Naga Markets is a forex broker located in Cyprus, regulated by the Cyprus Securities and Exchange Commission (CySEC).
Be aware, the company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.
Naga Markets accepts clients from Europe (excluding Belgium).
Forex broker offers the following underlying assets for trading.
|45+ Currency Pairs||Based on major and minor world currencies.|
|11 Crypto Pairs||Based on Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin, Ripple, IOTA, NEO.|
|11 Indice Cash CFDs||Based on baskets of different blue-chip stocks.|
|11 Indice Futures||Based on baskets of different blue-chip stocks.|
|2 Metal Spot CFDs||Based on Gold and Silver.|
|1 Metal Future||Based on Copper.|
|2 Energy Spot CFDs||Based on Crude Oil (WTI, Brent).|
|3 Energy Futures||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|4 Soft Futures||Based on Coffee, Corn, Soybean, Wheat.|
|650+ Stock CFDs||Based on shares of US, UK and EU companies.|
|17 ETF CFDs||Based on exchange-traded funds containing various tradable assets.|
Set up in 2013 and currently registered and regulated in Cyprus, Naga Markets is today a large forex & CFD broker with more than 750 trading instruments available for traders to choose from. Although it is heavily focused on the European market, Naga is able to serve clients globaly, though they do it only through their unregulated Non-EU entity that operates in St. Vincent & the Grenadines (Naga.com).
Instead of offering different account types, Naga Markets categorizes traders into 6 “achievement levels” called Iron Trader, Bronze Trader, Silver Trader, Gold Trader, Diamond Trailer, and Crystal Trader. All of the achievement levels have their own set of requirements, ranging from things like the amount of money a trader has deposited into his trading account, to the number of open and profitable trades.
In addition, the broker has a focus on the social trading experience and so-called “copy-trading”. As a result of this focus, copy-trading is also a requirement to advance in the trader achievement levels, with both the number of traders you copy, and the number of traders that copy you, counting towards your advancement to the next level.
Besides the classic MT4 desktop platform, Naga Markets offers its own proprietary trading platform, known as NAGA Trader, to its clients. Although it has a very simplistic design similar to what can be found at other “social trading” brokers like eToro, the platform does a good job at what it is designed for. The almost game-like user interface makes the platform extremely easy to use, and it can probably be learned in a short time even for complete beginners.
The platform also includes very simple tools for risk management that automatically calculates relevant levels for things like stop-loss and take-profit, and comes with a negative balance protection system. NAGA Trader is web-based, and is also available in mobile versions for Apple and Android devices.
As already mentioned, the NAGA Trader platform offers a selection of more than 750 different trading instruments to choose from. Among these are more than 45 forex pairs, a range of popular cryptocurrency pairs, a large selection with hundreds of CFDs based on the stocks of major companies, as well as a selection of exchange traded fund (ETF) and commodity CFDs.
The broker does not charge commissions on trades, but the spreads are unfortunately not among the best in the industry, at an average of 1.2 pips on the popular EUR/USD pair.
Naga Markets accepts all the common methods for deposits and withdrawals, including bank transfers, major payment cards, and e-wallet services Skrill, Neteller, Giropay and Klarna. Unfortunately, however, cryptocurrency is not accepted at this point in time.
For new traders interested in learning more about the forex markets, Naga Markets offers a very extensive library of educational webinars and video lessons that covers a variety of concepts related to trading. Live webinars are also announced in advanced and are open to the public to register for, although it is worth noting that many of them are not given in English. All old webinars are published on the broker’s YouTube channel for traders to watch at any time.
Finally, the broker offers 24/5 customer service in multiple languages via local phone numbers in 22 countries around Europe. In addition, traders are welcome to call the dealing desk in Cyprus directly for issues relating to trades and order placement – something we know many traders appreciate.