NAGA

The CySEC, ADGM, Seychelles and Mauritius licences were confirmed on the regulators’ registers or licensee lists. The international NAGA and CAPEX.com websites are operated by companies licensed in Seychelles, outside the main retail protection regimes, and the group’s 2025 annual report describes a St Vincent company as operating brokerage for clients outside the EU without stating a licence for it.

• StrengthNAGA Markets Europe Ltd holds CySEC licence 204/13, issued 20 June 2013, and runs the EU website. Key Way Investments Ltd (CAPEX.com EU) holds CySEC licence 292/16; the group agreed to sell it in March 2025, subject to CySEC approval.
• StrengthKey Way Markets Ltd has held a Financial Services Permission from the ADGM’s Financial Services Regulatory Authority since 1 March 2020 (FSP 190005), with conditions on offering OTC derivatives to retail clients and no regulatory actions listed.
• MediumThe international naga.com website is operated by NAGA Capital Ltd and the international capex.com website by KW Investments Ltd, both on the Seychelles FSA’s list of securities dealers (licences SD026 and SD020, as stated by the firm). Neotrades Capital Ltd holds an investment dealer licence from the FSC Mauritius, dated 8 March 2022. The group reports that 41% of its 2025 revenue came from the GCC and 22% from Latin America.
• MediumNAGA’s 2025 annual report states that Naga Global LLC, of Kingstown, St Vincent and the Grenadines, “operates online brokerage for clients outside the EU”. No financial licence is stated for it, and it is not among the companies the report lists as holding client money. We could not confirm whether it still serves clients.
• ObservationNAGA states that JME Financial Services Ltd is supervised by South Africa’s FSCA and that NAGA X Ltd holds a CySEC crypto-asset licence. These were not checked at the registers.

The parent, The NAGA Group AG, is quoted on the open market (Basic Board) of Deutsche Börse rather than a regulated market. It publishes audited consolidated accounts and names its chief executive as its largest shareholder.

• StrengthThe NAGA Group AG’s 2025 consolidated IFRS accounts received an unmodified opinion from MSW GmbH Wirtschaftsprüfungsgesellschaft, with an emphasis of matter on the reclassification of income statement items. The accounts list all 22 subsidiaries with their locations and shareholdings.
• StrengthThe annual report states that chief executive Constantin-Octavian Patrascu and related companies held 9,630,736 shares at 31 December 2025, about 41% of the share capital.
• ObservationThe 2024 merger was a reverse acquisition in which Key Way Group Ltd, the CAPEX.com holding company, is the accounting acquirer. After the share price stayed below EUR 1.00, the share capital was reduced 10 to 1 in 2025. The group reported a net loss of EUR 6.5 million from continuing operations for 2025.

Clients of NAGA Markets Europe are covered by CySEC’s Investor Compensation Fund, with segregated client money and negative balance protection. NAGA Capital Ltd states that it segregates client money and gives all clients negative balance protection, but clients of the Seychelles, Mauritius and ADGM companies have no compensation scheme.

• StrengthNAGA Markets Europe Ltd states that it is a member of the Investor Compensation Fund and that client money is held in segregated accounts. NAGA’s annual report states that it waives losses beyond the deposit for private clients under its negative balance protection policy.
• MediumNAGA Capital Ltd’s client agreement states that client money is paid into segregated client bank accounts, and its leverage policy states that all clients have negative balance protection. No compensation scheme applies to clients of the Seychelles, Mauritius or ADGM companies.
• ObservationNAGA reports that client funds held in trust totalled EUR 16.9 million at 31 December 2025 and that it acts as counterparty to most client trades. No regulator finding on client money was found.

Not assessed in a desk audit. Spreads, slippage and fill quality can only be measured with live accounts.

Two of the group’s Cyprus companies settled with CySEC in the last eight years: NAGA Markets Europe for EUR 150,000 in 2023 and Key Way Investments, before it joined the group, for EUR 120,000 in 2020. Both settlements cover possible violations of client information and organisational rules.

• MediumOn 27 March 2023 CySEC agreed a EUR 150,000 settlement with NAGA Markets Europe Ltd, announced on 29 December 2023, for possible violations between January 2021 and April 2022 of its authorisation and organisational requirements, the information it gave clients, its suitability and appropriateness assessments, its duty to execute orders on the terms most favourable to clients, and EU product intervention rules.
• MediumOn 3 August 2020 CySEC agreed a EUR 120,000 settlement with Key Way Investments Ltd, now part of the NAGA group, announced on 22 October 2020, for possible violations found at a June 2019 inspection, covering the requirement for CIF authorisation, its management body and organisation, conflicts of interest, information to clients and certified persons.
• ObservationNAGA Capital Ltd offers new clients a deposit bonus of up to 100%, and its leverage policy gives examples of leverage up to 1:300. Offshore incentives that are lawful where offered are recorded but not scored.
• ObservationSearches of the Ontario Capital Markets Tribunal, Brazil’s CVM sanctions cases, the ADGM register and the Seychelles FSA’s enforcement pages found no other case against a NAGA or Key Way company.

Not assessed in a desk audit. Uptime, incident history and security controls require evidence from the firm or live monitoring.

No Great Place to Work certification and no community programme were found. The group’s sponsorships are commercial and are not counted.

• ObservationNo Great Place to Work certification was found for NAGA, CAPEX.com or Key Way, and the 2025 annual report describes no community programme.