NAGA: Invest in Forex & StocksApp Store
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
(Analysis from Android review)
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.
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.
Due to the use of CFDs, users cannot really send or receive on this app as they do not actually own the assets.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.