NAGA Review – Is It Safe for Copy Trading?

NAGA review

There are few quality social investments and trading platforms for stocks, securities, etc., and NAGA is one of them. However, you can never guess how bad or good the platform is until you learn its pros and cons, features, and value propositions. 

That said, you’re about to read a well-researched review about NAGA and what makes it one of the fastest-growing and quality exchanges in the world. Let’s get started!

At a Quick Glance

Pug Score4.2/5
Spreads0.001—500 pips
Assets Traded950+
Most Suitable ForBeginners and Advanced traders

Key Findings

NAGA is an all-in-one platform that offers Forex, asset, commodities, CFDs, etc., trading. You will find its interface very interactive but overwhelming at the same time. However, being specific in what you choose to do on the platform should help you start as a beginner.

NAGA’s Autocopy copy trading solution is super cool! You can copy other traders’ strategies as your own, but will pay small fees for every strategy copied.

Beginners will find NAGA fees complex. Spreads vary, but are tight, and there are many markets to appreciate, many tools to help you analyze the market, and some incentivized programs to help you maximize profit on the platform.

ProsCons
Excellent user interface and experienceToo many features make it overwhelming for many beginner-traders
Offers a demo accountNot available to US, UK, and Canadian customers
Availability of many important trading toolsMany users may find its minimum fee of $250 high
Nice charting system, incorporating the MT4/MT5 charting standardsMinimum withdrawal of $30K may be low for many high institutional traders
Beginner-friendly and suitable for advanced traders tooOperates a complex fee structure
Social trading platform with interesting incentivized programs
Interactive mobile application
Adopts blockchain-based protocols
Has good customer support system
Easy to use and access
Standard security protocol
Offers its services in different languages
Has trading and brokerage licenses
No deposit or withdrawal fees
Islamic account available

What is NAGA? A Brief History

Officially launched in Amsterdam, by Ben Bilski, in 2015, NAGA is a social investment platform and fintech company based in Germany. It serves a global audience with the exemption of high regulatory countries like Iran, the US, the UK, etc.

NAGA’s founder notably started his fintech journey in 2014 with SwipeStox, which he formerly called Swippy. SwipeStox was an app he initially created to provide users with the best fashion tips and designs. 

He transitioned the app into a social trading solution when he ventured into the trading sphere. During this period, he couldn’t find a social trading app that had all the fun and community-driven motive he needed, so he transformed his fashion app into a solution other exchanges could use to make trading more exciting.

However, at the time, the app didn’t meet all the standards he wanted. So Ben employed the services of developers on it for most of 2015. SwipeStox attracted angel investors in the same year and began distributing its services to companies that needed the solution.

Unfortunately, many brokers didn’t grasp the underlying concept of the trading solution. So Ben and his team moved to obtain a brokerage license to offer brokerage services. They further updated the app to include other trading apparatus and features in the same spirit.

Still, in 2015, Ben and his team launched NAGA as a fintech group that absorbed SwipeStox. The fusion made NAGA an ecosystem to support more integrations. NAGA has attracted many investors, including Bancor owner Guy Ben-Artzi, and Christian Angermayer alongside Peter Thiel’s Founders Fund, among many others.

NAGA listed in the German stock exchange in 2017, becoming one of the youngest startups to do so. However, due to poor management, the company almost went bankrupt in 2019 before its founder took over as CEO, adopting strict marketing and distribution strategies. 

After rigorous marketing strategies and planning, the company’s value skyrocketed to over a million users, $60M in revenue, and $10M in profits. It also began plans of expanding its ecosystem to include products and solutions we will talk about in the subsequent section. 

The NAGA Group now has 4 different subsidiaries working together to grow the brand and fund innovative projects. It has also received several awards, including 

  • The Finovate Award and Wolves Summit Award 2016. 
  • Its stock performed incredibly in 2020 in which it got recognition as the best performing stock in Germany.

NAGA enhanced its trust status when it became one of the official sponsors of the Laliga giant, Sevilla.

NAGA Products and Features

1. NAGA Exchange

Unlike many exchanges of its kind, NAGA designed its platform to provide users with the calm and comfort of trading in an interactive exchange. It offers users a real social trading environment. Besides, that was the founder’s goal all along.

Traders can trade currency pairs and popular stocks like Tesla, Facebook, etc., indices, and ETFs. With the introduction of its utility token, we hope to see crypto trading subsequently.

Image Source: NAGA

2. NAGA Coin and Crypto Wallet

With the high crypto adoption rate, NAGA is buying into the trend to make its platform more seamless with an easy payment solution. Users can maximize their holdings and portfolios using the NAGA Coin.

NAGA Coin will help users withdraw their earnings in cryptocurrency. Users will store their coins in NAGA’s in-built wallet system. They can easily swap the utility token on a P2P exchange or convert it to their local fiat currencies. Or they may choose to trade it on a decentralized exchange.

3. NAGA Autocopy

A prominent tool on the NAGA platform, NAGA Autocopy, allows users to participate in social trading by copying other professional traders’ trading signals or strategies with little slippages or delays. You may know it as Copy trading.

NAGA developed and incorporated the Autocopy tool to connect different calibers of traders, including influencers and followers, just like on social media. This protocol is unique from competitors because it focuses on a community-centric approach.

Image Source: NAGA

4. NAGA Neo Broker

NAGA applied for its brokerage license in 2015 that granted it the full rights to offer brokerage services to its users. The Neo Broker provides NAGA users the canopy to access different markets including, stocks, CFDs, and cryptos.

NAGA Neo Broker also appears to be exciting. Traders do not need to look elsewhere for brokerage services since the platform offers an all-in-one alternative.

Image Source: NAGA

5. NAGA Trader

Like every trading platform, NAGA Trader is the company’s intuitive platform that houses all its tools and features like the MT4/MT5 chart types, Autocopy, brokerage, etc. It is easy to use and access. There are over 950 tradable assets on NAGA, which is pretty okay for a growing broker.

6. NAGA Pay Virtual Card

NAGA introduced a multi-currency payment solution known as the NAGA Pay to make accessing and trading the markets easy. Users can also apply for the Virtual NAGA Card to seamlessly use the NAGA Pay tool.

A multi-currency payment tool allows traders to deposit money in different currencies—GBP, USD, JPY, etc.—to access the market. 

NAGA will subsequently introduce the NAGA Coin into its payment system to allow more users to access its platform and trade seamlessly using cryptocurrency.

7. NAGA Ecosystem

The NAGA Ecosystem comprises its platform, tools, features, and future innovations. With the pace at which the company grows, we look to see bigger and better solutions in the social trading space. 

It includes its on-chain and off-chain services that help scale and provide excellent services to its customers. This distinguishes NAGA from other social trading platforms like eToro, AVATrade, XM, etc.

8. NAGA DeFi

In 2017, NAGA ran an ICO and received $50M from a crowdsource of 63,000 contributors. It used the funds to power its DeFi project that will support more blockchain-based solutions in the future. Part of the funds went into developing its utility token and crypto wallet.

9. NAGA Social Betting

NAGA has not integrated the Social Betting initiative at the time of writing. However, the company plans to include it as an on-chain DeFi program to help users maximize their earnings. 

Also, its blockchain ecosystem will help in launching an on-chain social trading program that will allow users to trade assets in a decentralized exchange. This new protocol will facilitate more DeFi innovations and use cases.

This incentivized program allows creatives, professionals, investors, and influencers to make more profits by promoting or distributing the platform or trading signals. Users may earn up to $100,000 participating in this program. But their work output will determine this earning margin.

Account Creation Process

Creating your NAGA account is pretty simple. However, you should prepare for KYC. Every popular social trading platform does it anyway.

Here are some prerequisites to create your NAGA account:

  • Must be at least 18 years old
  • You must have a valid proof of identity. NAGA allows passports or national IDs
  • You must provide valid proof of residence. A recent utility bill or bank statement, not more than 6 months old can serve.
  • You must read and agree to NAGA’s terms and conditions.

You should possess these documents before hopping on to open a trading account. However, the residents of these regions below should not apply, as NAGA does not support people from these regions:

  • The United States
  • The UK
  • Iran
  • North Korea
  • Israel
  • Canada

Some other countries may apply. So ensure to read NAGA’s terms and conditions before applying.

That said, let’s walk you through the steps of applying for your NAGA account.

Image Source: NAGA

Step 1—Registration

Before you access tangible information on NAGA, you must first register. Otherwise, NAGA sees you as a guest.

NAGA made it easy for virtually anyone, even a noob, to open and access their accounts easily. By simply following the instructions below, you’re good to go!

  • Visit NAGA’s official website. Or simply enter in your search box: “naga.com.”
  • Locate and click the “sign up” button on NAGA’s landing page.
  • This redirects you to the account opening form, where you fill out the following details:
    • Full name
    • Username
    • Password
    • State of resident
  • You may alternatively use the optional signup options: Facebook or Google mail. However, we do not advise you to use this medium.

You automatically sign up to your Demo account immediately after completing the basic registration. NAGA gives you funds up to $10,000 to allow practice and understanding of the platform. Whenever you feel you’re ready to begin your trading journey on the exchange, you move on to the next step: “verification.”

Step 2—KYC

As a custodial exchange, the law demands NAGA carry out KYC on its users to regulate and allow them to perform transactions.

A complete KYC verification allows you to deposit above $2000. Otherwise, you cannot go beyond that amount.

To begin KYC, 

  • Locate and click the “Upgrade Account” button at the top right corner of your account homepage
  • NAGA will ask you to provide information and related documents in these areas:
    • Personal information
    • Financial capacity
    • Trading level

You don’t need to feel overwhelmed about the information to provide. They are the basic information you provide when registering your bank account and the related documents I mentioned earlier in this article. 

Meanwhile, the process is easy to read and follow. But if you still feel left out, you may notify customer support to assist you.

After completing your KYC registration, you may wait for 2-3 working days to receive feedback from the customer support team. After that, you may now fund your account properly.

Step 3—Deposit/Funding

The minimum amount to deposit on NAGA is $250. Many traders, especially those from low-income regions, may find this amount huge. 

However, the amount you enter determines how much margin NAGA assigns you. And the fact you may need to use other traders’ signals means you have to prepare for the worst, and that amount should get you started.

Image Source: NAGA

Step 4—Trading and Investing

This is where you show your expertise using NAGA’s MT4/MT5-type charts and analysis tools. NAGA also incorporated different incentivized programs and features that let its users maximize their earnings.

Fees and Commissions

NAGA operates a complex fee structure. Interestingly, it doesn’t charge users a deposit or withdrawal fee. 

However, creatives and professionals can earn additional bonuses from commissions copiers pay for their services on the platform.

Copiers are customers that use Autocopy. They pay a fixed fee of €0.99 if they make up to €10, and if they make more than  €10, a variable fee of 5% applies.

Spreads

You can see NAGA’s spread range below. However, it may vary according to conditions in the market.

  • Forex: 1—500 pips
  • Crypto: 0.00001—100 pips
  • Indices: 1—10 pips
  • CFDs:  0.1—10 pips
  • Stocks: €0.99 per stock
  • Commodities: pips
Image Source: NAGA

Additional Fees

NAGA charges users who use its brokerage services on the MT4/MT5 platforms commissions, which include:

  • €2.5 for in/out transactions
  • €5.00 for every trade you do on MT4
  • €2.5 each for opening and closing trade on MT5

Taxes apply when you trade stocks or commodities on the platform, and they range from 0.25%—0.50%, depending on the amount of transaction for deposits and withdrawals.

Supported Devices

NAGA supports desktop, Android, and iOS devices. Its mobile application comes in the form of the NAGA Pay and trading tool. This tool allows you to save, spend, and receive funds in your account.

NAGA also partners with top payment services like VISA, Skrill, Mastercard, etc., to enable its users to send and receive payments from friends and family.

Image Source: NAGA

Ease of Use and Access

From the registration process until trading, you can witness the simplicity yet excellence of NAGA UI/UX design. Its developers did great at it!

In terms of accessibility, NAGA provides its services across all devices: mobile phones and web-desktop versions. The mobile platform helps users to monitor charts and take positions from anywhere.

Users can also make payments using the NAGA Pay mobile application. Also, with the mobile app, Autocopy is even more seamless. You can copy other pro traders’ signals and increase your chances of winning trades in one click.

Customer Support

NAGA has a great customer support team that instantly attends to users’ demands. The customer support team actively responds to users’ plight on and off the platform on social media and app download sections.

Aside from the technical resolution’s customer support, NAGA offers educational privileges to enhance user experience in trading and using its platform. Generally, Blockpug observed that customer support is one area NAGA is investing heavily and growing its reputation.

Security

Security remains one of the most important sectors of every trading platform. What security measure does NAGA guarantee its customers as a trading and brokerage service platform? This is the question ringing a bell in the hearts of many right now.

NAGA’s history shows that the exchange has never experienced a hack or security glitch. However, before it changed authority, many reports affirmed that it developed some technical problems during its down period in 2019.Blockpug also rates its security measures as fair because every exchange in Germany must meet the “Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)”—which translates to Federal Financial Supervisory Authority—securities requirements and test which include proper auditing and security measures.

Conclusion

NAGA is a great social trading platform. This is evident from the wide range of offerings and innovations it constantly adapts to make its services better and seamless.

However, users may show resentment with its fees structure. Due to the vast features it has, new users may get overwhelmed. Notwithstanding, NAGA has a lot of prospects and may oust its present competitors in the future.

Frequently Asked Questions (FAQs)

What is Social Trading?

Social trading is a form of trading or investments that allows traders to interact and copy other expert traders’ signals and strategies to maximize their earnings and investments. 
Many call it “copy or mirror trading.” It is common in popular social trading platforms like NAGA and eToro.

Can US Residents Use NAGA?

Unfortunately, NAGA’s services do not extend to US boundaries. Do not apply if you reside in the US. However, if you find your way to other countries where NAGA operates, you may use its services fully.

Which Device Is Best for Accessing My NAGA Account?

The device that suits you best depends on your disposition at the moment. Your mobile phone may be the best option for taking positions in your office or meetings. However, you may not observe the market clearly due to its diminutive nature.
Desktops are super-cool for reading charts and analyzing markets.

Is NAGA a Reliable Exchange?

NAGA has a brokerage and operating license from Germany. It is a fully registered company and operates in many regions. It is also one of the official sponsors of Sevilla FC in Spain. All these and more are enough trust builders for the company.

What Are NAGA’s Minimum Deposit and Withdrawal?

NAGA’s minimum deposit for all traders is $250. Its withdrawal fee is a minimum of $50 and a maximum of $30K, depending on your preferred medium.
There are no deposit and withdrawal fees which is quite remarkable. However, forex conversion rates and taxes may apply, which is out of NAGA’s control.

NAGA Review - Is It Safe for Copy Trading?

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