50 with a withdrawal fee of $5 or less, depending on the VIP level of the trader. For instant withdrawals, they also have daily limits which vary based on the withdrawal type. For credit cards and e-wallets, the daily limit for instant withdrawals is set at $100. Cryptocurrencies and NagaPAY have much higher limits set at  $500 and $1000, respectively.

How to Make a Withdrawal on Naga

  1. Select Manage Funds from the menu bar on your platform. 
  2. Select “Withdraw”. 
  3. Type in the desired withdrawal amount and payment option and select “Withdraw”. 

Education at Naga

Education on Naga Website

The company has a vast array of educational materials to help traders understand important market concepts. One of these resources, Naga Learn, covers 15 modules with topics such as Forex basics, Japanese candlesticks, Trendlines, and Support and Resistance. In addition to Naga Learn, this broker provides ebooks and online webinars. These learning resources teach users how to use various trading indicators and understand candlesticks. They also have a blog where traders can see the latest news, market insights, and new features and updates. 

The educational resources include a currency encyclopaedia where its customers can learn essential details about different currencies such as their exchange rates and symbols. The broker’s currency converter is helpful to aid traders in accurately calculating their potential profits and losses in diverse currencies. 

Education on Naga

In addition to learning materials, Naga also includes trading tools such as their all-in-one calculator that allows traders to determine margins, pip values, and swaps based on lot sizes and leverage. Another useful tool available on broker’s trading platforms is its economic calendar. The economic calendar helps its customers keep track of the events that shape the market direction of various asset classes.

Naga Customer Support

Naga Customer Support

The company’s customer support is another critical aspect we covered in this review. Its website has a help centre that provides a step-by-step guide for handling many common problems traders face while using their services. In the help centre, customers can find resolutions to problems with verification, withdrawal, deposits, and setting up an account. They also have a comprehensive FAQ section for users to see answers to any questions they might have.

Traders who require more personalised support can reach out to their customer service centre directly. Naga’s customer support lines are active from Monday to Friday between 9:00 and 22:00 EEST. Their global lines respond promptly and provide relevant solutions to customer complaints. However, reaching out to their customer support team via email may take a longer time (up to 48 hours) to get a response. 

Naga Customer Support

Users can also reach them by calling +442035197495, +442033228847, or +27418800412. They can also send mail to service@naga-global.com. Naga has an online presence on several social media platforms, including Facebook, Twitter, and Linkedin.  

Naga Online Reviews

Below, we review the public opinion of Naga on Reddit, Quora, TrustPilot, and ForexPeaceArmy. 

What Reddit Users Say About Naga

There are not many discussions on Reddit regarding Naga. However, the few online reviews that have been posted about this broker have not been very positive. In one of these posts, a user complained about having difficulties withdrawing their funds from the platform. 

What Reddit Users Say About Naga

What Quora Users Say About Naga

Currently, there have not been any answers to user questions about Naga on Quora.

What Quora Users Say About Naga

TrustPilot Users Reviews About Naga

Naga reviews on TrustPilot are largely positive with an overall rating of 4.5. A common feature in many user comments about this broker is their fast and efficient customer support. Although TrustPilot users did not shy away from the fact that they experienced a few hiccups while using the broker, most of them were quick to admit that the brokers’ staff were friendly and responded promptly to their complaints. However, there were also a few negative comments on the withdrawal process on their various platforms. 

TrustPilot Users Reviews About Naga

TrustPilot Users Reviews About Naga

ForexPeaceArmy Users Reviews About Naga

On ForexPeaceArmy, Naga has a rating of 1.6/5. The majority of the negative comments  on this site are regarding the broker’s failure to transfer funds back to their customers on request. One of the users complained of failed attempts to withdraw his funds even after constant correspondence with Naga’s accounting department for about two weeks. 

ForexPeaceArmy Users Reviews About Naga

ForexPeaceArmy Users Reviews About Naga

Is Naga Safe?

Naga has several measures to ensure the safety of its users’ funds and personal information. In addition to being a CySEC-regulated broker, all deposits on Naga’s platforms are deposited into a credit institution and kept separately from the company’s money. 

They also employ multi-factor authentication so that their customers can have an extra layer of security aside from their login details. Finally, the broker has strict KYC procedures to guarantee that each account and payment method is verified. 

Other Products and Services at Naga

Here are a few other products and services provided by the broker:

Naga PAY

Naga PAY makes it easy for owners of cryptocurrencies to carry out day-to-day transactions with ease. They offer a crypto debit card that Naga PAY customers can use to make online and offline payments. Users of this service can also withdraw from ATMs via their crypto wallets and exchange their tokens with ease. 

Naga PAY

NagaX

NagaX is a community of traders that offers a secure wallet, an exchange platform, and several other features. They have an NFT marketplace where interested participants can select and buy NFTs, grow their collections, and interact with other NFT enthusiasts. In addition, the NagaX crypto wallet makes it easy for users to trade coins at any time. 

NagaX

Bottom Line

Overall, our Naga review shows that the broker provides a vast array of financial assets including ETFs and real stocks which are not very common among many brokers. There are many positives to using Naga such as its multiple trading platforms for desktop and mobile, which have the same features including auto-copy, messenger, live feed, and dashboard. 

Another advantage of this broker is the presence of a personal account manager. However, there are still a number of drawbacks. Currently, Naga is spread across only a few countries within and outside Europe. Traders resident in the US, UK, and some other popular trading locations will not have access to their services. Also, Naga charges for swaps and offers variable withdrawal fees depending on the trader’s account status. These fees could be as high as $5 per withdrawal. Its minimum deposit amount of $250 can also be considered relatively high compared to some of its competitors. Furthermore, they are only approved by a singular financial regulatory body, CySEC.

Leverage on Naga depends on location, with this broker offering EU and non-EU traders different maximum leverage on its financial assets. The maximum leverage for EU traders is up to 1:30 on selected forex major pairs, while for non-EU users, leverage is up to 1:500., depending on the asset. 

Regarding fees, Naga charges its users for trading and non-trading activities on its platforms. Trading fees usually involve swaps, commissions on ETFs and equities, and spreads. The spreads on Naga depend on the VIP status of a trader’s account. High-level accounts could access spreads as low as 0.7 pips on some major forex pairs while lower-status accounts will enjoy standard spreads of about 1.7 pips on similar instruments. Its non-trading fees include withdrawal, copy trading, and network fees. 

They also have several educational resources such as webinars, ebooks, and a currency encyclopaedia. In addition to all these features, Naga offers a robust customer support structure to assist traders who encounter difficulties while using its platforms. For deposits and withdrawals, this broker provides a multitude of options including credit/debit cards, cryptocurrencies, e-wallets, and NagaPAY. If you wish to read more about Naga, there are several online reviews of this broker on Trustpilot, ForexPeaceArmy, and Reddit.

Q & A

You can log in to your Naga trading account by entering your username or email and password in the sign in page. 

Yes, they can. Naga offers over 28 crypto coins on its platforms. They can fund their accounts and trade any of these available tokens.

Naga has been reviewed by several popular online platforms including ForexPeaceArmy, Trustpilot, and Reddit. 

Naga Global offers several financial assets including real stocks, stock CFDs, forex, cryptocurrencies, ETFs, indices, commodities, and futures.

Yes, there is. Naga offers its global clients much higher leverage than its European clients. Naga global traders have access to leverage up to 1:500 while its EU clients are offered leverage up to 1:30.

Naga is a legit broker. It is regulated by CySEC, the financial investment security regulatory body in Cyprus.

Naga’s minimum deposit amount is set at $250. For traders who wish to retain certain VIP levels, these minimum deposit amounts are typically higher.

Naga traders pay for rollovers or swaps. Traders involved in ETF or commodities trading will also pay a commission fee which is set at 0.2% of the notional value of the asset being traded. 

Yes, Naga is a social trading broker. Traders with registered accounts on Naga can share signals and interact with each other. 

Copy trading on Naga attracts a fee of 0.99 € for each copied trade. However, in addition to this fee, Naga will be deducting 5% on successful trades that make profits of over 10 €. 

The length of time to withdraw funds on Naga varies depending on the withdrawal method. However, for most withdrawal methods on Naga, the average waiting time is usually between 3-5 business days.

Yes, Naga traders with a live account can use its auto-copy feature. 

Naga traders resident in Europe have access to maximum leverage of up to 1:30. Non-EU users are allowed to enjoy a higher maximum leverage of up to 1:500 on some financial assets. 

Naga has the best social trading service due to its more interactive and responsive user interface. New traders may find it easier to use the social trading features on the Naga app compared to Etoro.

Yes, all Naga’s available financial instruments can be traded on its mobile app.