Overview of NAGA
NAGA, operating as Naga Markets Europe Ltd, is a regulated brokerage company based in Cyprus. It is licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Comisión Nacional del Mercado de valores in Spain. However, it is important to note that NAGA does not hold a license for its operations in Germany, which may pose risks for traders in that country due to the lack of proper regulation.
NAGA offers a wide range of market instruments, including forex, stocks, ETFs, commodities, and indices. Traders have access to over 1000+ assets across various popular markets, such as currency pairs like EUR/USD and GBP/USD, stocks of companies like Tesla and Amazon, and commodities like Gold and Brent Oil.
The broker provides multiple account types to cater to different trading needs, ranging from the IRON account with a minimum deposit of $250 to the CRYSTAL account with a minimum deposit of $100,000. Each account type offers different features, spreads, and trading signals. NAGA also offers a demo account with a test balance of $10,000 for users to practice trading without using real money.
While NAGA provides various trading platforms, trading tools, and educational resources to support traders, it is worth considering some user reviews mentioning difficulties with fund withdrawals and delays in receiving refunds. Traders should carefully evaluate these factors before engaging with NAGA's services.
Pros and Cons
NAGA offers several advantages and disadvantages to traders. On the positive side, the company is regulated by reputable authorities such as CySEC and CNMV. They also provide a wide range of market instruments, multiple account types, and a demo account for practice. NAGA supports various deposit and withdrawal methods, offers a variety of trading platforms, and provides trading tools and educational resources to assist users. However, there have been reports of withdrawal issues and potential delays in refunds. Additionally, NAGA lacks a license for operations in Germany and some users have faced difficulties with tax requirements. It's important to consider these pros and cons when evaluating NAGA as a trading platform.
Is NAGA Legit？
NAGA, operating as Naga Markets Europe Ltd, is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 204/13 for Market Making (MM). It is also regulated by the Comisión Nacional del Mercado de valores in Spain, holding a Retail Forex License with license number 3591. However, the broker has exceeded the business scope regulated by the Federal Financial Supervisory Authority (BaFin) in Germany, and therefore does not hold a license for its operations there. It is important to be aware of the associated risks when dealing with NAGA in Germany due to the lack of proper regulation.
Market Instruments
NAGA offers a wide range of market instruments, providing traders with access to over 1000+ assets across various popular markets.:
Forex: NAGA offers a range of forex instruments for trading, including currency pairs such as EUR/USD, EUR/GBP, USDCNH, EUR/JPY, USD/JPY, and GBP/USD.
Stocks: NAGA provides access to various stocks for trading, allowing users to trade stocks of companies like Dropbox Inc (DBX), Tesla (TSLA), Netflix (NFLX), Coca-Cola (KO), Spotify (SPOT), Amazon (AMZN), and more.
ETFs: NAGA offers trading opportunities in ETFs (Exchange-Traded Funds), allowing users to trade ETFs such as SPDR DJIA (DIA), iShares MSCI EM (EEM), iShares S&P Gsci Commod ETF (GSG), iShares FTSE China 25 (FXI), iShares MSCI EAFE (EFA), and others.
Commodities: NAGA provides trading options in various commodities. Users can trade commodities like Brent Oil Cash (UKOUSD), Crude Oil Cash (USOUSD), US Natural Gas (Spot) (NGAS), Silver (XAG/USD), and Gold (XAU/USD).
Indices: NAGA offers trading in indices, allowing users to trade indices like JPN225 (Nikkei), SPX500 (S&P 500), US30, China A50 Cash Spot (CHINA50), and GER30 (DAX).
Account Types
1. IRON: The IRON account requires a minimum deposit of $250. It offers standard spreads, such as EURUSD at 1.7. Traders can earn $0.12 per copied trade for all CFD pairs and $0.50 per copied trade for FX pairs. Daily NAGA 5 Trading Signals are provided, and access to webinars is available.
2. BRONZE: With a minimum deposit of $2,500, the BRONZE account provides similar features as the IRON account. Traders can earn $0.15 per copied trade for all CFD pairs and $0.60 per copied trade for FX pairs. Daily NAGA 5 Trading Signals are offered, along with access to webinars.
3. SILVER: The SILVER account requires a minimum deposit of $5,000. It offers improved spreads, such as EURUSD at 1.2. Traders can earn $0.18 per copied trade for all CFD pairs and $0.70 per copied trade for FX pairs. Daily NAGA 10 Trading Signals are provided, and access to webinars is included.
4. GOLD: With a minimum deposit of $25,000, the GOLD account offers further enhancements. It provides gold spreads, such as 0.9 on EURUSD. Traders can earn $0.22 per copied trade for all CFD pairs and $0.80 per copied trade for FX pairs. Daily NAGA 15 Trading Signals are available, and access to webinars is provided.
5. DIAMOND: The DIAMOND account requires a minimum deposit of $50,000. It offers diamond spreads, such as 0.7 on EURUSD. Traders can earn $0.27 per copied trade for all CFD pairs and $1.00 per copied trade for FX pairs. Daily NAGA 20 Trading Signals are provided, and access to webinars is included.
6. CRYSTAL: The CRYSTAL account is the highest tier, with a minimum deposit of $100,000. It offers VIP spreads, such as 0.7 on EURUSD. Traders can earn $0.32 per copied trade for all CFD pairs and $1.20 per copied trade for FX pairs. Daily NAGA Unlimited Trading Signals are provided, along with unlimited access to webinars and additional perks.
NAGA provides a demo account with a test balance of $10,000 for users to practice trading without using real money. It allows users to simulate real trading conditions and test their strategies in a risk-free environment. The demo account helps users familiarize themselves with the platform and gain confidence before transitioning to live trading.
How to Open an Account？
To open an account with NAGA, follow these steps:
Visit the NAGA website and click on the “Start trading” button or a similar call-to-action that prompts you to sign up for an account.
Fill out the registration form by entering your email address, creating a password, and selecting your country from the provided options. Please note that residents of the United States may not be able to access regulated activities provided by NAGA.
Read and confirm that you have understood the Privacy Policy.
Confirm that you are at least 18 years old and give consent for NAGA Capital LTD to process your personal data for marketing and newsletter purposes. You can choose to unsubscribe from these communications at any time, as specified in the Privacy Policy.
Click on the “Sign Up” button to complete the registration process.
Spreads
NAGA provides different account types with varying spreads. The IRON account offers standard spreads, including EURUSD at 1.7. The SILVER account features improved spreads, such as EURUSD at 1.2. The GOLD account provides gold spreads, including 0.9 on EURUSD. The DIAMOND and CRYSTAL accounts offer spreads, with EURUSD at 0.7.
Fees & Commissions
NAGA applies specific fees and commissions for various trading activities. For holding positions overnight, swap fees are charged. For CFDs on stocks, there is a fee of €2.50 (or equivalent) for each in/out transaction, while for real stocks, the fee is €3.00 (or equivalent) per in/out transaction. Commissions on ETFs are set at 0.10% of the notional value. Copy fees are applied to positions being copied from other users. Withdrawal fees range from 0 to 5 USD/EUR per withdrawal, depending on the VIP User Level. Additionally, payment method-specific fees apply for withdrawals, with a minimum withdrawal amount of 50 EUR/USD/GBP/PLN depending on the account's currency.
Minimum Deposit
The minimum deposit required to open an account with NAGA is $250.
Deposit & Withdrawal
Deposit & Withdrawal methods offered by NAGA can be categorized into four types: Credit/Debit Cards, Wire Transfer, Alternative Payment Methods, and SEPA.
Credit/Debit Cards: NAGA accepts various credit/debit card options for deposits, including Visa, Mastercard, Maestro, Diners, and Discover. There are no fees associated with these deposits, and the minimum deposit amount is $250. The maximum deposit amount depends on the country of residency, and the processing time is generally instant.
Wire Transfer: For wire transfers, NAGA provides options such as Eurobank, Astrobank, and Equals Money. There are no fees specified for these transfers, and the minimum deposit amount is $250. The maximum deposit amount is not mentioned. The processing time for wire transfers is typically 2-5 business days. These transfers are regulated by the Central Bank of Cyprus.
Alternative Payment Methods: NAGA offers a wide range of alternative payment methods, including PayPal, P24, Ideal, Eps, Giropay, Skrill, Neteller, Sofort, NeoSurf, PaySafeCard, Alphabank, Euteller, Multibanco, MY BANK, and Open Banking. There are no fees for these payment methods, and the minimum deposit amount is $250. The maximum deposit amount varies depending on the method chosen. The processing time is generally instant, and these methods are regulated by the Central Bank of Cyprus, CSSF, or other relevant authorities.
SEPA: NAGA covers SEPA Instant transfers, allowing customers to deposit funds through banks such as SwedBank Lithuania, SEB Bank, Revolut Lithuania, Siauliu Bankas, OP, Nordea, Danske Bank, and more. The fees associated with these transfers are covered by NAGA. The minimum deposit amount is €250. The processing time for SEPA transfers is typically 1-2 business days.
Trading Platforms
NAGA offers multiple trading platforms to cater to different preferences and needs. NAGA Trader Mobile provides an iOS or Android application, allowing users to enjoy the NAGA trading experience on their mobile devices. NAGA Trader for Web enables trading from any device using a web browser. For those who prefer the MetaTrader4 (MT4) platform, NAGA offers the option to trade on MT4 using their NAGA account. Similarly, traders can also utilize the MetaTrader5 (MT5) platform with their NAGA account. Each platform has its own unique features, which can be further explored in the provided comparison table.
Trading Tools
TRADING CALCULATOR: NAGA offers a trading calculator as one of its trading tools. This tool allows users to calculate important trading parameters such as position size, margin requirements, and potential profit or loss. The trading calculator assists traders in making informed decisions by providing them with accurate calculations based on their chosen parameters.
ECONOMIC CALENDAR: NAGA provides an economic calendar as a trading tool. This calendar offers information on upcoming economic events, such as important economic indicators, central bank announcements, and other significant market events. Traders can use this tool to stay updated on relevant news and plan their trading strategies accordingly.
EARNINGS CALENDAR: NAGA includes an earnings calendar as part of its trading tools. This calendar displays the dates and expected earnings releases of publicly traded companies. Traders can utilize this tool to track corporate earnings and assess the potential impact on the financial markets. The earnings calendar enables traders to stay informed about earnings-related events and incorporate these factors into their trading decisions.
Educational Resources
1. Blog: NAGA provides a blog section that offers news and analysis on various topics such as market insights, trading, copy trading, and NAGA updates. It covers recent financial market events and provides analysis to help users stay informed.
2. Daily Hot News: NAGA offers daily hot news updates, providing key financial market events and updates. It includes information on major events, economic indicators, and market news, enabling users to stay up-to-date with the latest developments.
3. NAGA Learn: NAGA provides a comprehensive learning section called NAGA Learn, which covers essential trading knowledge. Users can access free educational materials on topics such as forex, stocks, crypto, economics, technical trading, and chart types. It offers investing series, trading courses, and trading basics for beginners and intermediate traders.
4. Glossary: NAGA includes a glossary section that explains various trading terms and concepts. This resource can be helpful for users who want to understand specific terms used in trading and enhance their trading vocabulary.
5. eBooks: NAGA offers free trading education through eBooks. Users can register an account and access a suite of educational products, including trading books, online webinars, and educational videos. The eBooks cover a range of topics, including trading stocks, forex, and indices, providing information for traders of different levels.
6. Webinars: NAGA conducts webinars on trading topics. Users can attend upcoming webinars or access past webinar recordings. These webinars offer opportunities to learn about trading and interact with experts. They cover a variety of subjects, and users can choose webinars in different languages to suit their preferences.
Customer Support
NAGA provides customer support services to assist users with their inquiries. Users can contact NAGA's support team directly from Monday to Friday, between 07:30 am and 02:00 am EEST. International phone numbers are available for various countries, including Cyprus, Czech Republic, Germany, Italy, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and Hungary. Additionally, users can reach out to the support team through live chat or by sending an email to support@nagamarkets.com. NAGA also has a presence on social media platforms such as Facebook, Instagram, Twitter, YouTube, and LinkedIn.
Reviews
Reviews on WikiFX indicate that some NAGA users have experienced issues with withdrawing funds. One user reported difficulties in withdrawing profits due to a tax requirement, with limited time to fulfill it. There were also mentions of delays in receiving refunds and withdrawals.
Conclusion
In conclusion, NAGA operates as Naga Markets Europe Ltd and is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Comisión Nacional del Mercado de valores in Spain. However, it lacks proper regulation from the Federal Financial Supervisory Authority (BaFin) in Germany, which poses risks for users in Germany. NAGA offers a wide range of market instruments, including forex, stocks, ETFs, commodities, and indices. It provides multiple account types with varying features and minimum deposits. NAGA offers demo accounts for users to practice trading. The trading platforms include NAGA Trader Mobile, NAGA Trader for Web, MetaTrader4 (MT4), and MetaTrader5 (MT5). NAGA provides trading tools such as a trading calculator, economic calendar, and earnings calendar. It offers educational resources through its blog, daily hot news, NAGA Learn, glossary, eBooks, and webinars. Customer support is available through various channels. Reviews indicate some issues with fund withdrawals.
FAQs
Q: Is NAGA a legitimate broker？
A: Yes, NAGA is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Comisión Nacional del Mercado de valores in Spain. However, it lacks proper regulation in Germany, posing potential risks for users in that country.
Q: What market instruments does NAGA offer？
A: NAGA provides access to over 1000+ assets across various markets, including forex, stocks, ETFs, commodities, and indices.
Q: What are the account types offered by NAGA？
A: NAGA offers six account types: IRON, BRONZE, SILVER, GOLD, DIAMOND, and CRYSTAL, each with different features and minimum deposit requirements.
Q: What are the spreads offered by NAGA？
A: Spreads vary based on the account type. The IRON account offers standard spreads, while the SILVER, GOLD, DIAMOND, and CRYSTAL accounts provide improved spreads.
Q: What fees and commissions does NAGA charge？
A: NAGA applies fees for overnight positions, CFD transactions, ETFs, copying trades, and withdrawals. The specific fees depend on the activity and account type.
Q: What is the minimum deposit for NAGA？
A: The minimum deposit required to open an account with NAGA is $250.
Q: What deposit and withdrawal methods does NAGA offer？
A: NAGA supports Credit/Debit Cards, Wire Transfer, Alternative Payment Methods, and SEPA transfers for deposits and withdrawals.
Q: What trading platforms does NAGA provide？
A: NAGA offers NAGA Trader Mobile, NAGA Trader for Web, MetaTrader4 (MT4), and MetaTrader5 (MT5) as trading platforms.
Q: What trading tools are available on NAGA？
A: NAGA provides a trading calculator, economic calendar, and earnings calendar as trading tools.
Q: Does NAGA offer educational resources？
A: Yes, NAGA offers a blog, daily hot news, NAGA Learn, glossary, eBooks, and webinars as educational resources.
Q: How can I contact NAGA's customer support？
A: You can reach NAGA's customer support through phone, live chat, email, or their social media channels.
Q: Are there any concerns raised in NAGA reviews？
A: Some users have reported difficulties with fund withdrawals and delays in refunds on WikiFX reviews.
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