Saxo Bank vs NAGA - Fees Review included
Which broker is better Saxo Bank or NAGA? Our expert assessment conducted according to TU’s own methodology showed that Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 7.04 out of 10. NAGA is one of the top brokers in the financial market with the TU Overall Score of 4.15 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | NAGA |
|---|---|---|
Overall |
4.5 |
4.2 |
4.8 |
4.1 |
|
4.6 |
4.4 |
|
5 |
4.5 |
|
Investment Instruments |
4.2 |
4.9 |
Platforms and Charting Tools |
4.6 |
4.4 |
Deposit and Withdrawal |
4.0 |
2.9 |
Research |
5 |
3.1 |
Education |
3.6 |
3.5 |
Support |
4.4 |
3.6 |
Bonuses |
3.6 |
4.1 |
|
|
Saxo Bank vs NAGA: Pros and Cons
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority. After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. The broker's divisions also have licenses from FCA (UK), ASIC (Australia), and licenses from other regulators.
The NAGA broker (NAGA Group) has been providing services in the Forex currency market since 2015. NAGA is a member of a German financial holding company NAGA Group AG, that is in demand on the Frankfurt Stock Exchange. The company applies modern technologies and introduces innovative solutions to compete with traditional financial institutions represented by banks and intermediaries in the investment market.
| Saxo Bank | NAGA | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | Wide range of trading instruments |
| over 71 thousand instruments for trading | The opportunity to get passive income using the social trading platform, PAMM, and MAM (Multi-Account Manager) accounts for investing and participating in affiliate programs | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | NAGA is registered with CySEC (Cyprus Securities and Exchange Commission) an authoritative European regulator | |
| Copy trading and PAMM services | ||
| Overall Cons | Cent accounts are not available | Limited choice of deposit and withdrawal methods |
| a ban on algorithmic trading for traders from abroad | ||
| you cannot contact support in the online chat on the company's website (The chat is available only after full registration on the broker’s website and passing KYC). |
Saxo Bank vs NAGA: Safety and Regulation
| Regulated By: | Saxo Bank | NAGA |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
No |
Yes |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
No |
Saxo Bank vs NAGA: Trading Conditions
| Trading Conditions | Saxo Bank | NAGA |
|---|---|---|
Minimum Deposit |
$0 |
$250 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
МТ4, МТ5, NAGA Web App, NAGA iOS App, NAGA Android App |
Max Leverage (Futures) |
1-30 |
1-1000 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, stocks, cryptocurrency, indices, commodities, CFDs on stocks, precious metals, ETFs |
Trading assets |
71000+ |
950+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Demo, Iron Trader, Bronze Trader, Silver Trader, Gold Trader, Diamond Trader, Crystal Trader |
Base Account Currencies |
USD, EUR |
USD, EUR, GBP, PLN, NGC |
Saxo Bank vs NAGA: Fees
Forex Trading Fees
| Fee | Saxo Bank | NAGA |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
1.2 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | Saxo Bank | NAGA |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread, Stock CFDs - €0.99 per contract, ETF CFDs 0.1% |
Non-Trading Fees
| Fee | Saxo Bank | NAGA |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
$5 |
Inactivity Fee |
No |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Saxo Bank vs NAGA: Trading Assets
| Asset Name | Saxo Bank | NAGA |
|---|---|---|
Overall |
71000+ |
950+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
Yes |
ETFs |
Yes |
Yes |
Bonds |
Yes |
No |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
Yes |
Binary Options |
No |
No |
Saxo Bank or NAGA: Investment Programs
| Asset Name | Saxo Bank | NAGA |
|---|---|---|
Copy Trading |
No |
Yes |
MAM/PAMM |
No |
Yes |
Managed Accounts |
Yes |
No |
Other |
No |
No |
Trading Platforms: NAGA or Saxo Bank
| Saxo Bank | NAGA | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
Yes |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
Yes |
Others |
No |
No |
|
|
Saxo Bank vs NAGA: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | NAGA |
|---|---|---|
Bank Transfer |
Yes |
Yes (Only withdrawal) |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
No |
Crypto |
No |
Yes (Only deposit) |
Saxo Bank vs NAGA: Research
| Research Type | Saxo Bank | NAGA |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Saxo Bank vs NAGA: Education
| Education Type | Saxo Bank | NAGA |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
No |
NAGA vs Saxo Bank: Support
| Support Features | Saxo Bank | NAGA |
|---|---|---|
Working Days |
24/5 |
24/5 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs NAGA: Forex Bonuses and Promo
| Promo | Saxo Bank | NAGA |
|---|---|---|
Forex Bonus |
No |
Only available for signal providers |
Affiliate Program |
“Member gets member” represents a remuneration accrual for attracting new clients who have replenished a trading deposit at least once. When replenishing from $10,000, the partner gets $500; from $200,000 - $1,000; from $1,000,000 - $3,000 |
No |
Other Promos |
Accrual of points for account replenishment and qualified transactions. Once you have collected enough points, you will be promoted to a higher account level, allowing you to improve your trading conditions. |
Copy Bonus is a bonus that pays $0.10 to $0.30 to a trader whose transactions are copied through the social trading platform. The remuneration amount depends on the trading account type; A bonus for the provider of trading signals of $0. 1 for each copy. Select an asset, predict its price movement and place a signal in the NAGA signal history to get a reward. |
|
|
Top 5 Reviews on NAGA
-
Comment
I am quite satisfied with NAGA. It is quite easy to start trading on the currency market, and the most important thing is that there is no fraud in withdrawing your profits. Learn to open sell or buy orders and that’s it. There is only one thing - spread is not very profitable. In general, I advise you to try trading here in any case.
-
Comment
NAGA is one of the good brokers. I like that there are no difficulties with withdrawing funds; I haven’t encountered any special manipulations to drain the deposit, but client support should improve its service to quickly respond to client requests. There is not much variety of trading instruments, but you can trade here.
-
Comment
The NAGA platform often experiences problems with continuous operation, which can lead to significant inconvenience. In my case, several times there were situations where my trades were not opened, and then appeared with unprofitable results. I contacted NAGA support to request cancellation of those trades, but I was told that the problem was with my internet connection and there was no reason to cancel the trades.
-
Comment
I believe that NAGA is a fraudulent company that is good at deceiving people. They pretend to be an honest company, but their conditions are difficult to monitor. In fact, after trading, the result turns out to be zero. I have decided to stop working with this broker and withdraw the balance from my account. However, NAGA accused me of fraud and blocked my account.
-
Comment
I believe that NAGA combines the worst qualities.I think that quotes can be manipulated here. There is no direct evidence yet, but I will now record a video of this company’s machinations, because NAGA’s strange quotes are being removed from history, it is difficult to prove anything without a video. I do not recommend this broker to you.
Top 5 Reviews on Saxo Bank
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank provides a personalized approach to client services and offers a wide range of financial services that include asset management and consulting. Moreover, it provides high-quality educational materials and market research that help me make informed investment decisions. I participated in webinars several times and also listened to podcasts with Saxo Bank experts. I use SaxoTraderGO for trading and SaxoInvestor for long-term investment.
-
Comment
Saxo Bank is a broker with favorable conditions, offering over forty thousand trading instruments, ready-made portfolios, and a professional platform. However, for novice traders, the conditions of this broker may be challenging. Saxo Bank requires a high initial deposit, floating spreads, commissions depending on trading volumes, and maximum leverage up to 1:40. I think this broker is more suitable for experienced traders.
-
Comment
Being a licensed bank and broker, Saxo Bank complies with strict security and regulation standards. These include client data protection, transaction transparency, and compliance with financial rules. Money is transferred without delays or additional expenses, except for bank fees. Support in a live chat of the trading platform is prompt, and chat operators respond within 5 minutes. Personal consultations are available. Saxo Bank provides direct access to markets, therefore orders are always executed promptly.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
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.