Naga AG was founded in 2015 in Germany by Benjamin Bilski, former World Games bronze medalist swimmer. They are now a publicly traded company on the German Stock Exchange with market cap of 289 million Euro at the time of writing.
In 2017 they released their own cryptocurrency Nagacoin (NGC) in an ICO, unfortunately just before the 2018 crypto market crash. At that time the platform was a Switex and Naga AG joint venture called Naga Virtual, which posted its last tweet in 2018 before being abandoned.
Since that time Naga has pivoted to focus on their social network and broker platform which they brand as a Neo-brokerage platform. Their company vision is to be the home screen app for finance for customers of tomorrow.
Naga.com allows traders to buy and sell over 950 instruments including real stocks, and CFDs for cryptocurrency, commodities, futures, indices, forex, and ETFs.
The most notable feature of their platform is the copy trader function, which allows users to browse other trader strategies, and copy them, like eToro.
Their newly released Naga Pay app seamlessly integrates with online accounts, and also has the added benefits of payment transfers, and a debit card with benefits. Naga Pay is only available in the UK and EU at this time.
Starting in 2022, their product roadmap includes re-launching the Naga DEX, Nagax, with new features such as copying DEX trades on chains, and wallet integration with the Naga Pay app. Currently the pages for Nagax and Naga DeFi for marketing purposes are up, but the links to create an account or buy Nagacoin don’t work.
Traders can leverage products on Naga such as CFDs, and place orders with limits or stop losses.
They provide customizable charts and educational tools for users with live accounts.
|💼 Provider Type:||Broker|
|💸 Minimum Deposit:||$250|
|💰 Trading Fees:||Varied|
|💰 Deposit Fees:||None|
|💰 Withdrawal Fees:||Varied|
|💰 Management Fees:||Varied|
|🔀 Minimum trade order||1 Lot|
|⌛ Withdrawal Timeframe:||24 Hours|
|#️⃣ Number of Cryptocurrencies Supported:||9|
|#️⃣ Number of Crypto Pairs Supported:||0|
|💱 Top supported Cryptocurrencies:||BNB, BTC NAGA, XRP, USTD|
|📱 Native Mobile App:||Yes|
|🖥️ Free Demo Account:||Yes|
|🎧 Customer Support:||Phone, Email, Live chat|
|✅ Verification required:||KYC|
|📈 CFD Available||Yes|
|📊 Software:||Website, web app, mobile app|
|⚽ Social Trading:||Yes|
|✂️ Copy Trading:||Yes|
|👮♂️ Regulators||Cyprus financial regulatory authority(CySEC)|
Pros and Cons of Using Naga
Naga Cryptocurrencies and Trading Options
What cryptocurrencies can you trade on Naga?
Naga does not act as an exchange, therefore you can only buy or sell crypto with their wallet, and there are no crypto trading pairs at this time. This will change when they release Nagax, their DEX platform in 2022.
In their trader platform crypto-wallet you can currently buy, sell, send, and receive 9 major tokens including:
They will also launch wallet integration with Naga Pay in 2022.
Different Trading Options Offered by Naga
There are currently 49 crypto CFDs. The CFD pricing is mostly in USD, with some CFD prices in Euros.
Some of the most popular crypto CFDs are:
Can I Trade With Leverage on Naga?
You can take leverage for CFDs on the Naga platform, but not real stocks or crypto.
Different instruments have different margin requirements. For example, you can take 1:30 leverage on some forex instruments, and 1:5 leverage for all stock CFDs. You cannot take any leverage for crypto CFDs because the margin is 100%.
Margin requirements are controlled by the regulatory authority, and in general EU residents are not allowed to take more than 1:30 leverage at this time.
Every site which brokers CFDs includes disclaimers that CFDs are highly speculative, more than 70% of investor accounts lose money, and leverage multiplies the risk by the amount of leverage you take. In the case that you take a position and the price moves against your favor, you will have to make margin calls, increasing the investment behind the contract. If you are unable to make margin calls, your contract will be liquidated, and you will lose the principal as well as any margin calls you have made. However, you can’t owe more than this amount..
What Are the Spreads?
Spreads are the difference between the market price and the quoted buy or sell price of the CFD. These vary depending on the instrument you buy, and can change day to day. The average daily spreads are quoted in pips. For crypto CFDs these vary as widely as 0.035 pips to 300 pips in extreme cases.
On average, Naga charges basic account holders around 1.7 of the base currency the CFD is quoted in (USD or EUR). This is similar, again on average, to the industry standard. However there are different levels of profiles for different deposit amounts, including Iron (basic), Bronze, Silver, Gold, Diamond, and Crystal. Gold ($25,000 total deposited), Diamond ($50,000 total deposited), and Crystal ($100,000 total deposited) have significantly less spreads. 1.2, 0.9, and 0.7 USD or EUR respectively.
Fees, Limits, and Payment Options on Naga
What Are the Deposit and Withdrawal Fees, Limits, and Speeds?
Naga offers a large variety of payment methods, for both more developed and less developed countries..
The fees are very hard to understand, especially when compared to competitors. Because the spreads vary so much instrument to instrument, some trades may incur less fees than the industry standard, while others considerably more.
Naga supports a good number of payment methods to fund your account, but fewer than eToro. These include:
Bank wire transfer
Credit and debit card
Alternative payment methods like PayPal, P24, Skrill, Neteller, Sofort, Ideal, EPS, Giropay
The payment methods available to you will depend on your geographic location. Some countries only have access to a few payment methods.
Instant deposits are available for over 20 payment methods.
The minimum deposit method for all payment methods is $250, which is more than many other brokers who may have no deposit minimum, $50 minimum, or $100 minimum.
There is a maximum deposit limit for unverified users. You will have to provide an ID and proof of residence in a country where Naga is allowed to operate. Otherwise the only limits are the limits set by your payment processor, and you can make as many deposits as you wish.
There are no fees for making deposits into your account.
There are fewer withdrawal methods because many do not accept payouts. Here are a few, and the processing time for each:
Bank transfer – EUR 2-3 business days inside the EU, up to 6 days outside the EU. USD up to 6 business days.
Debit and Credit cards – 3-5 business days
PayPal and Skrill – within 24 hours
Sofort – up to 9 days
Cryptocurrency – up to one hour, unless congestion delays the transfer during periods of high blockchain transactions
The minimum withdrawal is $50.
Withdrawal fees depend on the level of the user’s account.
Iron – 5 USD/EUR/GBP
Bronze – 4 USD/EUR/GBP
Silver – 3 USD/EUR/GBP
Gold – 2 USD/EUR/GBP
Diamond – 1 USD/EUR/GBP
Crystal – Free
Crypto payouts may incur an additional fee of up to 20% at Naga’s discretion.
Non-crypto payment methods must be verified before you can make withdrawals using them.
How Much Are Naga’s Fees and Commissions?
This is a very complicated question to answer because of the number and complexity of the fees structures. Fees include:
Daily rollover swap fees for positions held overnight (except for Islamic accounts which don’t incur swap fees)
Variable spreads (very widely variable)
Commissions on CFD trades – 2.5 EUR for in and out trades
Commissions on equities and ETFs of 0.1% or 0.2% (conflicting information on their website)
Withdrawal fees of up to 5 of the base currency per withdrawal
Copy trader trade fees paid to traders copied of 0.99 EUR regardless of profit, and 0.99 Euro + 5% for profits greater than 10 EUR
Account inactivity fees of $20 after 3 months of inactivity
While each of these fees are used by some other brokers, and the rates for the fees are normal for the industry, the number of fees levied by the platform is very high when compared to other brokers. The total sum of fees levied on traders is high as a result.
There are no commissions for MT5 trades of real stock for EU customers.
Naga Trade Sizes and Limits
The trade size for CFDs are specified in lots and depend on the type of instrument. For example crypto CFDs have minimum limits of 0.01 lots and maximum trade size limits of 30 lots. Forex CFDs have maximum trade limits of 50 lots. Some CFDs have minimum order size limits of 1 lot and maximum order size limits of 1000 lots.
These are comparable to other brokers. Maximum and minimum trade sizes vary widely among brokers and instruments.
Naga Trading Platform
What Devices Can I Use Naga On?
There are a few applications offered by Naga at this time.
Mobile app trading platform: There is both an iOS and Android version of the trading platform. These provide the same functions as the desktop version including browsing and copying traders, access to the educational materials, and trading. You can also have multiple accounts in the app, including MT5 accounts for trading real stocks.
Web version: Responsive to both mobile and desktop layouts. There are some slight differences in terms of layout. For example, in the app you access charts in the trade tab, and on the web version you navigate to markets to view charts.
Naga Pay: Their payments app which integrates with your trading account.
In 2022 they will also launch their DEX for trading crypto, and a crypto wallet.
Can I Use Naga in Any Country?
Naga is only available for residents of countries which allow CFD trading. They also do not offer services to countries under international financial sanctions. Residents of the US, Canada, Iran, Cuba, and North Korea cannot hold accounts with Naga.
Notably, Naga recently chose to close all UK based accounts, starting December 17, 2021. They will no longer take UK based customers, who were more than 20% of their user base.
Currently they boast over one million account holders in over 100 countries.
The countries with the most users are: Germany, Poland, Hungary, and Brazil, in that order.
You should check whether CFDs are available in your country before signing up. If you create an account and claim residence in another country, you may have difficulty getting your funds off the platform, because you have to verify your payment method.
After they launch their DEX, you should check the regulations in your country about cryptocurrency trading, as crypto is illegal in some jurisdictions.
Is Naga Available in My Language?
Naga supports 15 languages including:
How Easy Is It to Use Naga?
In terms of broker platforms that offer CFDs, Naga ranks quite well. Most users report that they enjoy the trading platform layout on the web and mobile app. Also the ‘copy trader’ function makes it easy to start trading, because you can easily search for top ranking traders on the leaderboard, and auto copy their positions.
Their chatbot provides a directory of articles written by their in-house support team with relevant responses to almost any question you can come up with.
However CFDs are in general complicated instruments, with many trading options such as trading with leverage, buy and sell positions, and stop loss orders. While Naga makes it more intuitive, it is still difficult for the uninitiated to dive in.
Naga loads its platform with features to lower the barrier to entry so retail investors can start trading CFDs.
Copy Trader Function
This is the main feature that makes Naga stand out. Similar to eToro’s copy trader function. You can manually control every aspect of this process, or autocopy. There is also a Copy Analytics Dashboard that helps top traders to monitor their stats in terms of traders that copy them, their trade stats, and their social stats.
Traders can make posts about their strategy and the market on their feed within the social part of the platform to market themselves to traders who copy. Staying active on Naga Feed is very important for top traders. This includes the normal social features such as likes and followers, along with copiers.
Naga provides ebooks, video tutorials, and webinars for free to any user who sets up a live account. Their library would even impress the most seasoned CFD traders.
Security and Regulation
Is Naga Safe?
Naga takes more security precautions than most brokers.
Am I and My Cryptocurrency Protected?
They use multifactor authentication, firewalls, backed up cloud storage of your account information, and advanced encryption to protect your data and funds. They also have a dedicated IT security team which actively works to detect and patch any security weaknesses. They do not share or sell users’ personal information, unless requested by a financial regulatory authority.
Is Naga Regulated?
Naga is regulated by the Cyprus financial regulatory authority, CySEC. For this reason they store any documents you provide them for 5 years to comply with CySEC standards.
Do I Have to Verify My Account With Naga?
Naga requires both proof of identity and proof of residence in order to comply with KYC and anti-money laundering policies. You will be asked to provide your passport or national drivers license and a utilities bill.
The educational resources are extensive. Not only do they provide traditional resources like books, videos, and webinars, but also you can follow top traders who post market insights and strategies every day in their feed. They also provide customizable charts and a trading calculator.
Tools and Charting
The charts have standard technical tools to analyze price movement and trends.
Naga offers phone, email, and live chat support.
They have international numbers based in the UK, as well as local support numbers for most European countries. You can find these on their Contact Us page. Their operating hours are Monday to Friday from 9:00 to 24:00.
They respond within 48 hours to email inquiries at firstname.lastname@example.org.
The live chat asks you to choose a topic. During business hours they reliably answer within moments.
How to Open an Account With Naga
Setting up an account is very simple.
Step 1: Visit Naga’s Official Site & Sign Up
Step 2: Upgrade Your Account
Step 3: Verify Your Identity
Step 4: Make a Deposit
Step 5: Start Trading
How to Buy and Sell Cryptocurrency on Naga
Once you create and upgrade your account you can buy, sell, send, and receive crypto in the platform under the crypto-wallet tab. Only 9 major coins are supported, and you cannot trade crypto for other crypto at this time.
This will change in 2022 when they release their exchange. They will also release the crypto wallet feature in Naga Pay in 2022.
Is there an alternative to Naga?
Yes, there are many more ways to trade cryptocurrencies. Check out some of our reviews for the best brokers:
The future looks bright as Naga stock was up in 2021, and the Nagacoin saw some price action for the first time since being crushed in the 2018 crypto crash. Naga will make major moves into the DeFi space this year. Currently, the platform is mostly a broker app which is focused on CFDs, and an alternative payments app with limited functionality. The main draw of the platform is the money traders can make when other traders copy their strategies, up to $150,000 a year.
In general the platform supports fewer instruments than other broker platforms, and has larger total fees and more complicated fee structures. More users lose money with accounts on Naga, over 75%, as opposed to 70% on some other broker platforms.