Table of contents:
- 1 About NAGA Markets
- 2 The Online Broker provides these trading platforms
- 2.1 MetaTrader 4 and MetaTrader 5
- 2.2 Social Trading at NAGA
- 2.3 The trading conditions of the Online Broker
- 2.4 Account types with NAGA
- 2.5 The fee structure
- 2.6 Demo account with NAGA
- 2.7 NAGA Markets offers training and education
- 2.8 The customer service of the Online Broker
- 2.9 Conclusion
- 2.10 How good is the customer service?
- 2.11 Is NAGA Markets Trustworthy?
- 2.12 What account options are available?
- 2.13 Is Social Trading available?
NAGA Markets user-ratings: $250
Asset varierity - 10/10
Trading platform - 10/10
Support - 10/10
Fees - 8.5/10
Deposit/Withdrawal - 10/10
Facts about the company:
- Type: Forex and CFD Broker
- Regulation: CySEC (Cyprus)
- Minimum deposit: $250
- Demo account: Free
- Markets: 950+ Forex, Stocks, Indices, CFDs, Cryptocurrencies, Commodities
- Low spreads on major currencies
- Low fees
- Real-time pricing chart data
- Market execution
- Fractional pip pricing
- Social Trading
About NAGA Markets
The subject of this article is the Fintech company called NAGA Markets, which was established in 2015 and is a brand of NAGA Group AG. NAGA is a relatively young online broker, which offers its customers social trading among other things. In a nutshell, the online broker’s vision is “financial integration for all”. According to its own statements, NAGA’s primary goal is to further develop the financial technology industry and, in the course of this, to become the “leading, most trustworthy, secure and advanced social investment network in the world”.
At this time of writing, NAGA maintains a social investment network with over 500,000 users.
The history of the Online Broker
Founded in October 2015 by Yasin Qureshi and Benjamin Bilski, NAGA won its first award the following year – the “Finovate Best of Show” award in London.
In July 2017, NAGA’s shares were successfully floated on the stock exchange and listed on the Frankfurt Stock Exchange. In the same year, only shortly after the IPO, more than 63,000 investors participated in a token sale (NAGA Coin: NGC) with a total value of more than 50 million US dollars.
In 2018, the NAGA Wallet, a modern wallet for crypto-currencies, is introduced. With the introduction of NAGAX (NAGA Exchange), fiat and principal crypto pairs as well as an 8-level fee model will be offered.
Finally, in early 2019, the company developed a free NAGA MasterCard so that customers everywhere can manage their own capital and pay with the trading profits made on the NAGA platform.
Regulation and licensing of the online broker
Before going into more detail about the individual offers and services of the Online Broker, we will first take a brief look at the regulation and licensing of NAGA.
NAGA Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC). In order to ensure the security of customer funds, the Online Broker keeps them in segregated accounts and thus separate from the company’s own corporate deposits. In this context, the customer deposits are held in safe custody at recognized, international banks.
According to its own statements, the company also complies with EU regulations, such as the Directive on European Markets in Financial Instruments II (“MiFID II”), whose objectives include high financial transparency and effective consumer protection.
Last but not least, the Online Broker is also a member of the Investor Compensation Fund, the aim of which is to secure all legally entitled claims of customers and to ensure compensation in the appropriate case.
What trading instruments does NAGA offer?
At this point, we would like to highlight the different tradable assets that are available through NAGA. With a trading offer of more than 500 different assets, the online broker is relatively broadly based. In the following, we will briefly introduce the various assets that customers can trade with NAGA.
Initially, NAGA can trade the currency pairs of the largest and most liquid markets in the world. At the current time of consideration, the online broker offers its customers 25 different currency pairs that can be traded on the provider’s platforms.
Many investors and traders are also interested in trading stocks at NAGA Markets. Shares of listed companies can be traded both long and short, allowing clients to benefit from both rising and falling prices.
Currently 417 shares can be traded on 9 renowned stock exchanges around the world.
Indices are also offered for trading at NAGA Markets. Customers can trade around 20 different instruments.
In addition to trading real shares, NAGA also offers the ability to trade stock CFDs. Here too, the selection of assets offered is very extensive.
Via a dedicated crypto exchange platform, customers can also trade more than 10 of the most popular cryptocurrencies and store them on an integrated digital wallet.
Last but not least, NAGA also offers the most popular commodities to diversify your portfolio. In addition to commodities such as oil and natural gas, trading in precious metals such as gold, silver and platinum is also possible.
What are the deposit methods available at NAGA?
Once investors have decided to use the online broker NAGA, the next step is to deposit money into their account. In this context, the provider offers its customers a number of different options to capitalize on the live account accordingly. These are therefore presented briefly and clearly below.
Credit / debit cards:
The processing time for a deposit by credit or debit card is usually only around 10 minutes.
Payment by bank transfer usually takes 2-3 working days.
Alternative payment methods:
Electronic payment providers are also available at NAGA. The processing is done directly and without delay.
Finally, NAGA Markets also offers the option of depositing with some cryptocurrencies. This is also done immediately. Accepted are the digital currencies Bitcoin, Ethereum, Bitcoin Cash, NAGA Coin, Litecoin, and Dash
The Online Broker provides these trading platforms
For the selection of a suitable online broker, the available trading platforms always play an important role. NAGA Markets offers its customers a number of alternatives, which will be examined in more detail here.
MetaTrader 4 and MetaTrader 5
NAGA customers can download the globally popular trading platforms MetaTrader 4 and MetaTrader 5 for both desktop and mobile devices. All executed trades are synchronized with the NAGA platform in real-time so that they can be copied by other traders.
Some of the significant differences between MT4 and MT5 are shown in the following table.
|MetaTrader 4||MetaTrader 5|
|Order execution types||3rd||4th|
|Limit order types||4th||6|
Apart from this, traders can also trade a wider range of assets (including real shares, for example) via NAGA MT5.
In addition to the popular MetaTrader software, the online broker also offers an in-house trading platform for customers in the form of NAGA WebTrader. Investors can use this software to take advantage of all NAGA features, from auto copying to setting up price notifications directly in the browser.
As a flexible alternative, the Online Broker also offers a free app that can be downloaded for both Android and iOS devices. Traders can thus access and trade their own trading account at any time and from anywhere.
Finally, the presented trading platforms will be briefly compared with each other.
Social Trading at NAGA
One point where NAGA Markets differs from many other online brokers is social trading and the possibility of autocopy. The purpose of social trading is to allow clients to interact with other traders in real time.
The provider NAGA Markets primarily advertises with auto-copy: users of the NAGA trading platform can copy the trading activities of successful traders directly and use them for their own trading processes. In addition, the statistics of the respective traders can also be viewed at any time, as the following figure clearly shows.
In a list of the best traders (the so-called top traders), their trades can be automatically copied at any time and then replicated in their own account. The investment amount can of course be individually determined, as can the corresponding stop-loss or take-profit limits.
For this reason, NAGA offers clients who cannot afford the time required to work out the relevant assets and the appropriate time to buy or sell, the possibility to simply select a top trader from the list of best traders and start the automatic replication of trades.
And those users whose trades are copied by other customers can also benefit from this. For each trade copied, they receive a so-called copy bonus, which means that they can earn money in addition to conventional trading.
The prerequisites for being copied by other traders and consequently being able to move up in the ranking are as follows:
- At least one Iron Trader account
- Opening and holding trades for at least 5 minutes
- Create reasons for other traders to copy their own trades
The chart below provides an overview of the different types of remuneration. As can be seen, the amount of the remuneration depends on the type of account.
Another special feature besides the auto copy is the NAGA newsfeed, which is similar to the newsfeed of classic social media. Here information such as the experiences and activities of other traders and the latest market news is displayed. Furthermore, your own trading successes can be shared directly in the feed at any time.
In addition to the NAGA Newsfeed, there is also a NAGA Messenger. This includes helpful features such as personal chats with other traders, group chats as well as public chats led by experts.
The trading conditions of the Online Broker
One aspect which should not be ignored under any circumstances is the trading conditions of the Online Broker. Before we take a closer look at the different fees charged by the provider, let us first briefly consider the different types of accounts with NAGA.
Account types with NAGA
NAGA Markets offers a variety of different account types. Depending on the account type, a different minimum deposit is required.
- Iron Trader, minimum deposit: $250
- Bronze Trader, minimum deposit: $2.500
- Silver Trader, minimum deposit: $5.000
- Gold Trader: Minimum deposit: $25.000
- Diamond Trader, minimum deposit $50.000
- Crystal Trader, minimum deposit $100.000
The fee structure
Let us now turn to the fees incurred by NAGA Markets. In this case, the decisive factor is the spreads, which vary depending on the account type. In principle, the online broker works with variable spreads, which are subject to constant adjustment. While you pay standard spreads for the Iron to Silver Trader account types (these are around 1.7 for the main currency pair EUR/USD), these are lower for the higher account models.
- Gold Trader: Premium spreads (EUR/USD at around 1.2)
- Diamond Trader: Platinum spreads (EUR/USD at approx. 0.9)
- Crystal Trader: VIP spreads (EUR/USD at approx. 0.7)
A detailed list of the different spreads can be viewed at any time on the NAGA Markets website. Regardless of the account type, there are fees for copying other clients’ trades based on the result per trade copied.
Demo account with NAGA
For interested traders who would like to try out the range of services and the various trading platforms of the online broker without financial risk, NAGA offers the possibility to trade via a demo account. This makes it possible to become familiar with the platforms and the trading processes of the provider before real capital is deposited.
The demo account is also particularly suitable for testing the functionality of social trading and auto-copy. In a virtual capital account, you can follow other top traders and copy their trades to see if it works for you.
NAGA Markets offers training and education
Particularly for newcomers to the field of trading, the offer of further training always plays a not inconsiderable role. The Online Broker offers the NAGA Academy, which provides a series of articles and videos on various topics. There is also the option of participating in webinars. Also helpful are the tutorials, which explain individual actions (such as opening a BUY or SELL trade or creating a price alert) within the platform in a practical guide.
Last but not least, there is also a blog on the NAGA website with regular contributions.
The customer service of the Online Broker
In terms of customer service, the Online Broker provides a number of options to choose from. If the list of FAQs in the Support Center is not sufficient to solve a question or problem, you can always contact the NAGA service team directly. Telephone support is available in many different languages. The support team is available 24/5 according to their own information.
|Telephone:||+44 20 3966 4543 |
+44 20 3824 1969
It is also possible to contact NAGA by e-mail, with a guaranteed response within 24 hours. Apart from that, there is also a live chat, through which you will usually receive an answer within a few minutes.
Even though NAGA Markets is still a comparatively young online broker, some customer testimonials can already be found on the Internet. For social trading, which is currently enjoying great popularity, NAGA Markets is a good option.
The trading platforms of the online broker are clearly arranged and structured, copying trades is easy. And the customer support can also score points with reliability and quick answers.
Most asked questions:
How good is the customer service?
Customer service is multilingual which is great for connecting with the service in one’s own mother language. Moreover, the service replies within 30 seconds via live chat on workdays. In addition, customer service can also be reached via mail.
Is NAGA Markets Trustworthy?
Although NAGA Markets is a relatively new broker, it is still serious and can be trusted. NAGA Markets is regulated by the European CySEC and is also supervised by other institutions. There is no doubt, that NAGA Markets is reliable and trustworthy.
What account options are available?
Unlike other brokers, NAGA Markets offers its clients various account types starting from the Iran Trader up to the Crystal Trader. All accounts in a glance: Iron Glance, Bronze Trader, Silver Trader, Gold Trader, Diamond Trader, and Crystal Trader.
Is Social Trading available?
Social trading is possible for all NAGA Markets traders. With a forum, the auto-copy, and the NAGA Newsfeed Social Trading brings many benefits to the trading experience of each customer.