Trading platforms have stayed largely the same for the past couple of years. Most follow a pretty standard formula and only really differ in what you can trade on them and their spreads/fees. NAGA is a trading platform attempting to provide some extremely unique features and advertises itself as a “social” trading platform.
In this review, we’ll be looking at how well NAGA manages to integrate social features into its trading platform, whether or not it’s secure to use, and if it has enough merit to use as your platform of choice.
NAGA is a German fintech company focused on providing an accessible and decentralized way to trade. The company was founded back in 2015 by Ben Bilski and Yasin Sebastian Qureshi. NAGA is located on First Floor, First St. Vincent Bank Ltd, James Street, Kingstown, St. Vincent and the Grenadines, 1189 LLC 2021.
NAGA aims to provide a user-friendly way for retail investors to trade one of over 950 assets available on their platform.
The two biggest standout features for NAGA are its NAGA Wallet and Autocopy feature. The NAGA wallet allows you to have a multi-currency wallet combining crypto and fiat and is natively supported in the platform. NAGA has also partnered with MasterCard to provide their own NAGA Mastercard that can be used to quickly use your profits or deposit them back into your NAGA account.
The Autocopy feature allows users to browse leaderboards looking for top traders, and copy all of their trades with a single click. NAGA supports multiple platforms such as MT4, MT5, NAGA trader, and their mobile app.
|Minimum Deposit||$50 or equivalent|
|Withdrawal Fees||$0-5 depending on your VIP level, with cryptos broadly having a ~12% withdrawal fee at the Payment dept.’s discretion.|
|Copy Fees||$0.99 up to $10 or equivalent. There is a 5% fee on all of your profits when investing over $10.|
|FOREX Trading Fees||0%|
|Indices Trading Fees||0%|
|Stock CFDs Fees||0.20%|
|Currency Conversion Fees||0%|
Starting to trade on NAGA is quite simple all in all. The first thing you’ll need to do is register an account. This is fairly standard, all it takes is a phone, email address, and a secure password. When you’re done with that, you’ll be presented with a $10,000 demo account you can use to get a feel of the platform.
I advise taking advantage of this and familiarizing yourself with how to use NAGA before you jump into real money trading. Next, you’ll need to go through a swift KYC procedure in order to verify your identity.
When you’re done with that, you’ll simply need to deposit funds through any of the available methods(of which there are a lot.) Now, while that’s easy to do, don’t forget that trading CFDs always comes with a great deal of risk, so be careful about your trades.
The graphs on the site are intuitive and easily readable, which is crucial when trading high-volatility assets like CFDs.
The autocopy feature is a huge part of what makes NAGA a social trading platform. Autocopy allows you to copy the trades of another user down to a tee. This means that you will automatically conduct the same trades as the user, at the same time they do. While this isn’t without risk(the user could be unprofessional/lucky or have a different risk tolerance) it is definitely an interesting feature to look at.
Let’s say our expert of choice made a trade on Bitcoin/USD and made a 3.4% profit. If we had autocopy set up on that trader, we would reap the same profit minus NAGA’s fees.
Now, this is not to say that once you’ve set up autocopy you can’t alter those trades. You can set your own Stop Loss and Take Profit measures manually as well. This lets you adjust your trading strategy even if you’re copying another user’s trades.
Now, the whole autocopy mechanism relies on you being able to find suitable traders to copy quickly and efficiently. The way NAGA manages this is through its leaderboards system. The leaderboards show the top traders based on location, the kinds of trades they’re making, and the time period you want to look at. This lets you filter through quality traders and only focus on those trading in areas you’re interested in.
When you click on a trader, you can see their posts, announcements, trading statistics, and most importantly- their risk score. This is a score that shows you how risk-prone or averse a given trader is and helps inform your decisions.
NAGA has a wide variety of options available for depositing and withdrawing funds. Two of the most popular are the NAGA wallet, letting you simplify your deposits by letting you keep a multi-currency wallet on the platform and the NAGA MasterCard.
For transactions, NAGA supports most popular payment methods such as bank transfer, Visa, Mastercard, and a variety of cryptocurrencies including Bitcoin and NAGAcoin. Usually, funds will pop up quickly within only a couple of minutes, however, bank transfers can vary depending on the bank.
Withdrawals are also speedy, with most options being processed within 24 hours, and some even happening instantly.
NAGA is an unregulated CFD broker, however, it is publicly registered and offers ample documentation for traders to look at before deciding whether or not to trust them. Since NAGA publicly lists all of its financial statements. Because of this, we feel safe to say NAGA is not a scam, especially since it’s backed and partnered with some large institutions.
All in all, NAGA seems like an honest and legitimate broker to trade through.
NAGA provides its traders with a variety of educational opportunities to help them hone their trading skills. The platform hosts weekly webinars for advanced traders, maintains a blog full of the latest finance news, and provides video guides for using the site and general trading practices. Besides this, NAGA also offers eBooks written by Andreas Thalassinos completely free of charge to their users.
NAGA’s customer support responds quickly- usually within less than an hour according to our testing, and can be contacted via chat, phone, or email. Their support is available Monday through Friday from 9 AM EEST.
Besides this, their website and help center are multilingual, supporting 10 languages. The FAQ is also quite expansive, so make sure to check there before asking support for help.
NAGA Supports most countries fully, with most unsupported countries belonging to FATF, UN, and any Delegated EU Regulation. Outside of this, 21 countries are only supported once the user has completed a due diligence program.
NAGA doesn’t offer its services to the following jurisdictions:
- Democratic Peoples Republic of Korea
- Sri Lanka
- Trinidad and Tobago
- American Samoa
- The USA
- U.S Minor Islands
- U.S Virgin Islands
- Burkina Faso
- The Bahamas
- Cayman Islands
For the above countries, in order to trade on the platform, you’ll have to undergo Enhanced Due Diligence Onboarding Measures. This means completing the necessary KYC form and procuring a selfie with you holding your POI.
All things considered, NAGA is definitely a unique broker with a lot of innovation behind it. The leaderboards and autocopy features are unique, and can really bring a lot to the experience. I was pleasantly surprised to find that the educational content is of high quality and freely available to all users.
NAGA’s fees are also fairly low, and many trading activities have no fees associated with them whatsoever. It’s an easy platform to get to grips with, although it’s always worth noting that trading CFDs is a high-risk activity.
The platform is safe and hasn’t been part of any security breaches or scandals in the 7 years since its funding. Furthermore, withdrawals and deposits are quick and will take the most common payment methods.
If you’re interested in trading CFDs, or simply want to learn more about the space, NAGA definitely looks like a good place to start.