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Last Updated On May 10, 2023
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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 1.70 pips on the EUR/USD in exchange for a minimum deposit of 250 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.
🏦 Min. Deposit | USD 250 |
🛡️ Regulated By | CySEC, BaFin |
💵 Trading Cost | USD 17 |
⚖️ Max. Leverage | 1000:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, MT5, NAGA Web App |
💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Futures, Indices |
Although Tanzanian traders are onboarded through NAGA’s FSA-regulated entity, which provides little regulatory oversight, it is also regulated by two top European authorities, making it a safe broker to trade with.
Regulation: Regulated by CySEC in Cyprus and BaFin of Germany, NAGA has a good reputation in the trading community. However, Tanzanian residents will be trading under the subsidiary NAGA Global (SV) LLC, which is registered with St. Vincent and Grenadines FSA. The SVG FSA is not a regulator and does not supervise trading or protect traders.
Safety Features: We were pleased to find that NAGA segregates all funds from the company’s operating capital and offers negative balance protection to all its clients. No regulatory oversight also means that NAGA can offer higher leverage and bonuses to Tanzanian traders, which may be attractive to some.
Company Details:
We confirmed each of the licences and regulations on the regulator’s online register. See below for details of NAGA’s SVG-regulated entity:
NAGA’s range of financial instruments is average for the industry, including 47 currency pairs and 400 stock CFDs.
Overall, NAGA provides an average range of tradable assets, which should satisfy most professional traders.
We were disappointed to find that NAGA’s trading fees are significantly higher than other brokers.
Unlike other brokers offering a range of different account options, NAGA offers one live account with different tiers and more benefits linked to higher minimum deposits.
Trading Fees: Unfortunately, NAGA does not publish the average spreads for each account tier, so our calculations were based on the standard spreads. Spreads start at 1.7 pips (EUR/USD) on its entry-level account tier, which has a minimum deposit of 250 USD. Both the minimum deposit and ongoing costs on this account are higher than that of other brokers’ entry-level accounts.
The average cost for trading one lot of EUR/USD among similar brokers is about 9 USD per lot. This is only achievable on the Diamond and Crystal account tiers, which are prohibitively expensive to open for most traders – requiring minimum deposits of 50,000 USD and 100,000 USD, respectively.
Account Trading Costs:
See below for account details:
NAGA offers numerous payment methods, but Tanzanians can only transfer funds via credit cards and cryptocurrencies. It also charges high withdrawal fees.
NAGA complies with the Anti-Money Laundering Directive by returning funds to the original source and only up to the initial deposited amounts.
Trading Account Currencies: Trading accounts can only be denominated in four base currencies – EUR, USD, PLN, and GBP, which is limited compared to other brokers. Most other brokers denominated accounts in at least five to ten currencies. Additionally, NAGA does not offer TZS trading accounts, which is a disadvantage for Tanzanians who will likely have bank accounts denominated in TZS and who will have to pay currency conversion fees on deposits and withdrawals.
Deposits and Withdrawals: NAGA supports over 170 payment methods, including 29 regional bank wires, credit cards/debit cards, 132 alternative payment options, including Sofort, Giropay, EPS, iDEAL, P24, Trustly, etc., as well as payment options based solely on geographic location. It also offers six cryptocurrency deposit methods. Tanzanians should note that payment methods are limited to credit card payments via Visa.
NAGA does not charge deposit fees, but withdrawals are subject to a 5 USD (or equivalent) fee with a minimum withdrawal amount of 50 USD. Deposits and withdrawals are processed within 24 business hours by NAGA. Please see the following methods with terms and conditions:
Overall, NAGA offers more funding and deposit methods than most other brokers, but Tanzanians can only fund their accounts via visa credit card. Additionally, NAGA charges high withdrawal fees.
NAGA offers support for the MT4 and MT5 mobile apps, which is average for the industry.
The NAGA MT4 and MT5 apps allow traders to work from anywhere, with functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading to further assist traders while on the move.
Beginner traders should be aware that there is some loss in functionality when compared to desktop trading platforms, including reduced timeframes and fewer charting options. In addition, spotty connections can reduce the overall trading experience. Generally, it is better to be at your desktop to conduct day-to-day trading and use a mobile device to keep an eye on the markets or close open positions.
NAGA’s trading platform support is better than other similar brokers, with MT4, MT5, and its proprietary NAGA web app available.
NAGA presents traders with the choice between the industry-standard MT4 and MT5 products, in addition to its in-house NAGA web app.
All platform choices are free to use, all can be downloaded to your PC, and all have web versions of the platform. All platforms are also available on mobile Android and iOS devices.
NAGA Web App
Trading: The NAGA Web App is NAGA’s social trading platform and a trading portal for MT4 and MT5. We were pleased to find that the platform allows traders to trade on all the financial instruments available at the broker and includes various charting tools and technical indicators. It has an intuitive interface and is easy to use and set up.
Social trading: The platform’s most appealing feature is that it allows traders to copy the trades of various signal providers. Each investor (or copy trader) has access to the top traders rated based on their profits, the number of profitable trades, and the number of active investors connected to the signal provider. The investor pays a predetermined commission fee from his profit to the trader for successful transactions. Commissions are based on the account tier. For example, Iron Account signal providers earn a commission of 0.5 USD per copied trade, while Crystal Account signal providers earn up to 1.20 USD per trade.
On the whole, since social trading remains a distinct focus at NAGA, most clients will manage portfolios from the Web app, which benefits beginner traders finding their footing in the Forex trading space.
The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browser.
Overall, NAGA’s platform support is better than other similar brokerages, and it offers its own in-house trading platform, which is easier to use and set up than MT4 and MT5.
We were impressed that the account-opening process at NAGA is user-friendly and that accounts are ready for trading in one day.
All Tanzanians can open an account at NAGA but have to meet the following minimum deposit requirements:
We opened an account at NAGA, and after we had submitted our documentation, our accounts were approved the next day.
NAGA offers individual and company accounts, but we will focus on opening an individual account:
After the application is approved, traders can log in and fund their accounts We advise that you read NAGA’s risk disclosure, customer agreement, and terms of business before you start trading.
Overall, NAGA’s account-opening process is fully digital and hassle-free, and accounts are generally ready for trading within one business day.
NAGA offers a range of useful trading tools, including Trading Central, an Economic Calendar, and various trading calculators.
Alongside industry standards such as an Economic Calendar, various Trading Calculators, NAGA offers Trading Central free of charge to those who open a real account.
Trading Central
Trading Central is available to clients who register a live account. A third-party tool, Trading Central’s professional analysts use the most advanced technical analysis tools in the industry to curate relevant information. This tool essentially supports traders without the technical know-how to make trading decisions. Trading Central is one of the most popular trading tools available and provides excellent market analysis, and NAGA does well to offer this service to its clients.
Overall, NAGA offers a good range of trading tools, including Trading Central, one of the best technical analysis tools in the industry.
Trading Tools Comparison:
NAGA does not offer as many educational materials for beginner traders as its peers, but it offers regular webinars. It also lacks up-to-date market analysis content, providing only a basic daily technical analysis, an economic calendar, and a blog.
NAGA offers an adequate range of educational materials, but these are not as good as the best brokers in this space.
As mentioned, NAGA has an adequate range of educational content but not much available for more advanced traders. NAGA also does not provide in-depth courses or lessons, but the basic introduction is good. It comprises several educational articles, tutorials, and videos, but webinars are only available for active traders.
Articles: NAGA offers a short but varied section of educational articles. Topics include Trading Psychology, Cryptocurrencies, and a few articles on NAGA’s platforms.
Videos: The video section comprises short videos on the basics of forex trading, technical analysis, and several tutorials on how to use its proprietary NAGA web app.
ebooks: NAGA’s collection of ebooks is comprehensive; however, traders must register a live account to see the full content. Titles include Japanese Candlesticks, 50 Trading Tips and Tricks, and Technical Analysis for all Moving Averages.
Webinars: Webinars run weekly, but traders must register a live account to access the webinars. Webinars cover more advanced topics such as How to use Fibonacci Retracements, Extensions and Fans, Bat Harmonics, and An introduction to Ichimoku Cloud Trading.
Demo Account: The NAGA Demo Account does not expire, which is helpful for beginner traders. NAGA provides clients with a virtual starting balance of 2500 EUR, which can be topped up on request. It allows one to view charts, news, and analysis, access the full-featured MT4 and MT5 platforms, and experience real-time prices and real forex market volatility. While the demo account is not limited in time, it will automatically close after 3 months of inactivity.
Education Overview:
NAGA’s limited research and analysis section provides an up-to-date basic daily technical analysis, an economic calendar, and a ‘latest news’ section. Its in-house team of analysts curates these materials.
The responsive and helpful customer support team at NAGA is available during business hours, 24/5 week via telephone, live chat, and email, but, as with all regulated brokers, cannot offer investment advice.
For the purposes of this review, we found the live chat support responsive and polite, and they could answer most of our questions to our satisfaction.
Yes, NAGA is a safe broker to trade with. It maintains regulation from CySEC in Cyprus, Germany’s BaFin, and is registered in St Vincent and the Grenadines.
Regulation: Established in 2015 and headquartered in Germany, NAGA is a publicly listed company on the Frankfurt Stock Exchange. It also maintains regulation from top-tier authorities, including the Cyprus Securities and Exchange Commission (CySEC), Germany’s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), and is registered in St Vincent and the Grenadines. See below for a list of registrations:
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, the broker, the platform offering of the broker, and the trading conditions offered to clients, summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker must detail how risky the trading of Forex CFDs is to clients. NAGA would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance of a NAGA community member is not a reliable indicator of his future performance. Content on the social trading platforms is generated by its community members and does not contain advice or recommendations by or on behalf of NAGA.
NAGA is a traditional, well-regulated market maker broker known for its popular in-house social trading platform. Trading is offered on one live account with increasing minimum deposits linked to higher tiers and increasing benefits. Its variable spreads are wider than its competitors, and minimum deposits are higher than the industry average too, but it offers a good range of tradable assets.
In addition to the NAGA web app, NAGA offers the industry-standard MT4 and MT5 platforms. NAGA has limited educational and market analysis materials but provides excellent customer support, an unlimited demo account, and a copy-trading system to get new traders started.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Find out how NAGA stacks up against other brokers.