NAGA REVIEW: PROS & CONS
Have you come across this financial app and wonder what it is all about? In this review, we will walk you through the key points to consider when evaluating its features and benefits.
Last Update:
27.6.24
BASIC INFO
Naga is a unique social trading platform offering access to a wide array of financial instruments, including Forex, stocks, and cryptocurrencies. The platform stands out for its social trading features, allowing traders to copy the trades of experienced investors. Naga emphasizes community engagement, offering interactive tools and educational resources, making it ideal for traders who value a collaborative and insightful trading experience.
PROS & CONS
PROS
Regulated by a Credible Government Agency
This platform is regulated by a credible government agency, ensuring that it operates in compliance with industry standards and regulations. Regulation provides a level of security and protection for traders, as it requires the platform to adhere to specific rules and guidelines designed to safeguard the interests of market participants. Trading on a regulated platform can enhance trust and confidence in the trading environment.
Fast Registration Process
This platform offers a simple and straightforward registration process, allowing users to quickly create an account and start trading without unnecessary complications.
Social Trading App
This platform offers a social trading app, allowing traders to connect, share insights, and even copy trades from successful traders within the community.
Multi-Asset Trading
This platform allows traders to engage in multi-asset trading, enabling them to trade various financial instruments, including stocks, ETFs, forex, and more.
CONS
Poor Customer Support
This trading platform offers limited customer support, leading to delays in resolving issues or inadequate assistance for traders. With subpar customer support, traders may face challenges in getting timely responses to their inquiries, resolving technical difficulties, or receiving necessary guidance.
Lack of Educational Resources
This trading platform lacks comprehensive educational resources, making it challenging for traders to access valuable learning materials and enhance their trading knowledge. Without access to educational resources, traders may struggle to understand complex trading concepts, strategies, or market analysis, limiting their ability to make informed trading decisions.
APPS
METATRADER 5
Successor to MT4 with more timeframes and order types. Supports more markets beyond forex.
NAGA APP
NAGA’s Web App encompasses nearly all features from all platforms supported by NAGA. Trade 950+ instruments on a user-friendly and advanced platform.
The screenshot of the MetaTrader 5 (MT5) platform features a dynamic user interface, equipped with multiple essential components for trading. The "Market Watch" window displays a list of the most traded currency pairs, showcasing market liquidity with real-time bid and ask prices. Concurrently, the EUR/USD candlestick chart offers a crisp visualization of market fluctuations over a one-hour period, accentuating bullish trends with green candles.
ACCOUNT OPENING
How to Open a Trading Account with Naga
Opening a trading account is a process that involves several key steps to ensure both your trading needs and the broker's regulatory requirements are met. Below, we describe the process in detailed steps:
Visit the Broker's Website: Access the official website (found in the index of this review). Look for the option to open a new trading account, which is usually clearly indicated on the main page.
Complete the Registration Form: Provide your personal details, such as name, address, email, and phone number. Depending on the broker's need to know you better as a client, additional information about your trading experience, employment, and financial situation may be requested.
Identity Verification: Upload documents to verify your identity and residence. This generally includes a photo ID (passport or identification document) and a proof of address (utility bill or bank statement).Set Up Your Trading Account: Configure aspects of your account, such as currency type, leverage, and, in some cases, trading preferences.
Deposit Funds: Make an initial deposit using one of the payment methods accepted by the broker (We detail the alternatives later).
Access the Trading Platform: Download and install the trading platform. Log in with your account details.
Practice with a Demo Account (Optional): Practicing trading with virtual funds before risking real money means you won't be surprised when using real money.
Start Trading: Once your account is set up and funded, you can start trading.
How to Deposit
Once you have decided how much to deposit and which method to use, making the deposit is simple and quick. Just follow these steps:
Log in to your newly created account.
Click on "Deposit Funds".
Enter the amount and select the currency.
Finally, select your chosen deposit method. Don't worry, it's a secure and private process. Transactions are communicated using Secure Socket Layer (SSL) technology.
Below we show you the available alternatives.
Deposit & Withdrawal Methods
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ASSETS & SERVICES
NAGA is a comprehensive platform for investors interested in FX (Forex) and CFD (Contract for Difference) trading. It offers over 1000 different assets, including:
Currency Pairs (Forex): Forex trading at NAGA allows investors to speculate on the exchange rates of major currencies like EUR/USD, GBP/JPY, and USD/JPY, among others.
Stocks: NAGA enables the buying and selling of CFDs on stocks from global companies. Trade in stocks of industry leaders like Apple, Amazon, and Microsoft.
Stock Indices: With NAGA, trade on indices such as the S&P 500, FTSE 100, and DAX, reflecting the performance of major stock groups.
Commodities: Speculate on commodities like crude oil, gold, silver, and others. NAGA offers CFDs on various commodities influenced by global economic trends.
Cryptocurrencies: Trade CFDs on major cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin.
ETFs and Futures: NAGA also offers trading on Exchange-traded funds (ETFs) and Futures, expanding your investment possibilities.
REGULATION
Germany
BaFin
Federal Financial Supervisory Authority
Cyprus
CySEC
Cyprus Securities and Exchange Commission