Uncovering Risks of NAG Markets: Is it Reliable to Trade with this Broker?

NAG Markets, a self-proclaimed market-leading CFD broker providing clients with low spread and latency trading across Forex, Metals, Energy, and Indices, has recently raised skepticism among traders around its legitimacy and reliability as a forex broker to operate. 

Several traders asked questions like “Is NAG Markets trustworthy?”, “Is the platform regulated?”, or “Is it compliant?”. Some traders reported problems when conducting trades on the platform and other issues involving withdrawal and slippage.

NAG Markets’ Regulatory Status

Given that traders are more concerned about the licensing of NAG Markets, then it is necessary to review its regulatory status. Obtaining the necessary authorization is an essential condition for a forex broker to be trusted by its clients.

NAG Markets is currently regulated by the Vanuatu Financial Services Commission (VFSC) and the Seychelles Financial Services Authority. However, this indicates that the broker receives offshore oversight and is therefore subject to relatively lax regulatory frameworks. 

NAG Markets may pose a higher level of risk to traders due to the lack of strict and robust regulation. This gives traders good reason to doubt the broker’s credibility and reliability.

Client Reports Trading Loss Due to Margin Call Failure at NAG Markets

BrokersView has learned that a NAG Markets client who wanted to make a margin call to avoid having his GBP/USD orders liquidated due to a large drop was unable to make a deposit and suffered unnecessary losses.

With both of his deposit requests failing and the previous UnionPay payment method disabled, the client had no choice but to lock his position. 

However, the next day, the GBP/USD rallied, and the client suggested that it was useless to deposit money again at that time. Therefore, the client believed that he had suffered losses that he should not have borne. The client expressed his condemnation of the inadequate mechanism of NAG Markets.

NAG Markets offers four deposit methods, all three of which promise instant processing except for Wire Transfer. Failed deposits will have a significant impact on the client experience and trading outcomes.

Other Issues

NAG Markets has been criticized by clients for withdrawal obstacles and large slippage.

Bottomline

Given that NAG Markets is an offshore-supervised forex broker and has been criticized by its clients for some questionable practices, BrokersView recommends caution when engaging with this platform.

If you experience any issues with your broker that are detrimental to your interests, you can submit a complaint to us: https://www.brokersview.com/complaint/