Wallet Logo

NAGA: Invest in Forex & Stocks

latest release: 8.0.2 ( 15th October 2021 ) last analysed  10th October 2021 Can't send or receive bitcoins 
4.4 ★★★★★
1409
15th January 2017

Jump to verdict 

Help spread awareness for build reproducibility

Please help us spread the word discussing the risks of centralized custodians with NAGA: Invest in Forex & Stocks  via their Twitter!

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

(Analysis from Android review)

App Description

Forex trading app by Naga is a trading and investment platform.

Join +1 million users who spy on and copy the best investments of top global investors. Social trading on NAGA is a safe way to start your investment journey.

It claims to have “top-notch security” and the developer behind this app is NAGA Markets LTD.

NAGA is an established fintech company. We are listed on the Frankfurt Stock Exchange and recognized as a credible finance authority. The company follows data, privacy, and security regulations, and guarantees the full safety of your transactions and information.

The platform uses CFDs, as seen in this quote:

CFDs are action instruments and carry a risk of losing money quickly from taxes on leverage. 74.48% of the money is lost by retail customers when trading CFDs on these offers. Be careful when choosing CFDs and in how you act, and understand that there is an inevitably high risk of losing your money.

The Site

Help Center:

From What is CFD?:

CFD stands for contract for difference. This means it is an agreement between you and your broker to exchange the difference between the opening price and closing price of a contract. Hence, you speculate on the movement of the underlying asset (a stock, commodity, etc.), but you do not own the asset.

Verdict

Due to the use of CFDs, users cannot really send or receive on this app as they do not actually own the assets.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

Can it send and receive bitcoins? If not, we tag it No send/receive 

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.