Many aspiring traders find themselves in a position where it can be difficult to find a platform that suits them and that they feel like they can trust. This is especially true today with crypto trading becoming more and more popular.
Today, we’ll be looking at NAGA, a social trading platform looking to provide financial inclusion for everybody while maintaining its user’s security. The platform aims to decentralize financial technologies and provide everyone with the best financial tools around.
We’ll be looking at NAGA’s fee structure, regulation, security, and the unique features that set it apart from the rest.
What is NAGA?
NAGA is a German fintech company founded by Ben Bilski and Yasin Sebastian Qureshi. The two have founded multiple successful projects in the past, with NAGA being adopted by over 1 million users worldwide. The company motto is to provide “financial inclusion for everyone.”
The platform aims to let aspiring investors start trading its assortment of over 1000 assets and instruments with minimal starting investment.
NAGA sets itself apart with its social trading features, as well as allowing all its users to have a multi-currency account through the NAGA wallet. NAGA also supports a variety of different trading platforms including MT4, MT5, their own iOS and Android app, or NAGA Trader.
NAGA lets you trade cryptocurrencies, CFDs on stocks, real stocks, ETFs, Forex, indices, commodities, and futures on its platform. You can also use the NAGA wallet to have a multi-currency wallet on hand(you can even mix fiat and crypto in the same wallet.)
Fee Structure
|
Minimum Deposit |
50 EUR or equivalent |
|
Withdrawal Fees |
Broadly 0-5 EUR or equivalent depending on your VIP level. ? |
|
Inactivity Fees |
None |
|
Deposit Fees |
None |
|
Copy Fees |
0.99 up to 10 EUR or equivalent, 5% of profits on top of that over 10 EUR or equivalent. |
|
FOREX Trading Fees |
None |
|
Crypto CFDs Fees |
None |
|
CFDs on Indices Fees |
None |
|
Stock CFDs Fees |
2.5 EUR/GBP per in/out transaction |
|
Stocks |
0.99 EUR or equivalent per in/out transaction |
|
CFDs on Commodities |
None |
|
CFDs on Futures |
None |
|
CFDs on ETFs |
0.10% |
|
Currency Conversion Fees |
None |
Is NAGA Regulated?
NAGA is regulated and supervised by the CySEC(Cyprus Securities and Exchange Commission.) Outside of this, NAGA is registered in multiple other financial institutions like the FCA, CNMV, Consob, BaFin, as well as multiple other regulators in the countries they operate in.
NAGA is registered as a publicly listed fintech firm(ISIN: DE000A161NR7) backed by FOSUN. NAGA publicly lists all of its financial statements, meaning aspiring investors can always look at how the company is faring financially.
Ever since ESMA(European Securities and Markets Authority) instated restrictions on CFD trading, NAGA has been providing negative balance protection for all its retail clients residing in the EU. For example, if you opened a 5:1 leverage position with 10,000 EUR your exposure would be 50,000 EUR. If then, the market dropped 30%, you would be losing 15,000 EUR. Instead of owing the broker 5,000 EUR in this example, your balance would switch to 0EUR instead.
Overall, the above three factors make NAGA a transparent and trustworthy platform to use.
What Is Copy Trading And Is It Worth It?
NAGA’s autocopy feature is a crucial component of what makes it a “social” trading platform. In essence, what this feature allows you to do is to look up a trader on NAGA, click “Autocopy,” allocate funds as desired, and automatically copy all of their trades.
Additionally, you can customize these trades a bit by setting up custom Stop Loss and Take Profit settings. You can set them up to be the same as the trader you’re autocopying from, or set the limits individually through the trades menu.
This allows you to look at leading investors and take the same approaches they do. For example, let’s say our expert of choice has put in a trade on gold and has experienced a ROI of 3.8%. If we autocopied this, we would experience the same ROI.
The Leaderboards
Being able to automatically copy expert’s trades is great, however, it doesn’t mean much if you can’t identify the experts. Thankfully, NAGA makes finding these leading investors fairly simple. you can filter through them in a variety of ways by using the leaderboard.
You can filter the leaderboards according to a variety of different metrics, including who made the most profit, has had the largest ROI on a single trade, or made the most profit for their copiers. Having all of these filters in place helps users find experts for the specific niches they’re interested in, as well as find individuals that have consistently turned a profit for their copiers.
When you click on one of these users, the platform will display their past trades, as well as a risk score on a scale from 1 to 10. This risk score signifies how risk-prone that investor is.
Account Creation And Trading Interface
While the process of opening up a NAGA account and starting to trade is simple due to the platform’s great UI, take care when trading CFDs, as there’s always the possibility of losing your funds.
With that being said, the account creation process is incredibly simple, only requiring a minute or so. Account verification isn’t needlessly tedious, and there’s a variety of options to choose from when funding your account.
When it comes to the user-friendliness of the website, NAGA performs excellently. The trading interface is slick and responsive, with 0.08-second response times you’re unlikely to lose a great opportunity due to input lag or the like.
The graphs on the website are extremely intuitive and well-presented. Overall, the site’s design is excellent and beginner traders shouldn’t have any issues interacting with the website. We advise using the demo account for a bit first before moving on to real money to get used to the layout.
Deposits & Withdrawals
NAGA features a vast array of options available both for making deposits and taking out withdrawals. This is amplified by using the NAGA Wallet, which lets you fund your account using a mix of multiple currencies and cryptos.
In terms of making transactions, NAGA supports pretty much all of the most popular payment methods including wire transfer, Visa, Mastercard, and many others. Generally, these funds will appear in your account within minutes, however, bank transfers can take up to 5 working days to pop up.
You can make withdrawals through any of those methods as well, with NAGA processing most requests within 24 hours of submission.
Educational Resources
NAGA is not only a place for trading but also a place where new or experienced traders can come to learn from the team and the community. NAGA hosts weekly webinars where experts come to speak on advanced finance topics. While these can be a bit overwhelming for beginners, they have a trove of video tutorials to get you up to speed with the trading space.
If you’re someone that prefers learning through text, they also offer free eBooks made by professor Andreas Thalassinos. If you prefer shorter pieces, the NAGA blog also contains a lot of evergreen information, as well as news about the current market and some speculative pieces.
This solid infrastructure is all many traders need to get started on their trading journey.
Customer Support
The NAGA website is available in 10 different languages, and its knowledge base is fully translated to each of them. Most common questions will be answered by the FAQ section, however, you can still contact support through chat, phone, or email.
Customer support seems to respond quickly, as we got our response only 30 minutes after submitting a request, however, do note that customer support response times vary by day and the numer of agents available.
Supported Countries
NAGA supports the following European countries:
- Austria
- Hungary
- Poland
- Bulgaria
- Iceland
- Portugal
- Croatia
- Ireland
- Romania
- Republic of Cyprus
- Italy
- San Marino
- The Czech Republic
- Latvia
- Slovakia
- Denmark
- Liechtenstein
- Slovenia
- Estonia
- Lithuania
- Spain
- Finland
- Luxembourg
- Sweden
- France
- Malta
- Switzerland
- Germany
- Netherlands
- Greece
- Norway
Citizens of Albania will have to undergo Enhanced Due Diligence Onboarding Measures.
The Verdict
NAGA is a secure social trading platform with a variety of innovations. The platform boasts a slick interface, and each user is provided a demo account to help get to grips with the site.
NAGA has low fees with many actions such as crypto trading not having any fees associated with them at all. NAGA is not a fraud or scam, as it is entirely regulated through CySEC, and is a publicly listed fintech company.
The innovative autocopy feature lets users copy the trades of experts in their field. This can help traders get a better understanding of the market with the trader’s risk score keeping users aware of the likely risk involved. The leaderboards function also makes it extremely simple to find these leaders.
NAGA provides a variety of educational resources to all of its traders, including weekly webinars to help them stay informed and up to date on the latest advances in finance.
All in all, NAGA shows itself to be an excellent trading platform with more than enough innovation to keep it relevant in the long run.
