How to Use NAGA’s Trading Platform: Beginner’s Guide

NAGA Guide
Image source: NAGA

NAGA is a fast-rising social trading and brokerage platform from Germany. It was listed on the German stock exchange in 2017, two years after Ben Bilski and his team launched it, and this feat made it one of the fastest startups to do so in the country.

At the time of writing, the company had over 1 million users and has won several accolades, including The Finovate Award and Wolves Summit Award in 2016, and the best performing stock in 2020.

In this guide, we’ll show you some of NAGA’s features, how to open an account, begin your trading journey, and use the platform’s features. 

Stay put through this article, as you’ll learn some additional tips that may interest you. Let’s get started!

What to Expect on Your First-Time Experience With NAGA

To clear your mind about NAGA, it is a great platform and shouldn’t surprise you when you find out. Below are some things to expect when you open your account, which should reduce your anxiety about using the platform.

  • KYC. Like many other centralized trading platforms, you must complete KYC to enjoy a full trading experience on NAGA.
  • Demo Account. After completing sign-up, a demo account is the first account you land. You can upgrade to a live account on completing KYC and funding your account.
  • Many Features and Sections. NAGA has many features, and this could get overwhelming as a beginner who is having a first-time encounter with a social trading platform. There are also many sections like live trades, copy trading dashboards, NAGA Academy, etc.
  • Complex Fees. This is a common situation among many trading platforms. You must have adequate funds to use the platform, say $500. However, this may vary depending on the purpose of opening an account.
  • Excellent Charts and Technical Tools. There is an MT4/MT5 integrated system to help you trade like a pro.

Some NAGA Features You Must Know

1. NAGA Trader

NAGA Trader is the entire platform where you get brokerage, trading charts and technical tools, and other exciting features and services from NAGA. So, basically, you are using the NAGA trader when you sign up to “naga.com.”

2. NAGA Coin and Crypto Wallet

The utility token that will power NAGA’s DeFi ecosystem. You can access and swap crypto tokens using the NAGA crypto wallet. However, the primary purpose of the crypto wallet is to send, receive, and store your NAGA Coins or any accepted crypto tokens. 

NAGA Coin will be an integral part of the NAGA Pay to help users fund their accounts and withdraw. With the rise in the use of cryptocurrencies worldwide, this initiative will help scale NAGA and its future innovations.

3. NAGA Pay

You can save, spend, deposit, and withdraw funds using NAGA Pay. What makes it a solution is that users can send money to their friends, partners, and family anytime using NAGA Pay. To make payment more seamless, NAGA introduced the Virtual NAGA Card that works like VISA and Mastercard.

4. NAGA Autocopy

NAGA Autocopy is one of the platform’s value propositions. It is a copy trading tool that lets you copy other professional traders’ strategies as your own. You can look up their trading histories and win rates and understand what to expect when you copy their trades.

5. NAGA Pro

NAGA Pro enables creators, influencers, and professional traders to maximize profit on NAGA. It covers many incentivized programs and may include more campaigns in the future. This feature will also help professional traders to withdraw up to €100,000 monthly compared to the normal €30K for other traders.

Read our complete NAGA review if you want to learn more about NAGA’s offering.

How to Open a NAGA Account

Note: NAGA does not support users from the USA, UK, Canada, Iran, and North Korea. However, this list could go on, so ensure you read and agree to the platform’s terms and conditions before clicking “sign up.”

  • Visit naga.com, and locate and click the sign-up button.
  • Enter your location.
Image Credit: NAGA
  • Afterward, you’re redirected to the main account opening form, which is self-explanatory like many landing pages you find online. This is also known as the basic or Lvl 1 verification.
  • Enter your location and phone number.
Image Credit: NAGA
  • Verify your phone number by entering the code sent to you, then click confirm.
  • Enter your basic information like name, username, email address, create your unique password, and click send.
Image Credit: NAGA
  • NAGA will send you a congratulatory message indicating a successful sign-up. However, visit your mailbox, and confirm your NAGA account. This indicates you own all the details you’ve entered.
Image Credit: NAGA
  • After completing registration, your account should look like this:

You can now set up your profile by adding your photo and joining the live forum or chat.

Notice the “upgrade” section in the blue highlight? That’s where the major verification, known as Know Your Customer (KYC) occurs.

Here are some information and documents to present during KYC include:

  • Your basic information—the kind you provide when opening a bank account
  • Proof of residence like a utility bill or bank statement
  • A proof of identity: ID card or passport

If you have these documents ready, let’s proceed to the actual KYC. 

Doing KYC is a straightforward and DIY-kind of thing. However, you may contact the customer support team for help if you encounter challenges. Below is a glimpse of what to expect during KYC.

  • Basic information form/ Personal details
Image Credit: NAGA
  • Investor Profile. Your occupation details, monthly revenue, budget, and all that. It determines the type of account NAGA will assign to you.
Image Credit: NAGA

Next is to upload the document mentioned earlier in this section, and that’s all for KYC. You have to wait for 2-3 working days to get a confirmation of a successful KYC verification. Then, it is time to deposit funds and upgrade to a live account!

How to Deposit Funds into Your NAGA Account

You can only use real funds in a live account. So, we assume you have completed KYC before reading this section. 

That said, you can deposit funds into your NAGA account using over 20 different methods that include cryptocurrency, bank transfer, VISA or Mastercard, etc. 

However, you must set up your payment method first before depositing funds in your live account:

  • Go to “payment method” in the manage fund section
  • Then add your preferred payment method. If you choose the credit/debit card or bank transfer method, you must ensure that every detail tallies with the documents you provided during KYC. Otherwise, there may be delays in processing your transaction.

The steps to deposit funds into your NAGA live account:

  • Sign in to your NAGA account
  • Visit the “manage funds” section by the left-hand column. Click on “deposit.” You should see “deposit” as one of the items in the “manage funds” menu. 
  • Select your preferred deposit method: credit card, bank transfer, crypto (BTC, ETH, NGC, etc.).
  • Enter the fund amount.
  • Then click “deposit” to confirm your payment.

Note that the minimum amount to get started on NAGA is $250 for fiat using credit/debit cards and crypto method. For bank transfers and other payment methods, the minimum is $100.

However, additional fees like broker fees, exchange fees, card fees apply. So you may spend more than the stipulated amount processing your transaction.

Another thing to note is their processing times:

  • Instant processing for crypto transactions
  • 10 mins to several hours for credit/debit card transactions
  • Some hours to few working days for bank transfers
Image Credit: NAGA

Next to the deposit title box is the “see transaction history:” a faster way to see your transaction history. Otherwise, you may visit the “history” column in the “manage funds” section.

After you’ve successfully deposited funds to your NAGA account, the next step is to transfer the funds to your live trading account. The process is the same as depositing. In the “manage funds” menu, go to the transfer section and transfer the amount you need for trading.

How to Trade on NAGA

Trading on NAGA is the same as trading on any other platform/exchange. You must have basic knowledge of trading assets before joining the league; else, you will encounter some problems during your stint using NAGA.

NAGA has an excellent charting system. You may use its brokerage service to trade independently on MT4/MT5 platforms. But that may not be necessary because NAGA is already an all-in-one platform and has everything to facilitate instant trading.

To access NAGA Exchange, which is its trading section:

  • Locate and click on “trade” by the left-hand margin
  • Start trading.
  • Trading entails analyzing the market and implementing technical tools like Bollinger bands and Fibonacci price correction tools.
Image Credit: NAGA

Below the chart is the fully-equipped section for placing your buy/sell orders:

Image Credit: NAGA

How to Withdraw on NAGA

If depositing funds into your account didn’t cause any hassles, then withdrawing shouldn’t.

In that case,

  • Go to “manage funds.”
  • Under the section, locate withdraw at the menu bar
  • Choose your preferred withdrawal method. The three major types are credit cards, banks, and crypto.
  • Enter the amount, and click withdraw.

Withdrawals via bank transfers and credit cards may take 1-3 working days to process. Meanwhile, crypto transactions process instantly.

Before disbursement, any withdrawal above $1000.00 undergoes screening by the NAGA customer support team. To ensure it does not break AML standards or rules.

Image Credit: NAGA

How to Use the NAGA Autocopy

NAGA designed the Autocopy to make it easy to copy and adopt other pro traders’ strategies. With simple clicks, you can copy any strategy you want and implement it as your trade. Here is how:

  • Locate and click the “copy trading” section on the left-hand of your account homepage
  • You will find many top-performing traders and a button to click and use their strategies easily.
  • After much observation, make your choice and click the Autocopy button to get started.

Some Important Sections on NAGA You Should Know

My Trades

This section contains your active, pending, and closed trades. The Active Trades are open trades, which are your trades in progress. 

You can visit this section to monitor the market closely to avoid losses or profit. However, your order limits should serve as risk management tools.

Pending trades are trades that are still yet to execute. For instance, when you place your buy/sell orders and limits and wait for the market to take its course.

Closed trades are completed trades. You can also see your transaction history on losses and profits on your market orders.

Top Traders

As a social trading platform, NAGA shows you its top-performing traders worldwide. You can choose a favorite trader who uses the Autocopy tool from here and stand a chance to win more trades.

Image Credit: NAGA

Manage Funds

The “manage funds” is one of the go-to areas for running your account. You can deposit, withdraw, transfer funds to your live trading account, and see your transaction history.

Copy Trading

Copy trading is the section where you access the Autocopy tool. It is one of the most profound tools on NAGA. Simply find and click to copy other traders’ strategies from any part of the world.

Price Alerts

Price alerts keep you updated on market actions. However, it is a premium feature accessible with the Silver badge that helps you know important movements in the forex, crypto, and stock markets.

Academy

NAGA uses its academy to educate users on how to access forex and asset markets and improve their trading experiences. Here you will find many resources and videos from NAGA’s community and educators.

Messenger

As a community-driven social trading platform, NAGA’s Messenger is a forum where traders interact about the market and the trading problems they encounter daily. You can find the help you need and connect to new people through this medium.

Trading Accounts Section

This is the section where you can swap between your demo and live accounts. In a single click, you’re on any of the mentioned sections.

Some Tips to Help You While Using NAGA

These tips may apply to other trading experiences. So as a beginner or advanced trader on NAGA, these tips should help you grow your trading experience.

  • Start Small: although NAGA made it so that its minimum deposit should enable you to participate in activities with ample margins, you should still mind how you spend on the platform. 

Never throw money you cannot afford to lose on investments. $250 is big already; you can learn how to manage bigger funds from there.

  • Educate Yourself First: the trading market is a big ocean that can carry whoever does not know how to swim. Learn how to swim in this ocean first, and with more practice and understanding of how it works, you can become successful over time.
  • Reach out to Other Traders for Help: what makes NAGA super-interesting is its community-driven approach to trading. Leverage on this to learn and grow your trading skills.
  • Do Not Fully Depend on the Autocopy Tool: many people will hop onto NAGA with the sole intention of doing copy trading. A little warning: even the brightest minds do not fully know the markets. 

So everything boils down to some personal research so that you may know when a strategy is right or wrong. Remember, these are professionals with huge margins and risk management differences.

  • Practice Risk Management: many beginner traders are scalpers, and this leads to so many heartbreaks. These people bet on the market without using risk management apparatuses and lose large amounts of funds.

No matter how expertly you are, risk management will save you on a rainy day.

  • Do Not Enter Markets You Do Not Understand: many people enter some markets because they heard or read they were more profitable than the others—a false report capable of plunging you into debt. Stick to a few markets you understand and gradually move to bigger ones.
  • Do Not Borrow Money to Invest in Markets: borrowing to trade is another big mistake a lot of people make, especially due to the large number of assets and copy trading features on NAGA. 

The assets and features make people think it’s relatively easy to earn on the platform. As such, many people have lost their hard-earned money on the platform. 

It’s noteworthy that no one has full control of the market, and even professional traders count their losses at intervals. Exercise optimum discipline and curb greed as long as trading is concerned.

Frequently Asked Questions (FAQs)

What Is Copy Trading?

Copy trading is a social trading method that allows users to copy other traders’ strategies and positions in the market. It helps individuals increase their chances of winning the markets.

Is Copy Trading and Mirror Trading the Same?

Copy trading is more incentivized than mirror trading. Unlike copy trading, mirror trading is simply copying other traders’ strategies without any ulterior motives.
In copy trading, copiers give up a portion of their funds in commissions to the individuals whose strategies they use. Mirror trading is a type of copy trading that simulates someone’s position without commissions.

What Are the Best Security Options to Protect My NAGA Account?

Security is an important consideration for every user of an online platform. NAGA adopts a multi-factor authentication method that requires multiple electronically generated codes to access the account. 
You can activate this option in your security settings, which is important to keep your account and funds safe from third-party infiltrations.

Is NAGA Reliable?

NAGA has trading and brokerage licenses to offer its services worldwide. It is also one of the official partners of the Spanish club, Sevilla. These proofs seal its reputation as a trustworthy trading platform.

NAGA Mobile App vs. Desktop App, Which Is Better?

The device option that works better for you depends on your disposition at every point in time. 
For instance, a phone will be a better option when you are not in a comfortable position to trade. Like when you’re in a meeting, church, dating, etc. However, you should use a desktop when at home or in the office.

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