NAGA is one of the leading online brokers that is simplifying access to the financial markets. If you are a trader and don’t know about them, here is an opportunity to look at the NAGA review. The review covers everything you should know about NAGA and why you should consider trading with them.
Today, we will be taking a different approach. We will be looking at the NAGA account. So, brace up because you’d be learning things like NAGA account types, account opening, minimum deposit, deposit/withdrawal options, and account management, among others.
Table of Content
Discover the NAGA Account Types
NAGA operates three different accounts – a Demo account, a Standard account, and a professional account.
Let’s examine each of the account types and the features they come with.
NAGA Demo Account
At its core, a demo account is designed to help beginner traders understand how the market works. So, instead of risking your capital when trading with a live account, you can start with a demo account to build your trading confidence. It can be easily opened simply by visiting the NAGA website (80.85% of retail CFD accounts lose money) and providing the broker a few basic information. Using a demo account would also help you avoid unnecessary mistakes that may cost you your trading capital.
The demo account works like a live account, but with virtual money. In short, the demo account does not expire. You can practice with it for as long as you wish, only that both earnings and losses will be virtual. The only drawback of using the NAGA demo account is that it would be deactivated if you fail to verify the account within two weeks of opening the account.
To get an overview of how the demo account works, take a look at our NAGA Demo Account review or tutorial. The review will guide you on how to successfully open a demo account.
NAGA Standard Account
The next account for traders or investors is the standard account. This account is designed for those with prior knowledge of the financial markets. The Standard version comes with a reward system that grants users benefits. It is available on the popular MT4 trading terminal, MT5, and the NAGA web app.
Standard account holders have the opportunity to access over 950 tradable assets. The spread on this account starts from 1 pip. Plus, there is no commission involved, and there is $50 minimum deposit requirement to operate the account.
If you want to operate with an Islamic account, shoot a message to the customer service team for immediate assistance. If you’re interested in how islamic accounts work you should check out our swap free islamic forex brokers article and see also what our top brokers.
NAGA Professional Account
The last account type that prospective traders can open is the Professional account. This account is meant for expert traders. It comes with a reward system that grants users benefits. It is available on the popular MT4 trading terminal, MT5, as well as the NAGA web app.
Traders using the Professional account have a leverage of up to 500:1 on major forex pairs. To open the Professional account, you must fulfill 2 of the 3 requirements below:
- You must be an expert trader with vast years of trading experience.
- On average, you just have made 10 transactions of significant size per quarter in the previous years.
- Lastly, you must maintain not less than €500,000 (in trading assets) in your bank account or trading account.
NAGA Account Opening: Here’s what you need to know
Here you will learn the process of opening a live account on the NAGA platform.
Live Account Opening
The process of opening a live account is very easy and straightforward. Just visit the broker’s official webpage, navigate to the account opening section, complete the account opening form, and you’re good to go. After creating a live account, you need to verify the account for it to be active.
The verification process is swift. You may need the following documents to carry out the verification, depending on your jurisdiction:
- Proof of Identity or a traveling passport
- Proof of residence or your bank account statement.
There are several ways to fund your trading account. If one payment method is not functional in your country, you try the next. Let’s have a look at the various payment methods:
- Bank Transfer: A bank transfer is undoubtedly one of the most popular methods of sending deposits to a trading account. It typically takes between 3-5 business days before the funds will appear in your trading account. It is safe, smooth, and secure for your trading convenience.
- Credit/Debit Cards: Using a credit/debit card to fund a trading account is also another popular method. NAGA Markets accepts payment from major credit card processors like MasterCard and VISA.
- eWallets: The use of eWallets to make payment for goods and services is fast, pushing traditional payment methods out of business. Popular eWallets systems that are accepted by NAGA Markets are Skrill and Neteller. Funding your account using Skrill or Neteller is almost instant.
In each of the 3 payment methods above, you can fund your trading account with USD, EUR, GBP, and PLN.
The minimum deposit required by NAGA Markets to start trading depends on your location. However, keep in mind that your NAGA Achievement can also play a part in determining your minimum deposit.
The NAGA Achievement is in tier – the more your deposit, the more you climb up the tier. Those traders or investors at the higher tier will benefit more than those on the lower tier. Things they will benefit from include reduced commissions, lower spreads, and much more.
Be sure to check also the NAGA minimum deposit post for a full analysis on deposit methods available.
|NAGA Achievements||Iron Trader||Bronze Trader||Silver Trader||Gold Trader||Diamond Trader||Crystal Trader|
|Min. deposit USD||$250||$2.500||$5.000||$25.000||$50.000||$100.000|
|Min. deposit NGC||5 NGC||50 NGC||225 NGC||600 NGC||1500 NGC||5000 NGC|
|Copy Bonus||$0.10 per copied trade||$0.12 per copied trade||$0.15 per copied trade||$0.20 per copied trade||$0.25 per copied trade||$0.30 per copied trade|
|Min. EUR/USDspread||2.5 pips||2.3 pips||1.9 pips||1.7 pips||0.9 pips||0.7 pips|
|Commission on stock CFDs||0.20%||0.20%||0.20%||0.10%||0.10%||0.10%|
If your base currency is not USD, don’t worry, NAGA has got you covered. Aside from USD, as a NAGA Markets investor or trader, you can fund your trading account with EUR, GBP, and PLN.
NAGA Account Bonus
Unfortunately, as of this time, NAGA does not offer any bonus for creating an account with them.
However, if you’re still interested you can read our top recommendation for bonuses and promotions.
NAGA Account Deposit & Withdrawal
Deposit: All deposits on the NAGA trading platform are free. The deposit duration is generally instant. Your account can be funded through bank transfer, debit/credit cards, Skrill, and Neteller. If you fund your account through a bank transfer, your bank may charge you a fee to process the transaction.
Withdrawal: Withdrawing your funds is easy with NAGA. The minimum amount of fund withdrawable is 50 USD/EUR/equivalent value. The withdrawal comes with a fee of 10 USD/EUR/equivalent value. Bank transfer withdrawal takes between 2-5 business days to complete the transaction. Some credit card services may take up to some minutes before you receive payment.
NAGA Account Management
This section will explain your account management, whether active or inactive.
NAGA Account Inactivity Fee
Generally, the NAGA demo account is unlimited. But, if you fail to verify your identity for a total of 14 days, it would automatically become dormant. When it is dormant or inactive, you can’t access the account until you reach out to customer support for assistance.
For a live account, your live account would become inactive after 3 months of no trading. A monthly $20 fee is imposed on live accounts that are dormant. In the event that you can’t pay the fee, the team behind NAGA would have no choice other than to close your account.
NAGA Account reactivation: what to do?
There are times when traders abandon their trading account for too long; in such instances, the account would become dormant. If this is your case, you would need to contact the NAGA support desk to reactivate your account. A member of the support team would guide you on how to reactivate your account to start trading.
How to delete and close your NAGA account
Do you know you can close your trading account if you no longer want to trade on the NAGA platform again? Oh yes, closing your account is straightforward. All you require is to withdraw all your funds first and then email to the customer support team informing them of your decision to close your account. Once the team acknowledges your email, they will immediately close your account.
Final Thoughts on the Naga Account Types
NAGA is one of the best online brokers to open a trading account with. There is no deposit fee, and they also support multiple payment processors for deposit and withdrawal.
They offer 3 types of accounts – Demo account, Standard account, and Professional account. The Standard and Professional accounts are for those with prior knowledge of the forex market, while the Demo account is for newbies.
Are you still not sure how to get started with NAGA? Then take a look at the NAGA review for a comprehensive guide on what NAGA offers.
NAGA Account types FAQ
How do I delete my NAGA account?
Before deleting your account, make sure to withdraw all your funds and close any open position. When you’ve done that, contact the NAGA’s customer support to submit your request.
How do you trade on NAGA?
Getting started with NAGA is very easy: you have to simply open a trading account with NAGA, login into the trading platform and open trading positions on the assets you want to trade.
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