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NAGA – Forex Broker Review 2022

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 800 assets on its cutting-edge platforms. 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.

Regulation

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 prevent brokers from defaulting because of client’s trades.

Social Trading

NAGA is primarily a social trading network. Social trading is a type of trading that allows you to observe and 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.

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 advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. You can use these to do technical analysis and manage your trading strategy.

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. You can use these tools to test new strategies and improve your market research.

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 Instruments

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

  • 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: MAGA has Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Monero, Ripple, and more.

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 a wide range 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.

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.

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.

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.

NAGA Trading Tools

NAGA offers a wide range of trading tools including:

  • Price Alerts: This customizable tool alerts a trader when the price goes up or down. Just set up the price alert and get a notification when the market moves.
  • Protector: This is a risk management tool that helps a trader to accurately and automatically secure profits and limit losses on trades. You can set up Take Profit and Stop Loss limits for free.
  • Leader Board: This shows the performance statistics of expert traders. Other traders can view the Leader Board, make a choice of whose trades to copy, and click the ‘Autocopy’ button.
  • Feed: This is a publishing platform available to every trader. You can use it to publish signals, opinions, and news for other traders to read.
  • Messenger: This is a messaging platform where you can add friends, message other traders directly, and also create group and public charts.
  • 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.
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Education

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.

Extra Trading Services

NAGA also offers its own cryptocurrency exchange.

Documents

To register for a live NAGA account you’ll need to send them a proof of ID and a proof of address. This is so that they can verify your identity. NAGA accepts many different types of documents. For example, you can send them copies of your National ID card, Passport or Driving License. You can also send them copies of a utility bill or a bank statement registered in your name.

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

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.

Conclusion

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.

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