BROKER REVIEW

NAGA Broker Review 2020: Pros, Cons & How It Compares

NAGA is a leading social trading platform, allowing traders to network, share, like and copy the investments made on over 500+ trading instruments including Forex, Stocks, Cryptocurrency and CFDs

At Starttrading.com, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Our Review

5.0
Starttrading.com rating
5/5

The bottom line:
NAGA is an innovative commission-free online social trading platform. NAGA’s big selling point is the copy trading feature that allows beginners to automatically copy the trades made some of the worlds best traders, profiting when the pros profit. 

Pros & Cons

Pros

  • Commission-free trading.
  • No account minimum.
  • Streamlined interface.
  • Regulated broker. Your assets are protected by CySec regulation.  
  • Easy and fast account opening.
  • A handy leader board helps traders decide who to copy.
  • Multi-lingual customer support is available 24 hours a day, 5 days a week, via email, telephone, and live chat.
  •  

Cons

  • No US clients.
  • Relatively high spreads

Compare to Similar Brokers

4.5/5
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per trade

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FCA

No promotion available at this time

5/5
$0

per trade

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NAGA Trader Review

In this detailed NAGA broker review, we have covered some of the most important aspects for you to consider when choosing the best broker for your online trading. 

NAGA is an innovative commission-free online social trading platform, where traders can like, share and copy investments on over 750+ trading instruments including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, ETFs & contract for differences (CFDs).

NAGA currently has over 500,000+ traders benefiting from the NAGA platform. The large NAGA community allows beginners to increase their trading knowledge whilst the more experienced traders can be rewarded for sharing theirs.

It is a place for traders to interact with like-minded peers, discuss the current market conditions and share results via your own personal choice of group or public chats.

NAGA was founded in 2015 and is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker is part of the Naga Group AG which is a publicly-traded company on the Frankfurt Stock Exchange. 

NAGA also has its own cryptocurrency called NagaCoin which was the world’s 18th largest Initial Coin Offering (ICO) in 2017.

Clients can not only trade the asset classes listed above but can also access social trading tools, real cryptocurrencies, have their own crypto wallet on NAGAX and access a NAGA MasterCard. 

Along with MT4 and MT5, NAGA offers their own proprietary browser-based trading platform powered by TradingView, as well as themed asset management groups through NAGA Portfolios.

Want to learn how to trade? Enrol in our free online trading academy.

What is Naga?

Founded in 2015, NAGA are a Fintech company aimed at revolutionizing the world through decentralizing financial technology and providing access to the best market tools for everyone across the globe. NAGA provides the technology, resources, and support for every trader that needs to make confident trading decisions.

NAGA trading platform at a glance

The NAGA social trading platform is the base from where users can share their trading experience and invest in others. You can browse the community, view profiles, look for signals, view 750+ assets, study charts, conduct analysis and much more.

Each user has a profile page that summarizes trading statistics, shows results percentages, number of auto-copiers and any other significant performance indicators from within the statistics tab. Users can stay on top of posts and network activity through the feed tab. You can monitor upcoming trading objectives and review achieved goals and rewards in the achievements tab.

NAGA social trading platform features:

  • News feed
  • Publish, like, comment & share posts
  • Copy signals & provide signals
  • Get exclusive insights into different markets
  • Get the latest market news
  • Connect with traders worldwide
  • Discover opportunities, see what others are trading & be inspired

NAGA is best for:

  • Mobile users.
  • Copy-trading.
  • Stocks and shares ISAs.
  • Dividends investors.

Is NAGA safe or a scam?

NAGA Group is a fully regulated and transparent firm which is not only a publically listed company but also a broker authorized by a CySEC in Cyprus and a technology company operating in Germany.

NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange (WKN: A161NR | ISIN: DE000A161NR7). Which brings a certain level of stability together with a strong establishment and operational base. Also, NAGA is backed with a Chinese fund FOSUN making it a reliable firm under any circumstances.

NAGA is regulated by the Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority (FCA) FCA ref. no. 609499, BaFin reg. 135203, Consob reg. 3844 and CNMV reg. 3591. 

5/5

The required minimum deposit at NAGA is $0.

3/5

NAGA spreads are relatively average, starting from 1.5 Pips

5/5

Max leverage 1:200 for professional accounts.

NAGA have a €50 inactivity fee. 

5/5
  • Forex
  • Commodities
  • Cryptocurrency
  • Stocks
  • Shares
  • Indices
  • Metals
  • Energies
  • ETFs
  • Contract for differences (CFDs).

NAGA blog, feed, webinars, stats, insights and academy.  

5/5

Easy to use web-based platform. 

5/5

Mobile trading platform is purposely simple but meets basic investor needs. 

4/5

Free simple sign up process, takes no more than 5 minutes. 

Live chat, email, social media and FAQ.

 

NAGA Positives

NAGA copy trading

The large NAGA community allows beginners to increase their trading knowledge whilst the more experienced traders can be rewarded for sharing theirs. It is a place for traders to interact with like-minded peers, discuss the current market conditions and share results via your own personal choice of group or public chats.

NAGA copy trading bonuses

NAGA allows users to receive instant copy trading pay outs to their account by offering their trading signals to be copied by other users. They have a great selection of copy trading features and social trading tools.

Transparency

NAGA remain transparent by making all online profiles visible for everyone to see, follow and copy. Each user profile contains vital information such as win rate, performance, assets traded and much more.

There is a top trader’s leader board that shows the best signals according to performance. These strategies can be copied by newcomers and existing clients.

NAGA trading fees

Yes, it’s true. NAGA charges zero commission for CFD, Stocks and Forex trading.

NAGA card

NAGA offer a multicurrency (€, $, £) prepaid MasterCard that can be used for quick and convenient online or offline transactions across the globe. It can even be used to withdraw cash from ATM machines. You can manage your NAGA card from a user-friendly dashboard and benefit from the industry-leading security that they use.

Free trading signals

NAGA also allows users to share and earn from their trading ideas in the form of signals on the platform. 

Commissions

What’s better than free? NAGA’s commitment to providing 100% commission-free trades is admirable, and the savings for investors who trade frequently is significant. After all, every dollar you save on commissions and fees is a dollar added to your portfolio and of course your returns. Still, these days many big-name brokers also offer free trades, so it makes sense to compare other features when picking a broker.

New to investing? Learn more about how to buy stocks.

Account minimum

NAGA doesn’t have one, which means you can start trading right away. Of course, in order to trade, you’ll need enough to place the trade you have your eye on. 

Ease of use

I’m sure you’re accustomed to using a smartphone — you’ll find the sign-up and account funding process quick and painless. It all happens within the app in a matter of minutes, with just a few quick questions that gather your personal information, contact details, National Insurance number and means of funding your account.

NAGA trading platform

This could be a negative, as the service doesn’t offer all the bells and whistles of a typical online stock broker. But for beginners or investors who know what they want, the Freetrade platform is more than enough to quickly execute trades.

Both the mobile and web platforms also include a feature called collections, which are stocks organized by sector or category.

MT4 & MT5 compatible 

NAGA is  also has filters such as popular stocks and ETFs, newly added and the worlds largest tech giants.

Freetrade also offers a tab bar at the bottom of the app, which offers quick access to portfolio values, watch lists, transaction history and account statements.

Customer support

Multi-lingual customer support is available 24 hours a day, 5 days a week, via email, telephone, and live chat. NAGA 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.

NAGA negatives 

NAGA prohibited countries

NAGA does not offer its services to residents of certain jurisdictions such as Belgium, Turkey, USA, Canada, Iran, Cuba, Sudan, Syria and North Korea.

Is NAGA right for you?

If a streamlined trading platform or the ability to copy some of the worlds best traders are important to you, NAGA is a solid choice.

Whilst NAGA does have relatively high spreads, the sheer amount of tradeable assets to trade and the ability to copy the performances of some of the worlds best traders make it one of the best brokers to start trading with as a beginner. 

Advanced traders also benefit from the ability to earn from providing signals on the platform and also earn commissions from users auto copying trades. 

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