Naga Trader reviews – Is Naga Trader Scam?

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  • Country: Germany, Cyprus
  • Regulation: CySEC
  • Markets: CFDs and copy trading
  • Minimum deposit: 1 USD
  • Deposit methods: card, transfer, Skrill
  • Commissions: No, 0.10% in CFDs of shares

What is Naga Trader?

Naga is a broker that has burst with great force into the world cryptocurrency and CFDs trading markets, with a very interesting project that threatens to compete with the great leaders of the social and crypto trading market, such as eToro , Ayondo or Zulutrade .

NagaTrade is part of the Naga Group, a German financial and technological group that has Hauck & Aufhauseer and Fosun as investors and also has an ally with Hanseatic Brokerhouse, the well-known German CFD broker.

One point that is making Naga a broker to keep in mind is its presence in key European markets, with offices in Hamburg, Sarajevo and what is most surprising: four offices in Spain: Palma de Mallorca, Barcelona, ​​Madrid and Valencia.

As for regulation, the broker is regulated under its subsidiary NagaMarkets by the CySec of Cyprus , although I suppose that soon it will have to receive new regulations in other European countries given the strong presence in many of them.

This group is responsible for the SwipeStox mobile application that would become the original version of the NagaTrader mobile and that today has turned its name online into Naga Trader.

Other projects of the group are:

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  • Switex, where you can exchange virtual goods of all kinds.
  • Project T, a project based on the currency and crypto markets and which aims to revolutionize the market.

Proof of the strength of its market launch is that of its listing on the German stock exchange, where it has been listed since 2017.

Trading with Naga Trader

This is a CFD broker with social trading capabilities that offers more than 700 instruments, including the main cryptocurrencies, and CFDs of stocks, indices, raw materials and Forex, with a very wide range of products to operate.

Some of the features of Naga Trader are:

  • Strong technical support with an IT background
  • Possibility of using mobile applications
  • Possibility of connecting different brokers with Naga Trader
  • No limit on the number of demo accounts
  • 99% of operations execute in less than 250 ms.

Naga Trader connection with other brokers

This is one of the most interesting points of Naga Trader.

Currently , it has an association with 11 brokers from different countries, including: Axitrader BDSwiss , Hanseatic Brokerhouse, BlackBull Markets, FP MarketsFXCM , GKFX , IKON Finance, One Financial Markets, Portex and ThinkMarkets.

In this way it is possible to open an account in any of these brokers and connect it to the Naga platform to access social trading services.

What’s more, with Naga Markets we can have up to 10 real accounts with which we can even apply different strategies in the markets we want.

A good way to check how the Naga platform works and how we can trade with it is to open a Demo account, for which we will simply have to register our basic data and start trading.

Copy trading with Cybo

Cybo is a Naga Trader program that allows traders to choose the best strategies for coping with the best analysis tools that this financial “robot” can give us.

How it works depends on a large number of variables such as indicators, volatility , news, trends, etc., and through a very complex multivariate analysis, it presents you with the best strategies that can be adapted to your system.

With Cybo you can choose between different traders and risk what you want in each trade so that you can even “copy” individual trades from certain traders.

The copy system is designed for those people who do not have much time in the markets and want to earn some money by following the strategies that interest them most.

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For example, suppose we have a trader that we like and who usually buys positions for $ 1,000.

We can make a follow-up order of it in which we only buy 10% of what that trader buys, that is, 100 dollars.

If we have a $ 500 account, we can follow a copy strategy of 5 different traders with which we would be limiting the risk.

Naga Trader Bonus

In addition to copying, we can benefit from just the opposite: being copied.

The compensation system is simple: for each operation that they copy us, they will pay us based on its volume.

The bonus for “copy” will depend on the number of copiers and the volume that they have put into the operation.

At the moment the payment by volume would be between 10 and 50 USD for each million dollars traded.

The volume will depend on the assets traded, which can be: Forex and CFDs of stocks, ETFs, indices, futures, or raw materials.

To guide us a little, Naga Trader would come to pay us an amount of 0.1 pips in each operation that we copy from Forex.

That is, if we buy EUR USD and sell it with 10 pips of profit, we will have our profit for the operation carried out plus 0.1 pips of the amount of volume that was copied in that operation.

If they copy us, for example, 100,000 units (1 lot), we would be taking 0.1 pips when we buy and another 0.1 when we sell. In total: 2 USD approximately.

Open account with Naga Trader

The account opening is quite simple but they usually ask you for extra documents when verifying it.

In addition to the copy of identification with passport or DNI, they ask for proof of residence and you also have to send a copy of your bank card in front and behind but they themselves indicate that you must cross out the card’s security numbers both in front as from behind.

Regarding the amount to deposit, it can be from 1 to 10,000 euros for payments by electronic systems.

For payments by bank transfer there is no limit.

The deposit methods are: transfer card, Sofort (Germany only), Giropay (Germany only), Neteller and Skrill.

Risk warning

Naga Trader Markets

As we have seen, this is an eminently CFD and Forex broker that offers a large number and variety of products ranging from cryptocurrencies to equity CFDs.

NagaTrader offers appropriate commission-free trading conditions on Forex, with spreads ranging from 1 pip to 2.5 on major pairs such as EURUSD, USDJPY, GBPUSD or AUDUSD.

Let’s see some of the typical spreads that we can find:

Typical spread
EURUSD1.9
USDJPY1.3
GBPUSD2.3
AUDUSD1.3
Gold0.35
Petroleum3.2
DAX 301.8
IBEX 354
SP5000.6
CFDs stocks0.1 to 0.2%

In the case of CFDs of shares we will have to pay a commission of 0.10% extra.

Naga Trader reviews

Well, to start we should see the note that this broker has on Google Play , which is 4.2 out of 5 possible points with more than 2,310 votes, which is not bad because it is equivalent to 8.4 out of 10. It is Say, a remarkable almost outstanding.

On Apple’s iTunes it has a rating of 4.2 with 37 reviews.

Being a fairly new broker in the markets, he does not have many opinions in the forums and trading communities.

In fact, in the Hispanic forums of the sector, with rankia , almost the only thing that we can find is a somewhat strange matter that happened with the IPO of Naga’s shares in Germany, with which many Spanish investors were harmed by problems in the delivery date of the shares.

However, this case is not related to the trading or investment service with Naga, but has to do with other brokers and the placement of the group’s shares.

That is, from what we see we can not find complaints that Naga Trader is a bad broker and this means that it is probably a decent broker.

Naga Trader review

This is, without a doubt, an interesting broker that can give us a good experience to learn trading.

Regarding services, we can see that it is a broker with a very similar profile to eToro with a fairly large market offer ranging from cryptocurrencies to stocks, through Forex or futures, all of them in CFD mode, however.

In particular, the stock market is one of the most interesting that NagaTrader presents to us, since it allows us to trade in the main stocks in the world with optimal conditions since we apply similar spreads to the market and splendid flexibility to buy those CFDs of shares, being able to open positions of up to one share in any of them. In addition, 0.10% commission is not too bad, being quite acceptable considering the flexibility advantages that this broker gives us.

As for other products, we have adequate spreads that are in cases higher than those of the main ECN brokers in the Forex market, but on the other hand, cryptocurrency spreads are better than the sector average.

For the rest, it doesn’t appear to be a broker focused on giving easy money promises through bonuses and the like, although it does offer certain advantages to traders.

At the moment it is not a broker affected by bad opinions.

We will see how it evolves in the future.

For more information visit the website .

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