NAGA – Islamic Account

NAGA – Islamic Account

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Naga - Islamic Account

 

Overall Rating

4.7/5

Rated #208 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

CySEC, FCA

📱 Trading Desk

Dealing Desk with DMA and STP

📱Platforms

NAGA Web Trader, MT4, MT5, iSO and Android Apps

Crypto

Yes

📈 Total Pairs

45+

📈 Max. leverage

1:1000

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Our NAGA Islamic Account Revealed:

 

NAGA Overview

Established in 2015, NAGA is a well-regulated, reputable, and leading online social investment and trading platform and a broker. NAGA connects traders from around the world to global financial markets through its comprehensive offering of more than 950 financial instruments that can be traded.

 

Traders have access to some of the most comprehensive trading solutions, competitive trading conditions, and a wide range of advanced tools, resources, education, and several other components that make NAGA one of the best investment and trading brokers in the industry.

 

What exactly is an Islamic Account?

An Islamic, or swap-free, trading account is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.

 

Islamic Accounts are provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offers certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.

 

The other important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.

 

Two key elements of the Islamic law relate specifically to trading accounts, these elements are:

  • Riba, and
  • Gharar

 

Riba is the prohibition of generating money from money, which in this case specifically refers to interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains of trade or business.

 

Why is interest discouraged or prohibited by Sharia law?

Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is affected greatly:

 

  • Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST which is prohibited by the Sharia law.

 

  • Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.

 

  • Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.

 

  • Margin trading – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, and which is prohibited by the Sharia law.

 

  • Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.

 

  • Forward sales – which affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract.

 

What are the steps involved in opening a NAGA Islamic Account?

To register for a NAGA Islamic account, traders must register one of the account levels provided. Once the account has been verified and funded, traders can contact NAGA customer support via email from their registered address to discuss and request an account conversion.

 

What is NAGA’s spread costs on an Islamic Account?

The spreads that traders can expect when they trade with NAGA on a swap-free Islamic account will depend on the financial instrument, the account level, and the market conditions on the day of trading. Some typical spreads that traders can expect include:

 

  • Iron Account – from 1.7 pips EUR/USD
  • Bronze Account – from 1.7 pips EUR/USD
  • Silver Account – from 1.7 pips EUR/USD
  • Gold Account – from 1.2 pips EUR/USD
  • Diamond Account – from 0.9 pips EUR/USD
  • Crystal Account – from 0.7 pips EUR/USD

 

What other features does NAGA’s Islamic Account have?

The features that traders can expect from their NAGA Islamic Account will depend on the account level that traders convert to a swap-free Islamic Account. Some typical features that traders and investors can expect include the following:

 

  • Variable spreads that include the broker’s fee
  • Commission-free trading
  • Access to several different copy bonuses
  • Access to a wide range of trading signals from reputable providers
  • Unlimited and free access to NAGA webinars
  • One-on-one tutoring sessions
  • Access is given to eBooks as well as trading alerts
  • Access to demo account options
  • Access to all financial instruments without being exempted to earning/paying swaps except Gold, Silver, and Oil as these instruments are not included
  • Access to powerful trading platforms that can be used across devices, with seamless account integration across all
  • The ability to hold positions open for up to 10 calendar days. If positions are kept open past this time, traders will pay 10 units in their base account currency for every day that the position remains open

 

NAGA Pros and Cons

PROS CONS
NAGA is a leading online social trading platform Traders from several regions are not accepted including Canada, the USA, Japan, and more.
Over 950 financial instruments that can be traded Withdrawal fees are charged
Powerful trading platforms are supported Spreads are marked-up and not the tightest
There is a choice between several account types
Advanced trading tools provided
Deposit fees are not charged
Commission-free trading offered
Client fund safety is ensured
Educational materials are available
Dedicated and prompt 24/5 customer support provided

NAGA AT A GLANCE

Broker's Name NAGA
Headquartered Cyprus
Year Founded 2015
Regulating Authorities CySEC
Countries not accepted for trade United States, Japan, Cuba, Iran, Iraq, Canada, Syria, North Korea
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:1000
Minimum Deposit $250
Deposit Options
  • Debit Cards
  • Credit Cards
  • Bank Wire Transfer
  • Cryptocurrencies
  • PayPal
  • P24
  • Ideal
  • Eps
  • Giropay
  • Skrill
  • Neteller
  • Sofort, and several other global options according to the trader’s country of residence
Withdrawal Options
  • Debit Cards
  • Credit Cards
  • Bank Wire Transfer
  • Cryptocurrencies
  • PayPal
  • P24
  • Ideal
  • Eps
  • Giropay
  • Skrill
  • Neteller
  • Sofort, and several other global options according to the trader’s country of residence
Platform Types
  • NAGA Trading Platform
  • MetaTrader 4
  • MetaTrader 5
OS Compatibility Android, iOS, Linux, Windows, macOS, web browsers
Tradable Assets
  • Forex
  • Stock CFDs
  • Indices
  • Commodities
  • Futures
  • ETFs
Languages supported on Website English, Spanish, Polish, German, Italian, and several others
Customer Support Languages Multilingual
Customer Service Hours 24/5

 

You might also like: NAGA Account Types

You might also like: NAGA Demo Account

You might also like: NAGA Fees and Spreads

You might also like: NAGA Minimum Deposit

 

Overall Rating

4.7/5

Rated #208 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

CySEC, FCA

📱 Trading Desk

Dealing Desk with DMA and STP

📱Platforms

NAGA Web Trader, MT4, MT5, iSO and Android Apps

Crypto

Yes

📈 Total Pairs

45+

📈 Max. leverage

1:1000

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with NAGA?

You can trade any of the following instruments:

  • Forex
  • Stock CFDs
  • Indices
  • Commodities
  • Futures
  • ETFs

 

Which platforms are supported by NAGA?

NAGA supports the use of:

  • NAGA Trading Platform
  • MetaTrader 4
  • MetaTrader 5

 

Does NAGA offer leverage?

Yes, NAGA offers leverage up to a maximum of 1:1000.

 

What spreads can I expect with NAGA?

You can expect spreads from 0.7 pips EUR/USD on the Crystal Account.

 

Does NAGA charge commission?

No, NAGA does not charge commissions on trades.

 

Are there additional charges on the Islamic account?

Yes, there are additional charges on the Islamic Account when traders keep their position open for longer than 10 days. If traders exceed this, they are charged 10 units of their base account currency for every day that the position remains open.

 

Is NAGA regulated and by whom?

Yes, NAGA is regulated by CySEC in Cyprus.

 

Is NAGA a recommended forex trading broker for experts and beginners?

Yes, NAGA is recommended for use by experts as well as beginners.

 

What is the overall rating out of 10 for NAGA?

8/10.

 

ACCOUNTS

What is the difference between a demo and a live trading account?

A demo account is a practice account that can be used by both beginner and professional traders. Beginners can use a demo account to practice their trading while more advanced traders can use it to test their trading strategies.

 

Alternatively, traders can also use a demo account to explore what a broker has to offer. Demo accounts are known for the risk-free environment that they offer along with the virtual funds which are used to trade.

 

Does NAGA offer a demo account?

Yes, NAGA offers a demo account.

 

How long is the demo account valid?

The demo can be used for an unlimited time.

 

Which live trading accounts does NAGA offer?

NAGA offers the following account levels:

  • Iron Account
  • Bronze Account
  • Silver Account
  • Gold Account
  • Diamond Account
  • Crystal Account

 

Does NAGA offer an Islamic Account?

Yes, NAGA offers the option for a live trading account to be converted into a swap-free Islamic account.

 

What are the available deposit currencies for a live trading account?

  • EUR
  • GBP
  • USD
  • PLN

 

DEPOSITS AND WITHDRAWALS

What is the minimum deposit required to open an account with NAGA?

$250.

 

How do you make a deposit and withdraw money with NAGA?

You can use any of the following payment methods:

  • Debit Cards
  • Credit Cards
  • Bank Wire Transfer
  • Cryptocurrencies
  • PayPal
  • P24
  • Ideal
  • Eps
  • Giropay
  • Skrill
  • Neteller
  • Sofort, and several other global options according to the trader’s country of residence

 

Does NAGA charge withdrawal fees?

Yes, NAGA charges the following withdrawal fees:

  • Iron Account – $5
  • Bronze Account – $4
  • Silver Account – $3
  • Gold Account – $2
  • Diamond Account – $1

 

How long does it take to make a withdrawal?

Withdrawals can be instant, or they can take a few days to process, depending on the payment method and internal procedures required to process the withdrawal.