Naga is a trading platform that offers a large number of trading instruments for all types of traders. From Forex, commodities, cryptocurrencies to stocks, Naga aims to be a one-stop shop for those who want a trading platform that offers a large number of trading pairs and social instruments.
Naga is a trading platform that uses MT4 and MT5 to offer its trading services. MT (MetaTrader) is a stable and reliable platform for trading that has proven itself over the years. It provides accurate data and offers the ability to copy other traders as well.
NOTE: Naga also has a KYC form that you need to fill out in order to start trading without any restrictions.
Pros / Cons
- Wide range of markets
- Many options for deposits and withdrawals
- Social trade
- Absence of extended order types
- Lack of user interface customization
Naga Features Review
|Markets||Crypto, Forex, Equities, Commodities, Stock Indices|
|Supported countries||Worldwide except U.S., Iran, Iraq, Cuba, Australia, Belgium, Canada, Israel, Japan, North Korea, Sudan, Syrian Arab Republic, Yemen, Ethiopia, Serbia, Trinidad and Tobago, Tunisia, Turkey, Vanuatu, Sri Lanka, U.S. Minor Islands, U.S. Virgin Islands|
|Deposits||Bank transfers, credit and debit cards, Neteller, Skrill and cryptocurrencies.|
|Max. Withdrawal limit||None|
|Trading fee||Variable for each asset|
|Mobile App||iOS, Android, Web|
Naga Security Review
Naga security on the face of a personal account standpoint is not as strong as it should be, especially compared to other big names in the crypto industry like Kraken and Gemini. On Naga, you only have to use 2FA authentication to protect your personal account.
On another note, Naga is regulated by Cyprus Securities and Exchange Commission (CySEC) with funds of clients and Naga segregated and stored in various major regulated European banks.
Normally, the supervision of prominent regulators partially guarantees high security standards of trading platforms such as this. However, this should not be taken to mean that trading platforms are 100% bulletproof against breaches of any kind.
Naga Deposits and withdrawals Review
Naga offers several options for deposits and withdrawals in fiat currencies via third-party providers such as Neteller, Skrill, GiroPay, Sofort and Trustly. Deposits through debit and credit cards Visa and Mastercard are available and deposits through Wire Transfer.
The maximum amount you can deposit is $10,000 and you have no limit on how much you can withdraw once you have verified your identity a.k.a pass the KYC procedure.
For those looking to deposit and withdraw with cryptocurrencies on Naga, you will find the option to use the following cryptos to fund your accounts:
- Bitcoin Cash
- Naga Coin
In terms of deposits and withdrawals, Naga offers one of the most comprehensive options for trading platforms of its kind.
Naga User Interface Review
Naga’s interface is a mix of a social platform and a trading platform, which makes it a unique proposition on the market. It allows you to create a profile and have a timeline with posts about trading, just like Facebook, of course. Don’t expect to find a mind-blowing UI for those who want to trade the markets professionally here. Even though the user experience of the platform is more suitable for beginners who want to keep it social and trade at the same time.
The trading view on Naga is simple for use, but at the same time different confusing if you are used to more professional look of other trading platforms that keep it more traditional like Binance or Bybit. The good part of the Naga trading page is that you have a feed with news about the particular asset or currency you want to trade, which is very important in some cases because news is very important in trading. On the right side, you have your order tab, which is very simple, but still has flaws in the design, as some buttons are not clear enough and can cause confusion at first.
Naga’s closest competitor is eToro, another social trading platform that applies similar design logic to the entire trading platform, with both offering similar products mainly for traditional markets. If you are looking for a more cryptocurrency-focused social trading platform, we recommend PrimeXBT and its Covesting module for copy trading.
The platform also has its own crypto exchange where you can find a familiar place if you come with a crypto background. Naga crypto exchange is quite simple, but it serves its purpose if you want to convert fiat to BTC or the other available cryptos.
Naga Crypto Web Wallet
On Naga exchange, you can store cryptocurrency in their dedicated crypto wallet where they store your cryptocurrencies instead of you. This is good for the newbies in the crypto industry who are not willing to be responsible with their money to the extent of storing them themselves.
Naga includes its own crypto wallet to store on site for you:
- And ERC-20 tokens
Adding a messenger to the platform gives you another level of interaction, and a social aspect on a platform can be very interesting when you are thinking about trading ideas.
Trading fee breakdown
With so many markets for trading, it will be difficult to go through all the instruments on the platform. For most of the trading instruments, low fees are charged, which provides a suitable environment for trading.
Margin requirement: 5%
Swap Long: -4.49
Margin requirement: 3.33%
Swap Long: -6.3
Swap Short: -1.05
Margin requirement: 100%
Swap long: -25%
Margin requirement: 100%
Swap long: -25%
Swap Long: -1,33
Swap Short: -1.24
Swap Long: -10.85
Swap Short: -14.95
Naga Options and order types
With the inclusion of so many markets and options, Naga is considered a leader in diversity for trading platforms. On the platform, you can trade forex, crypto, indices, stock CFDs, commodities, futures, and ETFs. Truly a lot of options that will satisfy even the most demanding traders. They also have an auto-copy where you can select traders and track their trades.
Naga has the standard market and limit orders with stop loss and take profit. There are not too many options in this section, but they are the most commonly used. The platform is quite limited when it comes to order types, as you won’t find advanced order types like OCO or Iceberg.
Recently, Naga released Naga Pay for its European customers, a mobile banking app for Android and iOS. This is the next step for the Naga Card, which you can order directly from the website if you want a physical card.
Is Naga a scam?
The regulation by CySec ainsures that it is clearly not a scam. With all available options for deposits and withdrawals, markets and social trading, Naga is a reputable trading platform that facilitates investing and trading thanks to its innovative tools.
Getting started with Naga can be overwhelming at first with all the options available, but once you get used to it, you can have a lot of fun copy trading on the platform. If you are looking for a truly diverse platform that covers all possible markets, this is the platform you should consider trading on.
If you are more of a person who just wants to copy and use the automated tools available on the platform, then Naga is the place for you. Keep in mind that the platform has high limits and a KYC process. If you can’t decide whether you want to trade on Naga, you should try the demo account before making the final decision.