- Key features: Autocopy, NAGA Feed and Messenger, NAGA crypto exchange, NAGA wallet, and NAGA Pay
- Minimum deposit: $250
- Account types: Iron, Bronze, Silver, Gold, Diamond, and Crystal
- Deposit and withdrawals:
- Regulation: CySEC
- Tradable assets: Forex, real stocks, stocks, CFDs, cryptos, futures, ETFs, commodities, and indices
- Trading platforms: NAGA WebTrader, mobile App, MT4, and MT5.
Finding a reliable broker is usually the first step in anyone’s trading journey. And if you’re a beginner, the importance of proper educational content and trading guidance cannot be overstated. Social investing platforms like NAGA help bring together the wisdom of the crowd in trading. It merges the concept of social media and trading – traders interact freely, learn from each other, and even copy trades.
What is NAGA?
NAGA is a leading multi-asset neo‑broker powered by a social network. Some of its ground-breaking innovations include its proprietary copy trading feature, which is compatible with MT4, MT5, WebTrader, and the NAGA trading app. This allows traders to earn extra money when their trades are copied. As a social investing platform, traders can freely interact with like-minded traders as they would on social media through NAGA messenger and NAGA Feed.
Although founded in August 2015, NAGA has footprints globally with eight offices on four continents and over one million active accounts. The broker also offers over 1000 tradable assets from various asset classes, a proprietary crypto wallet, and a money transfer app. Here’s an in-depth review of NAGA’s core features.
NAGA Social Trading
NAGA is undoubtedly a leading social investing platform and stands out from other brokers thanks to its novel copy trading feature, Autocopy. With Autocopy, you can copy the trade of some of the most successful traders on the platform. Copy-trading on NAGA comes with a fixed fee of €0.99 and a 5% profit-sharing for all profits above €10.
The entire process is fully automated – once you’ve selected a trader to copy and input the basic settings when they trade, the Autocopy will mirror their trades in your NAGA trading account, from when they open the trade to when they close it. And the best part is that you get real-time notifications but don’t have to do anything. Here’s how you can copy-trade with the NAGA Autocopy.
The first step is to sign up for a NAGA account, pass the simple KYC verification, and fund your trading account. This is a simple process. Once logged in, the next step is to find the best trader whose trades you will mirror.
Click the ‘Top Traders‘ tab on the left of your dashboard to view the top traders on NAGA. This will show you the NAGA’s Leaderboard of thousands of traders. Admittedly, it may be cumbersome to go through the stats of all these traders; and that is why NAGA has provided several filters that you can use to find out the most suitable trader for you. You can filter them depending on their entire performance, performance over a specific period, or location. You can also click on a trader’s name and review their statistics and the number of followers and Autocopiers they have.
After identifying your preferred trader, click ‘Autocopy’ and set your Autocopy settings. You can copy trades with a fixed investment amount or set up a percentage.
Finally, click on ‘Start Auto Copy,’ and whenever the trader opens a trade, NAGA’s Autocopy will automatically open a similar one for you.
NAGA Pay is a proprietary mobile payments app that serves as a NAGA debit card, developed in conjunction with Visa. It is a multi-currency virtual card with an international bank account number (IBAN). And since it is integrated with your NAGA trading account, it is convenient to fund your account and for withdrawals. You can also send and receive money instantly through a phone number or IBAN.
NAGA’s mobile payments app is essentially a Visa debit card, and you can use it for contactless payments, sending and receiving money, and withdrawing cash from ATMs. All you have to do is download the App from the App Store or Google Play and complete the KYC verification. You’ll instantly receive your virtual NAGA Visa Card and IBAN. Note that you can freeze and unfreeze your card anytime you want.
NAGA Coin (NGC) is NAGA’s native ERC20 token. There are about 77.91 million NGC in circulation. Holders of NGC can save up to 50% on transaction fees when they buy or convert cryptos in their wallets.
NAGA Crypto Wallet
This proprietary crypto wallet allows users to send, receive and store cryptocurrencies and fiat from a single wallet. The wallet is integrated with the NAGA crypto exchange (NAGAX) and a built-in gateway to NAGA’s social investing network.
The wallet allows you to conveniently manage your portfolio, buy crypto with a debit/credit card, and send cryptos via email. You can also use cryptos to fund your trading account and trade stocks or NAGA CFDs. Note that NAGA uses cold and hot storage custody algorithms to secure your cryptos.
NAGA Social Network
NAGA’s social network is powered by NAGA Feed and NAGA Messenger. The combination of these two makes NAGA a complete social media platform. NAGA Feed allows you to connect and chat with other traders and receive real-time market news from Thomson Reuters. You can also share posts and your trading stats on the Feed so that other traders can follow and copy from you. And with the Messenger, with can send direct messages to your friends, join channels, and participate in discussions.
NAGA Registration and License
NAGA is a Fully EU-regulated and licensed broker. It is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). The NAGA CySEC license authorizes the broker to provide cross-border investment services while complying with both local and regional financial regulations. The broker is also a member of the Investor Compensation Fund, and every account holder is insured for up to €20,000.
Also, note that NAGA Group AG is a publicly-traded company on the Frankfurt Stock Exchange. This means that NAGA’s financial statements are thoroughly audited and publicly available.
NAGA has over 1000 assets from 8 different markets, including Forex, cryptocurrencies, real stocks, and CFDs for stocks, commodities, futures, ETFs, and indices. Except for trading cryptocurrencies, you can trade all the other asset classes from one account – diversifying has never been that easy.
You can trade cryptocurrencies through NAGAX. Combined with NAGA’s proprietary crypto wallet, it is the most convenient and secure way to buy, sell, transfer, store, and trade cryptocurrencies. Here, you can trade over 40 cryptos paired with USDT, including popular ones like BTC. More so, you can trade over 40 popular cryptocurrencies with leverage or buy them via a secure & easy-to-use wallet.
Some of the fees you’ll incur when trading on NAGA include the spread, commissions, swap, margin, and withdrawal fees. Note that the trading fees depend on the asset you trade.
NAGA Trading Platforms
NAGA prides itself on being a multiplatform broker. Users can choose the mobile NAGA app for Android and iOS, NAGA WebTrader, MT4, or MT5. However, traders using the WebTrader or the mobile App enjoy more trading features from NAGA. For example, although MT4 and MT5 support copy trading, NAGA Autocopy isn’t available for these two. Review the screengrab below, showing a side-by-side comparison of all these platforms.
NAGA Trading Accounts
When you sign up for a trading account with NAGA, you can access six different types of accounts depending on the amount you deposit. The NAGA VIP account levels include Iron, Bronze, Silver, Gold, Diamond, and Crystal.
Although each type of NAGA account offers traders different rewards, the trade execution policy is the same for all. NAGA’s average order execution is about 0.08 seconds. All accounts are multi-currency, have access to the same tradable assets, and have real-time order execution. More so, anyone with a NAGA live account can access a Personal Account Manager who offers professional trading advice.
The minimum deposit for the Iron account is $250, for Bronze is $2500, Silver is $5000, Gold is $25000, and $100k for Crystal. The screengrab below shows the difference between these accounts.
NAGA Trading Tools
NAGA offers various free trading tools and educational content to help you enjoy a hassle-free trading environment. Some of the tools offered include an all-in-one NAGA trading calculator margin, pip value, and swaps for the instruments you trade, based on the position size and leverage. The Economic Calendar will help you stay up-to-date with the latest global economic events, while the Earnings Calendar helps you keep track of companies’ earnings reports from all stock exchanges globally.
Finally, the NAGA Price Alerts tool notifies you when an asset’s price reaches a specific level. This ensures you never miss a trade and spend less time monitoring the charts. This tool is only available on the WebTrader, and NAGA mobile app.
Education-wise, NAGA has a vast collection of videos, tutorials, eBooks, and articles on every trading topic. These range from how to use the trading platform, navigating various features offered by NAGA, and technical analysis. It also offers weekly webinars discussing the latest market developments and trading strategies.
As we’ve seen throughout this NAGA review, the broker stands out thanks to innovative social trading features.