With its popular in-house social trading platform, NAGA will appeal to beginner traders who enjoy learning how to trade from each other. However, NAGA’s minimum deposits and ongoing trading costs are higher than other similar brokers.
With a focus on social trading, NAGA’s web app allows its customers to copy the trades of top traders, who then earn a commission on each profitable trade. The platform is easy to set up and use, and traders can access multiple technical analysis and charting tools. For traders who prefer industry-standard platforms, trading is also offered on MT4 and MT5.
NAGA’s trading conditions are generally poor compared to other market makers, with spreads that start at [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips on the EUR/USD in exchange for a minimum deposit of [fxs-broker-property identifier="deposit"] USD on its lowest account tier. Spreads tighten to 0.7 pips (EUR/USD) on its highest account tier, but this is in exchange for a minimum deposit of 100,000 USD, making it inaccessible to most traders.
NAGA’s educational and market analysis materials are average compared to other similar brokers, but beginner traders will get a good feel for the basics of Forex trading.