Is NAGA a Scam? The Facts You Need to Know

The dealer has been in operation since 2015. The intermediary promotes its services through multiple versions of its trading platform, including a browser-based option and a mobile application. Several additional features are available. However, the level of trust toward the company remains mediocre, with customer reviews ranging from neutral to negative. This analysis aims to determine whether naga.com is fraudulent.

Company Highlights

Key NAGA Trading Features

The NAGA platform allows clients to use various account types with specified spreads and elevated leverage. Account options include Iron, Bronze, Silver, Gold, Diamond, and Crystal. The broker appears to encourage higher deposits by offering better trading conditions as deposit amounts increase. This section will examine both the operational parameters and the drawbacks of partnering with this intermediary.

The minimum deposit requirement is $10, regardless of the payment method. However, the recommended deposit is $250 (or equivalent). The maximum deposit reaches up to $90,000. Currently, the company offers discounts on the initial deposit.

Leverage goes up to 1:1000, a feature the company presents as an advantage. However, such high leverage significantly increases the risk of balance loss within a single trading session. Additionally, there is no negative balance protection. Spreads begin at 1.1 pips, while premium accounts offer spreads starting from 0.5 pips.

The broker promotes a feature called the PI Dashboard. Social trading and copy trading systems are available, including a leaderboard of top traders. Various instruments and additional services are offered, which will be discussed in a later section.

It must be noted that the partnership involves substantial risks. The most critical red flag is the level of leverage offered, which exceeds limits set by European and offshore regulators. Another concern is ‌promotional discounts on deposits — an approach commonly used by scam brokers to attract novice investors.

Overview of Available Trading Instruments

NAGA offers clients access to a broad range of instruments, including currency pairs, cryptocurrencies, indices, stocks, futures, ETFs, and CFDs. According to marketing claims, the total number of assets exceeds 4,000. Some instruments are only available upon increasing the initial deposit.

The prominence of CFD trading cannot be overlooked. Furthermore, there are regional restrictions; the broker’s services are unavailable in most European and American jurisdictions. The primary issue with CFDs is the inherent conflict of interest and the high likelihood of financial losses.

Naga.com Trading Platform Analysis

The dealer facilitates trading through various software solutions, including licensed MetaTrader 4 and 5 platforms, as well as a proprietary mobile-optimized application.

The company supports its own Android-compatible application and also offers a mini-application accessible via Telegram. The terminal’s interface is standard but is frequently used for market manipulation. Company representatives may influence asset quotes, spread levels, and trade execution speed.

Having access to MetaTrader 4 and 5 is not inherently an advantage. Even licensed platforms can be used for manipulative practices. Consequently, traders may often face liquidity issues when working with such a broker.

Additional Services

The dealer offers a variety of services, including educational content and client support. This section will briefly review these features.

The broker provides special privileges for beginners, such as a reduced initial deposit offer. The “Resources” section on the website features educational materials including webinars, eBooks, and a glossary. A FAQ section outlines the core conditions of the partnership.

The dealer also maintains a news and forecasting section. In the “Tools” tab, users can find an economic calendar, a calculator, an IPO calendar, and a currency converter. There is a referral program boasting a 65% conversion rate. Monthly payouts increase with the number of invited users, although further details on the referral scheme are lacking.

Fee Structure. Are You Paying More Than You Should?

NAGA imposes both withdrawal and transactional fees. For instance, cryptocurrency withdrawals are charged at 0.00012 BTC, among other token-specific fees. In general, withdrawal fees range between $0 and $5.

CFD transaction fees are €2.5. Stock trading incurs a €3 charge per trade. Copy trading is also subject to a €1 fee per transaction.

Legitimacy of NAGA

NAGA is regulated by offshore supervisory bodies, including CySEC (Cyprus) and the FSA (Seychelles). The company maintains official addresses at Agias Zonis 11, Limassol, 3027, Cyprus, and Suite 3, Jivan’s Complex, Global Village, Mont Fleuri, Mahe, Seychelles. These details have been verified through official registries. There is also a legal entity NAGA GLOBAL LLC, located in St. Vincent and the Grenadines, which apparently allows the firm to offer high-margin trading with leverage up to 1:1000.

Nevertheless, there are several red flags. The high leverage and the questionable reputation of offshore regulators cannot be ignored. Tier-3 regulators are often associated with fraudulent brokers due to lax oversight and a lack of mandatory audits. This renders cooperation with NAGA potentially unsafe. Clients should be prepared for possible issues regarding fund withdrawals, refund processes, and data privacy.

The Broker’s Past and Present

NAGA has been operating since 2015, as indicated on its homepage. A WHOIS domain check partially confirms this. However, the duration of the operation in this context is not a positive attribute.

Despite years of activity, the broker has garnered very few reviews, while the existing ones are predominantly negative. These reviews often highlight issues such as the use of excessive leverage and the disadvantages of CFD trading.

Conclusion

We do not recommend investing in NAGA. Despite being regulated by the FSA and CySEC, the brand presents unprofitable partnership conditions. Trust in the company is minimal, and the trading terminal’s optimization is subpar.

Weighing the Pros and Cons

Common Questions