NAGA Spain Review 2024 - TU expert opinion
Is the Forex market legit in Spain?
Forex trading is absolutely legal in Spain. A company that holds the financial license issued by the local regulator – Comision Nacional del Mercado de Valores (CNMV), is considered a legal broker in the country. The commission oversees compliance of all rules by the brokers and protects client interests.
All brokers with the license of the Spanish regulator must regularly report to the CNMV. It is also important to consider that Spain is an EU country, which means that brokers with licenses of other EU jurisdictions can also operate there.
How to Trade Forex in Spain
Traders in Spain need to choose a broker and register. Spain is an EU country, which means that the information required by the brokers complies with the MIFID. Verification is mandatory for Spanish traders. You will need to upload documents confirming your identity and address.
Detailed Review of NAGA in Spain
NAGA is a good choice for traders from Spain. 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 Spain
Traders Union analysts conducted a detailed analysis of NAGA for traders from Spain. 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 Spain
Traders Union analysts analyzed the key features of NAGA for traders from Spain. 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 Spain
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 Spain. 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 Spain. 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:
Expert Review of NAGA
NAGA Group AG appeared on the financial services market in 2015 but has already proven itself as a reliable broker in Forex. The European division of the company operates under the license of the Cyprus regulator CySEC (204/13), which guarantees traders the protection of their funds and that all operations are transparent. The broker provides clients with free daily news, trading signals, and help from a personal manager.
Traders can open multicurrency accounts with NAGA, trade from any device, as well as copy transactions of other users trades. NAGA creates perfect conditions for cryptocurrency trading. The company introduced its proprietary virtual currency NGC and created several proprietary services, such as the NAGAX Crypto Exchange and the NAGA Crypto Wallet.
The broker's website is oversaturated with information, so it takes a lot of time to study it. NAGA debit cards can only be issued to customers from EU countries.
FAQs
Is NAGA legal in Spain?
Yes. NAGA operates legally in Spain. The broker holds the necessary licenses.
Can you learn trading with NAGA? Does the broker offer courses for traders from Spain?
Yes, NAGA offers good trading courses and a lot of educational information for clients from Spain.
Can NAGA be trusted? Has the broker been operating in Spain long?
NAGA has been operating in Spain quite long and has a good reputation. Therefore, traders can work with NAGA.
Is NAGA suitable for novice traders from Spain?
Yes. NAGA offers optimal trading conditions and good education for beginners from Spain.
How efficient is NAGA customer support in Spain?
NAGA offers a sufficient number of ways to contact customer support in Spain, and also provides support in the state language.
Has NAGA had any incidents involving theft of funds of clients from Spain?
No. NAGA provides reliable security of funds of clients from Spain.
Will I be able to file a lawsuit in Spain if NAGA violates my rights?
Yes. If NAGA violates your rights, you can file a complaint with the regulator of Spain, and then with a court.
Can NAGA clients from Spain use the broker’s mobile app?
Yes. The mobile app of NAGA is available for the clients from Spain.
Does NAGA provide Spain market analysis?
Analysis of Spain is featured in the information provided by NAGA.
How can I withdraw funds from my account at NAGA in Spain?
NAGA supports bank transfers and debit/credit cards of the banks operating in Spain.
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.