NAGA.com Review

My account 6074229 now is in read only mode, i cannot execute any fund withdrawal, and all my profitable trade are disappeared 46,076.55 EUR .

No withdrawals are available. I have been fighting with their accounting department for two weeks now to get my funds back.
DO NOT USE THIS BROKER

Back in Feb 21, I invested in NAGA's 'Copy Trading' service after seeing an advert online. The business had great reviews and apparently a transparent policy in terms of data of winning traders to copy. The traders I copied had great stats and settings which I followed. I won sometimes losing overall. It was very stressful. In May I spent time looking into the details of NAGA's business and realised the information I was relying on was in parts entirely misleading with false statements. Also there were conflicts of interests which meant that the traders (and NAGA) opened many trades and not closing losing ones but which were to the unknowing detriment of anyone copying them. Below some detail:

1. The traders stats are false and misleading:
a) The main one is that open trades are not shown. So traders can have accounts in severe trouble (as happened to me several times) but appear very good. This is a wilful policy and there is a video by the CEO of NAGA stating "In our platform the credo of open trades does not say anything" in an interview with their top trader who himself says that open trades are an "overdraft facility" which the CEO agrees with. The CEO also says that investors don't read the information they are “on Instagram every day looking at girls”. You can find the video on YouTube search for "Q&A #1: NAGA's CEO Ben interviews a top trader Alexherr" 3 June 21.

b) The drawdown calculation is false as it does not account for open trades
c) Trades are included in the stats that are copied by the trader from other traders, but then these are not copyable by the copy trader. So their stats are misleading
d) There are a number of other unexplained errors and inconsistencies showing ROIs for other copy traders that cannot mathematically be correct. All my enquiries to get these explained and get open trades data have been rebuffed

2. The conflicts of interest with the profit share i.e. the master trader receives a set fee of up to $1.20 for each trade that's closed in profit for over 5 minutes, regardless of its size or how many other trades are lost or stuck in the open trades (PnL). An example with the trader Alexherr is that he earns over $300k per week from his followers but he has $80k in open trades. So a copy trader who is told can earn $3k per week needs to have at least $80k in their account. The risk profile is very different - breakeven will take 6 months for a copier but for him 1.5 days. Recommendations are not easy to find or consistent and for this trader you have to sign up to a separate website and provide your email and home address. What is written there contains factual inaccuracies and misleading statements. The information for other traders is non-existent, inconsistent and sometimes changes dramatically. I was also told by an account manager in writing that copiers trade at the "same risks" as traders. This is evidently not the case.

3. There is a lack of appropriate controls. I witnessed an almost catastrophic accident with a huge trade being opened in my account. Stop Losses are recommended but frankly they are next to useless as the master traders don't appear to use them and given the above conflicts, the only way to make money is to not use them and pray you won't get wiped out overnight.

4. There is a programme of inducement. The advert I originally clicked on said: “Autocopy. No experience? No worries”. They have a demo account but you cannot practice copy trading without real money and there's an enticing message. One account manager (Ms Pretorian) said to me “don’t you pay for an education?”. She explained it was a deliberate policy.

5. Getting money out of NAGA is not straightforward and I was told incorrect things. I do not know if they are using my funds for other purposes.

I also checked out the reviews and it's clear that the 5 star ones have been solicited or seem suspicious in content. Users also complain on the "social" platform of NAGA deleting posts with their concerns.

I raised these concerns with NAGA and they rebuffed them. I am now taking matters up with the regulator to compensate me for my losses. If you are interested to know more please contact me. There are clearly a lot of others who have experienced the same thing.

Note that I'm still trying to get my funds out of NAGA. They are providing inconsistent, contradictory and non-believable responses why I cannot receive my funds to my verified system. I don't know what's going on but I think that they will be the next big scandal / blow-out before the end of the year. Nothing adds up

I have been trading with Naga for a number of months now. Find them very good to work with. I am very definitely a small time trader, but enjoy the Naga experience.
As for Withdraws, once you meet their ID requirements then the process is straight forward and simple.
I do enjoy the Naga trading experience.

I joined Naga some weeks ago, and I deposited some funds, but when I tried To withdraw my funds in crypto, they have yet to execute it, the support team has promised that soon my withdrawal will be executed, but that was since monday, I need NAGA to execute my withdrawal now, account name MMZAKA

Was excited reading about you guys but after reading nothing but bad reviews and you guys having nothing but excuses and or no positive/productive responses back to your now I am guessing "Ex" customer's. I'll go and invest my 500$ where I think I will at least get it back if I'm unsatisfied with the services. Just saying it appears like that wouldn't happen with you guys. To bad though cause investing with you was what I really wanted to do.

takes 2 months to withdraw my money and after that they charge $10 / withdrawal.
that is a huge amount compare to others. Next time make sure to check those fees.

After closing my accounts Naga did not yet return my initial deposit !!
I send email but they did not answer !
It's not serious for Cysec regulated broker !
After posting new review I have no answer from company !
It's incredible !!!

Nov 17, 2020 - 1 Star Truly an abuse for a Cysec regulated company !!!
Suddenly the company closed my accounts and profile and did not even return not my profit nor my deposited funds.

Jul 29, 2020 - 1 Star I deposited on Naga broker, did some trades, on 22/07/2020 I applied for a small amount of withdrawal, less than my initial deposit, but today it was still not processed. I asked explenation but sopport just fine excuse like big processing code, department busy and bla bla bla to me and the are still holding all my money.

Jul 24, 2020 - 1 Star Hi, I did intial deposit, then traded on mt5. After some week and I applied for a withdrawal but they did not. My money are stuck there without any reason. The support and chat can say only excuse.

Reply by nagainvesting submitted Jul 29, 2020 We understand that at times, things may not move as smoothly as intended, however, as a regulated broker, please note that we cannot simply bend the rules or make exceptions without having additional due diligence be put in place.

We also understand that this can result to frustration at times and we empathise with that. However, please note that we do not tolerate abusive language used against any of our staff.

Our Support Team is here to help you throughout your trading journey and assist you with any technical issues you may experience with our solutions.

Before making any irreversible decisions, we kindly ask our community to simply contact our Support Team and they will be more than happy to assist you with your inquiry.

Have a great day!
NAGA Team

Reply by nagainvesting submitted Nov 18, 2020 Hi Corrado,

Please note that our systems show that your last withdrawal was made on the 30th of July 2020.



At NAGA we strive to provide our traders with the highest standards of service excellence, ensuring that our clients remain satisfied throughout their trading journey.

We believe that everyone has the right to trade and we welcome constructive criticism as this allows us to review, revise and continuously improve our operating processes and procedures.

However, NAGA reserves the right to protect its trading community from any fraudulent tactics exercised in any of our trading channels. As previously advised, your account was suspended due to abusive trading.



If you have any questions regarding this decision please contact our Support Team at support@naga.com where they will be happy to assist you and provide you with any further clarifications you may require.



Have a great day!

Team NAGA

Company asking for various documents, does not respond to emails for weeks. Playing with time, not paying out.

Hi, my account is 6010725 under Cysec Regulation. Every time I try to withdrawal some money the broker do not process it. I waited more than 2 week for small amount of withdrawal and every time I contacted the support they just told me the same song "you have to wait, your withdrawal is in queue and bla bla bla"
My Account Manager. on NAGA: mr. Roman Biasin does not exist. Is transparent like a glass. He never replied to the email and help request i sent to him, he never replied on my phone call. He is totally useless.