Is NAGA Legal in Philippines? Is it Safe?
Reliability is the key criterion for choosing any broker. If you have doubts about the reliability of a company, it is not recommended to work with it. Traders from Philippines often ask “Is NAGA safe? Does the company operate legally in the territory of the country, can it be trusted?" Traders Union analysts have prepared a detailed analysis, where we will see whether NAGA is legal in Philippines and whether you can work with this broker.
Short summary about the broker NAGA
NAGA (‘NAGA’) is a trademark of The NAGA Group AG which was founded in 2015. Naga Group AG is a German FinTech company publicly listed on the Frankfurt Stock Exchange. The company implements modern technologies and innovative solutions in order to compete with traditional financial institutions represented by banks and brokers in the investment market. Over 1 million active traders and passive investors currently use NAGA's Group brokerage services.
| 💰 Account currency: | USD, EUR, GBP, PLN |
| 🚀 Minimum deposit: | $250 |
| ⚖️ Leverage: | up to 1:30 |
| 💱 Spread: | From 0.7 pips (EUR/USD) |
| 🔧 Instruments: | CFDs on Forex, Stocks, Futures, Indices, Cryptocurrencies, Commodities, ETFs and real stocks |
| 💹 Margin Call / Stop Out: | 100% / 50% |
Pros and cons of NAGA
👍 Advantages of trading with NAGA:
•Wide range of trading instruments.
•The opportunity to earn passive income using the social trading platform.
👎 Disadvantages of NAGA:
•High spreads on standard accounts.
•Lack of trading bonuses such as a Welcome bonus, account replenishment, etc.
•Limited choice of payment systems for replenishing the balance and the withdrawal of funds.
•The broker does not provide cent accounts.
What information should a broker disclose?
Only the broker that discloses all legal information can be considered reliable. You need to take notice of this factor when choosing the company.
The official website of the broker should contain the following information:
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The name of the legal entity.
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Country of registration.
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Number of the registration certificate.
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Legal address, factual addresses of the offices of the broker.
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License to conduct financial activity.
The information must be published either in a special section on the website of the broker or in the disclaimer. Make sure to check it.
The official website of the broker must also provide internal regulatory documents. Before you start working with a company, review Terms of Use, Privacy Policy, Disclaimer, Risks Notice, and other documents.
Broker regulation: CYSEC
The Cyprus Securities and Exchange Commission (CySec) is the financial regulator authority of Cyprus. The regulator has the power to audit companies and issue licenses to conduct financial activities in the territory of the country.
Cyprus is an EU member and therefore the CySec license also allows companies to operate in the entire territory of the EU. Furthermore, the document issued by the regulator is considered reliable beyond the borders of the EU countries.
Is NAGA legal in Philippines? Broker’s license
Security (Protection for Investors)
NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange. The NAGA Group AG is the holding company of various companies, such as NAGA GLOBAL LLC, NAGA MARKETS EUROPE LTD, NAGA Technology GmbH, NAGA Pay GmbH and has a close link with NAGAX Europe.
CySEC is a government regulator that monitors the activities of financial companies registered in Cyprus. Licensees must comply with the directives of the legislative and regulatory framework of the European Union, as well as guarantee customers the safety of their funds and personal data and maintain customers’ confidentiality.
👍 Advantages
- Clients’ funds shall be held in segregated accounts and are not associated with the broker's capital
- Protection from negative balance
- In case of a dispute with the broker, any client can file a complaint with the regulator
👎 Disadvantages
- No welcome bonus
- No ECN accounts
- No US clients accepted
Brokers that are similar to NAGA
In addition to license and reliability, you also need to take notice of the trading conditions of brokers. This is important both for beginners and experienced traders, as the demands of the clients with different experience differ. Traders Union analysts have prepared a comparison table of NAGA with similar brokers.
Comparison of NAGA with other Brokers
| NAGA | RoboForex | Pocket Option | Exness | FBS | FreshForex | |
|---|---|---|---|---|---|---|
Trading platform |
MT4, MT5, Mobile Apps, Web App |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MobileTrading |
MT4, MobileTrading |
Min deposit |
$250 |
$10 |
$5 |
$10 |
$1 |
No |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
Spread |
From 0.7 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0.2 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
No deposit bonus |
No |
No |
No |
No |
$5 |
$30 |
Cent accounts |
No |
Yes |
No |
No |
Yes |
Yes |
NAGA is a regulated international broker whose terms and conditions are perfect for professional traders and experienced investors with a focus on stocks.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
FreshForex is a reliable Forex broker providing a standard set of trading tools. The company is a good option for traders of all levels, from beginner to professional traders. It is mid-range in terms of size and number of registered traders and they are reliable based on our research and analysis.
Conclusions
Traders Union showed that NAGA is indeed very reliable and legal in Philippines. The company holds all necessary licenses to conduct financial activity; it complies with all key requirements of the regulator. Legality of the broker’s operation in the country is one of the key criteria for choosing the company for trading. It is important to take this into consideration, as well as the trading conditions. In this case, we can say that the broker meets all the reliability requirements.
FAQ
Can I work with a broker who does not hold the license?
Trading with a broker without the license involves high risks. The license guarantees that the company performs its obligations. Working with a broker without the license creates a risk of manipulations with quotes, failure to pay, and other schemes.
Where can I complain if a broker with a license violated its obligations?
If a broker allows a violation of the conditions, you can appeal to the authority that issued the license and to the court.
How do I choose the best broker in Philippines for beginners?
Novice traders need to consider the brokers with licenses issued in Philippines or other European Union countries, availability of a demo account or cent account, the level of commissions and fees and minimum deposit, as well as educational materials.
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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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.