Naga Markets Review
Naga Markets offers a single commission-free account type with floating spreads and leverage up to 1:200.
This broker says it does not provide services to citizens/residents of USA, Japan, Canada, Belgium, Cuba, Iran, Iraq, Syria and North Korea.
Naga Markets Advantages
-Solid regulation (CySEC)
While great deal of brokerages operate without a license or are simply registered offshore, Naga Markets is authorized to provide its services by he Cyprus Securities and Exchange Commission (CySEC). This is an obvious advantage, as the company must comply with rather strict rules and your money is generally safe.
– Part of an international group
Naga Markets is a part of the NAGA Group, a fintech company which developed mobile apps like SwipeStox, and Project T (the latter is a mobile currency exchange app that functions by matching individuals). The group is also behind the NAGA (NGC) coin, which is currently in the top 200 cryptocurrencies by market cap. Besides, NAGA Group is listed on the German Stock Exchange in Frankfurt.
– MT4 supported
The Forex market has adopted the MetaTrader 4 platform as the market standard for more than 10 years now. The MT4 platform is secure and offers advanced technology and key features that allow traders to monitor the market and to execute trades easily and effectively. Some of these are great charting, technical analysis indicators and automated strategies (EAs).
Naga Markets’s demo MT4. Click on the image to zoom-in.
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Apart from MT4, Naga Markets also offers Swipestox social trading app, a venture of its parent company NAGA Group.
-Many financial instruments available
With Naga Markets one can trade in more than 750 financial instruments, including around 100 currency pairs, CFDs on commodities, indices, stocks and cryptocurrencies. Actually, this broker offers trading in Bitcoin, Ethereum and Litecoin against both Euro and US dollar.
– No commission fees
As we mentioned above, Naga Markets deos not charge any commission on trades. It gets remuneration for its services via the spread.
Naga Markets Disadvantages
-Spreads above the average
Although this broker does not apply commission on trades, its costs of trading are relatively high. the Spreads on EUR/USD are averaged 1.9 pips, while most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. For example, with XM, one can trade with spreads averaged 0.1 pips on EUR/USD with commission of $7 round rip, which means that trading costs are around 0.8 pips per standard lot.
Overall, Naga Markets seems like a good choice of a forex brokerage: it is licensed, supports MT4, as well as Swipstox, and offers a plethora of financial instruments for trade. Besides, it is a part of NAGA Group – a German fintech company active throughout Europe. It also operates Hanseatic Brokerhouse. The only thing we don’t like about Naga Markets is its spreads, which are wider than the average for the market.
Naga Markets is operated by NAGA Markets Ltd. (ex. Hanseatic Brokerhouse Global Markets Ltd), which is authorized by the Cyprus Securities and Exchange Commission (CySEC), one of the most popular financial regulators in Europe. The reason for this is that regulation in Cyprus involves certain requirements for brokers has a lot of advantages. For example, allows licensed companies to operate throughout the EU and EEA and involves an Investor Compensation Fund, the objective of which is to secure any claims of covered clients arising from malfunction by a licensed broker up to EUR 20 000 per person.
Naga Markets Review Conclusion
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