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Naga review

NAGA Review

Overall, NAGA is considered a reliable, low-risk broker with an abundant range of trading instruments and a competitive social trading environment. NAGA is licensed to trade in financial markets (including cryptocurrencies), equities, and virtual products on all major international exchanges under European and Cypriot regulations. NAGA is currently not regulated by the CBN.

Louis Schoeman

Updated : March 27, 2022

Jump to:

005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

003 responsive design

Trading Platforms

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

USD 50 / 20725 NGN

Regulators

CySEC, FCA

Trading Desk

Dealing Desk with DMA and STP

Crypto

Yes

Total Pairs

45+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

NAGA At a Glance

🏛️ HeadquarteredCyprus
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2015
📱 Nigerian Office Contact NumberNone
⚖️ RegulationThe Cyprus Securities and Exchange Commission (CySEC)
🔎 License NumberCyprus – 204/12
⚖️ CBN RegulationNo
✴️ Regional RestrictionsThe United States, Canada, United Kingdom, Israel, Islamic Republic of Iran
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts6
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?Unknown
💰 Affiliate Program
Yes
🚀 Order ExecutionMarket
📈 Average spread0.7 pips EUR/USD
✴️ Margin Call100%
🌐 Stop-Out50%
📈 Minimum Trade Size0.01 lots
📈 Maximum Trade Size10,000 lots
🔎 Crypto trading offeredForex
Stock CFDs
Indices
Commodities
Futures
ETFs
Cryptocurrencies
📈 Maximum Leverage1:1000
📈 Leverage Restrictions for Nigeria?None
💳 Minimum Deposit (₦)103,000 NGN equivalent to $250
💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats+-20 000
💰 Nigeria Daily Forex TurnoverUnknown

💳 Deposit OptionsDebit Cards
Credit Cards
Bank Wire Transfer
Cryptocurrencies
PayPal
P24
Ideal
Eps
Giropay
Skrill
Neteller
Sofort, etc.
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading PlatformsNAGA Trading Platform
MetaTrader 4
MetaTrader 5
💰 Tradable AssetsForex
Stock CFDs
Indices
Commodities
Futures
ETFs
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, Spanish, Polish, German, Italian, and several others
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansNo
✴️ Education for Nigerian beginnersYes
📊 Proprietary trading softwareYes
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️ Is NAGA a safe broker for Nigerians?Yes
✔️ Rating for NAGA Nigeria9/10
✔️ Trust score for NAGA Nigeria99%
👉 Open an account👉 Open Account

NAGA Overview

👉 NAGA is the best social investment network and platform that is both reliable and trustworthyNadex Futures and Options (CFDs) are among the more than 950 trading products available via NAGA’s social investing network.

 

👉 Using decentralized technology and the right help, NAGA, a Fintech start-up, was established in 2015 to provide global investors with access to global markets.

 

👉 NAGA is licensed to trade in financial markets (including cryptocurrencies), equities, and virtual products on all major international exchanges under European and Cypriot regulations. While the Central Bank of Nigeria (CBN) does not regulate or authorize NAGA, CySEC, a recognized market regulator located in Cyprus, oversees the broker and platform.

 

👉 This NAGA review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

 

Plus500 Distribution of Traders

Naga top 5 countries

 

 

Distribution of Traders

👉 The distribution of traders with NAGA is as follows:

➡️️​ Germany – 14.2%

➡️️​ Netherlands – 12.3%

➡️️​ Spain – 11.2%

➡️️​ Poland – 9.6%

➡️️​ Italy – 7.7%

Popularity among traders who choose NAGA

🥇 NAGA is a popular trading platform and while it does not have a large market share in Nigeria, it is one of the Top 100 brokers for Nigerian traders.

Naga Trend graph

NAGA Regulation and Safety of Funds

 

NAGA regulation

 

👉 NAGA is the trading name of Naga Markets Ltd, a Cyprus-based investment firm that is a subsidiary of The NAGA Group AG, a German-based FinTech business that is publicly traded on the Frankfurt Stock Exchange. The Cyprus Securities and Exchange Commission (CySEC) has licensed and regulated Naga Markets Ltd with License No. 204/13.

 

👉 NAGA is under the purview of CySEC, which oversees monitoring and policing investment services providers like the broker. This implies that they are subject to a tight set of rules and regulations. Customers may rest easy knowing they are dealing with a reputable and trustworthy online broker when they do business with them.

 

👉 Since Cyprus is a member of the European Union, CySEC’s financial rules and activities must adhere to the European MiFID financial harmonisation legislation, which NAGA must as well.

 

👉 Segregated accounts for NAGA’s client funds are held by reputable EU-based banks. Thus, they cannot be used for anything else, like covering operational costs, because they are kept separate from the company’s general fund.

 

👉 Additionally, NAGA Markets is a participant in the Investor Compensation Fund (ICF). If a member of the ICF is unable to meet their financial obligations, the ICF may be able to provide compensation for eligible clients.

Plus500 Account Types and Features

NAGA account types

👉 Traders may choose from six different retail investment accounts, known as VIP Levels, offered by NAGA. These accounts are arranged according to the amount of expertise and trading experience they give.

 

👉 Nigerian traders and investors are urged to use NAGA’s demo account before investing real money. NAGA also offers a swap-free account that does not charge/pay overnight fees on specified assets.

 

👉 The live trading account options offered by NAGA are:

➡️️​ Iron Account

➡️️​ Bronze Account

➡️️​ Silver Account

➡️️​ Gold Account

➡️️​ Diamond Account

➡️️​ Crystal Account

 

Live Trading Accounts

Iron Account

👉 Most Nigerian traders can begin trading with NAGA on the Iron Account, which is the lowest-level account available. The Iron Account has the following features and specifications:

Account FeatureValue
💳 Minimum Deposit103,000 NGN equivalent to $250
📈 Average SpreadsVariable, from 1.7 pips on forex major pairs
📊 Trading Signals offeredYes, up to 4 trading signals offered
💰 Withdrawal FeesYes, $5
✴️ Access to WebinarsYes, unlimited access
✴️ Access to Educational Tools and ResourcesYes, unlimited, and free access
👍 Trading Alerts offeredYes
🔎 PI Dashboard AccessNo
🔎 One-on-One TutoringNo
📊 Premium Trading FeaturesNo
📈 Reduced CommissionsYes, on Stock CFDs (0,20%)

 

Bronze Account

👉 With the Bronze Account, NAGA provides its Nigerian client additional services, such as:

Account FeatureValue
💳 Minimum Deposit1,039,000 NGN equivalent to $2,500
📈 Average SpreadsVariable, from 1.7 pips on forex major pairs
📊 Trading Signals offeredYes, up to 4 trading signals offered
💰 Withdrawal FeesYes, $4
✴️ Access to WebinarsYes, unlimited access
✴️ Access to Educational Tools and ResourcesYes, unlimited, and free access
👍 Trading Alerts offeredYes
🔎 PI Dashboard AccessYes
🔎 One-on-One TutoringNo
📊 Premium Trading FeaturesNo
📈 Reduced CommissionsYes, on Stock CFDs (0,20%)

 

Silver Account

👉 One of the most popular options for more experienced traders, as they go through the NAGA levels, is the Silver Account. The following are the account’s benefits and features:

Account FeatureValue
💳 Minimum Deposit2,000,000 NGN equivalent to $5,000
📈 Average SpreadsVariable, from 1.7 pips on forex major pairs
📊 Trading Signals offeredYes, up to 4 trading signals offered
💰 Withdrawal FeesYes, $3
✴️ Access to WebinarsYes, unlimited access
✴️ Access to Educational Tools and ResourcesYes, unlimited, and free access
👍 Trading Alerts offeredYes
🔎 PI Dashboard AccessYes
🔎 One-on-One TutoringYes
📊 Premium Trading FeaturesNo
📈 Reduced CommissionsYes, on Stock CFDs (0,20%)

 

Gold Account

👉 Competitive and complex trading conditions are available in the Gold Account for experienced traders.

Account FeatureValue
💳 Minimum Deposit103,000,000 NGN equivalent to $25,000
📈 Average SpreadsVariable, from 1.2 pips on forex major pairs
📊 Trading Signals offeredYes, up to 15 trading signals offered
💰 Withdrawal FeesYes, $2
✴️ Access to WebinarsYes, unlimited access
✴️ Access to Educational Tools and ResourcesYes, unlimited, and free access
👍 Trading Alerts offeredYes
🔎 PI Dashboard AccessYes
🔎 One-on-One TutoringYes, four sessions
📊 Premium Trading FeaturesNo
📈 Reduced CommissionsYes, on Stock CFDs (0,10%)

 

Diamond Account

👉 Traders and investors can take advantage of the Diamond Account’s extra benefits and move up to the more prestigious levels after signing up:

Account FeatureValue
💳 Minimum Deposit41,500,000 NGN equivalent to $100,000
📈 Average SpreadsVariable, from 0.7 pips on forex major pairs
📊 Trading Signals offeredYes, up to 20 trading signals offered
💰 Withdrawal FeesNone
✴️ Access to WebinarsYes, unlimited access
✴️ Access to Educational Tools and ResourcesYes, unlimited, and free access
👍 Trading Alerts offeredYes
🔎 PI Dashboard AccessYes
🔎 One-on-One TutoringYes, unlimited sessions per month
📊 Premium Trading FeaturesYes
📈 Reduced CommissionsYes, on Stock CFDs (0,10%)

 

Crystal Account

👉 In terms of trading conditions, the Crystal Account is at the top of the food chain, with all the following features accessible to Nigerian investors and traders:

Account FeatureValue
💳 Minimum Deposit41,500,000 NGN equivalent to $100,000
📈 Average SpreadsVariable, from 0.7 pips on forex major pairs
📊 Trading Signals offeredYes, up to 20 trading signals offered
💰 Withdrawal FeesNone
✴️ Access to WebinarsYes, unlimited access
✴️ Access to Educational Tools and ResourcesYes, unlimited, and free access
👍 Trading Alerts offeredYes
🔎 PI Dashboard AccessYes
🔎 One-on-One TutoringYes, unlimited sessions per month
📊 Premium Trading FeaturesYes
📈 Reduced CommissionsYes, on Stock CFDs (0,10%)

 

Demo Account

NAGA Demo account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and NAGA offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

Islamic Account

Naga islamic account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 Once Nigerian Muslim Traders have completed the application for a live trading account and their information has been verified against their proof of identity and residency, they can request an account conversion by contacting NAGA customer care.

NAGA Account Registration

NAGA - Steps to open an account

Step 1 – Register an account

To open an account is quick and easy. Make your way to the website and select Sign Up, choose the county you reside in and fill out a registration form and confirm your email address.

NAGA Sign Up for account

 

Step 2 – Complete your information

Complete your relevant information in the fields requested and click “Continue”

NAGA - Complete registration

 

Step 3 – Complete your personal information

After verifying your contact number you will be taken to the next screen to complete your personal information and create a password for your account. Once completed select “Send”

NAGA - Create profile

 

Step 4 – “Know your client” verification

You need to supply some documents for identification purposes that will be requested and once this is sent through and verified you can fund your account and start trading.

NAGA Vs FXTM VS BDSWISS – Broker Comparison

NAGAFXTMBDSwiss
⚖️ RegulationCySECCySEC, FSCA, FCA, FSC MauritiusCySEC, FSC, BaFIN, FSA
📱 Trading PlatformNAGA Trading Platform
MetaTrader 4
MetaTrader 5
MetaTrader 4
MetaTrader 5
FXTM Trader
MetaTrader 4
MetaTrader 5
BDSwiss Mobile
BDSwiss Web
💰 Minimum Deposit103,000 NGN10,000 NGN41,000 NGN ($100)
📈 Leverage1:10001:2000Up to 1:1000
📊 Spread0.7 pips0.0 pipsFrom 0.3 pips
💰 CommissionsNoneFrom $0.4$2 to $5
💳 Margin Call/Stop-Out100%/50%60%/40%, 80%/50%50%/20%
✴️ Order ExecutionMarketInstant/MarketInstant/Market
💳 No-Deposit BonusNoNoNo
📊 Cent AccountsNoNoIn Progress
📊 Account TypesIron Account
Bronze Account
Silver Account
Gold Account
Diamond Account
Crystal Account
Micro Account
Advantage Account
Advantage Plus Account
Classic Account
Premium Account
VIP Account
RAW Account
⚖️ CBN RegulationNoNoNo
💰 NGN DepositsYesYesNo
📊 Nigerian Naira AccountNoYesNo
👥 Customer Service Hours24/524/524/5
📊 Retail Investor Accounts634
☪️ Islamic AccountYesYesYes
📊 Minimum Trade Size0.01 lots0.01 lots0.01 lots
📈 Maximum Trade Size10,000 lotsUnlimited1,000 lots

Trading Platforms

Naga trading platforms

 

Desktop Platforms

➡️️​ MetaTrader 4

➡️️​ MetaTrader 5

 

👉 With NAGA, traders have access to both MetaTrader 4 and MetaTrader 5 that they can download to any Windows, Linux, or macOS computer. MetaTrader 4 and 5 offer a wide range of functions and features that can support traders in their trading activities.

 

WebTrader Platforms

➡️️​ NAGA Web

➡️️​ MetaTrader 4 and 5

 

👉 The NAGA social trading platform serves as a hub for users to discuss and invest in one another’s trading strategies. In addition to browsing the community, you can look for signals, study 750+ assets, analyse charts, and much more.

 

👉 MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are also available via NAGA for online trading. Simple-to-use and jam-packed with technical indicators, MetaTrader platforms are the go-to for traders who want to dig deep into the market.

 

👉 Expert advisors (EAs) and a big online community of traders who share MetaTrader tools are also supported by the platforms. An integrated MetaEditor allows programmers to design their own trading applications.

 

Trading App

➡️️​ NAGA Mobile

➡️️​ MetaTrader 4

➡️️​ MetaTrader 5

 

👉 To utilize Naga Web, traders can easily log into NAGA mobile where they may duplicate transactions from other members and set up price alerts from their browser. The platform has a lot of the features of MT4 and MT5, as well as a few new ones:

➡️️​ Access to all markets

➡️️​ Access to a messenger where traders can share analysis

➡️️​ Leader board

➡️️​ Personal Account Manager

➡️️​ Copy-trading signals

➡️️​ Market news

➡️️​ Digital wallets, and more

 

👉 MetaTrader 4 and 5 can be used on any Android and/or iOS mobile device if traders have a steady Internet connection and a verified broker account. NAGA offers a choice between trading accounts that can be used in combination with either MT4 or MT5, providing Nigerian traders with comprehensive trading solutions and services.

 

Overall Rating

Min Deposit

USD 50 / 20725 NGN

Regulators

CySEC, FCA

Trading Desk

Dealing Desk with DMA and STP

Crypto

Yes

Total Pairs

45+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Range of Markets

NAGA Markets

👉 The range of markets offered by NAGA include:

➡️️​ Forex

➡️️​ Stock CFDs

➡️️​ Indices

➡️️​ Commodities

➡️️​ Futures

➡️️​ ETFs

➡️️​ Cryptocurrencies

 

NAGA Broker Comparison for Range of Markets

NAGAFXTMBDSwiss
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsYesNoNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyNoNoYes
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoNoNo

Trading and Non-Trading Fees

NAGA - Trading Instruments

Spreads

👉 NAGA charges the following average spreads:

➡️️​ Iron Account – from 1.7 pips EUR/USD

➡️️​ Bronze Account – from 1.7 pips EUR/USD

➡️️​ Silver Account – from 1.7 pips EUR/USD

➡️️​ Gold Account – from 1.2 pips EUR/USD

➡️️​ Diamond Account – from 0.9 pips EUR/USD

➡️️​ Crystal Account – from 0.7 pips EUR/USD

 

Overnight Fees, Rollovers, or Swaps

👉 All NAGA’s account levels can be converted into an Islamic swap-free account. A genuine trading account must be opened first by customers who want to utilize this account. After making the required minimum deposit and verifying their account, traders may contact NAGA customer service to request a conversion.

 

👉 Many additional financial goods are available in the Islamic account option; however gold, silver, and oil are excluded. On a swap-free account, traders may hold open positions for a maximum of 10 days before paying costs.

 

👉 Every day a position is active for more than ten days, traders will be charged ten units of their base account currency for each additional day it is open.

 

Deposit and Withdrawal Fees

👉 NAGA charges the following Withdrawal Fees:

➡️️​ Iron Account – $5

➡️️​ Bronze Account – $4

➡️️​ Silver Account – $3

➡️️​ Gold Account – $2

➡️️​ Diamond Account – $1

 

Deposits and Withdrawals

Naga deposits and withdrawals

👉 NAGA offers the following deposit and withdrawal methods:

➡️️​ Debit Cards

➡️️​ Credit Cards

➡️️​ Bank Wire Transfer

➡️️​ Cryptocurrencies

➡️️​ PayPal

➡️️​ P24

➡️️​ Ideal

➡️️​ Eps

➡️️​ Giropay

➡️️​ Skrill

➡️️​ Neteller

➡️️​ Sofort, and others.

 

How to Deposit Funds with NAGA

👉 Nigerian traders can fund the trading account with a list of payment methods using these steps:

➡️️​ Log into the trading account and make sure that it has been verified

➡️️​ Select “Fund Account” and choose a deposit method

➡️️​ Enter the amount to deposit

➡️️​ Confirm the deposit

 

How to Withdraw Funds with NAGA

👉 To withdraw funds, traders can log into the trading account and select the option to “Withdraw.” Traders must note that their withdrawal request will automatically be done through the same payment method that they used with deposits.

 

👉 Traders can select their currency, enter the amount, and submit the withdrawal request.

Education and Research

NAGA education

👉 NAGA offers the following educational materials:

➡️️​ Trading Webinars

 

👉 Naga offers the following Research and Trading Tools:

➡️️​ NAGA Portfolios

➡️️​ Charting Tools

➡️️​ Market Sentiment

➡️️​ NAGA Protector

➡️️​ Integrated Watchlist

➡️️​ Asset Feed

➡️️​ NAGA Wallet

➡️️​ Economic Calendar

NAGA Affiliate Program

👉 The affiliate program of NAGA offers the following to its partners:

➡️ NAGA pays up to $80 per client that partners attract

➡️ The Introducing Broker pays between $17 and $27 per lot according to the financial instrument that is being traded.

➡️ The affiliate program pays $25 for every new client once they make a minimum deposit of $250.

➡️ The Pro Affiliate program compensates partners up to $0.30 for every transaction that is copied by traders.

 

How to Sign Up for the NAGA Affiliate Program

👉 Step 1 – Go to Naga-global.com

➡️ Go to the official NAGA website at www.naga-global.com/

Naga Overview

 

 

👉 Step 2 – Go to Company in the Dropdown

➡️ Go to “Company” in the menu and click on “Become a NAGA Partner”.

Naga company dropdown

 

 

👉 Step 3 – Click on “Get Started”

➡️ Click on the “Join Now” button and fill out your details. 

 

Naga affiliate sign up

NAGA Social Responsibility

👉 NAGA is concerned with social responsibilities and takes steps to guarantee that activities do not harm society’s overall economic, ecological, and social aspects. Compliance with applicable laws and regulations is important to all NAGA operations.

 

👉 It extends well beyond this, as NAGA strives to remain innovators, business partners, and employers in the communities in which they operate.

 

👉 All operations guarantee that the broker makes the most use of available resources. NAGA is continually searching for methods to reduce energy use as well as carbon emissions.

 

👉 To do this, NAGA constantly upgrades the technologies that are employed and explore new methods to improve information technology and business infrastructure.

 

👉 To minimize negative environmental impacts, NAGA strives to keep business travel to a minimum. The broker is always searching for methods to enhance virtual collaboration tools. To facilitate effective team communication, NAGA equips its staff with excellent video conferencing technology that enables them to work remotely and have fast access to any resources.

 

👉 Beyond that, NAGA is actively pursuing novel techniques, especially those that will benefit both the environment as well as the NAGA team.

Verdict on NAGA

👉 NAGA is a social investment platform with a contemporary, user-friendly interface that is ideal for traders of all skill levels. Individual trading, copy trading, customized portfolios, powerful charting tools, market research and insights, and the NAGA wallet are just some of the services available.

 

👉 They provide a diverse range of trading products at low commissions and with a variety of account financing methods. Along with a diverse portfolio of assets, NAGA offers a comprehensive copy-trading program that enables investors to interact. This broker is ideal for Nigerian traders interested in incorporating social networking into their trading careers.

NAGA Pros and Cons

✔️ Pros❌ Cons
NAGA is well-regulated and offers a secure trading environment to Nigerian tradersWithdrawal fees are charged on all trading accounts
NAGA is a member of an Investors Compensation Fund (ICF)There is no NGN-denominated account
There is a choice between trading platforms
Traders have the option to copy and provide trading signals
There is a comprehensive affiliate program
NAGA does not charge any commissions on trades
NAGA offers innovative services and tools such as NAGA portfolios, NAGA Protector, NAGA Messenger, and more
Comprehensive educational materials are offered

Frequently Asked Questions

 

Is NAGA a fake or scam?

No, NAGA is not a fake or scam as it is overseen by and subject to the rules and regulations of CySEC.
 

What is the leverage for NAGA?

The maximum leverage is 1:1000. There are no leverage restrictions for Nigerian traders.

How many traders does NAGA have?

NAGA has more than 1 million registered users at present.

Does NAGA offer a demo account?

Yes, a demo account is available.

What is the overall rating for NAGA out of 10?

The overall rating for NAGA is 4.5/10

8.7/10 - (13 votes)

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