NagaMarkets is a regulated CFDs broker, authorized in the conduct of its activities by the Cyprus Securities and Exchange Commission, CySEC, under CIF License Number 204/13. It is owned by NAGA Markets Ltd and their headquarters are located at Spyrou Kyprianou 27, Mesa Geitonia, 4003, Limassol, Cyprus. Keep in mind that according to the recent Dodd-Frank Act passed by the US Congress, the CFTC (Commodity Futures Trading Commission) no longer allows NagaMarkets to accept US clients. More than 700 assets are available through the NAGA trader platform.
Account Features
NagaMarkets offers 6 different account types. Traders can choose the one they feel it suits them best. If they want guidance, they can always contact the customer support team. A demo account is available too with $100,000 virtual balance so that traders can practice before they switch to live trading.
Iron:
- €0 min deposit
- All instruments
- Limited NAGA academy
- Multilingual webinars
- Daily videos
- 5 NGCs Rewards
- €39.99 for NAGA Card/IBAN
- €10 withdrawal and deposit fees
Bronze:
- €1000 min deposit
- Technical analysis reports
- 50 NGCs Rewards
- €29.99 for NAGA Card/IBAN
Silver:
- €5000 min deposit
- 225 NGCs Rewards
- €19.99 for NAGA Card/IBAN
Gold:
- €20000 min deposit
- Full NAGA academy access
- Personal Coaching
- Trading Strategies
- 600 NGCs Rewards
- €9.99 for NAGA Card/IBAN
- Free withdrawals and deposits
- 50% lower commission on stocks
Diamond:
- €50000 min deposit
- 1500 NGCs Rewards
- Free NAGA Card/IBAN
- Lower spreads on major symbols
Crystal:
- €100000 min deposit
- 5000 NGCs Rewards
- Raw spreads on major symbols
Trading Software & Assets
The trading platform available is called NAGA trader. It is available in desktop and mobile version too. Traders can download the NAGA trader app from the app store or google play depending on their device and start trading on the go. There are more than 700 assets to choose from like CFDs on stocks, cryptocurrencies, Forex and commodities.
There is even the possibility to auto copy the best traders or simply follow the best performing ones, check their stats and profitable trades. Traders can even set up their own personal investment advisor, CYBO, that can eliminate emotional trading and the human factor. It also creates a personalized investment strategy and locates the best opportunities for you.
There is an education center too for new traders who wish to improve their learning before they start trading. Novice traders can even practice by using the free demo account offered so that they get familiar with the platform and the strategies they wish to use when trading. Once they feel confident, they can switch to live trading.
Support Information
Potential and existing customers can contact NagaMarkets via several methods. Clients can email the support team at: [email protected]. In addition, there is an online form that can be filled in directly. Clients who wish to contact the support team via phone there are numbers for several countries available including Global support, Poland, Spain, Cyprus and many more.
Unfortunately, there is no live chat available which makes the support not that great as every trader wants to solve any possible issues instantly and not having to wait for 24 hours to get an email reply. However, since there are phone numbers available almost for every country then there shouldn’t be that big of an issue since traders can simply pick up the phone and give the customer service team a ring.
Banking & Company Information
Several payment methods are accepted by NagaMarkets. All major credit cards like visa and master card are accepted as well as e-payments like skrill, giro pay and Neteller. Wire transfers are also welcome. A copy of a valid passport or of an identity card is needed along with a recent utility bill not older than 6 months are needed as supporting documents before you can become a client with NagaMarkets. Withdrawals are pretty fast with credit and debit cards but with bank transfers it can take up to 6 working days.
Verdict
NagaMarkets ticks several boxes of our legitimate broker list. However, the not so great support and the not so easy to navigate website, make NagaMarkets to fall under our non-promoted brokers. There are several other much better options available in our opinion.