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An Honest Naga Review in 2022

Last updated 16th May 2022
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Naga has a complicated history, and is set to launch some new platforms soon. Here we will cover their “social trader” broker platform, Naga, and their soon to be released Nagax decentralized exchange, which will utilize the Nagacoin. Read further to understand both platforms’ features, fees, pros and cons, and the instruments they offer.

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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.

Naga Overview

💼 Provider Type:Broker
💸 Minimum Deposit:$250
💰 Trading Fees:Varied
💰 Deposit Fees:None
💰 Withdrawal Fees:Varied
💰 Management Fees:Varied
🔀 Minimum trade order1 Lot
⌛ Withdrawal Timeframe:24 Hours
#️⃣ Number of Cryptocurrencies Supported:9
#️⃣ Number of Crypto Pairs Supported:0
💱 Top supported Cryptocurrencies:BNB, BTC NAGA, XRP, USTD
📊 Leverage:0
📱 Native Mobile App:Yes
🖥️ Free Demo Account:Yes
🎧 Customer Support:Phone, Email, Live chat
✅ Verification required:KYC
📈 CFD AvailableYes
📊 Software:Website, web app, mobile app
⚽ Social Trading:Yes
✂️ Copy Trading:Yes
👮‍♂️ RegulatorsCyprus financial regulatory authority(CySEC)

Pros and Cons of Using Naga

Pros

Their copy trader function integrates with their trader social network so you can find top traders on the platforms and mirror their trades for a small fee. This makes trading advanced instruments like CFDs more accessible for less advanced traders
Great FAQ bot with well indexed and relevant information. You can find answers to almost any question through this tool
They offer a demo account so you can test out the platform and play with $10,000 in virtual money before funding a live account
They have a desktop version as well as mobile app, and MT4 and MT5 accounts for users to utilize
It is free to create a live account, where you can gain access to all of their educational tools such as; webinars, ebooks, video tutorials, trading calculator, and economic calendar
Instantaneous trades and fast payments processing for funding your account

Cons

Their wallet only allows you to receive, buy, and sell crypto. This is primarily for payment purposes to fund your account and you cannot exchange one crypto for another on the exchange. This should change with the launch of their DEX, Nagax, in 2022
Fees structures are difficult to understand. There are variable fees for copy trader trades, fees in different amounts of pips for CFDs, difficult to understand spreads, different fees for different withdrawal methods, and no clear information on currency conversion
Not a large selection of instruments when compared with other broker platforms like Markets.com. Primarily focused on CFDs, with only a few real stock offerings

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

Naga’s broker platform only offers CFDs and real stock. CFDs include forex, indices, crypto, stocks, commodities, futures, and ETFs.

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.

Deposit Methods

Naga supports a good number of payment methods to fund your account, but fewer than eToro. These include:

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.

Withdrawal Methods

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:

  • English

  • German

  • Spanish

  • Portuguese

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.

Key Features

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.

Social Platform

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.

Educational Materials

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.

Extra Information

Educational Resources

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.

Customer Support

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 support@nagamarkets.com.

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

Visit Naga’s official site and click ‘sign up’ to start. Enter your country of residence. Provide and verify your mobile number with the SMS code they send you. Create an account with your legal first and last name, a username, password, and your email address. At this point you have a demo (test) account, which you can use to trade virtual money, but not with the copy trader function.

  • Step 2 - Upgrade your account

Before you can upload funds to your account you have to upgrade it. Navigate to “Upgrade your account”. The questionnaire will first ask you personal questions like your legal name, birthday, country of birth, address, nationality, if you are a US citizen for tax purposes, and if you are a politically exposed person. US citizens will not be able to move forward. Then it will ask you some questions about your investor profile; your net worth, currency, annual income, and source of income.

  • Step 3 - Verify your identity

At this point you can only deposit up to $6,000. If you want to deposit more into your account, verify your identity and residence by providing your ID and a utilities bill. If you don’t do this at this point, even if you deposit less than $6,000, you will have to verify your identity when you withdraw money later.

  • Step 4 - Make a deposit

Select a payment method and make a deposit.

Naga deposits
  • Step 5 - Start trading

Start trading. You can place orders yourself, or you can browse on the home page for traders to follow and copy. Make use of the educational resources, and if you are lost, chat with their support team.

Naga markets

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:

1
eToro
Minimum Deposit
$200
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
2
Coinbase
Minimum Deposit
$50
Exclusive Promotion
User Score
6
Trade and invest in over 25 cryptocurrencies
Extremely simple user interface
Over 68 million customers

Conclusion

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.

The social and copytrader functions make Naga stand out. However, their only real competitor in social trading, eToro, is beating them in terms of users, number of instruments supported, fees, educational resources, and cryptocurrency exchange functionality. Currently the only edge it has over eToro is Naga Pay and the Naga Card. However, after Nagax launches, and Naga creates copy trading for decentral exchange traders for the first time, it could steal market share from other brokers including eToro.

Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.