NAGA Review

NAGA is one of the new brokers out there, but has been able to build its product to suit a new generation of retail traders. NAGA was one of the new brokers that emerged in 2015 following the FX market upheaval caused by the Swiss National Bank's depegging of the Swiss Franc from the Euro.

I. Background and Company Overview of NAGA

NAGA came with a mission, which was to change the way brokers offered their products to the consumers. For instance, NAGA offers a copy trading product known as Copy Premium, which enables top traders to earn from being copied. The fee that is received for trades copied varies between account types and is listed so there is full transparency about the product for both Copiers and Providers. This is an exception and the rule.

Some of the endearing features of NAGA are:

• Access to trade 950 markets.
• Ability to get $10,000 in virtual funds so test the platform.
• There are three copy trading platforms to choose from.

II. Trading Platforms and Tools

What trading platforms are found on NAGA, and what do they offer?

• MT4
• MT5
• NAGA web app
• NAGA mobile apps

The MT4 will enable you to trade CFDs on all markets listed on NAGA. It will also work with the copy trading platform and it is available as a desktop client and mobile application.

The MT5 has all the features and functions of the MT4, but will also support on-exchange stock trading with real stocks on NAGA.

The Autocopy feature is available on the NAGA Webtrader. It is one of the three copy trading models available on NAGA. The Webtrader also gives access to news feeds, trading signals and features a Messenger.

NAGA's mobile app for Android and iOS devices gives full functionality as the Webtrader, and also features a Radar function which allows you to locate a NAGA trader near you. The app also features the NAGA messenger.

For those who want an enhanced trading experience, there are some tools provided by NAGA for this purpose.

• You will be trading stocks on NAGA, so it makes sense to have access to an earnings calendar. NAGA makes this resource available on its website.
• NAGA also features an economic calendar for the latest high-impact news releases.
• NAGA also provides a multi-purpose Trading Calculator. Choose between calculation of pip value, margin, swaps, SL/TP settings, or you can use the all-in-one variant.

III. Account Types and Spreads

NAGA operates a segmented trading account system and this is a summary of the accounts listed on NAGA.

1. Iron
2. Bronze
3. Silver
4. Gold
5. Diamond
6. Crystal

The Iron account comes with a $250 minimum deposit requirement. Spreads start from 1.7 pips and traders can earn up to 12 cents per copied trade as copy premium on all instruments and 50 cents per copied trade on premium FX pairs. Users pay withdrawal fees of $5 and traders with the Iron account have access to webinars and ebooks as the educational suite.

The Bronze account has a $2,500 minimum deposit requirement. Spreads start from 1.7 pips and traders can earn 15 cents per copied trade as the copy premium on all instruments and 60 cents per copied trade on premium FX pairs. Withdrawals attract a $4 fee.

The Silver account has a $5,000 minimum deposit requirement and spreads start from 1.2 pips. Traders can earn up to 18 cents per copied trade as the copy premium on all instruments and 80 cents per copied trade on premium FX pairs. Withdrawals attract a $3 fee.

The Gold account type carries a $25,000 minimum deposit requirement and spreads start from 0.9 pips. Traders can earn up to 22 cents per copied trade as the copy premium on all instruments and 80 cents per copied trade on premium FX pairs. Withdrawals come with a $2 fee.

The Diamond account type comes with a $50,000 minimum deposit requirement, with spreads starting from 0.7 pips. About 27 cents per copied trade can be earned as a copy premium on all instruments and earnings of $1.20 cents per copied trade on premium FX pairs is also available. Withdrawals come with a $1 fee.

If you have access to $100,000 as minimum deposit amount, then the Crystal account with its 0.7 pips spread is for you. You can earn 32 cents per copied trade as copy premium on all instruments, and $1.20 per copied trade on premium FX pairs. No fees are charged on withdrawals.

IV. Contract Specifications

What are the contract specifications of the assets listed for trading on NAGA?

• NAGA provides daily signals, starting from 5 signals per day for Iron account holders, all the way up 20 and even unlimited signals for the high-end account holders.
• Access to premium contests is not granted to Iron, Bronze and Silver account types.
• Minimum trade size for FX pairs is 0.01 lots.
• Maximum order size is 50 lots on FX pairs, 100 lots for indices and ETFs, 20 lots for commodities and select futures such as those of coffee, cocoa and natural gas.

V. Security and Regulation

The NAGA brand is owned and operated by the NAGA Group AG, a German fintech company. This group also includes NAGA Global (CY) Ltd, operators of the NAGA brand in the EU.

NAGA Capital Ltd operates the international business of the NAGA brand, and is located in Seychelles where it is regulated by the Financial Services Authority under license number SD026.

NAGA has an extensive list of countries that are prohibited from using its services. Member countries of the European Economic Area (EEA), the US, UK, and several African, Asian and South American countries are barred from using NAGA due to regulatory restrictions. Most of the Caribbean islands are also excluded from the list of countries served by NAGA.

VI. Customer Support and Education

Customer support on NAGA is available via the following means:

• Email: support@naga.com
• Phone: +442033338847 and +442035197495
• Live chat

Conclusion

NAGA is one of the few brokers that offer trading or CFDs on ETFs and real stocks. If you want to occasionally move away from forex trading, then NAGA is the broker for you.