NAGA Platform Review 2022 – Advisor Forbes INDIA
Like many other trading platforms, NAGA offers newcomers to practice trading with a demo account and balance to get familiar with the chart patterns and the interpretation of the price chart on the financial instrument. Trading tutorials, e-books, webinars, seminars, and social features like feeds and chatting with others can provide a niche introduction to trading.
To start, one must register on the platform by indicating his name, his country of origin, his e-mail address and his telephone number verified via OTP, and thus create a username and a password for to log in.
In order to upgrade the account and start live trading on NAGA, KYC which refers to “know your customer” is a must to pass the verification process. KYC ensures that the platform is safe and compliant with national and international laws and regulations.
An Indian user opening an account with NAGA will be required to submit the 12-digit Unique Identification Numbers (UID) aka Aadhaar along with documents including:
- Identity proof: A color copy of a valid government-issued identity document
- Proof of address: One invoice per financial institution, utility company, government agency, judicial authority, containing your current physical address.
Once the platform has verified the document, users can start live trading by investing a minimum deposit using their debit or credit card. However, trading conditions on NAGA are very expensive as a minimum deposit of $250, or equivalent, is required to start live trading – a major drawback for the platform to shack up Indian crypto traders who prefer to explore local crypto exchanges and others to get started at at least INR 100.
Unless users upgrade their account, they will have limited options to utilize platform features such as copy trading and mirror trading activity from top crypto traders. In order to copy the trade, one will have to pay 0.99 EUR, and in return earn a commission if others copy your trading strategies. Additionally, its flagship payment app NAGA Pay has yet to launch in India.
NAGA offers transactions in five currencies, namely EUR, USD, PLN, GBP and NGC. This means that if an Indian trader deposits $250, the deposit amount in INR should be equivalent to $USD.
That said, cryptocurrency, or any other trading asset for that matter, is highly volatile, which means such an investment can reduce your lifetime savings, especially in the short term, and is not suitable for everyone.