Naga.com briefly
The website naga.com is owned by The NAGA Group AG and operated by NAGA Markets Limited, whose trade name is NAGA. The NAGA Group AG is a German based FinTech company publicly listed on the Frankfurt Stock Exchange. NAGA Markets Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). Customers can trade through the world’s most popular trading terminals – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). In addition, a company’s own terminal is also available.
NAGA’s users can invest in over 500 instruments, including cryptocurrencies, indices, forex, commodities, and shares (CFDs and real). A lot of copy trading (social trading) options are also available.
Regulation
When you select a brokerage company for online trading, the first factor you must verify is where it is authorized and regulated. The NAGA Group AG is the holding company of NAGA Markets Ltd, NAGA Technology GmbH and NAGA Global Ltd. It was founded in 2015 as a fintech company. NAGA Markets Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 204/13. The company complies with EU and local regulations such as the European Markets in Financial Instruments Directive II (MiFID II), the Markets in Financial Instruments Regulation (MiFIR) and the Cyprus Investment Services and Activities and Regulated Markets Law of 2017. The company has several registrations including in FCA under reference number 609499, in BaFin under register number 135203 etc.
Account Types
There are six types of live accounts that traders open with NAGA and you can choose the one that suits your trading strategy.
The Iron Trader account requires a minimum deposit of USD250 and the minimum spread for the EUR/USD starts from 2.5 pips.
You must invest at least USD2,500 to open a Bronze Trader account. In return, you receive a spread for the EUR/USD pair starting from 2.3 pips.
The Silver Trader account requires at least USD5,000 to open. The spread of the EUR/USD pair will start from 1.9 pips.
You must invest at least USD25,000 to open a Gold Trader account. In return you will receive a spread for the EUR/USD pair of 1.7 pips.
The Diamond Trader account requires a minimum deposit of USD50,000 and the spread for the EUR/USD pair will start from 0.9 pips.
The last one – the Crystal Trader account requires at least USD100,000 to open. In return the minimum spread for the EUR/USD will be as low as 0.7 pips.
Keep in mind that all profits and losses here are real.
Market Maker or STP Broker?
In the documents from the legal section we have found the company acts as a principal counterparty to its clients’ trades and part of all these trades are covered within the company or may be covered with related entities of the same group. It is also written that for the purpose of transmitting orders for execution, the company will act as an agent on the client’s behalf. This means that NAGA may use the Straight Through Processing (STP) model to execute client orders but also may act as a market maker keeping some part of the risk for itself. Dealing with market makers leads to a conflict of interest because they keep the risk by themselves and hope clients lose. They benefit when clients lose.
There is a clause that explains that there is no guarantee that the client’s order will be filled in full or in part. Where a delay occurs for any reason, NAGA will attempt to execute the order as soon as reasonably practicable. The client acknowledges and accepts that the market price of the real stock may have moved during the time between our receipt and acceptance of your order and our attempt to execute order. In these circumstances, the third party who has provided the quotation to us is not obliged to honor the indicative price you have received and, if that is the case, we may reject the order.
All types of orders are subject to slippage and the company claims it is a normal phenomenon during the period of low liquidity or high volatility. The orders will be filled at the next available market price. This also means that stop loss orders are not guaranteed.
The Order Execution document states that all the retail clients are covered by “Negative Balance Protection“. This means that NAGA ensures that losses will never exceed the client account balance.
Fees
Be aware of the company fees, stated in the Trading section of the website. There is a withdrawal fee and it is EUR10, regardless of the payment method. Trading CFDs on shares will be charged a 0.20% fee and if you trade Italian shares, there will be an additional tax depending on the nominal value. It starts from EUR0.25 for EUR2500 and reaches EUR200 if the nominal value is greater than EUR1 million. ETFs trading will be charged a 0.10% fee. If there is no trading activity in your account for more than one year, it has become inactive, but you can withdraw the remaining funds at any time. Of course, there are common fees such as spread, swap and rollover.
Deposits and Withdrawals
Customers can use several deposit methods such as wire transfer, credit/debit cards, and alternative payment methods such as Sofort, Neteller, Skrill, GiroPay, iDeal, Trustly etc. In addition, you can deposit in cryptocurrencies and the minimum deposit is USD250. The minimum first deposit depends on the account you have and starts at USD250 to USD250,000. The minimum amount for withdrawals is USD50 and all withdrawals are subject to a USD10 fee. The withdrawal duration depends on the withdrawing method. All withdrawals are being processed by NAGA within 24 business hours. The approximate processing time for credit/debit cards is 3-5 business days, for bank accounts in euros it is 2-3 business days for the countries inside the EU and up to 6 business days for other countries.
Trading Platforms
You can trade via the two of the most popular trading terminals worldwide – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The interface is customizable, you can use 30 technical indicators and 31 graphical objects for your technical analysis. If you trade through the MT5 terminal, you can transfer funds between accounts and use 38 technical objects and 44 graphical objects for your trading analysis. There is also a company’s own trading platform entitled NAGA Web, which can be used for copy trading features as well.
Assets
NAGA offers over 500 instruments for online trading.
Forex – Nearly 50 popular major, minor, and exotic currency pairs can be traded. The spread for the majors depends on the account type and the typical value is 1.4 pips.
Indices – You can trade 14 of the most popular major and minor indices globally, such as DJIA, US500, FTSE100, CAC40 etc. Trading is commission free.
Commodities – 10 of the most traded commodities are available such as Oil and Copper, as well as cereals. You can trade them commission free.
Shares – You can trade over 400 various shares from all popular markets globally, such as USA, EU, and the UK. You can trade CFDs or buy a real share. There is a commission of 0.20%.
Cryptocurrencies – 15 of most traded cryptocurrencies such as Bitcoin, Litecoin, Ethereum etc.
ETFs – You can also trade 17 Exchange Traded Funds (ETSs) on most popular global indices.
Education
There is a dedicated free educational section on the web page called Free Education, which contains NAGA Academy (with articles, videos, and tutorials), Blog (with latest news), a third-party Economic calendar and Webinars.
Social Trading
There also is a dedicated Social Trading section where you can find the Top Traders and review their past and current activity. When you like some of them, you can automatically copy his trades.
In addition to simply copying trades, social trading also provides places for traders to interact with investors, discuss current market conditions, talk about results, and more, all in real-time.
Here you can find a trading signals section and become a NAGA signal provider. Created signals are always displayed on top of the feed. After creating and sharing a trading signal, you will receive USD0.1 per copied trade.
Summary
NAGA Markets Limited has a CySEC regulation, which allows it to provide financial services across European Union. It may use the STP model but also may act as a market maker. The company provides a wide range of trading instruments via the most popular trading terminal MT4 and its own web-based platform, which can be used for copy trading as well. There are 6 different types of accounts but even spreads are not so attractive. Deposits and withdrawals are processed within one business day but be aware of the fees.
