NAGA Broker Review – Top Forex & CFD Broker | TradeForex

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NAGA Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	CySEC
💰 Minimum Deposit	$250 (100000 Naira)
💳 Deposit Options	Debit Card, Credit Card, Bank Wire, Sofort, Neteller, Skrill, Giropay, EPS, P24, Trustly, and NAGA Card.
💳 Withdrawal Options	Debit Card, Credit Card, Bank Wire, Sofort, Neteller, Skrill, Giropay, EPS, P24, Trustly, and NAGA Card.
📌Open an account	Start Trading with Naga

Our Opinion About NAGA

NAGA is an online broker and a fintech company that envisions financial inclusion for everyone. It is a social investing network that provides innovative technology and access to trade over 15,000 assets. Founded in 2015, NAGA is the trademark of the ‘NAGA Group AG’ which has its head office in Germany and other offices across the world. Its shares are publicly traded on the Frankfurt Stock Exchange.

NAGA has a unique business model, built around trader levels, rather than trading accounts. They offer competitive online trading conditions with fair pricing. They also have a great selection of trading instruments including forex, energies, metals, shares, indices, and commodities. NAGA offers trading on two well-known industry platforms -MetaTrader4 and MetaTrader5 – as well as its own proprietary trading platform.

If you’re looking for great trading support, then NAGA could be a good option. They have a nice range of trading resources including trading signals, economic calendars, market news, market analysis. They also have a small selection of free learning materials. And if you’re looking for great customer service then you’ll be pleased to know that NAGA also has multilingual customer support.

Regulation And Safety

NAGA is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). As a licensed broker, they must meet CySEC’s minimum regulatory requirements. This means they are a reliable, trustworthy forex broker that offers a good service and a high level client fund protection.

CySEC Licence

The Cyprus Securities and Exchange Commission (CySEC) is one of the strictest, and most reputable regulatory authorities in the world. They provide regulatory oversight to brokers in Cyprus. CySEC’s regulatory requirements include negative balance protection for new traders and client fund protection measures. They also require brokers to have insurance coverage against negligence and a compensation scheme of up to €20,000 per account. Most importantly, they require brokers to have a strict capital adequacy ratio requirement which prevents brokers from defaulting because of clients’ trades.

Fund Safety

Naga takes client fund safety very seriously. Client’s funds are held in segregated bank accounts maintained with the top European banks. NAGA clients are further protected by the Investor Compensation Fund (ICF) which insures client funds up to €20,000 if in the future NAGA goes bankrupt. The trading platforms and website are protected using secure socket layer (SSL) encryption.

NAGA: Legit Or Scam?

NAGA is a legit broker. They have been providing trading services for several years and have a growing client base in Africa. They are registered with a reputable regulatory authority, use good client fund safety policies, and have won many awards for their trading services. In terms of their trading products, they offer a nice variety of trading instruments and trading tools. They also have a good range of payment methods. In our opinion, they are a legit and reliable broker.

NAGA Trading Instruments

NAGA has over 15,000 financial assets for you to choose from including currency pairs, commodities, shares. indices, metals, energies, ETFs and cryptocurrencies.

Trading Instruments

• Forex: NAGA offers 40+ currency pairs including major, minor, and exotic forex pairs.
• Metals: They offer spot trading on gold and silver, as well as future trading on copper.
• Commodities: NAGA has trading on soft commodities such as Coffee, Corn, Soybean, and Wheat.
• Indices: They have cash CFD and futures trading on many popular indices.
• Energies: NAGA offers spot trading on Brent and WTI. They also offer future trading on gas.
• ETFs: They have 17 assets based on exchange-traded funds.
• Crypto: NAGA has Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Monero, Ripple, and more.

NAGA Account Types

NAGA does not offer different account types. Instead, it offers trader levels. Your trader level determines what trading conditions you get and what support you receive.

Iron Trader

This is their entry level status for new forex traders in Nigeria. It comes with many helpful educational resources including market research, free webinars, and forex eBooks. It has their standard spreads (e.g. EURUSD 1.7) and there are no commissions. It also comes with the standard leverage. The minimum deposit is $250 and the withdrawal fee is $5.

Bronze Trader

This is the next available status and is suitable for more experienced forex traders in Nigeria. It comes with many helpful features including their trading signals, trade alerts, and copy trading tools. It has their standard spreads (e.g. EURUSD 1.7) and there are no commissions. It also comes with the standard leverage. The minimum deposit is $2,500 and the withdrawal fee is $4.

Silver Trader

The Silver Trader status is suitable for advanced traders with more trading capital. It comes with more trading tools including additional daily trading signals. It has their Silver spreads (e.g. EURUSD 1.2) and there are no commissions. It also comes with the standard leverage. The minimum deposit is $5,000 and the withdrawal fee is $3.

Gold Trader

The Gold Trader status is suitable for advanced traders with large amounts trading capital. It comes with more trading resources and daily signals. It also comes with one-on-one tutoring. You get their Gold spreads (e.g. EURUSD 0.9) and there are no commissions. You also get higher copy trade fees if other people copy your ideas. The minimum deposit is $25,000 and the withdrawal fee is $2.

Diamond Trader

The Diamond Trader status is suitable for expert traders with a lot of experience. It comes with a wide range of trading resources and daily signals. It also comes with one-on-one tutoring and access to their premium contents. You get their Diamond spreads (e.g. EURUSD 0.7) and there are no commissions. The minimum deposit is $50,000 and the withdrawal fee is $1.

Crystal Trader

The Crystal Trader status is suitable for professional traders with a lot of capital. It includes all of their range trading resources and daily signals. It also includes unlimited one-on-one tutoring, access to their premium contents, and free profile boosts. You get their Crystal spreads (e.g. EURUSD 0.7) and there are no commissions. You can also earn up to $1.20 per copied trade. The minimum deposit is $100,000 and the withdrawal fee is $0.

Demo Accounts

Prospective clients also have the option of opening a demo account. To try trading on the NAGA demo account, you need to register with the company and they will give you access by default. Using a demo account can be a great way to gain more experience and try out NAGA platforms. It comes with $10,000 in virtual credit that you can use to learn how to trade and to test your strategies.

NAGA Spreads

NAGA has good spreads that are in line with what you would expect from a reliable broker. The spread available depends on your trading level. For example, bronze traders get spread from 1.7 pips and silver traders get spreads from 1.2 pips.

NAGA Registration – How To Open A Trading Account

As part of our NAGA broker review, we looked at their online registration process. If you live in Nigeria, then you are eligible to open a trading account. Signing up is easy. To get started, you need to go to the website, complete the form, and choose your preferred login details. Then, you need to take a quick test to demonstrate your knowledge of the financial markets. Lastly, you need to complete the KYC process, submit your documents, and choose your account type.

NAGA Registration – How To Verify A Trading Account

As part of our NAGA broker review, we looked at their account verification process. To open a live trading account you’ll need to show NAGA a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The account verification process is simple. You can provide copies of your National ID card, Passport or Driving License . You can also provide copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add funds and start trading.

NAGA Deposits & Withdrawals

NAGA offers a wide range of payment methods including debit card, credit card, bank wire transfer, Sofort, Neteller, Skrill, Giropay, EPS, P24, Trustly, and. SPEI transfer. It also offers its own NAGA Card. This is a prepaid MasterCard, issued by NAGA, that you can use to deposit and withdraw from your trading account.

NAGA Trading Platforms

NAGA has MetaTrader4 and MetaTrader5 – two of the best online trading platforms for forex trading. It also offers its own proprietary trading app.

• MetaTrader4 – MetaTrader4 (MT4) is a great choice for new forex traders. It has many built-in trading tools and its simple interface makes it very easy to use. You can use it to trade a wide range of CFD trading instruments including forex, crypto and stocks. The Naga MT4 platform also has charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects.

• MetaTrader5 – MetaTrader5 (MT5) is another great option for forex traders in Nigeria. It has a great setup with many powerful trading tools. You can use it to access all of your favourite markets and trade things like crypto, forex, and indices. The Naga MT5 platform has a simple, modern design. It also has many helpful features including 6 order execution types, 38 indicators, and 37 analytical objects.

• NAGA Platform – The NAGA platform is their proprietary trading platform. It provides access to all NAGA’s trading instruments as well as their AutoCopy tool. It also comes with many helpful features including price alerts, market news, digital wallets, messenger features, and a personal account manager.

NAGA Trading Services

• Social Trading – NAGA is primarily a social trading network. Social trading is a type of trading that allows you to observe the trading behaviour of your peers and of expert traders. It can be very helpful for new traders who want to learn new strategies. It can also be very profitable for experienced traders who want to earn money from sharing their trading ideas.

• NAGA AutoCopy – NAGA Autocopy is an innovative feature that facilitates social trading. It lets you automatically copy the trade of expert traders on the NAGA platform and learn from their experience. To use the AutoCopy tool, all you need to do is choose the traders you want to copy and simply hit Autocopy. You can adjust the trades to suit your own goals and trading capital. You can also choose whether to copy their Stop Loss and Take Profit settings, or whether to set the limits individually based on your own risk tolerance.

NAGA Trading Tools

• Economic Calendars – NAGA offers a free economic calendar to help you keep up with market news. Their economic calendar covers all global economic data releases. It also includes detailed explanations and forecasts for each new release. As such, it makes monitoring fundamentals and predicting price movements easier.

• Trading Calculators – They have a range of trading calculators that can use to plan your trades, manage your risk, and implement more effective trading strategies. The available trading calculators include a pip calculator, a Fibonacci calculator, a currency calculator and a pivot calculator.

• Trading Signals – This tool is designed for experts who want to earn money by providing trading signals for other traders. You can earn $0.1 when another trader copies your signal. You can also message your followers through NAGA Messenger or NAGA Feed.

Education And Research

NAGA feed provides its clients with the latest market news and updates. It also offers a free trading academy for new traders. The academy is made up of video lessons, articles and tutorials. It also has a webinar series designed to assist the traders with analysis and general trading knowledge.

Trading Hours

NAGA trading hours are in line with standard trading hours. You can open trades whenever the financial markets are open. Trading hours may vary on public holidays.

NAGA Customer Support

The customer support team is available 24/5 via various channels such as online web chat, telephone lines and email. On social media, you can reach the Support Team on Facebook, Instagram, Twitter, YouTube and LinkedIn.

Accepted Countries

NAGA group accepts clients from all over the world, excluding USA, Iran, Iraq, Cuba, Australia, Belgium, Canada, Israel, Japan, North Korea, Sudan, Syrian Arab Republic, Yemen, Ethiopia, Serbia, Trinidad and Tobago, Tunisia, Turkey, Vanuatu, Sri Lanka, US Minor Islands, US Virgin Islands

Our Verdict

NAGA is a global broker that offers innovative trading solutions. It offers charting tools, market sentiments, social trading, and great trading conditions. It also offers market-leading trading platforms including MT4 and MT5. With NAGA, you get access to many tools including market news, an economic calendar, price alerts, and much more, making it a great choice for all forex traders.

NAGA Forex Broker Review – FAQ

Ready to sign up? Register for an online trading account with NAGA here.

NAGA Forex Broker Review – Similar Brokers

NAGA is a great choice for forex traders in Nigeria. However, if you want to see some alternatives, there are also many other brokers in Nigeria. Here are some brokers like NAGA.

Still deciding? Take a look at some of our other forex broker reviews.