Review of Naga social trading platform
Posted on: 30 July 2020 by Alanis Font
NAGA is interesting primarily for the large number of CFDs, few brokers can boast of such a number of trading instruments. For traders from the CIS, many of the company's services will be unavailable
Two companies currently operate under the Naga brand: the Cypriot NAGA Markets Ltd (nagamarkets.eu) and the offshore company NAGA Capital Ltd (nagacap.com), registered in Saint Vincent and the Grenadines (registry number 24501 IBC 2018). Both companies were established in 2013. But main site is naga.com Cyprus-based NAGA Markets Ltd (registration number 251168) is regulated by the Cyprus Securities and Exchange Commission (CySEC), license no. 204/13. The European division of NAGA provides services exclusively to EU residents, to open an account, traders from the CIS are redirected to the offshore NAGA Capital Ltd. The offshore company also has some restrictions: clients from the USA, Belgium, South Africa, Syria, Iraq, North Korea and Australia are not served, clients from Europe will be redirected to the Cyprus branch.
NAGA positions itself as a social network, the investment online trading platform of which allows traders of all levels to invest in various financial markets and cryptocurrencies.
The Naga Trader platform has been translated into eight languages, but, unfortunately, there is no Russian version. The site is oversaturated with information, and it takes time to figure it out. The main "feature" of NAGA is social trading and the entire web platform is tailored specifically for it. A huge number of different trading instruments complicates navigation and suggests the need for several large monitors to optimize the trader's workplace.
As mentioned above, there is a territorial division of clients between NAGA companies and, depending on the country of residence, an account will be opened either in a Cypriot company or in an offshore one. Moreover, the trader himself may not even notice this, until the last being sure that he is opening an account with a regulated company. The registration process is simple: you need to provide reliable personal and contact information. Verification is required, for this you need to upload documents confirming the identity and address of residence.
Deposit and withdrawal
NAGA customers can fund their trading account by bank transfer, using payment cards, through the electronic payment systems Giropay, Skrill, Neteller, Paysafe Card and Klarna, as well as using cryptocurrencies (Bitcoin, Ethereum, Dash, Litecoin, Bitcoin Cash and NAGA Coin). Third party payments are prohibited. The deposit can be opened in the following currencies: USD, GBP, PLN, EUR and cryptocurrency (NGC, BTC, ETH, BNB).
For clients of Cyprus-based NAGA Markets Ltd, leverage is limited by the directive of the pan-European regulator ESMA and ranges from 1:30 on the majors to 1:10 on the crosses. For clients of offshore NAGA Capital Ltd, a default leverage of 1:50 is set with the option of increasing to 1: 200. The selection of trading instruments in NAGA TRADER is impressive: 47 currency pairs, 11 cryptocurrencies, 11 stock indices, 681 CFDs on stocks, 4 commodity CFDs, 22 futures, 22 ETFs. The average spread on EURUSD and GBPUSD is 1.9 and 2.1 pips, respectively. Given the absence of commissions, this is the market average. The execution of orders on a demo account in the NagaTrader web platform is quite fast; testing on a real account has not been carried out.
NAGA offers its clients trading using the web version of the NAGA TRADER terminal, the mobile version of NAGA TRADER for iOS and Android, and the MT4 terminal widely known in the trading environment. The minimum deposit for NAGA TRADER is $ 100 (euros), for MT4 - $ 500 (euros). Of greatest interest is the NAGA TRADER platform with a huge number of different social trading functions and a social network. Users can leave comments, like posts they like, subscribe to new posts of selected traders. Novice traders can track and copy trades of experienced traders, follow their orders and trade statistics. Through the NAGA Wallet service, the broker's clients can carry out transactions with cryptocurrencies. The company pays great attention to the safety of operations carried out by clients: if the client overestimates the risks, the functions for copying transactions may be disabled.
Clients of the European division of NAGA do not have to worry too much about non-trading risks, their interests are protected by European legislation. Traders of the offshore division can only hope that the brand, which includes the licensed company, will not abuse their trust and will fully fulfill their obligations.
There is no Russian technical support at NAGA. The customer of the company can contact the support service via online chat, by phone or by mail. The broker's website states that technical support works around the clock, five days a week, but at night it was not possible to contact the operator in the online chat. During the daytime, chat operators respond promptly and try to answer all questions.
NAGA is interesting primarily for the large number of CFDs, few brokers can boast of such a number of trading instruments. For traders from the CIS, many of the company's services will be unavailable. So, for example, only European customers can order a NAGA debit card. For traders whose main trading volume is in currency pairs and who are focused on independent trading, NAGA is not the best option. Fans of other OTC trading instruments should pay attention to NAGA.