Naga Social Trading Review

General Information

Having originated life in 2015  as a FinTech company which is now listed on the Frankfurt Stock Exchange, Naga has grown and developed into a broker that allows investors to access many different asset classes in many different markets. As a result, users of Naga can trade in Forex, indices, Stocks, ETFs, cryptocurrencies and commodities. Users can therefore structure their portfolios in a highly diversified way.

Importantly, and essentially, the company is fully regulated and a member of the Investor Compensation Fund. It has a number of educational tools for clients - both novice and experienced level. It has a handful of trading platforms though perhaps not as many as some of its competitors. It also has a Robo Trading tool, which it calls the Smart Trading Tool, that may allow clients to create personalised investment strategies that the firm’s technology can put into place.

“A constantly evolving platform which offers clients the ability to trade quickly and easily, while also providing excellent thought leadership articles to encourage new investment ideas.”
Naga

Platform

One of Naga’s trading platforms is web-based but it is also a social trading platform. The result is that Naga customers can follow traders on the site - like they would follow a celebrity on Instagram. In doing so, customers can simply duplicate the trades of any trader they believe to be reputable. In fact, Naga’s software can even automate that process too - i.e Customers can set up a procedure on their account, to automatically make the same trade as someone that they follow. That’s a nifty little characteristic that is still pretty unique for online brokers. Better still, the company has a leaderboard of traders so it is easy to find a trader to follow.

Additionally, it has some older style MetaTrader4 and MetaTrader5 platforms. Its other platforms are its web app and its Android and iOS app. As a result, any type of platform that is preferred by customers is available. Naga’s fees, markets and tools are therefore accessible to anyone - regardless of what platform type they like to trade with. That being said, the social side of the site is perhaps its biggest USP. It’s a great gimmick, but it does mean the site naturally leans towards catering for novice traders over experienced ones though some of its thought leadership blogs will interest a broad range of investor.

Opening An Account

Opening an account with Naga is usually pretty swift. As to be expected with a company so heavily invested, literally, in technology. All customers need to do is sign up and register to Naga for free to be provided with a demo trading account. It gives customers $10,000 to try out the platform first. Then, should you want to go on to use it properly, customers need to verify their identity with a proof of ID and residence. The company also asks about your trading experience. Finally, you then fund your account so that you can make some trades to create your own portfolio.

Naga

Customer Service

Naga has a hard to beat customer service department. It is great because its support is available in a wide range of languages so that no one should be at a loss with how to communicate with the company should they need. Plus, it is possible to contact them through live chat which is always helpful when dealing in trades online. There is also the option of telephone and email - all of which is available 24 hours a day, 5 days a week. While that is not 24/7, it’s not far off and customers will be able to contact customer support when markets are open which is the most important thing.

Conclusion

Naga is definitely a broker worth watching...if not going the whole hog and  taking the plunge to try as soon as possible. Its social trading platform and leader board are a true selling point, yet it does do the basics well too. Plus, its trading platforms may be fairly standard, but they remain accessible and intuitive to almost all users. Finally, its fantastic customer service also makes it a good option to try if you want to trade in any of the assets for which it gives customers access.

Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Before deciding to trade in financial instruments you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Best10Stockbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Best10Stockbrokers and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Best10Stockbrokers and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Best10Stockbrokers may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.