NagaMarkets is a CFDs on Forex and Cryptocurrencies broker. It is licensed by the Cyprus Securities and Exchange Commission, CySEC, under CIF License Number 204/13. It is owned and operated by NAGA Markets Ltd which are located at Spyrou Kyprianou 27, Mesa Geitonia, 4003, Limassol, Cyprus. It is important to note that because of the recent Dodd-Frank Act passed by the US Congress, the CFTC (Commodity Futures Trading Commission) does not allow NagaMarkets any longer to accept US customers. This new broker seems promising since South African traders can trade more than 700 assets through the Naga Trader trading platform. Keep reading our full review below to find out all about this broker and whether or not it is to be trusted.
6 account types are available to choose from based on your skills, experience and personal preference. A free demo account is also available in order to help you get familiar with the trading platform or to test your trading strategies in case you wish to do so before switching to a live account and start risking your own funds.
- €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
- €1000 min deposit
- Technical analysis reports
- 50 NGCs Rewards
- €29.99 for NAGA Card/IBAN
- €5000 min deposit
- 225 NGCs Rewards
- €19.99 for NAGA Card/IBAN
- €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
- €50000 min deposit
- 1500 NGCs Rewards
- Free NAGA Card/IBAN
- Lower spreads on major symbols
- €100000 min deposit
- 5000 NGCs Rewards
- Raw spreads on major symbols
Tip: Trade with IQ Option instead, the best regulated broker for South African traders with a minimum deposit of only $10!
NAGA trader is the proprietary trading platform offered by NagaMarkets. Those who prefer downloading the software can do so since there are both desktop and mobile versions available. On the other hand, those who prefer trading on the go can do so by downloading the free app through the App Store or Google Play. Traders can choose between more than 700 assets to like CFDs on stocks, cryptocurrencies, Forex, and commodities.
What is more, South African traders can even auto copy other traders by following the best-performing ones, checking their stats as well as look into their profitable trades. CYBO, a personal investment advisor, can be set up in order to eliminate emotional trading and the human factor as well. Lastly, it can locate the best opportunities and create a personalized investment strategy too.
South African traders might find the education center really helpful since they can educate themselves and thus, improve their knowledge and skills before they start risking their funds. As already explained, traders, especially novices, can and should use the free demo account provided in order to familiarize themselves with the trading platform and also test what they learn through the education center before switching into a live trading account.
NagaMarkets’ support team can be reached via phone, email and through the online form available. Traders who prefer speaking directly to an agent can do so depending on their country of residence as there are several numbers available including Global support, Poland, Spain, Cyprus and many more. On the other hand, traders who prefer sending an email can so do here: [email protected]. A live chat would be a nice feature to have, especially when there is an urgency to solve an issue regarding trading account or simply when you wish to ask a question and do not want to wait for an email reply.
Most major credit and debit cards like Visa, MasterCard, and Maestro are accepted by NagaMarkets. Several e-payments like Skrill, Giro, and Neteller are offered too. Bank wire transfers are welcome too even if they take a bit longer to clear. Before requesting a withdrawal it is important to note that traders will need to send valid copies of their ID or passport along with a recent utility bill like water or electricity bill. This is normal for most brokers for identification purposes. Withdrawals are pretty fast for credit cards but please note that when using a bank transfer it can take up to 6 working days.
NagaMarkets might seem like a promising new broker. However, the lousy support team and the fact that it is quite hard to browse through their website makes it not that great of a broker. South African traders looking to have the best trading experience possible should avoid making a deposit with NagaMarkets but choose a different broker instead.
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