Losing money that you have worked hard to earn can be tough, but it can be especially difficult if you have lost it to a forex scam broker. There is an abundance of online brokers out there, and it can be difficult to determine which one is right for you. It can also be hard finding one that is legit and that you can trust. It’s the worst feeling ever when you start to trust a broker that looks legit, and then later turns out to be one of the biggest scammers. NAGA Global may seem legit on paper, but what do their customers say? Are they as legitimate as they first may seem? In this blog post, we will review this broker before you deposit any money. If you have lost money to forex scams, we can help you to recover your losses.
NAGA Global Review
NAGA was established in 2015, the company had a mission to provide user-friendly and efficient trading options for beginners as well as professionals. NAGA is an official trademark of a German-based Fintech company called The NAGA Group AG, which has been listed on the Frankfurt Stock Exchange since 2017. In August 2021, NAGA had a global partnership with the Spanish football team Sevilla FC. This was then unveiled as the new shirt.
Is NAGA Genuine?
To answer this, we will be looking into the company’s products and its operations. We will also look at whether it is regulated and who by.
NAGA Company Profile
NAGA trades with stock CFDs, forex, indices, futures, commodities and ETFs. The website says that they have over 1 million traders, but it is unclear as to how many of these are happy customers. NAGA also created NAGA Pay, which is a mobile banking and investing app which allows users to trade, save and spend all in one place.
What some people don’t know is that NAGA is under a parent company backed by Fosun Fintech which is also the majority shareholder. NAGA is based in Germany and appears to be regulated in a range of jurisdictions across the world.
Who regulates NAGA
NAGA has a range of licences throughout the world. It has a license as NAGA Markets Europe Ltd and is regulated and authorised by the Cypriate Securities and Exchange Commission (CySEC) under licence number 204/13. NAGA also have other subsidiaries including:
- NAGA Global (SV) LLC, registered in James Street, Kingstown, VC0100, Saint Vincent & the Grenadines.
- NAGA Technology GmbH, registered in Hamburg, Germany.
- NAGA Global (CY) Ltd, is now registered in Cyprus.
CySec covers EU clients, but the affiliate company is registered in Saint Vincent & Grenadines as they don’t have strict regulations.
Offshore regions like these attract a lot of scam brokers as the licencing is nowhere near as strict. Brokers find it much easier to obtain a license easily. Regulations are minimal and the requirements are less to set up. As a trader, you are at a much higher risk of losing your funds when a company has this type of offshore account.
Red Flags That NAGA Is Not The Company They Claim To Be
The website is very good at looking legitimate, as it offers the following:
- Customers can deposit funds with a range of payment methods.
- Well-known trading platforms including.
- Free education tools and an economic calendar.
There are many red flags that should be considered:
Customer Reviews
Even if a website looks amazing, this doesn’t mean that they are legitimate. It pays to look at customer reviews in great detail when you are looking at investing money. Although NAGA portrays itself to be a legit broker, reviews from customers show that the firm could be scamming people.
Trustpilot has a high review rating of 4.5/5, but many of the 5-star reviews appear to be fake.
Many of the past reviews label the firm as a fraudster which results in a loss of large budgets.
Offshore Regulations
Whilst CySEC authorises NAGA, the company affiliates are not covered by the regulations and laws. Due to the registrations in offshore locations, it presents a high opportunity for a financial loophole to make it all too easy to lose customer funds. CySEC laws do not cover investors outside the EU and from many of the reviews, it shows that NAGA do not operate like a regulated company.
Restrictions
When looking into the company in more detail and visiting the Financial Conduct Authority, NAGA only has a temporary operating license. NAGA indicates that it does not cover the UK, USA, Canada, Vietnam and Isreal. The reason for this is that these countries have strict regulations which show the company is not allowed to operate in these countries due to it being a scam.
Conclusion
Following this review, it shows that NAGA is operating in a way where the money lost through trading can be recovered. With the numerous negative reviews offshore regulations and restrictions show that the firm is untrustworthy. If you have been a victim to a broker scam or other form of scam from this company, we can help you to recover those losses. Losing your hard earned money can feel sickening and we want our clients to feel like they have someone on their side. Contact us today and we can discuss the process to get this journey started.
