NAGA offers swap-free trading Islamic accounts for Muslim faith traders. NAGA accounts are ideal as they align with the Islamic Muslim faith and incur no swaps or interest charges on overnight positions.
NAGA at a Glance
| 🔎 Broker's Name | NAGA |
| 📍 Headquartered | Frankfurt, Germany |
| 📅 Year Founded | 2015 |
| ⚖️ Regulating Authorities | CySEC |
| 📌CySEC No | License No. 204/13 |
| US Clients Accepted | No |
| 👍 Demo Account | Yes |
| 💰 Minimum Deposit | $ 250 / R 4000 ZAR |
| 🌐 Spreads | 0.7 pips - 2.5 pips |
| 🌐 Commission | 0.10% - 0.20% |
| 🌐 Fees | 1.15€ - 4.99€ |
| 📊 Accounts | Demo account, Standard Account, Professional account |
| 📎 Bonus | No Sign-up bonus |
| ☪️ Islamic account (swap-free) | No |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 30:1 |
| 💳 Deposit Options | Visa, Mastercard, Maetro, Skrill, Neteller, SOFORT, GiroPay, EPS, iDEAL, Przelewy, Trustly, BankWire |
| 💳 Withdrawal Options | Visa, Mastercard, Maetro, Skrill, Neteller, SOFORT, GiroPay, EPS, iDEAL, Przelewy, Trustly, BankWire |
| 💻 Platform Types | MT4, MT5, NAGA Web |
| 📱 OS Compatibility | PC, smartphones, web |
| 📈 Tradable assets offered | Currencies, Commodities, Indices, Stocks, Crypto, Futures |
| 👨💼 Languages supported on Website | English, German, Italian, Portuguese, Polish, Czech, Malay, Chinese, Vietnamese, Arabic, and more. |
| 👥 Customer Support Languages | English, German, Italian, Portuguese, Polish, Czech, Malay, Chinese, Vietnamese, Arabic, and more. |
| 📆 Customer Service Hours | 24/5 |
| 🔎 Open an Account | 👉 Click Here |
Min Deposit USD 250 Regulators CySEC Trading Platform MT4, MT5, NAGA Web Crypto Yes Total Pairs 45 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
NAGA Islamic Account – 10 key points quick overview:
- ✔️NAGA at a Glance
- ✔️NAGA Overview
- ✔️What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a Naga Islamic Account?
- What are NAGA’s spread costs on an Islamic Account?
- What other features does Naga’s Islamic Account have?
- NAGA Pros and Cons
- NAGA Conclusion
- Frequently Asked Questions
NAGA Overview
Naga is a Cyprus-based Forex broker that was first established in 2015 to offer access to a comprehensive selection of assets and instruments powered by industry-leading trading software.
Clients of Naga will receive access to over 950 tradable instruments across a wide selection of popular asset classes, including Forex, stocks, stocks CFDs, cryptocurrencies, futures, commodities, ETFs, and indices.
The trading of these assets and instruments is facilitated on both MetaTrader 4 and MetaTrader 5, as well as on Naga’s proprietary copy trading software.
The Autocopy software from Naga allows users to take advantage of other traders’ knowledge and automatically copy their trades, and has become a very popular form of Forex trading.
From your live Naga account, you will be able to see every trader’s win ratio, profit chart, average ROI, and other data in their profile.
Traders of the Islamic faith can apply for a swap-free account with Naga. The Islamic Account will have the same trading conditions as those on the swap-rated accounts, with the exception of certain currency pairs which cannot be traded swap-free on this account.
Although Naga leads in terms of its product offering, its pricing is not the most competitive. Spreads are generally wide at 2.5 pips on major currency pairs but can go lower on other instruments and currencies.
An account can be opened for a minimum deposit of $250 / R4000 ZAR, and there are no deposit fees, although withdrawal fees are charged at a minimum of EUR 5.
Despite Naga’s pricing model, it is nonetheless a good brokerage option for its comprehensive trading environment, which is rich with features and tools that will allow traders to enhance their strategies and trade outcomes.
These include free price alerts, calculators, and live webinars for beginner traders to grow their Forex knowledge.
While Naga does not offer bonuses, there is a lucrative Referral Programme by which participants can earn attractive commissions for every client which they refer to Naga.
Finally, Naga is an exceptionally well-regulated broker overseen by both the Financial Conduct Authority (FCA) and the Cypress Securities and Exchange Commission (CySEC).
As part of this regulatory oversight, Naga provides extensive data encryption measures to ensure information and deposit security, while client funds are stored in segregated accounts to protect them from any financial mismanagement.
All in all, Naga is a strong contender for its software offering, asset portfolio, and beneficial selection of tools that will aid beginner and advanced traders alike.
What exactly is an Islamic Account?
In order to better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance.
To this end, Islamic finance differs significantly from conventional finance in that it is guided by a set of ethics rather than by a purely profit motive. As such, two principles guide Islamic finance as below:
- The first principle is a risk-sharing philosophy between the lender and borrower. According to Islamic principles, interest is unethical, as it guarantees a reward for the lender, while the borrower must incur all the risk. This, according to Islamic finance, can lead to exploitative practices.
- The second principle is that financial activity must promote social and economic wellbeing. The purpose of finance in Islam is to promote happiness and contentment in this earthly life. Finance is just one part of life and society.
With these guiding principles, the fundamental feature of Islamic finance is to encourage socio-economic justice. It is for this reason that interest (or riba) is prohibited. Excessive risk (or gharar) is also prohibited, as is excessive gambling or speculation.
Why is interest discouraged or prohibited by Sharia law?
Interest is any pre-agreed fee paid over and above the principal amount, whether it is a personal or commercial loan. Charging interest, according to Sharia law, or making money from money, is unlawful. The major reasons for its condemnation include:
- Riba promotes negative growth. It may increase money quantitatively, but essentially, there is no primal progression in social wealth.
- Riba disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human.
- Riba is essentially seen as the unlawful acquisition of property.
- When entrenched, Riba corrupts society.
- Riba is, for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive towards the borrower.
| 🔍 Financial Activities restricted & prohibited by Sharia law | 💬 Description |
| Overnight rollovers | 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 |
| Margin deposits and interest | The accrual of interest on funds that are deposited into the trading account |
| Loans | When followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms |
| Trading on margin | Stocks that are traded on margin result in the trader being liable for paying interest |
| Short sales | Affects mostly shares and involves borrowing and subsequent sale of an asset |
| Forward sales | 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?
1. Step 1 – Send an email
To obtain a swap-free account, you will need to inform the Naga Support team via email from your registered email address and provide the broker with the relevant proof of faith such as a birth/marriage certificate or any other proof of identity document that includes your religion.
2. Step 2 – Start trading
Once you get your swap-free account, you will have 0 swap charges on all instruments for positions that remain open for a maximum of 10 calendar days.
What are NAGA’s spread costs on an Islamic Account?
- The spread cost on the Islamic Account will be the same as that for any of the swap-rated accounts.
- As such, Spreads will vary depending on the instrument traded, but for major currency pairs such as EUR/USD will average at around 2.8 pips. These are not very competitive at all, with many other brokers offerings spreads as low as 0.5 pips.
- Gold, Silver, and Oil are not included in the swap-free accounts. This means that the swaps for your positions in Gold, Silver, and Oil will be charged as normal.
Min Deposit USD 250 Regulators CySEC Trading Platform MT4, MT5, NAGA Web Crypto Yes Total Pairs 45 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
What other features does Naga’s Islamic Account have?
The Islamic Account from Naga will have the same features as any of the swap-rated accounts for which a swap-free version has been created. As such, traders on the Islamic Account can expect the following conditions:
- Minimum Fiat Deposit: $250.00
- Spread: Standard Spreads (e.g. EURUSD 1.7)
- Copy Bonus All Pairs/Crypto Pairs: Earn $0.12 per copied trade
- Copy Bonus NGC Trading account: Earn $0.22 per copied trade
- Copy Bonus FX PAIRS: Earn $0.50 per copied trade
- Commission Reduction: Reduced Commission on Stock CFDs (0,20%)
- Withdrawal Fees: 5 EUR/USD/GBP or equivalent
- Free Stock trading: 0% Real-Stock Trading (European Clients)
- Signals / Research: Daily NAGA 5 Trading Signals
- Ebooks: YES
NAGA Pros and Cons
| ✔️ Pros | ❌ Cons |
| Investors Compensation Fund (ICF) | No US clients |
| Provide a personal trading assistant | Restricted leverage for non-professional clients |
| Various education instruments | Option of only one account for all |
| Strict regulations | A limited selection of deposit currencies |
| Well-regulated broker with high deposit security | Withdrawal fees charged |
| No deposit fees | Copy-trading features are not available on the demo account |
| Excellent customer support | Wide spreads |
| Easy demo sign-up process | Additional trading fees |
| Full demo access to MT4 | Limited deposit currencies |
| Advanced copy trading software available | |
| MT4 and MT5 available | |
| Provide support in multiple languages |
NAGA Conclusion
NAGA offers swap-free trading Islamic accounts for Muslim faith traders. NAGA accounts are ideal as they align with the Islamic Muslim faith and incur no swaps or interest charges on overnight positions.
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Frequently Asked Questions
Can traders of the Muslim faith from South Africa open a NAGA Islamic account?
Yes, Muslim traders from South Africa are welcome to open the NAGA Islamic account for trading.
Are there additional charges on the NAGA Islamic account I should be aware of?
Yes. A position held open for more than 10 calendar days, will incur a fee of 10 USD / R151,36 ZAR at the current exchange rate between the US Dollar and South African Rand at the time of writing.
How many instruments can I trade with a NAGA Islamic account?
You can trade Forex, Stocks, Indices, Cryptocurrencies, Commodities, CFDs and ETFs with your NAGA Islamic account.
What platforms are supported by the NAGA Islamic account?
The NAGA Islamic account supports the MetaTrader4 and MetaTrader5 platforms or traders can use the proprietary software NAGA Web platform together with all its applications.
Is it safe to open an Islamic trading account with NAGA broker?
Yes, we conclude that NAGA is a safe and reliable broker with which to open an Islamic trading account.
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