Naga Broker Review For Kenya In 2024

NAGA Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	CySEC
💰 Minimum Deposit	$250
💳 Deposit Options	Debit Card, Credit Card, Bank Wire, Sofort, Neteller, Skrill, Giropay, EPS, P24, Trustly, and NAGA Card.
💳 Withdrawal Options	Debit Card, Credit Card, Bank Wire, Sofort, Neteller, Skrill, Giropay, EPS, P24, Trustly, and NAGA Card.
📌Open an account	Start Trading with Naga

About NAGA

NAGA is a reputable, trustworthy forex broker. It has a large social investing network with over 1,000,000 traders using its advanced copy trading tools. It offers low trading fees, real-time order execution, and 900+ trading instruments. It also offers great educational resources, free market analysis, and advanced trading technology.

Regulation And Safety

NAGA is licensed by the Cyprus Securities and Exchange Commission (CySEC). In order to maintain its licensed status, NAGA must ensure it adheres to all of CySEC’s regulatory requiremnts.

The Cyprus Securities and Exchange Commission (CySEC) is one of the most well-known regulatory authorities in the forex industry. They are a reputable financial institution and they impose strict regulatory restrictions on forex brokers. For example, they ensure that brokers offer negative balance protection for retail traders, and robust client fund protection measures for all traders. They also ensure that brokers have insurance coverage against negligence, and can offer a compensation scheme of up to €20,000 per account. Most importantly, they check that brokers meet their strict capital adequacy ratio requirement, to reduce the risk of company default.

Fund Safety

At NAGA, they take client fund safety very seriously. They have implemented a number of client fund security measures and protocols to ensure that your money is always safe and secure.

• Segregated Accounts: Firstly, all client funds are held in segregated accounts at top-tier banks. This means that your money is kept separate from the company’s own operating capital and cannot be used for any other purpose than to facilitate trades.
• Encryption: They use advanced encryption technology to protect all data transmitted between you and our servers as well as two-factor authentication (2FA) for added security when logging into your account or making withdrawals from it.
• Account Protection: Furthermore, they employ strict anti-money laundering procedures which include verifying customer identity documents before allowing them access to their accounts or processing withdrawal requests made by them.

NAGA: Legit Or Scam?

NAGA is a legit forex broker. They have been in the forex industry for several years and have a growing client base in Kenya. They are fully licensed, have good client fund safety policies, and offer reliable online trading services. In addition, they offer good trading accounts, have an impressive number of trading instruments, and provide good trading tools. And so, in our opinion, they are a legit company.

Trading Assets

NAGA offers trading on over 15,000 financial instruments. You can choose from including currency pairs, commodities, shares. indices, metals, energies, ETFs and cryptocurrencies.

Trading Instruments

• Forex: They have 40+ forex instruments including major, minor, and exotic currency pairs.
• Metals: They have spot trading on gold and silver. They also have future trading on copper.
• Commodities: They have trading on commodities such as Coffee, Corn, Soybean, and Wheat.
• Indices: They have cash CFD and futures trading on many global indices.
• Energies: They have spot trading on Brent and WTI. They also have future trading on gas.
• ETFs: They have 17 assets based on exchange-traded funds.
• Crypto: MAGA has Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Monero, Ripple, and more.

NAGA Account Types

NAGA does not offer different account types. Instead, it offers trader levels. Your trader level determines what trading conditions you get and what support you receive.

Trader Levels

NAGA offers several different trader levels. Each level comes with slightly different trading conditions, trading support, and general account benefits. Each level also has its own entry requirements. This means that in order to access the next level, you need to meet the minimum deposit requirements. The levels are Iron Trader, Bronze Trader, Silver Trader, Gold Trader, and Platinum Trader.

In our opinion the best level for new forex traders in Kenya is the Iron Trader. This is their entry level status for new forex traders in Kenya. It comes with many helpful trading tools and educational resources including market research, free webinars, and forex eBooks. It also comes with their standard spreads (e.g. EURUSD 1.7) and standard leverage. The great thing about this trader level is that their are no commission fees. This will enable you to keep your trading costs low. The NAGA minimum deposit for Iron Traders is $250 and the withdrawal fee is $5.

Demo Accounts

You also have the option of opening a demo account. To try trading on the NAGA demo account, you need to register with the company, and then they will give you access by default. Using a demo account can be a great way to learn about the financial markets and gain more experience in forex trading. It can also be a great way to test new strategies and try out the NAGA trading platforms. The account comes with $10,000 in virtual credit so you can learn to trade in a risk-free environment.

Spreads

NAGA has good spreads. Their spreads are variable and change depending on market conditions. In our opinion, their spreads are quite competitive, and in line with what you would expect from other forex brokers in Kenya. The spread available also change depending on your account type/ trading level. For example, bronze traders get spread from 1.7 pips and silver traders get spreads from 1.2 pips.

Leverage

The platform also offers leverage up to 1:30 on forex pairs, which allows you to increase your potential profits by taking larger positions than what your account balance would normally allow for without having additional funds deposited into it first.

NAGA Registration – How To Open A Trading Account

As part of our NAGA broker review, we had a look at their online registration process. If you live in Kenya, then you are allowed to open a NAGA trading account. Signing up for an account is quick and easy. To get started, you need to go to the website, complete the online registration form, and choose your account login details. This is so that they can start creating your account. Then, you need to take a quick test to demonstrate your knowledge of the financial markets. This is so that they can check you know enough about the forex market to trade safely. Lastly, you need to complete the account verification process, submit copies of the requested documents, and fund your account.

NAGA Registration – How To Verify A Trading Account

As part of our NAGA broker review, we also had a look at their account verification process. To verify your account, you’ll need to show NAGA a proof of ID and a proof of address. This is so that they can carry out their regulatory checks. Their account verification process is quick and simple. You can send them copies of your National ID card, Passport or Driving License. You can also send them copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can get ready to start trading forex!

NAGA Payment Methods

As part of our NAGA forex broker review, we have checked to see what payment methods they accept. NAGA has a simple online registration process, as well as reasonably low minimum deposits, and a good selection of deposit methods. As such, it is fairly easy to set up and fund your trading account. They also have a fairly quick withdrawal process, as well as low withdrawal fees, and a nice range of withdrawal options. As such, it is also fairly easy to close your account and withdraw money.

Minimum Deposits

The NAGA minimum deposit is $250. This gives you access to the Iron Trader level.

Deposit Methods

NAGA offers a wide range of deposit methods including debit card, credit card, and bank wire transfer. If needed, they also offer other funding methods including Sofort, Neteller, Skrill, Giropay, EPS, P24, Trustly, and. SPEI transfer. It also offers its own NAGA Card. The deposit times and deposit fees vary depending on which payment method you choose. For example, deposits made via e-wallets are generally cheaper and faster than deposits made via bank transfer.

Withdrawal Methods

NAGA offers a wide range of withdrawal methods including debit card, credit card, and bank wire transfer. If needed, they also offer other withdrawal options including Sofort, Neteller, Skrill, Giropay, EPS, P24, Trustly, and. SPEI transfer. The withdrawal times and withdrawal fees vary depending on which payment method you choose. For example, withdrawals done via e-wallets are generally cheaper and faster than withdrawals done via bank transfer.

Trading Platforms

NAGA has the MT4 and MT5 trading platforms. It also has its own proprietary trading app.

 MetaTrader4 (MT4) is one of the most well-known platforms. It is very popular among new and intermediate forex traders. This is because it has a simple design and many built-in online trading tools. You can use it to trade a wide range of CFD trading instruments including forex, crypto and stocks. The Naga MT4 platform also has charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects.

MetaTrader5 (MT5) is one of the most widely used platforms. It is very popular among experienced and professional forex traders. This is because of its comprehensive trading tools and easy integration with Expert Advisors (EAs). The platform has many advanced features and these features enable traders to easily automate their strategies, or even copy other people’s traders automatically! As such, MT5 is a great platform for implementing more complex and tech-dependent strategies.

Trading Tools

NAGA offers a wide range of trading tools. There are many great trading tools for beginners including trading signals, price alerts, and risk management tools. As a social investing network, they also have advanced copy trading tools.

• Economic Calendars: NAGA offers a free economic calendar. This tool is designed to help you keep on top of market news. It covers all the important global economic data releases. It also provides detailed explanations and forecasts for each new release too.
• Trading Calculators: NAGA has a small range of trading calculators. You can use them to plan your strategies, manage your risk, and make better traders. They offer a pip calculator, a Fibonacci calculator, a currency calculator and a pivot calculator.
• Trading Signals: NAGA offers free signals. This tool is designed for experienced forex traders who want to earn money by providing trading signals for other traders. For example, you can earn $0.1 when another trader copies your signal.

Education

NAGA is a good forex broker for those looking to learn more about trading. The company offers a range of educational resources that can help traders become better informed and improve their trading skills.
For example, the NAGA Academy provides comprehensive courses on all aspects of forex trading, from beginner to advanced levels, as well as tutorials and webinars with experienced traders who share their knowledge and strategies. Additionally, the company provides educational articles and trading eBooks.

Extra Trading Services

NAGA also offers its own cryptocurrency exchange.

NAGA Customer Support

NAGA is a reliable forex broker that offers excellent customer support. The company provides 24/5 customer service via email, phone and live chat. NAGA also has an extensive FAQ section on its website to help customers with any questions or concerns they may have about trading with the company.

The team at NAGA is highly knowledgeable and experienced in all aspects of forex trading, so customers can be sure that their queries will be answered quickly and accurately. In addition, the staff are always available to provide assistance when needed – whether it’s helping new traders get started or providing advice on how to make more informed decisions when investing in foreign currencies.

Our Verdict

NAGA is an online broker offering access to the global foreign exchange market. It provides traders with a wide range of trading tools, including advanced charting and analysis capabilities, automated trading systems, and more. With its competitive spreads and low commissions on trades, NAGA has become one of the most popular brokers for forex traders around the world.

NAGA Forex Broker Review FAQ

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