For a professional and experienced trader, the name NAGA is not too unfamiliar, but for someone new, who hasn’t had much exposure to the market, it’s certainly not a very well-known forex platform. Our fellow traders seldom hear about NAGA on forums because this broker seems to focus mainly on developing brokerage services and hasn’t really excelled in its marketing strategy, especially in Asian markets, including Vietnam. However, if you’ve researched NAGA, you won’t easily overlook it. Let’s objectively evaluate this forex platform together.
Overview of the platform and legal information
NAGA is a forex and CFDs brokerage platform established in October 2015. NAGA is the exclusive brand name of NAGA Group AG, a Fintech company headquartered in Germany and listed on the Frankfurt Stock Exchange.
NAGA is operated by subsidiary companies of the NAGA AG group, including:
- NAGA Global (SV) Ltd, established in St. Vincent and the Grenadines.
- NAGA Global (CY) Ltd, established in Nicosia, Cyprus.
- NAGA Markets Ltd, located in Limassol, Cyprus, authorized and regulated by CySEC – the Cyprus Securities and Exchange Commission, with license number 204/13.
- NAGA Technology GmbH, with its registered address in Hamburg, Germany.
With CySEC licensing, NAGA is subject to strict regulations. Investors’ funds are segregated from the company’s business activities and are held in reputable European banks. Additionally, as a NAGA client, traders are insured by the Investor Compensation Fund for amounts up to 20,000 EUR.
Benjamin Bilski, the founder and CEO of NAGA AG, was honored to be listed in Forbes 30 Under 30. This has helped him become one of the most promising young entrepreneurs in the technology sector, making NAGA one of the well-known brokers and providers of cutting-edge trading technology in the current market.
Not only has NAGA excelled in the field of forex and CFDs brokerage, but it has also leveraged its “tech-savvy” approach in the cryptocurrency realm. In December 2017, NAGA released the NAGA Coin (NGC), a project that raised over 50 million USD and ranked among the top 50 ICOs of all time. In 2018, NAGA continued to introduce the NAGA wallet and established the NAGAX digital asset exchange.
With what NAGA has achieved, this broker is definitely worthy of our trust and consideration when opening a trading account. However, don’t rush; let’s continue to evaluate the trading conditions at NAGA to make the most accurate decision.
Trading Products
NAGA offers a wide range of trading products, including both popular market instruments and high-end financial products, providing maximum flexibility for professional traders.
- Forex: NAGA provides access to 48 forex pairs, including major pairs, cross-currency pairs, and exotic pairs.
- Indices: Traders can access 14 stock indices from various markets, including exclusive indices like NAGA Save. Well-known indices such as US30, SPX500, JPN225, UK100, NAS100, and more are available.
- Commodities: This category includes metals (gold, silver, and copper), energy commodities (natural gas, WTI crude oil, and Brent crude oil), and agricultural commodities (coffee, corn, wheat, soybeans).
- Stocks: At NAGA, traders can trade stocks through CFDs or invest directly in stocks. Over 400 stock symbols from renowned companies listed on major global stock exchanges are available.
- Cryptocurrencies: NAGA allows trading in 12 major cryptocurrencies with significant market capitalization. Investors can buy, sell, and store these cryptocurrencies in the NAGA wallet.
- ETF Portfolio Swap Funds: Traders can trade 17 different ETF portfolio swap funds.
- Futures Contracts: NAGA supports futures trading on 12 stock indices.
Trading Accounts
NAGA offers six types of trading accounts, including one basic account for new, small-capital clients, and five advanced accounts with improved trading conditions.
For a detailed comparison of the trading features across these six account types:
Trading Platforms
True to its reputation as a leading technology-driven broker, NAGA offers not only the two most popular trading software in the market, which are MT4 and MT5, but also a proprietary trading platform designed exclusively for its clients, known as the NAGA platform.
MT4/MT5 Software
Both MT4 and MT5 are widely used forex and CFDs trading software in the market today. MT4 is known for its simplicity and user-friendliness, catering to a wide range of customers, from novice traders to experienced ones. MT5, introduced later, builds upon the existing features of MT4 and adds new functionalities to meet the trading needs of even the most discerning traders. Both MT4 and MT5 can be used on desktops through software applications and on mobile devices.
Comparing Basic Features of MT4 and MT5 Trading Software:
NAGA Trading Platform
NAGA’s exclusive platform consists of two versions: a web-based version and a mobile version. This platform integrates both forms of trading: forex, CFDs, and copy trading.
One unique feature of this platform is that it functions like a social media platform (Facebook, Twitter, Instagram, etc.) as traders can update their status here, while also being able to view the statuses of others and interact with them directly on the platform. Unlike MT4 or MT5, different areas are separated into specific tabs rather than all being displayed on a single screen.
The various areas are presented in different tabs:
Price Charts and Order Placement Area:
Some features for working with price charts:
- 7 types of price charts and 9 timeframes.
- Over 90 technical indicators and drawing tools to assist with chart analysis.
- The ability to adjust the chart size and scroll using simple mouse gestures.
- Chart saving functionality similar to MT4/MT5.
Copy Trading:
NAGA allows investors to directly copy the trades of other traders on its proprietary platform. Unlike other copy trading platforms like mql5, Zulutrade, or Myfxbook, NAGA investors can copy signals for free. Signal creators receive a bonus each time someone copies their trades. The bonus amount increases based on the account level, starting at $0.1 per trade for Iron Trader accounts and $0.3 per trade for Crystal Trader accounts. You can review these bonus levels in the account type comparison table.
This also means that you have the ability to share your own trading signals and receive bonuses in return.
NAGA’s platform also allows traders to set up copy trading orders:
Other services provided by NAGA:
CYBO:
CYBO is an intelligent trading robot with risk management capabilities for investors. Equipped with complex algorithms and trading programs, CYBO can identify favorable entry and exit opportunities. Investors interested in using this tool only need to answer a few questions related to their trading habits, risk tolerance level, and preferred markets. CYBO will automatically set up trading strategies based on this information and start seeking entry/exit opportunities without being influenced by emotional factors.
Currently, NAGA’s CYBO tool is undergoing maintenance, so we cannot provide a detailed evaluation of its operation and effectiveness at this time.
NAGA Portfolios:
NAGA’s top experts design ready-made investment portfolios. Traders can consider the profit ratios and risk levels to decide whether to invest in a particular portfolio. This is a useful tool as a portfolio helps diversify investment products, thereby minimizing risks compared to investing in a single specific asset. Therefore, NAGA’s clients are quite interested in this tool.
- 2% Interest CFDs
Investors have the option to allocate a specific amount from their trading account to participate in this program. The allocated amount will receive an interest rate of 2% per year. The remaining amount in the account can be used for any trading activities. For example, if you deposit $2,000 into your account and decide to invest $1,000 in NAGA’s interest program, you will have $1,000 left for trading forex, metals, copy trading, or investing in stocks, ETF portfolios, and more.
The minimum amount required to participate in the interest program is 103.81 Euros.
- Education
NAGA provides a wealth of educational materials, instructional videos, and knowledge related to forex trading for its customers
Leverage, Commission Fees, and Spread:
Leverage:
NAGA provides a maximum leverage ratio of 1:30, which is also the ratio mandated by the FCA, although NAGA is not regulated by this authority. However, professional traders may trade with leverage up to 1:200 if they meet specific requirements set by the platform regarding trading volume, total assets, and financial experience.
Leverage ratios vary for different trading product categories:
- Forex: Major currency pairs have a leverage of 1:30, while cross and exotic currency pairs have a leverage of 1:20.
- Cryptocurrencies: 1:1.
- Stock indices: 1:20 or 1:10.
- CFDs on stocks: 1:5.
- Commodities: Gold has a leverage of 1:20, others have 1:10.
- ETF portfolios: 1:5.
- Futures contracts: 1:10 or 1:20.
Commission Fees:
Commission fees are only applicable to CFDs on stocks trading. The fee rate is 0.2% of the trade value for Iron Trader, Bronze Trader, and Silver Trader account types, and 0.1% of the trade value for other account types.
Spread:
NAGA’s spreads are considered average compared to the market as a whole. Although NAGA follows a “no commission” policy, the cost incurred through spreads can be significantly higher compared to commission fees, especially during times of market volatility when spreads tend to widen.
To get more details on this topic, you can refer to the following article:
“What is Commission in Forex? Considerations About Commission When Choosing a Forex Broker.”
Average spreads (pips) for some major forex pairs and gold on an Iron Trader account:
Deposit and Withdrawal Methods:
NAGA offers a wide range of deposit and withdrawal methods, including Wire Transfer, Visa/Master cards, e-wallets (Skrill, Neteller, Sofort, Giropay, iDeal, EPS, p24), local bank internet banking, and cryptocurrency deposits (Bitcoin, Ethereum, Bitcoin Cash, Dash, Litecoin, and NAGA coin).
The minimum deposit amount is $250, with no deposit fees, and instant processing.
The minimum withdrawal amount is $50. Withdrawals below this amount will incur a $10 fee per withdrawal. Withdrawal processing times are as follows: 24 hours (e-wallets), 3-5 days (Visa/Master cards), 2-3 days (internet banking), and within 1 hour for cryptocurrency withdrawals.
If a trading account remains inactive for 3 consecutive months, a fee equivalent to 20 Euros will be charged.
Summary of Pros and Cons:
Pros:
- Regulated by a reputable regulatory authority.
- Diverse range of trading products, catering to almost all trader needs.
- Variety of trading account types.
- No commission or low commission fees.
- Diverse and feature-rich trading platform.
- Multiple deposit and withdrawal options.
- Vietnamese language support on the website, 24/5 live chat.
Cons:
- Low leverage ratio.
- High minimum deposit amount.
Despite being a relatively young broker, NAGA can compete with well-established and reputable forex brokers in the market. The trading conditions and platform are strong with unique features. After considering our review, if NAGA aligns with your trading needs and capital, you may consider opening a trading account with them.
