NAGA Portugal Review 2024 - TU expert opinion
Is the Forex market legit in Portugal?
Forex trading is legal in Portugal. Both residents and non-residents of the country can trade there. A legal broker in Portugal must hold the local license. The CMVM, the financial regulator of Portugal, supervises the operation of brokers.
In addition, you need to keep in mind that Portugal is a member of the European Union and therefore the country complies with the MIFID. Traders can use Portuguese companies, but also brokers that hold licenses of other European Union countries.
How to Trade Forex in Portugal
In order to trade in the Forex market in Portugal, traders need to choose a broker and register. Verification is mandatory in Portugal. You need to provide proof of identity and proof of address. Also your source of income that you use to fund your account may be required.
Our Evaluation of NAGA
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
NAGA is a moderate-risk broker with the TU Overall Score of 5.84 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by NAGA clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
NAGA is a regulated international broker whose terms and conditions are perfect for professional traders and experienced investors with a focus on stocks.
Detailed Review of NAGA in Portugal
NAGA is a good choice for traders from Portugal. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
NAGA focuses on cooperating with EU traders. The broker seeks to become the most trusted, secure, and advanced social investment network. NAGA has developed its proprietary digital asset exchange NAGAX such that it supports over 10 million transactions per second. The company also offers NAGA Protector, a tool to limit trading losses.
A few figures that could be interesting for traders choosing a broker:
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Over 500,000 opened trading accounts.
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Access to 1000 trading instruments from a single account.
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More than 5 years on the international market.
Advantages of NAGA for trading in Portugal
Traders Union analysts conducted a detailed analysis of NAGA for traders from Portugal. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Access to over 1000 trading instruments.
A proprietary social trading platform for copying transactions of successful traders.
Provides free analytics, training materials, and trading signals.
A wide variety of trading accounts for traders of any background and competence level.
Free account replenishment.
There are no commissions per lot and it is possible to open a swap-free Forex Islamic account without charging swaps.
Analysis of the Main Features of NAGA in Portugal
Traders Union analysts analyzed the key features of NAGA for traders from Portugal. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for NAGA traders from Portugal
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of NAGA trading conditions for traders from Portugal. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
МТ4, МТ5, NAGA Web App, NAGA iOS App, NAGA Android App
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---|---|
📊 Accounts: |
Demo, Iron Trader, Bronze Trader, Silver Trader, Gold Trader, Diamond Trader, Crystal Trader
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💰 Account currency: |
USD, EUR, GBP, PLN
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💵 Replenishment / Withdrawal: |
Replenishment: Visa, Mastercard, Bank transfer, Neteller, Skrill etc.
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🚀 Minimum deposit: |
$250
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⚖️ Leverage: |
up to 1:30
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01
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💱 Spread: |
From 0.7 pips (EUR/USD)
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🔧 Instruments: |
CFDs on Forex, Stocks, Futures, Indices, Cryptocurrencies, Commodities, ETFs and real stocks
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💹 Margin Call / Stop Out: |
100% / 50%
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🏛 Liquidity provider: |
Not indicated
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market Execution
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⭐ Trading features: |
Wide range of trading accounts, no commission per lot for currency pairs
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🎁 Contests and bonuses: |
No available
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NAGA Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by NAGA for traders from Portugal. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
To identify explicit or hidden commissions by NAGA, the Traders Union experts studied the trading conditions offered by the broker. The company charges clients with a trading fee in the form of a floating spread. There is no commission per lot for all types of accounts. The broker also charges a non-trading withdrawal commission of $0-5 per transaction. The commissions of payment systems (i.e., Visa, wire transfers, etc.) for funds withdrawal on the broker's website are not indicated.
Account type | Spread (minimum value) | Withdrawal commission |
Iron Trader | from $25 | Yes |
Bronze Trader | from $23 | Yes |
Silver Trader | from $19 | Yes |
Gold Trader | from $17 | Yes |
Diamond Trader | from $9 | Yes |
Crystal Trader | from $7 | Yes |
There is a swap (commission for shifting transactions to the next day). We also compared the average trading fees charged by industry leaders and NAGA. As a result, each of them was assigned a level from low to high:
FAQs
Is NAGA legal in Portugal?
Yes. NAGA operates legally in Portugal. The broker holds the necessary licenses.
Can you learn trading with NAGA? Does the broker offer courses for traders from Portugal?
Yes, NAGA offers good trading courses and a lot of educational information for clients from Portugal.
Can NAGA be trusted? Has the broker been operating in Portugal long?
NAGA has been operating in Portugal quite long and has a good reputation. Therefore, traders can work with NAGA.
Is NAGA suitable for novice traders from Portugal?
Yes. NAGA offers optimal trading conditions and good education for beginners from Portugal.
How efficient is NAGA customer support in Portugal?
NAGA offers a sufficient number of ways to contact customer support in Portugal, and also provides support in the state language.
Has NAGA had any incidents involving theft of funds of clients from Portugal?
No. NAGA provides reliable security of funds of clients from Portugal.
Will I be able to file a lawsuit in Portugal if NAGA violates my rights?
Yes. If NAGA violates your rights, you can file a complaint with the regulator of Portugal, and then with a court.
Can NAGA clients from Portugal use the broker’s mobile app?
Yes. The mobile app of NAGA is available for the clients from Portugal.
Does NAGA provide Portugal market analysis?
Analysis of Portugal is featured in the information provided by NAGA.
How can I withdraw funds from my account at NAGA in Portugal?
NAGA supports bank transfers and debit/credit cards of the banks operating in Portugal.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.