NAGA Review 2023: A Legit Broker or A Scam? – Founded in 2015, NAGA has come across as a popular trading platform. Overall the broker is summarized to be a safe and legit trading platform, with heavy regulation. The forex broker is Fully regulated by the Cyprus Securities and Exchange Commission (CySEC). Moreover, the platform is a publicly listed company and is regulated in various jurisdictions with offices around the globe. The global community of NAGA has more than 1 million registered users who share their investments, get copied on their strategies, and drive millions of transactions on the platform. With access to over 1000 trading instruments, the platform has made its way into the list of the best forex broker of 2022.  The extensive copy trading feature and social networking capabilities make the platform a go-to option for all beginners. Additionally, NAGA also supports trading platforms like the MetaTrader 4 and MT5, which gives access to advanced chartings and technical indicators.  Also read: The Best MT4 Brokers in 2022 To learn more about the trading platform, read this detailed NAGA review based on extensive industry research and market performance. 

What is NAGA? 

NAGA is a multi-asset financial platform that has grown to offer retail investors Forex trading, Cryptocurrency trading, Indices trading, Stocks trading, Commodities trading, ETFs trading, CFD trading, and more.  With its head office in Cyprus, NAGA’s jurisdiction is only limited to Europe and the economic regions of Europe. The platform has not yet gone global.   The platform is available to users on iOS, Android, Mac as well as PC. the registration process of the forex broker is quite simple and time-saving. NAGA also allows new traders to start with a virtual portfolio i.e. a demo account to understand the basics of trading as well as the platform. Further, in this NAGA reviews, we have covered a detailed procedure on how to open a trading account with NAGA. Also read: NAGA Review 2022 (Update)

Who can trade with NAGA? 

NAGA is a great choice for both beginners and experienced traders. The auto copy features and the user-friendly platform makes it the best forex broker for beginners. And on the other hand access to the trading platforms like MT4 and MT5 provides advanced tools, which are of great help to experienced traders.   A lot of brokers do not provide much to demo accounts or new traders, but NAGA has a good reputation for encouraging new traders and providing them with quality educational content.

What are the features of NAGA?  

In this NAGA review, we have listed some of the best features the platform offers. Take a look: 

  1. The platform is accessible on all devices i.e it supports Apple as well as Android devices and can be operated either through the mobile app or desktop version. 
  2. It is a multi-asset platform that provides a wide range of financial instruments to trade from.
  3. The platform is available in 15 different languages for all users. 
  4. Naga offers Research-backed analysis on financial markets and investments from top analysts
  5. It has innovative tools, including advanced charting and technical indicators and graphs.  
  6. NAGA offers a demo account to all users. 

Pros and Cons of NAGA

What we like about the platform What we do not like about the platform
Has a strong social network Charges Inactivity Fees
Offers Autocopy for demo accountsUS clients not allowed
A heavily regulated and safe platform 
Provides access to MT4 and MT5 

NAGA Reviews:  Regulation and License

Before we review, whether or not NAGA is regulated let us understand the importance of regulation. Also read: How secure is the NAGA trading platform? Regulatory bodies keep a check on the brokers and if they feel something is suspicious they take necessary actions to protect the money and details of the traders. Before trading online with a broker you should be sure if they’re a legitimate broker.  Naga is a regulated and governed forex broker. It is secured by reputable financial regulatory bodies and therefore the broker is completely safe and legit. The headquarters of NAGA lies in Cyprus and it is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license No. 204/13. It is also governed by the Financial Conduct Authority (FCA)- the body that regulates all brokers listed to buy and sell securities.  Take a look at some of the authorities that look after NAGA: 
  • Cyprus Securities and Exchange Commission (CySEC) under license No- 204/13
  • Financial Conduct Authority (FCA); Licence no- 609499
  • The Federal Financial Supervisory Authority (BaFin); Licence no – 135203
  • Commissione Nazionale per le Società e la Borsa (Consob) registration no-  3844
  • Comisión Nacional del Mercado de Valores (CNMV) registration no- 3591

Is NAGA safe? 

In the above-mentioned, NAGA review on regulation, we have listed all the authorities that secure the trading platform. Therefore, it is safe to say that NAGA is a safe forex trading platform. Furthermore, any payments funded to Naga accounts by traders are held in a segregated bank account. For added security, Naga uses tier-1 banks for this. Tier 1 is the official measure of a bank’s financial health and strength.

Is NAGA global? 

NAGA has its jurisdiction only in Europe. The trading platform accepts clients from more than 40 countries all across Europe. It offers services to residents within the European Economic Area and Switzerland, excluding Belgium.  The US does not come under the jurisdiction of the platform. This means that clients from the U.S are not accepted by NAGA. Traders trading in Europe are taken to the NAGA Markets Europe platform, while traders from Australia, New Zealand, India, or Canada get access to the NAGA global platform.

What assets can you trade with NAGA? 

NAGA serves as one of the best forex broker for beginners as it is a multi-asset platform. It allows traders to place trades on various financial instruments. The platform offers over 1000 assets to trade from including cryptocurrency, stocks, CFDs, EFTs, Indices, commodities, Mutual Funds, and more. This NAGA reviews provide a detailed guide of the choices the platform offers to trade from 
  • CFD – the platform offers almost 600 stocks CFDs, globally across all markets.
  • Forex – 47 trading pairs, including all the popular currency pairs like EUR/USD, GBP/USD, JPY/USD, and EUR/AUD.
  • Commodities – silver, gold, oil, and metals.
  • Futures – There are currently 22 futures, including IBEX 35, Swiss20, and EuroStoxx.
  • Indices – available indices include the FTSE100, France 40, Germany 35, and US Tech 100
Apart from these comprehensive set of assets the trading platform also includes a wide range of major cryptocurrencies. This asset range allows even the most inexperienced trades a way into the world of asset trading using copy trading strategies of the professionals.

NAGA Review on Fees and deposit amount 

The fees charged by Naga depends on the trade amount, frequency of trade and the method of payment used for withdrawal and deposit. The minimum deposit fee charged the platform is $250 for the basic account. Read below to know more about the cost and fees charged by the trading platform:  1. DEPOSIT AMOUNT To open a trading account with any forex broker traders need to pay a minimum deposit fee, depending on the type of account they wish to open. To open a account with NAGA traders are required to pay a minimum of 250 GBP/USD/EUR when as deposit. The amount may change or vary depending on the level and type of account you have opened. 
  • If you want to open an Iron account the deposit amount is $250. 
  • If you wish to open a Bronze level account you will have to pay a deposit of $2500.
  • Traders opening a Silver account are entitled to pay $5000 as deposit amount.
  • If you want to open a Gold level account then you have to deposit $25000
  • Traders who wish to open a Diamond level account will have to pay a deposit of $50000.
  • And lastly, crystal account holders have to pay a deposit of $100000. 
2. WITHDRAWAL FEES  Every forex broker has its own specific rules when it comes to withdrawing funds from your trading accounts. NAGA withdrawal fees depend on the mode of payment selected for withdrawal. With NAGA you can withdraw your funds using China UnionPay, debit or credit cards, Bank Wire transfer, Visa, MasterCard, Boleto, Sofort, Netteller, iDeal, GiroPay, EPS, P24, and Trustly. The reason behind a varying withdrawal fee is that each trading platform has different methods and each payment provider may charge differing transfer processing fees. The processing time also plays a role in determining the amount. Moreover, it also depends on the potential currency conversion fee. The Conversion fee is dependent on your base currency, your receiving currency, and your payment provider. 3. NAGA review on Inactivity fees An account inactivity fee is a fee charged to traders who haven’t made any trades or transactions frequently. When opening an account there are certain terms and conditions, related to the trading activities that clients may have to fulfill. therefore, it is recommended to carefully read before you agree to anything.  What makes NAGA one of the best forex broker is that the platform does not charge any fee if the accounts are inactive. Even if your account does not have any buying and selling over some time the platform won’t charge you any fee for the same.  However, it is important to notify the trading platform if you are no longer using the trading account or wish to close the account. Depending on the type of account you have signed up for you can be charged an inactivity fee under certain circumstances.  4. Commission on trading  Commission fee is the charge that a broker may take from the trader for the service provided by them to buy and sell the financial assets. Commissions are a common way for traders to earn revenue through all client transactions. Here, it is important to note that not all brokers charge commissions, some of them earn their revenue through spreads.  NAGA does not charge a commission for trading all the assets. The forex platform only charges a substantial amount of commission on CFD instruments. The amount may depend on the type of trade as well as the trade lot.

Trading NAGA through web platforms – MT4 and MT5 

The MT4 and MT5 platforms are available on NAGA. The platform allows access to traders to benefit from the advanced tools available on the platforms. The chartings, technical indicators, and graphs make the trading process easy for traders. You can start using the MetaTrader 4 platform with Naga in multiple formats including through an online web platform. You can access MT4 through android and iOS devices.  a downloadable application for. The Naga MetaTrader 4 is compatible with the latest windows PC and Apple Macintosh computers.

The MT4 and MT5 on NAGA use the following Indicators 

  • Analyst Perspectives –  it provides tools for leadership and key levels.
  • Adaptive Candlesticks – Identifies chart patterns which illustrate important changes in demand and supply.
  • Adaptive Divergence Convergence (ADC) –  it is useful at shorter lengths and provides more timely signs.
Apart from this NAGA provides access to 20 exclusive tools, including trade execution & management programs, trade notification alarms, messaging facilities, innovative market data & more.

Naga Metatrader Mobile Application Features

The MT4 and MT5 platforms can also be accessed using the NAGA mobile application; take a look at all the features that are included in the application: 
  • In-depth price charts of financial instruments 
  • MetaTrader internal messaging
  • Option to view trading history 
  • Market news and analysis 
  • Timeframe for graphs and charts 
  • Additional vertical scaling of graphs
  • Access the OTP generator through FaceID or fingerprint
Also read: The Best Stock Trading Apps of 2022

How can I start trading with NAGA? 

Registering with NAGA is a very simple process. Follow the steps given below to start trading with NAGA today 
  1. Visit the website of NAGA, and navigate to the sign-up button. 
  2. Then complete the account registration form with your details. You will be required to fill in your full name, username, email, password, phone number, and country of residence.
  3. Review your application and submit it. The next step is to verify your account. You will receive a verification link, click on the link and the account would be ready for use.
  4. If you are using a demo account you can upgrade to a live account whenever you want.

Final Thoughts 

NAGA is considered to be the best forex broker due to its copy trading feature, customer support, trade variety, and most importantly safety. If you still doubt whether NAGA is a scam or a legit platform, then according to forex broker reviews NAGA is a legit trading platform and is completely safe.

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