Naga Trader (Nagamarkets) review and opinion

NagaTrader or Nagamarkets?

Some time ago I opened an account in this NagaTrader broker.

I do not know where or how I found it.

I only know that I found it curious and attractive because it offered trading CFDs of shares with seemingly good conditions.

For example, I saw that Apple quoted practically the same as in the real market, like:

220.14 and 220.19, (bid-ask) with just 5 cents difference in price, giving a very attractive spread to operate with these instruments, in a flexible way and with an acceptable leverage.

Well, I decided to open a small account to try to see how the thing worked.

At first glance I had the NagaTrader account, and sincerely I do not even remember if I opened it through its nagatrade website or nagamarkets.com.

Yes, as we see this broker has a couple of websites with what would seem different products.

If you get into the nagatrader website you will see that they offer you trading in more than 700 CFD products, but they do not tell you anything about platforms.

From what you see on the screen, you have a kind of web platform, which is what you use for your trading service.

This is the platform that I took when I started.

At first all right, I could see that there were a number of acceptable actions and I started to operate some of the ones I liked the most: Apple, Ocado, Petrobras, Twitter, Telefonica, BHP Billiton, and etcetera.

There were also indexes, Forex and cryptocurrencies, but I decided that this account would be for stock CFDs.

Everything was fine, but one day I realized that some of my stop loss orders jumped without the price having come anywhere near.

I had to contact their customer service and they told me that they had been artificial prices: errors of their suppliers and such.

I told them that if they were rectified and they did it, at least with a couple of operations. Another took a lot longer and I had to complain more times.

As I saw that this issue of artificial “spikes” in the stock price was often given I decided to stop operating, because in those conditions one cannot negotiate, it is clear.

Platforms of Nagamarkets

I was going to close the account, but almost by chance I saw that they had another website, nagamarkets.com where they also had the metatrader 4 platform.

I saw that the company was the same and that it offered the same instruments.

The rest of services would be the same:

  • Naga Academy, the typical training section of almost all brokers
  • Negative balance protection
  • Social trading network
  • Regulated Broker (by CYSEC)
  • 24/5 Customer Service

Here I was a bit confused because I also knew that Nagamarkets was a product of Naga Group, a  Fintech German company  with a cryptocurrency of its own, which by the way, on the first trading day in Bittrex seems to have multiplied by 10 and then dramatically dropped that same day.

Then, said cryptocurrency, Naga / Bitcoin has continued to fall further, following the crypto market tone.

Although this cryptocurrency theme I do not like much, and would only touch to speculate in a wild way.

Anyway.

I realized that Naga Group was the German parent company but that Nagamarkets was a subsidiary that operated from Cyprus, I guess because of the ease of offering brokerage services from that jurisdiction given the infrastructure and so on.

Nagamarkets commissions

Spread Commission
IBEX 35 4.4 No
DAX 30 1.8 No
SP500 0.6 No
Gold 3.8 No
Oil 3.2 No
Stocks Europe Market 0.10%
Stocks USA Market 0.10%
EURUSD 1.9 No
USDJPY 1.5 No

Returning to the topic of the platform, I verified that I could pass my NagaTrader account to Naga Metatrader 4, and in addition, I could verify that my trades of CFDs of shares could be made from the Nagamarkets platform in a perfect way, in fact much better than with NagaTrader.

That’s why I decided to continue using NagaTrader but from the Metatrader 4 platform, with which it seems that there is no problem with prices in the NagaTrader.

I do not know what happened to the previous problems.

It is likely that they have been resolved completely, but I do not know for sure because I have continued to operate with the Naga Metatrader 4.

In most CFD products there are no commissions.

There will only be them in stock CFDs.

Opinion on Nagamarkets

As we can see, the spreads and commissions are normal, without being the cheapest or most expensive in the market.

The good thing that they have, however, is the possibility of operating all these instruments from the Metatrader 4, with which you can negotiate CFDs of gold and Apple, the latter, with conditions similar to those of the real stock market, which it’s not bad at all.

Another thing that I like a lot is the maximum flexibility they give you, because you can buy from one stock.

For example, I have been negotiating Caixabank and Telefonica buying individual shares, and since these are two shares of such a small nominal value, of approximately 4 and 7 euros, you can buy 20, 40, 100, depending on the size of your position, with which we can make trading with a very good money management, since you are paying a spread practically market and at the same time a very small commission, which is only 0.10% and does not have that minimum of 5 or 10 euros that in other brokers tear you apart and “do not let you” trade unless you do it with orders of 2 or 3 thousand euros up.

Perfect for small traders and to play with new strategies.

Copy trading with NagaMarkets

This function is supposed to allow you to operate by copying the most successful traders on the platform.

This functionality of copy trading I think is more linked to the platform of NagaTrader, because with MetaTrader 4 I do not see that we can access to find traders to copy.

In this platform, which you can still use and visit despite having the account with MetaTrader you can see the traders with more people copying, in the “leaderboard” section.

With the Auto Copy function we can copy the traders that we like the most, assigning a quantity to each one.

Apparently you can open an account as Influencer in which you can generate up to $ 25 per referred trader, but for this you will have to deposit $ 10,000 or more.

This is a topic that I have not looked at very much but if you want to look more you would do well to read the whole topic about it and how you can use it of social trading in a specific way.

As always with these services, I recommend prudence, because in the end the leading traders tend to be short-term and many investors tend to copy those who do well in a few months, but the laws of the market always tend to act against those, putting negative streaks to those who have had positive streaks and vice versa.

As we see, it is difficult to leave this perverse issue of incentives that also affects, of course, the world of investment funds and others. This is similar, but even worse, because we are talking about trading in the short-term.

Nothing more to say for now.

Another broker we have in the European CFD market, which seems to be pretty good.

Let’s see how it evolves in the future.

You can visit the Nagamarkets website here.

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