NAGA-Some Important Details about This Broker

General Information & Regulation

Founded in 2015, The NAGA Group AG is a financial technology company based in Germany.NAGA is the brand of the company and is operated by two main subsidiaries, NAGA Markets Europe Ltd and NAGA Global Ltd. The former is authorized and regulated by the Cyprus Securities and Exchange Commission (License No. 204/13) and the latter is registered in Saint Vincent and the Grenadines.

Market Instruments

NAGA offers investors a range of financial instruments, including foreign exchange, stocks, indices, commodities, ETFs, and futures.

Accounts & Leverage

NAGA has six account types for investors to choose from, namely Steel, Bronze, Silver, Gold, Diamond, and Crystal accounts. Account standards are set in terms of minimum deposits, ranging from $250 to $100,000. It should be noted that the maximum leverage available to retail traders is 1:30, subject to ESMA restrictions.

Currency Pairs & Spreads

Users can trade 48 currency pairs at NAGA from 0.01 to 50 lots at a time. Spreads vary by account type, with traders charging standard spreads on steel, bronze, and silver accounts, and more favorable spreads on gold, diamond, and crystal accounts. In the case of EUR/USD forex pairs, for example, spreads start at 1.7 for the first three types of accounts, and 1.2, 0.9 and 0.7 for the last three in that order.

Margin

NAGA charges clients a certain amount of margin for trading different products. In foreign exchange trading, for example, the margin charged range from 3.33% to 5%, where the margin for each foreign exchange pair is mostly different.

Trading Platform

NAGA provides customers with three trading platforms, including the traditional MT5 and MT4, as well as the trader's self-developed NAGA Web application. All three trading platforms support PC and mobile use.

Deposit & Withdrawal

NAGA supports more than one payment method for deposits/withdrawals, including 29 regional bank wire transfers, credit/debit cards, and other alternative payment methods. The minimum total deposit amount is $250 and the minimum withdrawal amount is $50. All withdrawals are subject to a fee of $10 or currency equivalent.

Customer Support

NAGA supports 24/5 service. Clients can contact their account manager via email, phone, or live chat to communicate with inquiries.

Restricted Regions

NAGA offers its services to traders in a wide range of different countries, but the subsidiary NAGA Global Ltd states that it does not offer its services to residents of the United States, Iran, North Korea, Cuba, Iraq, Syria and Canada.