Comprehensive Review dedicated to traders from SA
NAGA Review South Africa
Accepts South African Clients
Who is NAGA?
NAGA is a popular broker with its own social trading network that allows to copy and follow other traders on the NAGA platform based on their past performance. The company is publicly listed on the Frankfurt Stock exchange (so you can even trade its stocks).
Main advantages of the broker
Cyprus Securities and Exchange Commission, based in Cyprus, license no 204/13.
Risk warning: Remember that forex and CFDs available at NAGA are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.
Available Deposit & Withdrawal Methods
NAGA supports the following deposits and withdrawal methods
Supported Platforms by NAGA
NAGA supports the following trading platforms
Trading platforms of the broker
NAGA is primarily known for its social trading platform that allows you to follow and copy other traders on the platform. Once you select a trader based on his performance, you can adjust the auto-copy ratio or set the specific investment amount any time in the Auto Copy section.
If you want to be notified about a price movement, you can set a price alert that will inform you in your web trader or in your email inbox.
In case you prefer to trade on your own, NAGA provides access to the world’s most popular forex trading platform MT4 and to its modern successor MT5. Both platforms support hedging and if you want to lead other traders (for good benefits) you can still do so here (NAGA users can still copy your trading activity)
NAGA allows to South African traders to trade with up to 1:1000 leverage.
Screenshot is taken from the official website of NAGA, used for illustrations
In total, there are over 450 trading instruments available at NAGA to traders from SA. These include:
- Forex – 48 forex pairs are available including SA’s most popular forex pairs EUR/ZAR, USD/ZAR and GBP/ZAR.
- Stocks (CFDs)– Facebook, Apple, Microsoft and other 400 stocks (CFDs) can be traded at NAGA. Most of the tradable stocks are from the USA and Europe.
- Indices – 14 indices, mostly baskets of European and American stocks.
- Commodities – Crude oil, copper, coffee and 6 other commodities
- Cryptocurrencies – 17 cryptocurrency pairs most of which are cryptocurrencies against the USD, but BTC, ETH and LTC can be also traded against EUR.
- ETFs – iShares, as well as other ETFs, are available at NAGA, in total there are now 17 tradable ETFs.
Did you know?
NAGA has applied for the South African financial license FSCA and is planning to establish a local presence in Cape Town sometime in 2021.
NAGA, despite being primarily a social trading network, charges competitive fees. When it comes to spreads, the average spread for the currency pair EUR/USD is only 1,2 pips (tho spreads are subject to changes depending on market conditions).
NAGA charges no deposit fees on payment methods that are available to SA traders. For VISA and bank withdrawals they charge 10 USD/EUR (minimum withdrawal amount is 50 USD/EUR).
Deposit options, Educational section
NAGA supports in SA deposits via VISA card, cryptocurrencies (BTC, ETH, BCH, NGC, LTC, Dash) and local bank transfers. NAGA has banking accounts in First National Bank, Ned Bank, ABSB Capitec Bank, Investec Bank, Standard Bank, TymeBank, African Bank, Old Mutual and Bidvest Bank.
Deposits via cryptocurrencies or local bank deposits are processed instantly, deposits via VISA card in about 10 minutes. The minimum NAGA deposit in SA is 250 USD.
NAGA has also a very sophisticated educational centre. Here, you can find each day news from the markets as well as timeless educational guides. The broker also holds online webinars in English and a couple of other languages which you can attend free of charge.
There are 3 webinars on average per week which are held by finance experts who explain various strategies, market analysis as well as helpful indicators and their appropriate settings.