NAGA Review: Is it a Good Online Social network & Copy Trading Platform?
NAGA is a social trading platform where people with all experiences can like, share, or trade in investments with over 950+ trading instruments. With the increasing popularity, acceptance and growth of cryptocurrencies in the past few years, it has become essential to set up a common and accessible trading spot for all sorts of crypto users. This helps in bringing together the investors and traders together in one place and aims at smoothening the process of trading cryptocurrency as well as financial instruments.
This is where NAGA comes into picture. It provides convenience, ease of trading, flexibility and greater control to the users while dealing in exchange instruments. In this guide, we will read a detailed review of NAGA social trading platform.
What we are going to learn?
What is NAGA ?
NAGA is a modernized and creative online broker that allows its clients to trade and invest, learn from others, copy the moves of the experienced traders on the platform and an opportunity to become a star trader themselves. NAGA offers 950+ trading instruments including Forex, Commodities, Cryptocurrency, Shares, Stocks, Indices, Metals, Energies, ETFs, and Contract For Differences(CDFs).
NAGA is a trademark of The NAGA Group AG, a German based FinTech company. NAGA was founded in 2015 and has been progressively successful since then. The social trading network has great features built for the new generation of traders with customised features. It provides access to world markets through decentralized technology accompanied with necessary support so that overall investors can gain bigger exposure.
NAGA was founded in 2015 by Yasin Qureshi and Benjamin Bilski. Its owner, The NAGA Group AG is a listed company in the Frankfurt exchange and is liable to publish its own financial statements which ensures level of efficiency and financial transparency. . As far as security is concerned, NAGA is operated by NAGA Markets Europe Ltd, regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC). CySEC supervises and controls companies like NAGA which offer investment services.
NAGA is highly regulated and authorised by the European Union’s MiFID II which is responsible for protecting the interests of the customers and promoting healthy competition. MiFID II also allows investment firms to operate within the territory of a different country provided that their services are covered by the investment firm’s authorisation.
The users should keep in mind that the past performance of any NAGA community member should not be considered a reliable indicator for his future performance. Any content on NAGA’s social trading platform which is created by the community members should not be considered any sort of financial or investment advice on behalf of NAGA.
NAGA’s client funds are held in segregated accounts with major banks in the EU. These funds are not used for any operational functions by the bank. NAGA does not provide services for the residents of several countries including the United States of America, Canada, the United Kingdom, Israel, and the Islamic Republic of Iran.
Notable Features of NAGA
- NAGA has more than 950+ financial instruments including stocks, indices, cryptocurrency, etc.
- NAGA is a social trading platform for all levels of traders including beginners, amateurs, and professionals.
- NAGA allows users to set up virtual portfolios or what is commonly known as a Demo account if they are not ready to use real money.
- NAGA facilitates high order processing and completes real time order execution.
- The NAGA community feed provides you real-time social news and events and latest information about everything happening on the social platform.
- One user can open more than one account with different currencies as a base.
- NAGA provides a research-based analysis on economic conditions, financial markets, and trading instruments from topmost experts.
- NAGA helps the clients minimise their losses by taking profit orders which helps stop loss.
- The online social broker provides their clients with their personal account manager who can get in touch with them over phone, text or email.
- The NAGA platform is available to use on multiple devices including iOS and android apps, Apple Mac computers, and online through a web browser.
- The platform has progressive and advanced charting tools which are futuristic in purpose and include customisable interface, graphing tools, and technical indicators.
- NAGA is customer-friendly and offers more than 15+ languages to suit the needs of different traders.
- New traders are given the advantage to copy the trading moves of seasonal and professional experts in order to minimise their losses.
NAGA Trading platforms
NAGA social trading platforms is the foundation from which traders can like or share their trading experience and henceforth invest in other financial assets. One can browse the community, view the profiles of other traders on the platform, find various cues for thoughtful investment, glance through 950+ trading instruments, do a thorough research on the past and present charts, conduct analysis based on the research and make their investment decision.
Every trader has their own profile page which consists of their win-rate %, following, followers, number of auto-copiers, feed consisting of other traders moves and basic network activity, trading statistics showing their performance and achievement tab displaying upcoming trading objectives and accomplished goals and rewards. One can also see the option of adding friends on the profile page through which they can personally get in touch with other traders. Apart from this NAGA also has a messenger option through which the users can keep with various traders, community channels, and personal friends on the app.
Once the user has logged into their NAGA account, they will see the following trading options available to them :
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
The MetaTrader platforms are well known to contain adequate technical indicators for conducting market analysis and it is also convenient to use. In addition to this, MetaTrader also allows automatic trading based on expert advice.
1. MetaTrader 4 (MT4)
MT4 is considered one of the best trading platforms in the world and has been successfully operational in the financial markets since 2005. The MetaTrader 4 provides user-friendly interface and easily customisable trading environment which accomplishes the goal of satisfying the needs of the clients and enhancing their trading experience.
MetaTrader 4 was particularly built to trade in Forex but with time it has expanded and now one can also trade in other trading instruments such as CFDs and Spread betting. The user cannot trade in stocks, indices, cryptocurrencies, commodities, ETFs or futures on the MetaTrade 4platform unless it is CFDs or Spread Betting.
2. MetaTrader 5 (MT5)
MT5 is a multi-asset trading platform unlike MetaTrader 4. MetaTrader 5 provides a variety of financial tools and extensive trading features including automatic trading systems and copy trading. This trading platform has been functional since 2010 and is an upgraded version of MetaTrader 4 which restricted the number of financial instruments that can be traded.
MetaTrader 5 also includes additional features like timeframes and advanced charting tools. MT5 facilitates trading of Stocks, Indices, Forex, Futures, ETFs and Algorithmic trading.The NAGA MetaTrader 5 has many advanced features giving the users a competitive edge. Some of these features are Price date, One-click trading, Spreads, Margin calculation, etc.
cTrader is an inclusive trading platform for Forex and CFD brokerages to provide to their traders. The platform is enriched with a variety of features to serve the possibility of each and every investment option conceivable. cTrader facilitates advanced order types, charting tools, amount II pricing, quick entry and execution.
NAGA cTrader encourages every client to share their investment or trading strategy for a certain amount of fees or commission. Other users who are in need of financial advice can search, like,share or copy these strategies for a certain amount of fees payable. This turns out to be mutually beneficial for both the parties, i.e. traders who have sufficient knowledge and are good at trading and traders who lack information and need guidance for their upcoming trading moves.
NAGA Trading Tools
NAGA has some modernized advanced trading tools that helps the users minimise loss and alleviate risk. The users have access to these autonomous and integrated tools in order to enhance their trading experience and serve their purpose while performing trading operations.
1. NAGA Protector
The NAGA protector lets the users set up Take profit and Stop loss for free. Through various customisable parameters which can be modified according to individual risk preference, NAGA protector intuitively aids the users to lock in profits and minimise risks.
2. Charting Tools
Charting tools are provided by TradingView for NAGA. TradingView is known to have the best trading tools to conduct technical analysis on stock charts, crypto charts and Forex charts. This helps the users to keep a track of live prices, outline regular patterns and create personalised templates for better understanding.
3. NAGA Portfolios
The NAGA portfolio aids the users to manage their investment portfolio in three instant clicks. The users have the options to make multiple investments, reduce the risk of failing, and trade in different financial assets on the NAGA platform based on their risk-reward ratio.
NAGA also provides its users with a user-friendly Economic calendar that has key dates, market events, upcoming trading events, community events, social events, etc. NAGA also has an earnings calendar that shows the users his past performance and his current earnings.
5. Market segment
NAGA puts on view the community or social sentiments about a particular financial asset. This gives the traders an outline about the buying or selling power of an asset and further helps them with their investment decisions or trade ideas.
6. Asset feed
Similar to news feeds on any social media platform, the asset feed on the NAGA platform provides details about each trading instrument or financial asset. A constant update on these volatile assets is necessary to help the traders make their trading choices.
7. NAGA Wallet
NAGA provides its users with a safe and secure wallet to store their fiat assets and cryptocurrency. The wallet has a built-in-exchange and gateway to NAGA’s social networking site. The user can manage and trade their cryptocurrencies with low fees and instant transactions. Cryptocurrency can even be bought with a credit card or it can be traded with a NAGA account.
8. Integrated Watchlist
Integrated watchlist is a convenient tool for users to keep a track on their investment ideas across the platform. The user has to have a constant update on all the assets in order to make an investment decision.
The social trading platform charges a certain amount of fees or commission for various activities performed on the platform. Brokers also offer a wide variety of services including financial trading, mobile trardings, financial trading tools, and educational resources. The brokers charge a certain amount of minimum fees for these services in order to earn revenue for the company. Let’s have a look at the various fees charged by NAGA platform :
Minimum Deposit :
NAGA charges a minimum deposit of 250 USD during the opening of an account. Some brokers who charge higher minimum deposits offer more additional and premium services along with basic trading requisites. Brokers who charge a lower minimum deposit are focussed on the mainstream audience and do not care about additional services. Brokers who charge no minimum deposit often do it to attract more customers.
Withdrawal Fees :
The withdrawal fees depend on the type of withdrawal payment method that is selected. On a general withdrawal, 10 USD per withdrawal is charged. Different brokers have different rules for charging withdrawal fees depending on the type of trading accounts. The brokers take into consideration the withdrawal method, processing time, processing fee, and currency conversion fee.
Inactivity Fees :
NAGA does not particularly charge a fee for inactive accounts. But, the brokers may charge the user for account inactivity. If there is no buying/selling activity on a user’s accounts for a certain specific period of time, it is considered inactive. This inactivity of the account may lead to a due of inactivity fees.
Deposit Fees :
NAGA personally does not charge any deposit fees, however the 3rd parties, banks or merchant bankers may charge an additional fee for depositing fiat or crypto assets with them. Some brokers also charge deposit fees depending on the type of payments made by the user.
Commission fees :
NAGA does charge commission on CFD instruments. It also charges 0.20% of national value as commission on equities and ETFs. Commission fee can differ based on the trading type, financial asset type, and the type of trading account the user has.
Other fees :
NAGA charges Swap fees for holding a position overnight. It charges Spread fees which is basically the difference between the bidding price and the asking price of a particular trading instrument. NAGA also charges traders for availing the facility of copying moves from other traders.
NAGA Education :
NAGA provides extensive educational tools for users to thoroughly understand the concept of online trading, learn about various financial instruments, have an insight into brokerage and its working and so much more. These beneficial educational materials can aid the traders to increase their trading knowledge and enhance their trading experience.
NAGA also provides daily trading webinars in different languages to assist the traders in understanding a wide range of trading topics from technical and fundamental analysis. NAGA also provides an analytical approach for trading various financial instruments. This is a systematic and logical way to learn about online trading.
Trading Instruments On NAGA
NAGA offers a wide range of trading instruments. Traders across the world have made million trading 950+ financial assets. It includes Stocks, Forex, Cryptocurrency, Indices, Commodities, etc. The user has the benefit to create multiple accounts or invest in multiple markets using one account.
NAGA provides around 47 major, minor and exotic Forex currency pairs, 15 selected cryptocurrencies, 600+ stock CFDs from global companies, Commodities trading on Silver, Gold, and oil, 22 Futures, and 17 ETFs.
NAGA is considered a highly user-friendly platform. It supports more than 15 languages including English, Hindi, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Hebrew, Arabic and Russian. The platform claims to be customer-oriented and provides 24/7 client support through chat, telephone or email.
But, on the darker side there are tons of inconveniences reported against the customer support of NAGA due to their slow or no response at all. The live chat response is often slow, emails are answered in 1-2 business days and calls are the only option left with the users to instantly contact the customer support.
NAGA Coin (NGC)
NAGA Coin is a new addition to the social trading platform. It is a utility coin introduced to reduce the fees charged on copying the trading moves. NAGA Coin ($NGC) is the native cryptocurrency that is phased in to act as the core fuel element of NAGA trader, NAGA DeFi and NAGA social betting. This coin allows users to create smart contracts, reduce the copy trading fees and much more.
$NGC is believed to have great prospects and all NAGA global users can now trade $NGC as CFD and also as real crypto. With NAGA coins, one can save upto 50% on copy fees. The coin currently has a market cap of only $34.8 million and is considered a microcap. But unlike other meme coins, $NGC has utility which might benefit potential crypto holders.
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How to open an account on NAGA?
Opening an account on NAGA is a quick and easy process. The user needs a scanned colour copy of passport,driving license or National ID, along with a bank statement from the past 3 months. Follow the given steps to create an account on NAGA :
- Visit the official website of NAGA
- FIll an online registration form and confirm your email address.
- Upload your documents for KYC purpose.
- Once your account has been verified, you can start trading.
NAGA is a step forward towards advancement and modernisation of trading. The online social trading platform has been in the market for over 6 years and has shown clear signs of success and progression. The social trading platform has amazing features available and is significantly better than most of the other brokers online. But, trading money in general is risky and experts believe that with NAGA one’s capital is always at risk. So it is advisable to read the terms and conditions thoroughly and have proper knowledge and information about the trading instrument that the user is investing in.