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NAGA Broker Review

Review By: Max Webster Review Updated: October 13, 2019

Address: NAGA Markets Ariadnis 7 Moutayiaka, 4531 Limassol Cyprus

Forex ETF Stocks CFD Social Trading

Spread

1.2 Pips

Max. Leverage

1:20

Deposit Protection

£20,000

Min. Deposit

£0

Spread

0.10 Commission

Max. Leverage

1:20

Deposit Protection

£20,000

Min. Deposit

£0

Spread

0.1% Commission

Max. Leverage

1:20

Deposit Protection

£20,000

Min. Deposit

£0

Spread

1.2 Pips

Max. Leverage

1:20

Deposit Protection

£20,000

Min. Deposit

£0

Spread

1.2 Pips

Max. Leverage

1:20

Deposit Protection

£20,000

Min. Deposit

£0

Our Overall Rating

Rating 4.6
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NAGA is an online broker, specialising in social trading. Founded in 2015, the firm is based in Cyprus and is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). The NAGA Group’s Initial Public Offering in 2017 was highly successful, reaching more than $50 million within just a few months of the firm’s debut on the Frankfurt Stock Exchange. The broker now has over 500,000 users, and clients can invest in over 800 markets worldwide. NAGA is considered a leading name in the fast-evolving area of social trading.

Commissions & Fees

Rating

NAGA offers a commission-free model when trading most instruments, including Forex, Cryptocurrencies, Commodities and Futures. Profits are taken from the spreads, which are competitive, with the average USD/Euro spread currently quoted at 1.2 pips. Up-to-date spreads are clearly displayed on the website. Commission on stocks is 0.20% and on ETFs is just 0.10%. It’s possible to get started with a basic account that carries no minimum deposit. There are a few hidden costs, such as a maintenance fee on inactive accounts (after six months), but the company will email the client, with a month’s notice, before imposing this.

Platforms & Tools

Rating

NAGA has a proprietary web-based social trading platform called NAGA Trader, allowing clients access to experienced traders who they can follow. Clients can use this platform to easily copy the trades of anyone they follow and can also automate the process if desired. A handy leader board helps traders decide who to copy. And there is an integrated stop loss/take profit tool, known as the NAGA Protector, which can be applied to each trade. NAGA also provides an excellent mobile trading app, which is available free for iOS and Android devices, to make trading on the go as easy and intuitive as possible.

Customer Service

Rating

Multi-lingual customer support is available 24 hours a day, 5 days a week, via email, telephone, and live chat. The company also runs social media accounts on Facebook, Twitter, and Instagram, providing a quick and convenient way for customers to get in touch. Response times are fast, and the staff are professional and helpful. Additionally, there is an extensive help section, which has labelled sections and is searchable, if you can’t immediately find what you are looking for. This, along with a blog addressing a range of topics related to trading, and trading with NAGA, in particular, makes it easy for new customers to get started on the platform.

Regulatory details

  • NAGA Markets Ltd, authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 204/13), with registered address at Ariadnis 7, Moutagiaka, 4531 Limassol, Cyprus
  • NAGA Capital (CY) Ltd, with registered address at Eurosure Tower, 3rdFloor,2112 Nicosia, Cyprus
  • NAGA Capital (SV) Ltd, with registered address at Trust House, 112 Bonadie Street, Kingstown, St. Vincent and the Grenadines.

Final Thoughts

NAGA is fast becoming known as a reliable firm offering a wide range of tradable instruments and some excellent social trading opportunities. There is a limited selection of trading platforms, but both the proprietary platform and the mobile app work well and are intuitive to use. The company is fully regulated, and a member of the Investor Compensation Fund (ICF). The information offered on the site makes NAGA particularly appealing to new or less-experienced traders. The combination of education for clients, news and updates via the blog, extensive customer support and easy copy trading, will no doubt appeal to new traders.

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