NAGA Broker Review

NAGA’s Overall Rating

NAGA’s USP is its innovative social trading platform, designed to allow users to effortlessly copy the strategies of experienced traders. This feature and support for MetaTrader 4 and MetaTrader 5 provide users with extensive tools for technical analysis and trade execution. It has variable spreads, beginning at 1.7 pips on the EUR/USD for accounts with a minimum deposit of 50 USD, reducing to 0.7 pips for premium accounts that require a 100,000 USD deposit.

With leverage available up to 1000:1 and offering negative balance protection, NAGA targets a broad trading audience, balancing risk with potential reward. However, prospective clients should be aware of the broker’s wide spreads. NAGA provides an attractive option for traders focused on social trading and regulatory reliability, though considerations around cost and accessibility remain. FxScouts rates this broker with a high score of 4.28 out of 5

Is NAGA safe?

Although South African traders are onboarded through NAGA’s Seychelles-regulated entity, it is also regulated by CySEC in Europe. It is also owned by a public company listed on the German stock exchange, making it a safe broker to trade with. 

Regulation: NAGA is regulated by CySEC in Cyprus and has a good reputation in the trading community. However, South African residents will trade under the subsidiary NAGA Capital Ltd, which is regulated by the Seychelles FSA.

Safety Features: We were pleased to find that NAGA segregates all funds from the company’s operating capital and offers negative balance protection to all its clients.  Seychelles regulation also means that NAGA can offer higher leverage and bonuses to South African traders, which may be attractive to some.

Company Details:

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NAGA’s Financial Instruments

NAGA’s range of financial instruments is average for the industry, including 47 currency pairs and 400 stock CFDs.

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• Forex pairs: NAGA offers 49 Forex pairs to trade, including majors, minors, and exotics such as USD/ZAR and USD/MXN. This is around the industry average.
  
• Commodities: NAGA offers trading on 7 commodities, including energies such as oil and natural gas, which is around the average offered at most other brokers. 
• Stock CFDs: NAGA offers over 2000 share CFDs to trade, including popular US tech companies and those listed on the NASDAQ, NYSE, and more. Traders should note that share CFD trading is only available on MT5 and the NAGA web app.  
• Indices: NAGA offers cash and futures contracts on 13 international indices, including the NASDAQ, S&P500, UK100, and the VIX.
• ETFs: NAGA offers trading on 67 ETFs, a much wider range than most other brokers.  
• Futures: NAGA offers trading on 32 global futures, including the DAX, FTSE100, S&P500, and the Nikkei, a much greater number than most other brokers. 
• Cryptocurrencies: NAGA offers a 25 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Dash Coin, NAGA Coin, Ripple & Litecoin.  Leverage is limited to 1:20 for cryptocurrencies which is standard for these products, as volatility can be extreme.

Overall, NAGA  provides a wide range of tradable assets, which should satisfy most traders.

NAGA’s Trading Fees

NAGA has a low minimum deposit of 10 USD, but ongoing trading costs are higher than other brokers.

Unlike other brokers offering a range of different account options, NAGA offers one live account with different tiers and more benefits linked to higher minimum deposits.  

Trading Fees: Unfortunately, NAGA does not publish the average spreads for each account tier, so our calculations were based on the standard spreads.  Spreads start at 1.7 pips (EUR/USD) on its entry-level account tier, with a minimum deposit of 10 USD. The ongoing costs on this account are higher than those of other brokers’ entry-level accounts. 

The average cost for trading one lot of EUR/USD among similar brokers is about 9 USD per lot. This is only achievable on the Diamond and Crystal account tiers, which are prohibitively expensive to open for most traders – requiring minimum deposits of 50,000 USD and 100,000 USD, respectively. 

Account Trading Costs:

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See below for account details:

• Iron Trader: With a minimum deposit of 10 USD, traders can access the Iron tier with spreads of 1.70 pips on the EUR/USD, which is wider than the spreads on entry-level accounts at other brokers.  Traders earn 0.12 USD per copied trade, and withdrawals cost 5 USD per transaction.  Traders also get access to webinars and 5 NAGA trading signals per day.
• Bronze Trader: Minimum deposits start at 2,500 USD on the Bronze tier, and spreads also start at 1.70 pips on the EUR/USD.  Traders earn 0.15 USD for each copied trade, and withdrawals cost 4 USD per transaction.  Traders also have access to webinars and 5 NAGA trading signals per day.
• Silver Trader: With a minimum deposit of 5,000 USD, spreads also start at 1.70 pips on the EUR/USD, which is much wider than other brokers on such high deposit accounts.  However, withdrawals cost 3 USD per transaction, traders receive 0.18 USD per copied trade, and traders receive 10 NAGA trading signals per day.  Additionally, Silver traders receive two one-on-one tutoring sessions per month.
• Gold Trader: Minimum deposits start at 25,000 USD on the Gold tier and traders get access to spreads of 1.2 pips on the EUR/USD, which is still wider than the spreads on the entry-level accounts at other brokers.  Withdrawals cost 2 USD per transaction, traders receive 0.22 USD per copied trade and 15 NAGA trading signals per day.  Traders also receive four one-on-one tutoring sessions per month.
• Diamond Trader: With an extremely high minimum deposit of 50,000 USD, traders achieve Diamond status.  Spreads start at 0.9 pips on the EUR/USD, which is average compared to other brokers, and traders receive 0.27 USD per copied trade.  Withdrawals cost 1 USD per transaction, traders receive access to 20 NAGA trading signals per day, and eight one-on-one tutoring sessions per month.  Diamond Traders will also have their NAGA signal provider profiles boosted.
• Crystal Trader: NAGA’s highest account tier with a minimum deposit of 100,000 USD. Spreads start at 0.7 pips (EUR/USD), which is tighter than the spreads at other market maker brokers, and traders receive 0.32 USD per copied trade.  Withdrawals are free, traders receive 20 NAGA trading signals per day, and unlimited one-on-one tutoring sessions.  Like the Diamond tier, traders have their NAGA signal provider profiles boosted.  

Deposits and Withdrawals

South Africans can make deposits and withdrawals via credit cards, Ozow or local bank wire through Standard Bank or Absa Bank. All withdrawals are free.

NAGA complies with the Anti-Money Laundering Directive by returning funds to the source and only up to the initial deposited amounts.  

Trading Account Currencies: Trading accounts can only be denominated in four base currencies – EUR, USD, PLN, and GBP.  NAGA does not offer ZAR trading accounts, which is a disadvantage for South Africans, who will likely have bank accounts denominated in ZAR.

Deposits and Withdrawals: NAGA supports over 170 payment methods, including 29 regional bank wires, credit cards/debit cards, 132 alternative payment options, including Sofort, Giropay, EPS, iDEAL, P24, Trustly, etc., as well as payment options based solely on geographic location. South Africans should note that payment methods are limited to credit card payments via Visa, Mastercard, Maestro and bank transfers from Standard Bank or Absa Bank.

Deposits and withdrawals are processed within 24 business hours by NAGA.  Please see the following methods with terms and conditions:

Overall, NAGA offers a wider range of funding and deposit methods than most other brokers and all withdrawals are free of charge. 

NAGA’s Mobile Trading 

NAGA offers support for its own NAGA App and the MT4 and MT5 mobile apps, which is average for the industry. 

NAGA App

The NAGA app builds on NAGA’s focus on social and copy trading and allows NAGA clients to trade forex, shares, indices, and more. The app is fully integrated with NAGA’s web trader (see below) and the desktop versions of MT4 and MT5.

Get Rewarded with Autocopy

Become a content provider and build your following. Get up to $1,20 for every copied trade of yours. NAGA’s lead traders can potentially get 1000+ copied trades in a day.

Learn While Trading with NAGA’s Free Education

NAGA’S Trading Academy offers free webinars, live coaching, and expert analysis of the latest trading news. The NAGA app has been downloaded by more than 500,000 people globally.

MT4 and MT5 Mobile

The NAGA MT4 and MT5 apps allow traders to work from anywhere, with functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading to further assist traders while on the move.

Beginner traders should be aware that there is some loss in functionality when compared to desktop trading platforms, including reduced timeframes and fewer charting options.  In addition, spotty connections can reduce the overall trading experience. Generally, it is better to be at your desktop to conduct day-to-day trading and use a mobile device to keep an eye on the markets or close open positions.

NAGA’s Other Trading Platforms

NAGA’s trading platform support is better than other similar brokers, with MT4, MT5, and its proprietary NAGA web app available.

NAGA presents traders with the choice between the industry-standard MT4 and MT5 products, in addition to its in-house NAGA web app. 

All platform choices are free to use, all can be downloaded to your PC, and all have web versions of the platform. All platforms are also available on mobile Android and iOS devices.

NAGA Web Trader

Trading: The NAGA Web App is NAGA’s social trading platform and a trading portal for MT4 and MT5. We were pleased to find that the platform allows traders to trade on all the financial instruments available at the broker and includes various charting tools and technical indicators. It has an intuitive interface and is easy to use and set up. 

Social trading: The platform’s most appealing feature is that it allows traders to copy the trades of various signal providers. Each investor (or copy trader) has access to the top traders rated based on their profits, the number of profitable trades, and the number of active investors connected to the signal provider.  The investor pays a predetermined commission fee from his profit to the trader for successful transactions.  Commissions are based on the account tier.  For example, Iron Account signal providers earn a commission of 0.5 USD per copied trade, while Crystal Account signal providers earn up to 1.20 USD per trade. 

On the whole, since social trading remains a distinct focus at NAGA, most clients will manage portfolios from the Web app, which benefits beginner traders finding their footing in the Forex trading space.   

MT4 and MT5

The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browser.

Overall, NAGA’s platform support is better than other similar brokerages, and it offers its own in-house trading platform, which is easier to use and set up than MT4 and MT5.  

Opening an Account at NAGA

We were impressed that the account-opening process at NAGA is user-friendly and that accounts are ready for trading in one day. 

All South Africans can open an account at NAGA but have to meet the following minimum deposit requirements:

• Iron Tier: 250 USD
• Bronze Tier: 2,500 USD
• Silver Tier: 5,000 USD
• Gold Tier: 25,000 USD
• Diamond Tier: 50,000 USD
• Crystal Tier: 100,000 USD

We opened an account at NAGA, and after we had submitted our documentation, our accounts were approved the next day.

NAGA offers individual and company accounts, but we will focus on opening an individual account:

1. New traders will have to click on the “Sign Up” button at the top of the page, where they will be directed to register an account.
2. Traders will then have to confirm their telephone numbers.   
3. Once this step is complete, traders will automatically be directed to a demo account.
4. To open a live account, traders must click on “Upgrade Account,” where they will be directed to complete the KYC process, including personal information.  
5. Once this step is complete, clients must fill out a questionnaire that helps NAGA assess the trader’s investment knowledge, experience, and expertise to determine the suitability and relevance of the services on offer. While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.  
6. NAGA requires at least two documents to accept you as an individual client:
   1. Proof of Identification – NAGA accepts all government-issued identification documents such as passports, national ID cards, driving licenses, or other government-issued ID. 
   2. Proof of Address – Proof of residence/address document must be issued in the name of the NAGA account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 

After the application is approved, traders can log in and fund their accounts  We advise that you read NAGA’s risk disclosure, customer agreement, and terms of business before you start trading. 

Overall, NAGA’s account-opening process is fully digital and hassle-free, and accounts are generally ready for trading within one business day.     

Trading Tools

NAGA offers a range of useful trading tools, including Trading Central, an Economic Calendar, and various trading calculators. 

Alongside industry standards such as an economic calendar and various trading calculators, NAGA offers Trading Central free to those who open a real account.

Trading Central

Trading Central is available to clients who register a live account.  A third-party tool, Trading Central’s professional analysts use the most advanced technical analysis tools in the industry to curate relevant information. This tool essentially supports traders without the technical know-how to make trading decisions.  Trading Central is one of the most popular trading tools available and provides excellent market analysis, and NAGA does well to offer this service to its clients.

Overall, NAGA offers a good range of trading tools, including Trading Central, one of the best technical analysis tools in the industry. 

Trading Tools Comparison:

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

NAGA

Yes

No

Yes

No

No

Pepperstone

Yes

Yes

No

Yes

Yes

AvaTrade

Yes

No

Yes

No

Yes

NAGA for Beginners

NAGA does not offer as many educational materials for beginner traders as its peers, but it offers regular webinars.   It also lacks up-to-date market analysis content, providing only a basic daily technical analysis, an economic calendar, and a blog.  

Educational Material

NAGA offers a wide range of educational materials through its platform-based NAGA Academy.

NAGA has a wide range of educational content and webinars but not much for more advanced traders. 

Articles: NAGA offers a varied section of educational articles.  Topics include Here’s How the Moving Average Works and Why it is Awesome!, How Traders Use Volume to Their Advantage, Why Risk Management is Must, and 5 Candlestick Patterns Traders Should Know.

Videos: The video section comprises short videos on the basics of forex trading and technical analysis and several tutorials on how to use its proprietary NAGA web app. 

Ebooks: NAGA’s collection is comprehensive; however, traders must register a live account to see the full content.  Titles include Japanese Candlesticks, 50 Trading Tips and Tricks, and Technical Analysis for all Moving Averages.  

Webinars: Webinars run daiñy, but traders must register a live account to access them. They cover more advanced topics such as how to use Fibonacci Retracements, Extensions and Fans, Bat Harmonics, and an introduction to Ichimoku Cloud Trading.  

Demo Account: The NAGA Demo Account does not expire, which is helpful for beginner traders.  NAGA provides clients a virtual starting balance of 10,000 EUR, which can be topped up upon request.  It allows one to view charts, news, and analysis, access the full-featured MT4 and MT5 platforms, and experience real-time prices and forex market volatility.  While the demo account is not limited in time, it will automatically close after 3 months of inactivity. 

Education Overview:

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

NAGA

Yes

Yes

Yes

Medium

Yes

Pepperstone

Yes

Yes

Yes

Medium

Yes

AvaTrade

Yes

Yes

Yes

High

Yes

Customer Support

The responsive and helpful customer support team at NAGA is available during business hours, 24/5 week via telephone, live chat, and email, but, as with all regulated brokers, cannot offer investment advice. 

For the purposes of this review, we found the live chat support responsive and polite, and they could answer most of our questions to our satisfaction. 

Regulation

Yes, NAGA is a safe broker to trade with. It maintains regulation from CySEC in Cyprus, Germany’s BaFin, and is registered in St Vincent and the Grenadines.  

Regulation: Established in 2015 and headquartered in Germany, NAGA is a publicly listed company on the Frankfurt Stock Exchange. It also maintains regulation from top-tier authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Services Authority (FSA), and the Abu Dhabi Financial Services Regulatory Authority (FSRA). See below for a list of registrations:

• NAGA Markets Europe Ltd is regulated by the Securities and Exchange Commission (CySEC) under license No. 204/13.
• NAGA Capital Ltd is authorised and regulated by the Financial Services Authority Seychelles (FSA) under licence No. SD026.
• JME Financial Services (Pty) Ltd acts as an intermediary between traders and Naga Capital Ltd. JME Financial Services (Pty) Ltd is an authorised Financial Services Provider regulated by the Financial Sector Conduct Authority (FSCA) in South Africa (license no. 37166).
• Key Way Markets Ltd is registered under the Laws of the Abu Dhabi Global Market (“ADGM”) under license number 000003041, authorised and regulated by the Financial Services Regulatory Authority (“FSRA”) with Financial Services Permission Number 190005
• NAGA is a trademark of The NAGA Group AG, a German-based FinTech company publicly listed on the Frankfurt Stock Exchange.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, the broker, the platform offering of the broker, and the trading conditions offered to clients, summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

NAGA’s Risk Warning

Trading Forex is risky, and each broker must detail how risky the trading of Forex CFDs is to clients. NAGA would like you to know that:  CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance of a NAGA community member is not a reliable indicator of his future performance. Content on the social trading platforms is generated by its community members and does not contain advice or recommendations by or on behalf of NAGA.  

Overview

NAGA is a traditional, well-regulated market maker broker known for its popular in-house social trading platform.  Trading is offered on one live account with increasing minimum deposits linked to higher tiers and increasing benefits.  Its variable spreads are wider than those of its competitors, but it provides a wide range of tradable assets.  

In addition to the NAGA app for iOS and Android, NAGA offers the industry-standard MT4 and MT5 platforms.  NAGA has a great educational section and excellent customer support, an unlimited demo account, and a copy-trading system to get new traders started.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.