Today, we are reviewing a CFD broker NagaMarkets and its social trading platform called NagaTrader.
NagaTrader is a social trading platform where investors and traders of all levels can trade CFDs on stocks, indices, forex, equities and cryptocurrencies. The NagaMarkets company is under CySEC supervision. The company has no minimum deposit and a free demo account can be opened at any time. Spreads are very good on cryptocurrencies, on other assets they are unfortunately a little bit less attractive.
|General Risk Warning: 74–89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.|
Detailed information about NagaMarkets
- Website address: https://nagamarkets.eu
- Leverage: up to 1:30
- Instruments: CFDs – Cryptocurrencies, forex, stocks, commodities, indices, ETFs
- Minimum deposit: $1
- Cryptocurrencies: BTC, Neo, ETH, Ripple, Bitcoin Cash, IOTA, DASH, Litecoin
- Demo account: Yes, free of charge
- Deposit and withdrawal methods: Credit/Debit card, Bank transfer, Skrill, Neteller
NagaTrader trading platform
The trading platform of the broker gives a modern and clean impression. I probably like the platform even more than the one that has NagaTrader’s biggest competitor – Etoro. The NagaTrader platform also has leaderboard where are featured broker’s most successful traders and investors. Unlike Etoro, this broker, however, does not have that many clients which makes the process of selecting good traders significantly harder. The main asset categories that you can trade with the broker were already mentioned, what I did not mention, was there is also gaming asset category. So, hear this e-sport fans, with NagaTrader you can actually invest in CS:GO skins like AK 47 Redline, AWP Fever Dream, et cetera.
To give you an idea of how tight NagaTrader spreads are, we picked from each asset category the most popular asset and made the following table.
|Future Index||DAX 30||$2,1|
Please note that this data was recorded on the 16th Friday 2018, 23:42 GMT+1. Spreads should be on a different day very close to these numbers, but they will certainly somewhat vary.
To sum up the NagaMarkets review
The company has a trading platform that not only looks great but works very well as well, the execution of trades is swift and navigation is fairly easy. What also plays in the favour of NagaMarkets is a minimum deposit which is not set, that means you can start trading with whatever amount you would like. Given the fact that most brokers that have a social trading platform have very high spreads, NagaMarkets is doing actually quite well. That said, they cannot match the offer that its biggest competitor eToro has. The best spreads are on cryptocurrencies, there is, however, quite a high swap rate (overnight fee) which means I would recommend the broker only to day traders. NagaMarkets is regulated by the CySEC and its reputation is more than decent so traders who want to give this company a shot can open a free demo and then perhaps move on to a real account with their desired investment.