Broker Account – NAGA
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NAGA is an innovative social trading platform that offers various trading instruments. The platform has gained over 1 million users since it was founded in 2015. With more than 950 trading instruments, including stocks, ETFs, cryptocurrency, Forex and CFDs, NAGA has tools and resources that favours traders of all experience levels.
- More than 950 assets: Traders and investors have access to various assets such as Forex, cryptocurrency, CFDs, commodities, indices, stocks, futures and ETFs.
- A transparent and competitive fee structure
- Various withdrawal and deposit methods
- Commission-free trading for most asset classes except stock CFDs and ETFs.
- 0.2% commission on Stocks CFD.
- 0.1% commission on ETFs.
Traders using NAGA can easily learn from other expert traders through copy trading. The various chat features in the platform also encourage learning and sharing of knowledge. Even though NAGA was formed under Cyprus laws, it complies with the European Legislation and supports all major global markets. The company is fully regulated and authorized by CySEC, an authority operating in Cyprus and Germany. Notably, there are several advantages of investing with NAGA.
- Improved social trading in the platform: Investors and other members can freely interact and share knowledge and ideas.
- More than 950 assets: Traders and investors have access to various assets such as Forex, cryptocurrency, CFDs, ETFs, commodities, indices, stocks, futures and ETFs.
- A transparent and competitive fee structure enables traders to track costs and stay accountable for their finances.
- German users can enjoy the flexibility of using various withdrawal and deposit methods, including Bank Wire transfer, cryptocurrencies, authorized debit and credit cards and alternative e-wallet payment methods such as Giropay, Skrill and Neteller.
NAGA has made receiving and sending payments fast and convenient. The broker introduced a virtual card that can be used along with the IBAN account to make payments.
How to Sign Up
The signing up process is simplified and takes a few minutes to complete.
- Mobile and desktop users can click the sign-up or register button and enter the required details, including username, email, password, country of residence, entity and mobile number.
- Verify mobile number.
- Enter personal details such as title, nationality, date of birth and address.
- Enter financial and employment details such as the source of income and education level.
- Provide information about your trading experience.
- Agree to the user agreement.
- Verify your identity.
Pricing and Fees
- Commission-free trading for most asset classes except stock CFDs and ETFs.
- 0.2% commission on Stocks CFD.
- 0.1% commission on ETFs.
- Zero charges on deposits using VISA, VISA Electron, MasterCard, Maestro etc. However, additional fees may apply for Bank Transfer.
- 0 – 5$/€ withdrawal charges based on VIP level.
- A flat rate of 0.99 on all copied trades.
- 5% variable copy fee from profits on trades above or equivalent to € 10.
- Varying swap charges (overnight fees)
NAGA is a licensed broker and advocates for the sparing use of leverage. Therefore, traders must make good decisions and trade sensibly with leverage. The leverage offered varies depending on the financial instrument. It is also imperative to note that NAGA does not charge inactivity fees.
Benefits of Using NAGA.
- NAGA provides a free demo account and tons of other valuable resources for new traders to learn and grow.
- Traders using NAGA enjoy trust, confidence and assurance with their investments because NAGA is authorized and regulated. The broker abides by the strict financial measures provided by The Financial Conduct Authority (FCA) and The Cyprus Securities and Exchange Commission (CySEC).
- Competitive and transparent fees. Furthermore, NAGA does not charge inactivity fees.
- Flexible payment options and methods. Users can easily deposit and withdraw funds.
- NAGA provides more than 950 financial instruments, including popular indices and stock CFDs from global companies such as Amazon and Facebook.
- Trading education: NAGA conducts daily webinars in multiple languages to educate new investors.
- NAGA provides the MT4 and MT5 trading platforms that are easy to use and have several indicators and tools.
- Free prepaid multicurrency MasterCard and cryptocurrency wallet makes payments easy and fast.
- Excellent customer support: They operate 24 hours a day, five days a week and can be contacted through email, telephone or live chat.
Even though NAGA provides several benefits to their users, withdrawal fees, overnight charges, and the high minimum deposit amount ($250) discourage a number of investors.
Mobile App and other Platforms
NAGA makes it possible to trade from all major platforms, including MT4, MT5, NAGA Web App, NAGA iOS App and NAGA Android App. Every platform is unique and suits various types of traders. Moreover, the platforms are freely available in the Play Store, App Store and in their respective websites for download. The web trader and the android/iOS platforms offer various features such as CFD trading on all markets, copy trading, mobile device support, real stock trading, auto copying, messenger, signals, newsfeed, leaderboard and radar.
Documentation Needed.
In order to use NAGA, investors are required to verify their accounts. Identity verification is necessary as required by the Anti-Money Laundering (AML) and Know Your Customer Regulations.
NAGA users must have the following documents and information to verify their wallets:
- Valid ID – Upload a clear copy of a valid government-issued identification document such as a National Identity Card or Passport. The documents must be provided in English or English translation.
- Phone Number – Enter the code sent to your registered mobile number during registration.
- Proof of Residential Address – Upload proof of residence document that contains the current physical address. The document must have an issue date that is NOT older than six months from the date of issuance. Examples of such documents include water or electronic bill and government statements.
NB: Users do not have to verify their identity to use the NAGA wallet; only registration is needed.