NAGA Markets Review: A Reliable Forex Broker
This is quite an interesting broker. They provide trading services under the name Naga Markets, but they belong to Naga Markets Europe Ltd. This company is based in Cyprus and exists since 2017. They are providing service for clients inside the EEA zone, except for Belgium and Switzerland.
On top of all, they do that with a license from Cyprus Securities and Exchange Commission. Unfortunately, another entity mentioned in their T&Cs is Naga Global LLC which is registered in St. Vincent and Grenadines and has no regulations at all. Moreover, the website is the same but the disclaimers are a bit different.
In addition to all of this, in Naga Markets reviews we found concern raising complaints from some clients. Mostly they are coming from the UK.
|Broker status:||Regulated Broker|
|Regulated by:||CySEC / FSA|
|Websites:||Nagamarkets.com / naga.com|
|Owned by:||Naga Markets Europe LTD / Naga Global LLC|
|Headquarters Country:||Cyprus / St. Vincent and Grenadines|
|Foundation year:||2017 / 2021|
|Supported Platforms:||Web trader / MT4 / MT5|
|Types of Assets:||Forex, Commodities, Indices, Shares, ETFs|
|Maximum Leverage:||1:30 / 1:1000|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
NAGA Markets Is A Regulated Broker?
Naga Markets broker is regulated by CySEC. However, another entity that is registered in SVG has no license. We even found a third entity, Naga Capital LTD from Seychelles, licensed by the FSA.
In the company’s T&Cs you will see many different registered names from Germany, SVG, Seychelles and Cyprus. It’s all confusing, which one is responsible for which website?
NAGA Markets is a regulated broker, yet confusing. They have so many entities under the original owner Naga Group AG.
Reasons for Using a Regulated Broker for Trading
Tier 1 regulation is the most trusted one. Some regulatory bodies from the Tier 1 group are BaFin, ASIC or FCA. That’s what clients should thrive for when they are looking for a trading company. Those regulators offer the best security and best fund recovery option in case that company gets out of the business for numerous reasons.
Unfortunately, Naga Markets is not on the list of any of mentioned above.
NAGA Markets Software
What is a significant difference compared to most brokers is that Naga Markets has developed its trading software. Surprisingly works like a charm and it has a vast of advanced features. Based on the availability of TA tools, real-time orders, copy trading, multi-currency accounts, and others it could be compared with MetaTrader easily.
Besides their own trading platform, the company offers access to MT4 and MT5 trading software. Clients have a variety of great choices. Everyone can find a suitable platform for themselves.
NAGA Android And IOS Apps
For clients that like trading on the run, they have available Naga trading software. They can download it on any device with the Android or iOS operating system. It provides all same services and features as a web app. However, if it comes to choosing between their mobile app and MT5, we would always choose MT5.
NAGA Web App
For the ones that don’t like installing new programs on their devices, the web app is a perfect choice. You can access more than 1000 assets according to the company.
For beginners, it can be more interesting, because it’s user-friendly and well-designed. On top of that, it allows you to do auto-copy trading, which is great at the beginning of a trading career.
If you don’t want to bother yourself with learning how to trade, you have a solution here. However, it’s a two-edged sword. If you find someone who is reliable, then it’s a great option. This feature allows you just to copy every trade that some other person makes. If they trade, you trade.
Trader’s Reviews of NAGA Markets
If you take a look at any Naga Markets review, you can always find satisfied and non-satisfied customers. However, there are 1787 reviews on the trusted platform Trustpilot at the moment of writing.
Around 10 % of the customers were complaining about the withdrawals and customer service. However, those all might be speculations, but it’s not excluded that you can experience some potential issues.
What Financial Instruments Do NAGA Markets Include?
As a broker with more than 1000 assets available on the platform, you have great opportunities. Of course, if you know what you are doing. This broker offers 5 different trading classes:
- Forex USD/AUD, EUR/SEK, CAD/NZD
- Commodities oil, natural gas, platinum
- Indices FTSE100, DAX30, BE20
- Stocks Apple, Amazon, Tesla
- ETFs Vanguard 500, Invesco QQQ Trust, Avantis
If you are using Naga Markets service within the EEA zone, you have maximum leverage of 1:30. However, for offshore brokerage leverage goes up to 1:1000.
NAGA Markets Service Countries
According to Naga Markets reviews, this broker offers services to a range of countries. The ones where they have activities are:
If you are not sure if your country is on their list, you can check on their website.
List of NAGA Markets Account Types
An interesting thing is that Naga Markets offers a variety of trading account types. Every account has very clear trading conditions, except for leverage.
Those account types are:
- Iron 250$
- Bronze 2.500$
- Silver 5.000$
- Gold 25.000$
- Diamond 50.000$
- Crystal 100.000$
Every account has its advantages. However, you mostly get lower spreads and more educational material. They have disclosed earnings for copy trading and withdrawal fees for every account.
As expected, the more money you deposit, the lower the withdrawal fees you have. One of the benefits is one-on-one training with a market specialist that you get from a Silver account onwards.
NAGA Markets Deposit and Withdrawal Policies
This broker covered all the options. There is no chance that you don’t have at least one of the available options for a deposit. They offer next methods:
- Credit/Debit cards – Visa, Master, Maestro, Diners,
- Wire Transfer – Eurobank, Astrobank
- Alternative payment methods – Skrill, PayPal, Neteller, Ideal, and many more
- Direct bank transfer – Revolut, Danske bank, Santander and many more
Depending if you are looking at offshore or Cyprus-based one, you have different withdrawal policies. However, the broker requires clients to submit a withdrawal request if they have 50 units available on the balance.
For the withdrawal method, it’s used one that was deposited with. Depending on account type there are different withdrawal fees.
NAGA Markets Terms and Conditions
This broker covered everything. However, if some clients were unsatisfied according to Naga Markets reviews, we should just be cautious. It takes time to go through all of that. Be patient and check everything out before you invest any money.
What Should I Do If I Have NAGA Markets Problem?
If you are trading with part of the company that is CySEC regulated, always first contact the regulator. However, with the offshore one you are on your own.
If you don’t know how to process all of that, our expert team is here for you. Book a free consultation today to get all info and advice.
What Is NAGA Markets?
Naga Markets is a Cyprus-based trading company that is owned by Naga Group AG from Germany. They offer FX and CFD trading services.
Is NAGA Markets a Regulated Broker?
Naga Market as an individual broker, yes. They are CySEC regulated. However, some clients experienced difficulties while trading with this broker.
Is NAGA Markets Available in the United States or the UK?
This broker doesn’t offer trading services to US clients, but only UK. The list of all accepted countries is presented on their website.
Does NAGA Markets Offer a Demo Account?
Yes. Besides 6 different live trading accounts, you can get access to their demo version whether on the Naga Markets web app or Meta Trader.