Friday, April 19, 2024

NAGA Review – Is the Investment Application Worth the Hype?

We are gradually getting close to the point when saying things like “I’ve never heard of crypto” or “I don’t understand the stock market” seems unbelievable. 

However, this does not necessarily imply that the lack of relevant knowledge in the space is an indication that you are doing something wrong. Either way, personal preference really counts,  just as with choosing the right trading platforms and instruments as a trader.

Today, there are tons of exchange markets, brokers, and Investing applications to choose from, such that one may be overwhelmed with the numerous options and their enticing unique benefits. 

One of the prominent investing applications to have gained the attention of many trading enthusiasts in recent years is NAGA, which will also be the focus of this particular review article. So without further ado, let’s go into details.

What is NAGA?

Founded by Yasin Qureshi in 2015 and headquartered in Hamburg, Germany, NAGA is dubbed a “super investing app,” and essentially offers investment and trading services across cryptocurrency, stocks, Forex indices, and ETFs.

On a first visit to the official website, NAGA comes off as a trading market for social networks, and truthfully so, that’s just one of the many perks of the leading multi-asset neo-broker.

Aside from being a tool for anyone looking to invest in social networks’ stocks including Facebook, Snapchat, etc., NAGA primarily combines retail investing across the stock and crypto markets and payments. 

On its website, ‘Investment,’ and ‘Payments’ are categorized as the core pillars of NAGA, two of which completely summarize the entire activities that traders can explore and engage in while using the platform.

Furthermore, NAGA is built on MetaTrader 4&5 terminals both of which enable automated trading and multi-asset management on the platform. As a result, traders are able to effectively manage risks by using stop loss and profit-taking tools while managing multiple assets across the crypto and traditional market. 

NAGA Product Offerings

Notably, the platform is best known for three major products: first, NAGA Social Neo-Broker or NAGA Trade, consisting of the platform’s main revenue driver and principal acquisition tools.

Some of these tools include over 1000 tradable assets, fully licensed market maker, stock brokerage, forex scalping, hedging, and proprietary copy trading tool also known as NAGA Autocopy among others. 

The second main feature on NAGA Market is NAGA Autocopy which is a copy trading feature that allows traders, particularly newbies, to copy trade signals from other professional traders. 

Think of this feature as when you were still little and had to copy your friend’s homework or vice versa. Both parties involved simply get the same result whether positive or negative. 

NAGA Money Management otherwise described as NAGA Pay is the third major product on the platform, and it is responsible for facilitating crypto and fiat payments to and from any destination around the world. 

With NAGA Pay, users can have access to a proprietary mobile payment app with integration into NAGA brokerage, NAGA social trading, and NAGA Crypto Wallet and Exchange.

Currently, the NAGA Money Management offers support for all IBAN and VISA debit cards issued within the United Kingdom and the European Economic Area (EEA).

More about NAGA Social Neo-Broker (NAGA Trade)

NAGA Social Neo-Broker incorporates the regular stock market into the platform. This feature, in particular, gives traders access to a wide range of investment alternatives, including Forex, Indices, Futures, ETFs, Stock CFDs, Commodities, and cryptocurrencies. 

With this feature, traders can also enjoy advanced crypto trading options. Specifically, traders can buy and sell crypto CFDs using NAGA’s advanced crypto trading option. In addition, traders can benefit from the platform’s margin offering and trade crypto with leverage.

More about NAGA Pay

NAGA Pay is essentially a hybrid payment solution with integration across all the core pillars of NAGA including the platform’s dedicated crypto exchange market and Social Neo-Broker.

With NAGA Pay, traders can manage their finance on the NAGA platform as well as its entire financial instruments. While this feature also functions as a mobile payment application, users facilitate payment across over 40 countries where the NAGA is acceptable.

More about NAGA Copy Trading: 

NAGA Copy Trading is a dedicated revenue-generating feature on the NAGA Platform, offering a wide range of opportunities for entry-level and professional traders to maximize their revenues. Notably, a professional trader has the option to register as what the platform describes as ‘NAGA Pro.’ 

A NAGA Pro essentially gets interested traders (mostly newbies with little or no trading experience) to follow and copy their trading signals. Once they do, a NAGA Pro can get an instant payout of up to €100,000 monthly as well as get copy bonuses after referring new users to the platform. 

Newbies or entry-level traders, on the other hand, do not necessarily have to wait until they become very good before they can enjoy the benefits of trading on NAGA. In their case, newbies can check the platform’s dedicated leaderboard to check for top traders with high accuracy ratings and copy their trade. 

However, this feature doesn’t necessarily guarantee a positive outcome as past performance is not always an indication of future results. Regardless, leveraging the copy trading feature as a newbie is a far better option than ‘try and error.” 

More about NAGA Free Education:

It will be a fallacy to think that trading on NAGA  (i.e NAGA Market) or any other marketplace for that matter, is a walk in the park. While there are several easy-to-navigate features to explore on the NAGA platform, there are others that may be very complicated to use especially for newbies.

For the above reason, NAGA made provision for tools and free educational material that are dedicated to making trading on the platform less challenging. Some of the tools that can be of great help to users on the platform include Trading Calculator, Economic calculator, and Earning Calendar.

These tools are provided in addition to several learning materials, including a series of webinars organized by the NAGA team weekly and web tutorials, educational ebooks, and blogs. Similarly, there is a dedicated NAGA Academy portal where learners can watch and learn from the over 60 educational video catalogues.

NAGA Fee Structure

One of the most important factors to consider as a trader when selecting an investment application is the fee structure, which is often a deciding factor in whether or not you will use it. 

NAGA, for one, adopted a hybrid fee structure, which means you can deal in both digital currency and fiat money, pay fees, send and receive payments in your chosen/preferred currency.

That said, NAGA charges $5 or its equivalent for a minimum withdrawal amount of $50 which when compared to some other platform is relatively higher. However, there are about 29 different applicable fees across three subscription categories – ‘Basic Monthly,’ ‘Premium Monthly,’ and ‘Premium Yearly.’ 

Out of these 29 applicable fees, 8 of them are completely free across the board while the prices for others vary based on subscription types. Notably, users will pay a flat fee of €0.99 per trade; €10.00 for the re-issuance of lost/stolen cards; €0.23 for SEPA direct debit, and direct debit set up respectively. 

There is also an €8.62 flat fee charged for failed direct debit, €23.00 for chargeback processing, and €23 for administration/payment operation support among others. 

Is NAGA Regulated? 

Trust is a priceless commodity among most investment platforms and exchanges, and it is a major determining factor for many traders when selecting a perfect investment platform in the already oversaturated market. NAGA, for one, is regulated by prominent authorities within the U.K. and the EEA. 

Specifically, NAGA Market Europe Limited is regulated and licensed by the Cyprus’ Securities and Exchange Commission (CySEC). In addition, clients’ funds are segregated from NAGA’s and are kept with major regulated EU banks.

Final Thoughts

NAGA investment application is built with a distinct focus on the auto copy trading feature which makes it ideal for beginners. However, that doesn’t mean the platform has everything relating to financial instruments figured out especially considering a lot of its products are still in the works. 

Claire James
Claire James
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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