NAGA vs Eightcap - 2023 Comparison | FxScouts
AuthorAuthor: Björn Michels
Updated: Sep 16, 2023
Last Updated On Sep 16, 2023
Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FxScouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Select brokers to compare

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.58/ 5 USD 250CySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtMarket Maker NDDCommodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Futures, Indices4730
  • Well regulated
  • Great platform choice
  • Wide range of assets
  • High minimum deposit
  • Wide spreads
  • Expensive withdrawals
Read Review 1110.503.5/ 5 110.5002.5/ 5 11110.54.5/ 5 111003/ 5 1110.503.5/ 5 11110.54.5/ 5 111104/ 5 74.48%30:10.70 pips Bronze, Crystal, Diamond, Gold, Iron, Silver MT4, MT5, NAGA Web AppBank Transfer, Visa, Bitcoin, Diners Club, Paypal, Giropay, Sofort Banking, Mastercard, MaestroFees Included in Spread
11110.54.53/ 5 AUD 100ASIC Regulated Forex BrokersVanuatuSecurities Commission of the BahamasFCA Regulated BrokersCySEC Regulated BrokersMarket Maker NDDCommodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals55100
  • Great platform choice
  • Excellent education
  • Limited demo account
  • No swap-free account option
Read Review 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 11110.54.5/ 5 11110.54.5/ 5 111104/ 5 0500:10 pips Raw, Standard, TradingView MT4, MT5Bank Transfer, Visa, Mastercard, Skrill, Neteller, BPay, POLi, Unionpay7 USD / lot

How do Eightcap 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.

Eightcap

NAGA

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 Eightcap 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 Eightcap 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 Eightcap holds two Tier 1 and one Tier 2 licences, and NAGA holds no Tier 1 and two Tier 2 licences.

 

Can I trust Eightcap?

Yes as Eightcap was founded in 2009 and is regulated by ASIC, CySEC, FCA, SCB and VFSC.

 

Can I trust NAGA?

Yes as NAGA was founded in 2015 and is regulated by BaFin and CySEC.

 

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

Does Eightcap 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 Eightcap 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
NAGA
110.5002.5/ 5
USD, EUR, GBP, PLN
1.70 pips
USD 17
0.70 pips
2.00 pips
1.60 pips
USD 0
Eightcap
111115/ 5
AUD, CAD, EUR, GBP, NZD, SGD, USD
0.00 pips
USD 7
0.06 pips
0.73 pips
0.23 pips
USD 7

 

Does Eightcap 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, NAGA offers support for MT4 and MT5 and Eightcap 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 Eightcap and NAGA offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
NAGA
11110.54.5/ 5
NAGA Web App
Eightcap
11110.54.5/ 5

 

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 Eightcap offers a greater range and depth of instruments to trade than NAGA. Eightcap offers 55 Forex pairs to trade and NAGA offers 47 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, Eightcap offers 100 cryptocurrencies while NAGA offers 30 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Eightcap.

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 NAGA charges a withdrawal fee and Eightcap does not. Overall, Eightcap has better deposit and withdrawal processes than NAGA. 

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. 

Eightcap and NAGA both have moderate educational support. Both Eightcap and NAGA offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
NAGA
Medium
Eightcap
Medium

 

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 Eightcap offers better research analysis than NAGA and that both Eightcap and NAGA offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
NAGA
Eightcap

 

Our overall Verdict on Eightcap

A well-regulated broker with three simple accounts, Eightcap appeals to traders who are familiar with the MetaTrader and TradingView trading platforms and are looking for a wide choice of financial instruments. 

Eightcap offers three live accounts and a demo account. All accounts have a minimum deposit of 100 USD (or currency equivalent), making them accessible to beginner traders. The Standard Account and TradingView Accounts have fees included in their spreads, which average at 1 pip (EUR/USD), while its Raw Spread Account offers competitive spreads from as low as 0.0 pips (EUR/USD) in exchange for a commission of 7 USD (round turn). 

We were also pleased to find that traders can choose between the MT4, MT5, and TradingView platforms and that it offers a great range of trading tools, including Capitalise.ai, FlashTrader, and VPS services, although a trader has to trade a minimum of 5 lots and deposit at least 1,000 USD to access the VPS.  Eightcap also has a decent education section, and its research materials are comprehensive, in-depth and updated frequently. 

Our overall Verdict on NAGA

With its popular proprietary social trading platform, NAGA will appeal to beginner traders who enjoy learning how to trade from each other.  However, NAGA’s minimum deposits and ongoing trading costs are higher than other similar brokers.

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 have access to multiple technical analysis and charting tools. Trading is also offered on MT4 and MT5 for traders who prefer the industry-standard platforms.  

NAGA offers a single account and trading on over 950 assets, including Forex, commodities, indices, futures, ETFs, stock CFDs, and cryptocurrencies.  With increasing minimum deposits, traders can access higher account tiers, tighter spreads, and more account benefits.

Trading conditions are generally poor compared to other market makers, with spreads that start at 1.70 pips on the EUR/USD in exchange for a minimum deposit of 250 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 100,000 USD, making it inaccessible to most traders.  

NAGA’s educational and market analysis materials are average compared to other similar brokers, but beginner traders will get a good feel for the basics of Forex trading.

Which broker has the highest overall rating?

Eightcap has an overall rating of 4.53 and NAGA has an overall rating of 3.58. For more detail please read our reviews of Eightcap and NAGA.

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