Compare Forex Brokers side by side

How do NAGA and Fibo Group 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 NAGA and Fibo Group, 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 NAGA or Fibo Group 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 NAGA holds three Tier 1 and no Tier 2 licences, and Fibo Group holds one Tier 1 and one Tier 2 licences.

Is Fibo Group financially regulated?

Is NAGA financially regulated?

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

Does NAGA or Fibo Group 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 Fibo Group 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

2.5/ 5

USD, EUR, GBP

1.70 pips

USD 17

0.70 pips

2.00 pips

1.60 pips

USD 0

Fibo Group

3/ 5

EUR, USD, RUR, CHF, GBP

0.60 pips

USD 6

0.30 pips

0.50 pips

0.30 pips

USD 0

Does NAGA or Fibo Group 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, Fibo Group offers support for cTrader, MT4 and MT5 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 Fibo Group and NAGA offer copy trading.

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Broker

Platform Choice

Copy Trading

Platforms

NAGA

4.5/ 5

Yes

MT4, MT5, NAGA Web App

Fibo Group

5/ 5

Yes

MT4, MT5, cTrader

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 NAGA offers a greater range and depth of instruments to trade than Fibo Group. NAGA offers 49 Forex pairs to trade and Fibo Group offers 43 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, NAGA offers 25 cryptocurrencies while Fibo Group offers 9 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 Fibo Group and NAGA charges a withdrawal fee. Overall, NAGA has better deposit and withdrawal processes than Fibo Group. 

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

NAGA

Yes

Yes

Yes

High

Yes

Fibo Group

No

No

No

Medium

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

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

NAGA

Yes

No

Yes

No

No

Fibo Group

Yes

No

No

No

No

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.  

Our overall Verdict on Fibo Group

With a variety of low-deposit accounts, including a Cent Account with excellent trading conditions, FIBO Group appeals to beginner traders looking to reduce their risk. However, beginners will be disappointed at the lack of educational and market analysis materials available. 

FIBO Group offers six live accounts with various spread/commission combinations and execution choices available on all three major trading platforms - MT4, MT5, and cTrader. Trading conditions are average compared to other brokers across all six accounts, but FIBO Group's non-trading fees are high, including fees for deposits, withdrawals, and inactivity fees. 

Although trading tools are limited, beginners will be able to subscribe to sophisticated automated trading signals and for PAMM accounts. FIBO Group also offers a relatively disappointing range of CFDs, but what is available should be enough to satisfy most beginners.

Which broker has the highest overall rating?