NAGA Broker Review

Review By: Alan Little

Review Updated: 2023-06-19

3.9

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RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading derivatives with this provider. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money.

Bottom Line Summary

Are you seeking a European powerhouse in the brokerage world? Look no further than the NAGA Group, a Germany-based forex and CFD broker that promises to be your ultimate financial partner. With a strong focus on copy trading, this innovative firm has been taking the industry by storm since its establishment in 2015. Boasting an impressive customer base of over one million traders, NAGA Group offers a proprietary and automated social trading network that is guaranteed to captivate your attention.

What sets NAGA Group apart is its commitment to catering to traders of all levels. Whether you’re a seasoned pro or just dipping your toes into the trading waters, NAGA Group has got you covered. With competitive spreads in its upper account tiers, the broker caters to experienced traders looking for an edge. At the same time, NAGA Group provides ample support and resources for beginners, ensuring a smooth and empowering start to their trading journey.

Rest assured, NAGA Group’s credibility is backed by its listing on the Frankfurt Stock Exchange and compliance with regulatory bodies such as CySEC and BaFin. However, it’s important to note that the company recently made the difficult decision to withdraw support for UK residents. So if you’re ready to embark on a transformative trading experience with an EU-centric broker that excels in copy trading, the NAGA Group awaits your arrival. Don’t miss out on this exciting opportunity to be a part of their thriving community.

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NAGA broker features

NAGA pros and cons

Pros

• Major focus on social and copy trading with community of one million clients
• More than 1,000 tradable asset choices
• Professional trading tools and multiple funding methods
• BaFin/CySEC regulatory oversight of German-based firm on Frankfurt Stock Exchange

 

Cons

• Spreads and fees could be more competitive at basic retail levels
• Withdrawal fee of $5 with complicated process
• Does not offer service to residents of UK (terminated December 2021), US or Canada

 

 

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Review Sections:

Who are NAGA?

In 2015, Benjamin Bilski and Yuri Qureshi had a dream of creating a user-friendly and efficient social trading network. NAGA was born, and within a few years, it went public on the Frankfurt Stock Exchange after launching its proprietary NAGA Feed and AutoCopy, its version of automated trading in line with chosen experts in its community.

If the number of active traders is a measure of success, then NAGA has already established a successful track record in the forex and CFD space by onboarding one million customers and counting. It must be doing something right with its social trading network and broad portfolio of more than 1,000 tradable assets. It now has 10 offices spread across the globe, with Europe as its primary base. It complies with the regulatory standards of CySEC and BaFin by virtue of its publicly traded status.

NAGA supports the MT4 and MT5 trading platform products, but its hallmark is the NAGA trading platform, designed for direct web access, as well as usage on its mobile app available for both Android and iOS devices. It has announced that it will soon list its stock on the Nasdaq exchange to appeal to a broader base of investors, and it expects to reach €100m in annual revenue turnover by the end of 2022, despite withdrawing from the UK market over Brexit issues.

NAGA Fees

3.7

If you are a professional trader or someone who starts with a $10,000 account, then you can experience very competitive fees and spreads with NAGA. Its two lowest account categories, Iron and Bronze, however, incur spreads that average 1.7 pips for highly traded forex pairs. Commissions may also be nearly non-existent, but we felt that the broker could offer more to its lower-deposit clients. There is also a $5 withdrawal fee, and fees of roughly €1 apply for its hallmark copy-trading service each time a trade is copied. A profit-sharing charge of 5% is taken on all copy profits over $5, which supposedly flows back as income to the experts in the system.

Spreads and fees for professional traders at NAGA are very competitive but could be improved for basic retail levels.

Accounts/Membership Levels

3.7

Users can expect a simple process to set up an account, but NAGA’s account offering is more favourable for experienced traders.

The NAGA account categories are skewed heavily to the higher deposit crowd of customers, a disappointment for beginners and newcomers to this broker. The Iron account has a minimum deposit of 250 units of USD, EUR or GBP, but even the Bronze account at a $2,500 deposit does not give access to lower spreads. As CFDs assess a spread at both ends of the transaction, higher fee burdens are the result. The firm’s reason for being is copy trading, and if you believe its claims of more than 93 winning trade rates for the Top Ten experts, then spreads may not hold you back. The broker informs anyone contemplating depositing $10,000 to call its customer support directly for access to VIP accounts. A dedicated account manager does come with each account class.

Opening an account is also a simple four-step process, as detailed in the following screenshot:

Deposit and Withdrawal

3.5

NAGA offers users a good selection of payment methods, with no fees on deposits. A small withdrawal fee may apply.

NAGA does make it convenient to deposit funds into your account by supporting an array of deposit methods, including bank wires, credit/debit cards, PayPal, Neteller and Skrill, along with more than a half-dozen local regional payment facilitators. While there are no deposit fees, your choice of payment processor may have charges to cover. The firm also supports four base currencies for your account, which can have a conversion impact if gains are in another currency.

When it comes to withdrawals, there is a $5 fee that applies, though it might be waived for high-deposit account options. The broker requires the client to re-verify its documentation before a withdrawal request can be processed. This added hurdle can cause delays.

Trading Platforms

4.2

As well as the MT4 and MT5 platforms, NAGA has created their own copy trading app.  

NAGA management did choose to appeal to the majority of forex traders who favour the MT4 and MT5 product line of trading platform products, but the main draw for this broker is its NAGA-branded auto copy trading app. As for MT4 and MT5, the firm supports the basics, but some clients have complained about problems with downloading the desktop version. Even if you are an MT4 or MT5 user, you can participate as an ‘expert’ in the NAGA copy trading community.

Traders experienced with MetaTrader products will not be disappointed with the NAGA Web App platform. It has much of the same functionality as MT4 and MT5, but it also supports the firm’s copy trading system. Indicators, trading tools, execution orders and alerts are sufficient, though the latter service only starts with a Silver account membership classification.

The vision of the NAGA broker founders was to become the leader in copy trading technology. One million customers over a six-year span would seem to confirm its leadership position as having produced the ultimate copy trading tool for the EU market and beyond. To employ Autocopy is as easy as reviewing a leaderboard, choosing an expert, specifying an amount to allocate, and clicking ‘Autocopy’. The algorithm does it all. Although the process automatically mirrors your expert’s trades, you have not given up control. You may step in and close a trade if you want. Published results for May 2022 are profits of $539,413 and a 93.9%-win rate for Top 10 experts.

Mobile Trading App

4.2

NAGA’s dedicated trading app mirrors the web version and is available on both Android and iOS devices. 

MT4 and MT5 mobile apps are supported, but once again, the draw is for the NAGA trading mobile app, which can be downloaded for both Android and iOS devices. The app is as fully functional as the web version, including price alerts, execution order types, copy trading, a dedicated news feed, and access to the full NAGA portfolio of tradable assets. It is also available in nearly a dozen languages with a user-friendly design.

Markets and Products

4.1

NAGA’s portfolio of products seems to be a moving target, depending on where you look or from which subsidiary your trade agreement resides. Assets seem to vary from 500 to 1,500, the difference being access to stocks on a global basis. The firm already offers forex and CFD trading in stocks, indices, ETFs, cryptocurrencies, commodities and futures. It announced in October 2021 that it was also adding direct stock trading for €0.99 per trade for its global customers and that it would also launch its version of a crypto NFT marketplace, where users could create and trade their original creative works. Leverage is limited for Europeans to 1:30 in accordance with ESMA mandates, but higher levels can be accessed in other jurisdictions.

Market Research

4

NAGA’s portfolio does seem to vary depending on the subsidiary your trade agreement resides in or where you look.

NAGA takes a minimal approach to research, offering only a news feed and a service labelled Market Buzz, a third-party service from Trading Central. Reviewers have been critical of the analytics and sentiment indicators, but it is free. For asset offerings, there is no library of fundamental data, and the broker does not make trading suggestions. The direction that NAGA has chosen, however, is in line with industry trends. Investors have learned to search out their own trusted advisors, rather than depend on their brokers to guide their efforts.

Customer Service

4

NAGA’s customer support is available through the standard contact methods, but is not available at weekends

Customer service for NAGA gets a passing grade with multilingual support available 24/5. The lack of weekend support could be problematic for some traders, but the firm does support several international phone lines, email and live chat. Reviews have suggested that direct phone access scores the best grades, while live chat could be improved.

Address: NAGA Markets Europe LTD is 7, Ariadnis Street, Mouttagiaka, 4531, Limassol, Cyprus Neustadter Neuer, Weg 22, 20459 Hamburg

Phone: +35725041410
+442035197495
+442033228847

Email: support@nagamarkets.com
service@naga-global.com

Education

4

Traders who are new to NAGA have access to a host of materials that can prepare them for their trading journey.

For beginners and newcomers to the NAGA website, there are a host of materials that can prepare you for your trading journey. The Learning Center is well populated with videos, webinars, tutorials, eBooks and informative articles. The broker also supports a rather extensive YouTube channel. A free demo account comes with each account classification, as does a dedicated account manager.

Safety

NAGA complies with regulations from CySEC for its European subsidiary. While CySEC is often said to be a bit lax in oversight, NAGA must also comply with BaFin, the German regulator, due to it being listed on the Frankfurt Stock Exchange. All deposits are segregated in separate bank accounts, and the management of the firm include their bios on the company website, evidence of a willingness to provide transparency in all matters.

Verdict – Is NAGA right for you?

If you are interested in copy trading and want a safe European broker with a proven track record, then NAGA may be right for you. It offers a series of trading platforms and escalating account categories to appeal to every type of trader. Spreads at the lower levels could be better, but success in the social trading venue can elevate your standing and access to more competitive spreads. CySEC regulatory oversight and the transparency benefits that accrue to a company traded on a public stock exchange ensure that your deposits are safe and secure. One million customers seem to like what this broker is doing. You might also agree.

Alternatives to NAGA

Our NAGA review determined it to be a large, global enterprise that is regulated by CySEC and traded publicly on the Frankfurt Stock Exchange. It offers trading in more than 1,000 assets in forex and CFDs in a range of categories. Its primary focus is social and copy trading, but as efficient as it is at what it delivers, it still has worthy competitors in its defined space. If your preferences are better suited for a different approach, we have prepared a shortlist of five other brokerage firms that are perennial leaders in global rating services:

• eToro: Major player in the copy trading space with a broad-based offering out of Israel
• IG Group: London Stock Exchange broker consistently ranked number one
• Plus500: Another London Stock Exchange broker focused on CFDs and global market
• Pepperstone: Popular, award-winning broker out of Australia – ASIC, FCA, CySEC
• Markets.com: Award-winning platform with benefits, owned by Playtech on LSE

If you are a beginner and would like additional support when looking for your first forex broker, we can also help you in your search.

FAQ

Risk Disclaimer

RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading derivatives with this provider. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money.

Compare NAGA to other brokers