REVIEW - NAGA

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General Information

• Broker Name: NAGA
• Broker Type: Crypto
• Country: Cyprus
• Operating since year: 2015
• Regulation: CySEC
• Address: Ariadnis 7, Mouttagiaka, 4531, Cyprus
• Broker status: Active
• Phone: +44 20 3318 4345
• Email: support@naga.com
• Languages: English
• Availability: 24/5

Trading

• Trading platforms: MT4, MT5, Proprietary
• Demo account: YES
• Mobile trading: YES
• Web-based trading: YES
• Bonuses: YES
• Other trading instruments: YES

Account

• Minimum deposit ($): $250
• Maximal leverage: 1:1000
• Spread: Variable
• Scalping allowed: YES

NAGA is a versatile brokerage offering trading services on a variety of assets, including crypto, forex, and stocks. The company also has social trading features, which it displays prominently on its website. NAGA started operating in the year 2015, meaning it’s been around for half a decade already, marking it as an experienced brokerage. The company operates from Cyprus, and its headquarters can be found at Ariadnis 7, Mouttagiaka, 4531.

It’s apparent that the company took great care to ensure it leaves a first impression. The website is, without any doubt, one of the most visually pleasing online brokerage sites around. It has a minimalistic approach, meaning there’s minimal frustration due to clutter. One issue some users have reported, however, is that the drop-down menus are too crowded, sometimes causing confusion.

We’d like to agree with that point, as the crowdedness definitely causes a bit of frustration. Also, it seems like NAGA prioritized form over function. Although its website looks pretty, there’s a degree of difficulty in navigating it. Even if you find the right webpage, the exact info you’re looking for can be out of sight. If you wish to be cynical, you could say that the broker does that intentionally, which isn’t out of the realm of possibility.

Whatever the reason for its poor organization may be, it’s not an immediate turn-off. However, it is a foreshadowing for some issues which we will discuss further down the line. For now, let’s look at what NAGA provides to attract potential customers:

Three Platforms

Brokerages that offer multiple platforms are getting rarer as time passes. Even when there are such options, it’s usually the choice between one standard and one proprietary variant. NAGA went beyond that and ensured users could choose between MT4 and MT5, which are the leading platforms globally. On top of that, it added its own NAGA trader for users that like to experiment.

Social Trading

Social trading is the newest trend in the finance world, one that allows even novices to be competitive. Sometimes also aptly called copy-trading, social trading usually enables users to mirror other traders’ investments. The one being copied also benefits, as they receive a portion of the other party’s funds if the trade is successful. Some are against such features, calling them a crutch that hinders skill development. However, the results show that they slightly improve the average traders’ chances of profiting.

Funds Trading and Security

One of the first steps towards deciding whether you should use a brokerage is checking whether it’s safe. There’s been a recent boom in scam brokers, and many traders have recently gotten hurt by their actions. As for NAGA, there are some concerns about it being from Cyprus, but that’s mended by CySEC’s regulation. Although Cyprus can be a dangerous place as far as brokerages go, it’s a fact that CySEC is one of the most stringent watchdogs.

So at least from the technical side, NAGA seems to bode well enough not to be considered a scam. However, once you start researching the brokerage deeper, additional issues arise. The first is that across multiple trust rating websites, the brokerage’s positive ratings read as either paid for or automated. Spanning from one word, like “good,” to a short sentence, such as “they have fast service,” the comments don’t come off as genuine. On the other hand, many users shared detailed records of the broker’s misdeeds.

One particularly dissatisfied customer published a multi-page writeup along with images and trading records for proof. The broker hasn’t responded, but it’s quite apparent that the firm is in the wrong. The customer suffered a significant financial loss because of the broker’s mishandling, which leads us to believe it’s less trustworthy than it seems. Other, consistent and similar claims only further strengthen that doubt.

Trading Accounts

NAGA offers a demo account that you can use to explore the service with some practice funds on it. You can use it to familiarize yourself with the platform of your choosing and overall service before moving on to the live versions. For a real chance to earn funds, you’ll need to lay down $250, which will get you the Iron account. From there, the other versions are tiered and also investment based.

It’s quite apparent that the broker intentionally hindered the lower tiers in hopes of forcing you to upgrade. Although that’s rather unfortunate, it’s become a common practice with online brokers. The silver lining is that no key features are locked behind paywalls, so you’d technically be able to earn even with the cheapest account. Here are some of the specifications for each type:

Iron Trader

• Standard Spreads (e.g. EURUSD 2.5)
• Earn $0.10 per copied trade
• Reduced Commission on Stock CFDs (0,20%)
• Leverage up to 1:1000
• Margin Booster 0.1
• No Subscription Cost

Bronze Trader

• Standard Spreads (e.g. EURUSD 2.3)
• Earn $0.12 per copied trade
• Reduced Commission on Stock CFDs (0,20%)
• Daily NAGA Trading Signals
• Leverage up to 1:1000
• Margin Booster 0.2
• No Subscription Cost
• Access to Webinars

Silver Trader

• Standard Spreads (e.g. EURUSD 1.9)
• Earn $0.15 per copied trade
• Reduced Commission on Stock CFDs (0,20%)
• Daily NAGA Trading Signals
• Leverage up to 1:1000
• Margin Booster 0.25
• No Subscription Cost
• Access to Webinars

Gold Trader

• Standard Spreads (e.g. EURUSD 1.7)
• Earn $0.20 per copied trade
• Reduced Commission on Stock CFDs (0,10%)
• Daily NAGA Trading Signals
• Leverage up to 1:1000
• Margin Booster 0.50
• No Subscription Cost
• Access to Webinars
• NAGA Card - 1000 instant withdrawal daily

Diamond Trader

• Platinum Spreads (e.g. EURUSD 0.9)
• Earn $0.25 per copied trade
• Reduced Commission on Stock CFDs (0,10%)
• Daily NAGA Trading Signals
• Leverage up to 1:1000
• Margin Booster 0.75
• No Subscription Cost
• Access to Webinars
• NAGA Card - 2000 instant withdrawal daily

Crystal Trader

• VIP Spreads (e.g. EURUSD 0.7)
• Earn $0.30 per copied trade
• Reduced Commission on Stock CFDs (0,10%)
• Daily NAGA Trading Signals
• Leverage up to 1:1000
• Margin Booster 1
• No Subscription Cost
• Access to Webinars
• NAGA Card - 2000 instant withdrawal daily

Trading Conditions

As you can see from the previous section in our NAGA review, the trading conditions vary quite a bit from account to account. The only constantly good thing is the max 1:1000 leverage. Other than that, the spreads start out quite loose and require a hefty investment before they get better. There seem to be commissions on specific types of trading, which disable certain tactics. Those get better as you move up, but never go away entirely.

There are some redeeming qualities, such as the multiple platforms and copy trading function, but they’re not enough to redeem the rest. NAGA’s current conditions are quite underwhelming, which is inexcusable for a brokerage that’s been around for five years already.

Trading Platform

As we already mentioned multiple times through our NAGA review, their choice of platforms is a definite upside. They’ve got MetaTrader4 and MetaTrader5 as standard options, which are the go-to solutions for traders of all skill levels globally. On top of that, they’ve got their custom NAGA trader for those that wish to explore less standard options. They’ve also got web and mobile versions enabled, although they’re only accessible through the proprietary platform.

NAGA’s Trading Products

As far as the assets at NAGA go, the selection is slightly underwhelming. There’s definitely some dose of variety since the website has multiple categories of trading instruments. However, neither of those is incredibly deep, making the overall choices underwhelming. Here are the classes you can expect to see:

• Forex
• Crypto
• Real Stocks
• Stocks CFD
• Commodities
• Indices

Customer Service

As far as customer support goes, NAGA is a margin above the average broker. It’s got the standard email, live chat, and phone trio, but the firm also set up different lines you can call across multiple countries. That definitely makes the firm easier to reach if you happen to be in one of those locations.

• Phone: +44 20 3318 4345
• Email: support@naga.com

Conclusion

Although NAGA has been around for quite a while, it doesn’t seem to be worth the time or investment it asks from traders. The conditions are underwhelming and only get slightly better than average at massive investment levels. On top of that, there are some pressing security issues that land the broker just south of a scam.

Although NAGA doesn’t seem bad at first glance, it’s got a lot of underlying problems that can hinder user experience. As such, we recommend using one of the many better alternatives.

Reprinted from financebrokerage, the copyright all reserved by the original author.