Compare Forex Brokers side by side

How do IC Markets and NAGA stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare IC Markets and NAGA, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does IC Markets or NAGA have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that IC Markets holds one Tier 1 and no Tier 2 licences, and NAGA holds one Tier 1 and one Tier 2 licences.

Is IC Markets financially regulated?

Is NAGA financially regulated?

Based on these findings, IC Markets earned a higher trust rating than NAGA.

Does IC Markets or NAGA have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that IC Markets has overall lower trading costs than NAGA. 

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

IC Markets

4/ 5

AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD

0.10 pips

USD 8

0.02 pips

0.23 pips

0.14 pips

USD 7

NAGA

2.5/ 5

USD, EUR, GBP

1.70 pips

USD 17

0.70 pips

2.00 pips

1.60 pips

USD 0

Does IC Markets or NAGA offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, IC Markets offers support for cTrader, MT4, MT5 and TradingView and NAGA offers support for MT4, MT5 and NAGA Web App. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both IC Markets and NAGA offer copy trading.

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Broker

Platform Choice

Copy Trading

Platforms

IC Markets

5/ 5

Yes

MT4, MT5, cTrader, TradingView

NAGA

4.5/ 5

Yes

MT4, MT5, NAGA Web App

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that IC Markets offers a greater range and depth of instruments to trade than NAGA. IC Markets offers 64 Forex pairs to trade and NAGA offers 49 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, NAGA offers 25 cryptocurrencies while IC Markets offers 18 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with NAGA.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that both IC Markets and NAGA charges a withdrawal fee. Overall, NAGA has better deposit and withdrawal processes than IC Markets. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

IC Markets

Yes

Yes

Yes

High

Yes

NAGA

Yes

Yes

Yes

High

Yes

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that IC Markets offers better research analysis than NAGA and that both IC Markets and NAGA offer frequent webinars.

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

IC Markets

Yes

Yes

Yes

Yes

Yes

NAGA

Yes

No

Yes

No

No

Our overall Verdict on IC Markets

An excellent all-round broker with a very high trust rating, IC Markets was founded in 2007 in Australia and holds licences from some of the strictest regulators in the world. IC Markets is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools.

IC Markets offers a lower-cost trading environment than almost any other broker, with average spreads of 0.10 pips (EUR/USD) on its Raw Spread Account in exchange for a low commission of 6 USD (round turn) per lot.IC Markets is one of the few Forex brokers to support all three major trading platforms, including MetaTrader4, MetaTrader5, and cTrader; and offers numerous trading tools for each, including VPS services, Trading Central, and various copy trading services.

Beginner traders will benefit from IC Markets’ exceptional customer support, available 24/7 to help with any account or technical queries. While its education section is more comprehensive than most other brokers, it offers a fairly limited selection of market analysis materials.

Our overall Verdict on NAGA

NAGA is a well-regulated broker that caters well to beginner traders. It offers an excellent social trading platform in addition to MT4 and MT5 and a range of accounts with higher deposits linked to tighter spreads. 

With a focus on social trading, NAGA’s web app allows its customers to copy the trades of top traders, who then earn a commission on each profitable trade.  The platform is easy to set up and use, and traders can access multiple technical analysis and charting tools. 

NAGA’s trading costs are higher than other brokers, with spreads that start at 1.70 pips on the EUR/USD in exchange for a minimum deposit of 10 USD on its lowest account tier.  Spreads tighten to 0.7 pips (EUR/USD) on its highest account tier, but this is in exchange for a minimum deposit of 90,000 USD, making it inaccessible to most traders.  

Which broker has the highest overall rating?