Pros & cons of NagaMarkets

NagaMarkets Fact sheet

Safety and security is the top priority of any Forex trader. NagaMarkets is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC is not a strict regulator, however, the fact that the broker is monitored by a respected regulatory body is definitely an upside. 

Policies of NagaMarkets

NagaMarkets is part of the investor compensation fund, keeps investors’ funds in segregated accounts, and provides negative balance protection.

Because traders are able to use leverage (borrowed funds from a broker) to increase their purchasing power, they can lose more money than what they had on their balance. To prevent this from happening, brokers implement policies that guarantee traders will be safe from going negative on their accounts. The broker achieves this goal by implementing smart Stop Out. What this means is that trades automatically get closed out when the balance gets closer to zero, at a predetermined level. 

NagaMarkets is offering advanced features and as the trader progresses and obtains higher gains they can increase their status and even change account types to fully adjust to their needs. NagaMarkets is building a traders' community and is advertising its copy trading feature. The broker focuses on various policies, adhering to regulations, being part of ICF, and trying to build trader communities on their platform.

NagaMarkets offer over 1000 trading instruments in different asset classes offered as CFDs and physical stocks. But what are CFDs? CFDs, or contracts for difference, are relatively fast in trade execution, as liquidity is greater. CFDs don’t have to reflect the price of an underlying asset (this is important to know). Only the price change between entry and exit is considered. CFDs enable traders to trade on underlying assets without actually owning them. All these trading activities are accomplished through a contract between broker and trader and don’t utilize stocks, Forex, commodities, etc. So, traders are basically trading with their broker when trading CFDs. This could lead to some transparency issues, and any trader using CFDs has to study them in detail before getting into it. CFDs can be best utilized for short-term market speculating. For investing long term, physical stocks and metals are preferred. The reason is that there are daily fees when using leveraged products, and these can quickly add up. 

Forex CFD trading on NagaMarkets

NagaMarkets offers CFDs for 49 Forex pairs, with spreads starting from 0 pips for popular pairs. Checking the spread before opening a trade is always a very good idea. Trade execution on NagaMarkets is almost instantaneous, as with many CFD brokers. What’s more, CFD traders can make money in the falling markets too by shorting an asset. While physical asset owners only make money when the value of the asset goes up. 

Trading fees differ from account type to account type and range from a 1.7 pip markup to 0.7 pips. Leverage for trading Forex pairs is up to 1000:1. Keep in mind that trading using high leverage is dangerous for novice traders. 

Physical and CFD Stock trading on NagaMarkets

There are 303 stock CFDs to choose from for investors to trade. It’s more than likely they got your favorite stock on their long list of assets and it is very easy to see which stocks are supported by the platform from their website. CFD trading fees are low when trading short and medium-term, however, the low fees can add up if you are investing long-term, so consider purchasing real stock if you plan to buy and hold. The broker offers 370 real stocks for investing.

Indices CFDs trading on NagaMarkets

There are a total of 15 tradable indices on NagaMarkets. The indices can be used in various ways. Indices are a great way to measure stock market tendencies since they follow the performance of a basket of publicly listed company stocks. In addition, indices can be traded as CFDs.

Take the S&P 500 as an example: What can we conclude after analyzing its chart? As it measures the performance of the top 500 US companies on the stock market. The rise in the S&P 500 (or US500), indicates that investors trust the American economy, which can also impact the value of the US Dollar. In addition, if you are planning to invest in American company stock and the US500 is down trending, maybe it’s a good idea to wait for the downtrend to stop and invest later. 

Crypto CFD trading on NagaMarkets

NagaMarkets offers a wide variety of popular crypto CFDs to trade including BTC, ETH, Cardano, Dogecoin, etc. Traders can utilize the crypto CFDs' power to trade their favorite cryptocurrencies. 

Trading cryptos as CFDs vs trading physical tokens is a completely different experience. CFD markets are more liquid, traders can go long or short and do not have to worry about crypto wallets when thinking about how to cash out. 

Every trader values different things in a trading account. Some prefer low commissions, while others prefer paying spread markups. Traders also differ in terms of fund allocation. In order to meet the needs and requirements of different traders, NagaMarkets offers a level-based trading account system. There are 6 levels and the higher the traders upgrade their accounts, the better fees and support they receive. We’ll discuss each account type in detail.

Pros and cons of NagaMarkets account types and platforms

NagaMarkets Demo account

NagaMarkets offer a Demo account. Demo accounts are almost the same as live accounts, with only one key difference; the funds on a Demo account are virtual, and you can trade them like a real account without risking actual money.

Demo trading accounts are key for testing newly developed trading strategies before going live. However, keep in mind that demo trading and live trading are widely different in terms of the psychological effects they have. When actual money is at stake, traders experience greed, fear, and hope, and might even feel a need for revenge after taking a loss. This is why it’s important to always manage risks and emotions when transitioning from demo to live trading. 

The fact that the only difference is in funds being fake offers traders a great opportunity to test their skills before trading with real money. Demo orders are easy to open and manage from the NagaMarkets website. It takes the same steps as in the case of a live account, with the exclusion of depositing funds. 

NagaMarkets Iron account

The Iron account is the lowest VIP level account type with NagaMarkets. The minimum initial deposit is $250. There are no fees for deposits, but traders get charged $5 for withdrawals. The standard spread on EUR/USD is 1.7 pips, which is the highest among other account types offered by this broker. 

NagaMarkets Bronze account

The Bronze account is very similar to the Iron account. The spreads and access to trading signals are the same, however, there are some key differences. To open the Bronze account, a $2500 minimum deposit is needed. Withdrawal fees are $4 and there are higher copy premiums for trading FX pairs.

NagaMarkets Silver account

To open a Silver account, traders need to make at least a $5000 deposit. Spreads are lower and start from just 1.2 pips on EUR/USD. The withdrawal fees are smaller than in the case of Bronze and Silver accounts and are only $3 per transaction. However, it’s worth noting that most other brokers in the industry do not have any withdrawal fees.

NagaMarkets Gold account

Withdrawal fees on the Gold account are only $2. However, in order to open this account, a trader requires at least a $25,000 deposit. Spreads are much better and start from 0.9 pips. In addition, traders get the chance to receive a one-time one-on-one tutoring session with an industry professional.

NagaMarkets Diamond account

Diamond account holders get even better spreads. On EUR/USD, the standard spread is 0.7 pips. On the other hand, to get this account type, traders need to make a $50,000 deposit. Withdrawal fees are only $1 and in addition, traders get 2 months of one-on-one professional tutoring. 

NagaMarkets Crystal account

Crystal account holders are also charged a 0.7 pip spread markup. There are no fees for withdrawals, and the one-on-one tutoring lasts 4 months. Do not forget that opening this account type requires at least a $100,000 deposit amount. 

Getting started on NagaMarkets - Main steps

NagaMarkets offer various trading instruments on their web-based platform. This is great as traders can access the markets using various devices. However, it’s recommended to install trading software as the main platform on your computer. 

Registration and account opening is a simple and user-friendly experience. We’ll guide you through the entire process in detail. 

Step one: Opening an account

Go to the main page of NagaMarkets and click on the sign-up button in the upper right corner. This will open an account sign-up form.

On the following page, you will need to provide your details for registration. The broker provides a simple and intuitive sign-up page. After signing up, you can start with a Demo account and see what the broker has to offer. The default account type and the platform is a Demo account on MetaTrader 5. If you want to open a live account, you will have to provide more personal information about yourself.

Step two: account verification and waiting times

NagaMarkets like all the other regulated Forex, stock, and crypto brokers require KYC (Know Your Customer) before giving traders full access to their personal cabinet. Therefore, after opening an account, it is recommended that you verify it.

 You will have to upload the following documents:

• Proof of identity: A government-issued identity document such as an ID card or passport. The document must be valid and the picture needs to be colored and clear. Any moderate smartphone will do the job, just make sure all details are visible on the picture and the signature is not blurred.
• Provide and verify your mobile phone number: You will get security codes on your smartphone, so a valid phone number is necessary to register and verify.
• Proof of address: Now comes the proof of address part. This could be a little challenging depending on your country of origin. Generally, this document must be a utility bill or bank statement showing your full name and current address and have the issue date clearly visible, which is no older than six months from the time of issuance.

The process will take about 24 hours to verify your account if all necessary documents are valid and visible on the photo. In case you are wondering about proof of residency. You can also upload scanned copies of your documents.

Step three: choose an account type and trading platform

Traders can choose between MetaTrader 4 and MetaTrader 5 platforms. Both are made by MetaQuotes and released in 2005 and 2010 respectively and have a lot in common. However, they are quite different, and we’ll discuss the platforms in detail later. In summary, MT5 is for multi-asset trading and MT4 is for Forex. 

The account types offered have different initial deposit requirements and the smallest one starts from $250 on an Iron account. 

Step four: make your first deposit

There is a wide range of options for making your first deposit with NagaMarkets. You can use any major currency or crypto to deposit and start trading. Deposit options include Visa, Mastercard, Skrill, PayPal, wire transfer, etc. There are no fees associated with deposits, however, as already mentioned when discussing the account types, there’s a withdrawal fee starting from $5 and changes based on the account type. 

Step five: start trading

Download MetaTrader 5 for your preferred operating system and enter your credentials. It is simple to get a username and password from your live MT5 account. Go to Trading Accounts in the upper right corner menu, it sits right after the bell icon. 

Now copy the number below NAGA - USD (or whatever your preferred base currency is) started with # and use it as a username for your MetaTrader 5 platform. Click on the show password from the triple dot menu. This method is the same for demo and live accounts. NagaMarkets doesn’t send any sensitive information to your email. Many other brokers send usernames and passwords to clients' emails for easy access, so keep this in mind to avoid potential phishing emails. 

Comparing NagaMarkets fees with other popular brokers

In order to better see how NagaMarkets’ spreads differ from the competition, let’s make a comparison. We took Iron and Bronze account type trading fees as these account types are the most accessible for traders. 

NagaMarkets fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

NagaMarkets fees compared to eToro fees

NagaMarkets fees compared to IG fees

NagaMarkets fees compared to XM fees

NagaMarkets fees compared to AvaTrade fees

NagaMarkets fees compared to Capital.com fees

Traders can choose between MetaTrader 4 and MetaTrader 5 as their main platform. It’s worth mentioning that the NagaMarkets mobile and web trading terminals are also available. 

MetaTrader 5 is one of the best multi-asset trading platforms today. It may look outdated to most due to the fact that it was designed in 2010, but it is still a much-loved and used platform. The ability to reliably perform trading tasks puts the platform in high demand among the trading community. 

MetaTrader 4 was released in 2005. The platform is very similar to the MT5 in terms of look and many functionalities. However, there are various differences. The MT4 was built for trading FX pairs. The platform is simpler to use and has fewer charting tools, with fewer timeframes and indicators. However, due to its simplicity and high reliability, most Forex brokers still choose this platform. 

Smartphones are everywhere these days and many people are using smartphones as their main multipurpose devices. There are traders who aren’t using computers as much anymore, and smartphones are becoming their main trading devices. For this, it is important to have the ability to trade on your phone. Almost all brokers are offering trading with smartphones and have applications solely dedicated to this purpose. NagaMarkets is no exception, and it offers iOS and Android trading apps. They also have the Naga pay mobile app for making payments.

If there is anything NagaMarkets seems to place emphasis on, it is its vast sources of educational tools. They offer videos, and articles. They also offer webinars and a help center. The help center is very useful as it offers answers to many questions. An automated messaging system is their most advanced tool in this regard.

In addition, Gold, Diamond, and Crystal account holders get one-on-one tutoring classes. Which is rare in the industry. Most other brokers limit their services to providing basic tools and educational materials.

There are a few ways to contact the Naga support team. You can call them at the specified number. You can chat with a live agent or email them. Furthermore, you can choose a topic and the chatbot will automatically offer answers and guides. If there is anything you can’t find in the automated replies, you can always chat with live agents. Their support works Monday to Friday, 24/5. The reply usually takes about 1 minute initially and NagaMarkets seems very responsive when it comes to online support.

What’s great about the customer support provided by this broker is that it is available in multiple languages. They have offices all over Europe, including Cyprus, Czech Republic, Germany, Italy, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and Hungary. 

NagaMarkets is a multi-asset broker that offers access to trading more than 1,000 instruments that span Forex, commodities, indices, shares as CFDs, physical shares, ETFs, and futures. The broker offers account levels that can be moved up. The more of an initial deposit it takes to upgrade to the next level or open an account, the better trading conditions it brings. The account types include Iron, Bronze, Silver, Gold, Diamond, and Crystal. Iron and Bronze accounts have high fees and Gold, Diamond, and Crystal accounts have low fees. The minimum initial deposit to open the Iron account is $250. The broker is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), offers access to the MetaTrader platforms, and it’s easy to open an account. The broker’s homepage is also super user-friendly. NagaMarkets have superb customer support available via chat, over the phone, and via email. The support is available in multiple languages.