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Find out the four easy steps to open a NAGA forex trading account. Read all information carefully and start investing today! Before opening a forex account, you need to know the three account types- Standard, managed and mini has their distinguished features to decide which account is suitable for you. Investors prefer their account types based on risk, costs, the size of the initial investment, and how much they can trade in a day. Also, one must check whether there is a specific amount in withdrawals and deposits to maintain accounts. Many investors will need a minimum of $1000 for their account opening but certain forex brokers will allow you to open accounts with only $100. Beginners can choose demo accounts to try trading with the broker before they start investing their own money. Therefore, it’s important to go through information for a successful trading experience. The four steps to Open a NAGA account – Step 1: Read NAGA Reviews – One needs to be well aware of its functionalities, features, terms & conditions, costs, withdrawals & deposits, types of accounts, educational materials, customer service, and history. There are various things to consider before choosing the right account on NAGA. If you are a beginner with less or no trading experience, you can try the NAGA Autocopy feature or trade with their trading account. One should know about NAGA’s regulations & licenses and the countries it is accepted. NAGA offers its Web trading platform, Mobile, and MetaTrader 4 platforms with its mobile trading platforms available for both iOS and Android. Sometimes investors have a difficult time with limited payment types accepted by a broker. However, with NAGA you can pay using PayPal, Neteller, Skrill, Bank wire transfer, Giropay, Cryptocurrencies, Sofort, EPS, P2P, Ideal, Credit/debit cards, and 30 more. NAGA account types consist of Iron, Bronze, Silver, Gold, Diamond, and Crystal with each having minimum deposits, commission per trade, and starting spreads. They should also read about NAGA’s user experience and whether the platform is easy to navigate. Plus, NAGA educational tools and materials include webinars, e-books, and a help center with the availability of a multilingual support team to answer all our questions and queries. NAGA reviews are insightful with detailed information about the broker. Step 2: Open an account - This step is crucial to consider how to create a forex trading account. It is important to provide basic information such as your name, identification details, account details, etc. your account and identification information are crucial for opening a NAGA account. Traders may find it easy how to open a live forex trading account in NAGA when they have done prior research on the forex broker NAGA offers demo accounts for all users to trade their live money instead of real funds just to prevent beginners from incurring losses. For account opening, there are a few steps to follow- Enter NAGA’s website and go through all account types available, you will find small-scale accounts with minimum balances and the top ‘crystal’ account with unlimited one-to-one tutoring sessions and VIP spreads. Investors should choose the account based on their experience. After deciding the account type, you will receive an application form to fill in your details. Upon completing that, you will have a username and a password to access the account. You will be able to log in to NAGA’s client portal. The next step is to transfer funds from the bank to deposit to your trading account. Traders can do it using credit cards/debit cards or bank transfers. After funding the account, you can start trading by following special instructions provided by the broker and you may also receive a welcome mail as a confirmation to get started. Step 3: Trade Margin Trading or not - Once you have opened a forex trading account at NAGA, you must decide about using Margin or not. Margin trading is a way to borrow funds from the broker to buy assets and later pay them back to the broker with interest. However, margin trading comes with potential risks one should know that after opening an account with NAGA. Also, margin amounts are determined by government regulatory bodies and institutions. All investors can find options for margin trading based on the country the broker is from. Also, the margin amounts decided by the investor will require them to deposit a certain amount in their trading account as a form of collateral. Step 4: Start with a Demo account – A forex trading demo account on NAGA is a free account that offers virtual currencies to traders with less or no experience in forex trading. By starting their trading journey with a forex trading account, beginner traders can learn forex trading in real market conditions and how to open an account in forex trading. A demo account can dismiss the possibility of incurring losses and investors can be stress-free while practicing and performing their trades. You can read more about demo trading accounts on NAGA reviews. A demo account allows- Get used to the broker’s features and market movements. You can work on charts, analyze the market and monitor the situation accordingly. You get a chance to test the financial instruments before going real-time and study as much as you want to be sure. Polish your trading skills before starting your journey in trading. Advantages of demo accounts – There is no question of real money Every broker offers demo accounts. You can study the forex market features and tools Develop trading strategies and test them. Demo accounts can be re-opened, or closed anytime. Virtual currencies are easy to handle and eliminate psychological pressure What are PAMM Accounts – PAMM accounts are accounts meant for trust management that allow investors to earn passively. Beginner traders can also invest through the PAMM system. By using this program, you can assign an asset to a personal manager who can carry out transactions using his investor’s funds and his own. The manager also gets a commission when the transactions are successful of which there are cooperation agreements. You can choose PAMM accounts based on profit margins, the number of years they are in operation, and their average drawdown. To invest in a PAMM account, you can register on the PAMM broker’s website, open a trading account, deposit the money, study the manager's ratings and start investing immediately. How do forex brokers make money? Forex brokers such as NAGA can make money by charging commissions and spreads to customers. Also, some brokers can charge monthly fees for special trading products and monthly account fees such as software interfaces or other exotic options. Managed account providers can charge a fee according to the amount of AUM (assets under management). Also, they have access to major liquidity providers and their spreads are small fractions of a 1 in a currency. The broker's income is the difference between the liquid provider’s spread and the end spread for the trader. Hence, a liquid provider with the lowest spreads can generate higher spreads while they can appeal to traders. Forex brokers who generate income from spreads want traders to trade large volumes to generate profit. Why open a forex trading account on NAGA? There are several advantages of opening a forex trading account on NAGA including, its social trading and copy trading which can help beginners learn a lot from experienced traders and investors worldwide. You may check the NAGA ratings and compare the forex trading platform to others before opening a trading account. The Autocopy feature allows you to copy trades from experienced traders and help inexperienced traders perform better at forex trading. Few benefits of forex trading are - You can trade 24 hours a day and 5 days a week from anywhere in the world using your smartphone. One of the main benefits that attract forex brokers is the low transactional costs because they make more money from spreads. Investors can take advantage of leverage as you can take high positions with a small amount. You enter the market with high liquidity and have a chance to deal in major pairs. Buy and sell currencies depending on the market and decide whether to go long or short. Final Word Opening a forex account is an easy process as explained above. It is similar to opening any financial account where you are asked for important information and details about your account and your personal information for account confirmation. Moreover, the process of opening an account on NAGA is very easy for beginners and first-timers. The online forex broker offers you easy instructions to follow so anyone can open their trading account without difficulty. However, you want to carefully go through all the terms and conditions and the six account types alongside their features. It is a wise decision to test drive before going real-time with a standard account. Also, investors may find it useful to go through NAGA feedbacks from clients to be sure about opening a trading account. Demo accounts allow you to trade risk-free, and investing through PAMM accounts is also useful. All-in-all investors must choose the right type of account based on their needs and requirements to perform trades successfully. Currency trading takes a lot of experience, and one can incur huge losses from several trades. Hence learning from professionals on NAGA and how to open an account in forex trading can help you trade successfully. Disclaimer: This information is not considered as investment advice or an investment recommendation, but is instead a marketing communication.