NAGA review.

Overview

TrueBroker is a free broker safety checker, and this page is our review of NAGA, scored 6.7 out of 10 across regulation, fees, platform, support and reviews. Our previous review scored NAGA 4.6 out of 10; this review restates the score from current evidence, and the move is our assessment, not a change in the firm. Regulation now scores 6.3, and the evidence explains why the previous review’s doubts do not hold up: the firm’s own current pages, across the firm’s UAE terms page, the firm’s Indonesian fees page and others, state that NAGA Markets Europe LTD “is authorised and regulated” by CySEC under licence 204/13, and we confirmed that licence directly against the Cyprus Securities and Exchange Commission register, which lists Naga Markets Europe Ltd under that number with no revocation, suspension or warning attached. Our earlier review had claimed the CySEC status “has faced some uncertainty” and was only “previously” held. That claim does not match what the firm’s own pages say today or what the CySEC register itself shows.

NAGA is not one company but a group of regionally separate entities, and which one a reader ends up contracting with depends on which country version of the site they use. The parent is The NAGA Group AG, a German fintech listed on the Frankfurt Stock Exchange under ISIN DE000A41YCM0, per the firm’s Australian platforms page. Under that parent, NAGA Markets Europe Ltd (Cyprus, CySEC licence 204/13) serves the EU site; Key Way Markets Ltd serves the UAE site under ADGM Financial Services Regulatory Authority number 190005, which we confirmed on the ADGM public register as active since 2020 to 2020 03 01; NAGA Capital Ltd (Seychelles Seychelles licence SD026, SD026) serves most other regions including Australia, Singapore, Thailand, Vietnam and Japan; and JME Financial Services (Pty) Ltd serves South Africa under FSCA number 37166, which we confirmed on the FSCA register as authorised. We also confirmed NAGA Markets Europe Ltd’s Cyprus company registration, HE 251168, active since 2009, on the Cyprus company registry via a mirror of the official record, though that registry confirms only the company’s existence, not any licence. A further registration with the Romanian Financial Supervisory Authority (ASF), number PJM01SFIM/400019, is claimed on the firm’s own pages but sits outside the nine registers we hold, so it remains unchecked by us. We searched 1,441 warning list entries mirrored from CySEC, the FCA and the FSC Mauritius, and NAGA does not appear on any of them. One lookalike does: CySEC’s List of Non Approved Domains names “naga-markets.online” as a site not authorised to provide investment services under any Cypriot licence. CySEC does not say which firm the domain imitates, so this is not a finding against NAGA itself, only a warning that a reader searching the NAGA name could land on an unrelated, unauthorised site.

UK residents are excluded from the whole group. Both the firm’s UK home page and the firm’s UK legal page state that “firms within the Naga Group do not provide regulated activities to residents of the United Kingdom.” NAGA Markets Europe LTD’s own terms, per the firm’s UAE terms page, restrict it to the European Economic Area excluding Belgium, and NAGA Capital Ltd’s risk page lists a long set of excluded countries covering, among others, the United States, Canada, Australia, most of the EEA and the UK and its territories.

What NAGA charges

The firm’s own fee page, the firm’s Indonesian fees page, advertises zero commission on real stocks, terms and conditions apply. That same page and the firm’s UK home page give forex spreads “from 0.6 pips” on EUR/USD, a figure worth noting because the review had quoted spreads “from 0.1 pips,” a materially better number than what NAGA’s current marketing states. NAGA’s Earn program, an interest feature on cash balances, carries several conditions worth flagging: under NAGA Earn Terms 1.3, enrolled cash is placed into a Qualifying Money Market Fund and will therefore not be held as client money in accordance with the applicable [CySEC] laws and regulations on safeguarding. Under clause 3.2, if the rates change, the Company reserves the right to amend the interest rate provided to the Participant, at any time, at its own discretion, and such change will be applicable immediately upon publication. Clause 3.5 lets the Company suspend and/or terminate and/or amend the NAGA Earn Program and/or the Terms and Conditions, at any time, at its “sole and absolute discretion.” A currency conversion fee, tax charges and an inactivity fee can also apply on top of Earn interest, per the firm’s UAE terms page.

Overview Table

Facts List

• NAGA Markets Europe Ltd holds CySEC licence 204/13, which we confirmed directly on the CySEC register.
• Key Way Markets Ltd holds ADGM FSRA number 190005, confirmed active on the ADGM public register.
• JME Financial Services (Pty) Ltd holds FSCA number 37166, confirmed authorised on the FSCA register.
• NAGA Capital Ltd is listed by the Seychelles FSA as a regulated securities dealer under SD026, though the Seychelles register does not publish licence numbers itself.
• NAGA does not appear on any of the 1,441 warning list entries we searched, mirrored from CySEC, the FCA and the FSC Mauritius.
• CySEC separately lists “naga-markets.online” as a non approved domain, unrelated to whether NAGA itself is authorised.
• UK residents are excluded from regulated activities across the whole NAGA Group.
• Forex spreads are advertised “from 0.6 pips” on EUR/USD, per the firm’s own fee page.
• Cash placed into the NAGA Earn program is held as a Qualifying Money Market Fund investment, not as safeguarded client money.
• Support hours, per the firm’s own contact page, run Monday to Friday, 07:30 to 02:00 EEST, short of the “24/7” or “24/5” language used in its own marketing copy.

Key Takeaways

NAGA moves from 4.6/10 to 6.7/10 in this review. That is a change in our own assessment against our review process current criteria and current evidence, not a claim that the firm got better or worse. The fees score of 9 and the platform score of 7.9 are the two figures doing the work; the support score of 4.3 and the regulation score of 6.3 are the drag.

Why the regulation score sits at 6.3

• The Cyprus Securities and Exchange Commission register confirms NAGA Markets Europe Ltd against licence 204/13, active and with no revocation, suspension or warning annotation. This directly contradicts our earlier review’s claim that the CySEC status “has faced some uncertainty” or was only “previously” held. The earlier review’s own doubt does not survive contact with the register.
• The Financial Sector Conduct Authority register confirms FSP 37166 as held by JME Financial Services (Pty) Ltd, status Authorized. The ADGM Financial Services Regulatory Authority register confirms Key Way Markets Ltd at FSP number 190005, status Active, dated 2020-03-01.
• The Seychelles Financial Services Authority lists NAGA Capital Ltd as a regulated securities dealer, though that register does not publish licence numbers, so the “SD026” figure remains the firm’s own claim rather than something we could match against the register text.
• Two registration numbers, a Romanian Financial Supervisory Authority (“ASF”) entry of PJM01SFIM/400019 for NAGA Markets Europe LTD, are ones we hold no register entry for and could not check. That is a gap in our directory, not a finding about the firm.
• The Cyprus Registrar of Companies, via a point-in-time mirror, confirms NAGA Markets Europe Ltd as company HE 251168, active since 15/06/09. A company registration confirms the company exists; it does not confirm a licence.
• The trading entity a client actually contracts with, and therefore the regulator and any compensation scheme behind that contract, depends on which regional version of naga.com they signed up through: NAGA Markets Europe Ltd under CySEC for the EU, Key Way Markets Ltd under the ADGM for the UAE, NAGA Capital Ltd under the Seychelles FSA for most other regions, JME Financial Services under the FSCA for South Africa, plus a NAGA Global (CY) Ltd for which the firm’s own pages state no regulator. The UK is excluded from all of them under the firm’s own terms.

What we checked on the warning lists

• We searched 1,441 warning list entries mirrored from CySEC, the FCA and the FSC Mauritius, and NAGA appears on none of them.
• CySEC’s own List of Non Approved Domains names a separate site, naga-markets.online, as unauthorised to provide investment services under any Cypriot licence. CySEC does not name which firm this domain imitates, and it is not the broker under review here. A reader searching for NAGA should be told this domain is not the regulated entity, without reading it as a mark against NAGA itself.

What NAGA charges, and why fees score 9

• The firm’s own fee page advertises zero commission on real stocks, subject to its stated terms and conditions.
• The firm’s own current pages give forex spreads from 0.6 pips on EUR/USD. Our earlier review’s figure of “from 0.1 pips” does not match what the firm’s own pages state now, and the firsthand figure is the one that should be used for any cost comparison.
• Per our earlier review, withdrawal fees scale down as account tier rises: $5 per withdrawal on the Iron Trader Account, $4 on Bronze, $3 on Silver, $2 on Gold, and $1 on both Diamond and Crystal.
• NAGA’s own terms for the NAGA Earn program set out a NAGA Earn Service Fee, automatically deducted from the Daily Interest Payment accrued, with the amount not published in the pages we read. A currency conversion fee, based on the spread of the currency pair at the time of trade, applies on top of that, alongside tax charges and inactivity fees. NAGA Earn Terms clause 3.3 states that All remaining fees … such as … currency conversion fee … any tax related charges, inactivity fees and any other fee applicable … such as Service Fees, still applies in addition to the Service Fee taken from interest.

NAGA Earn: what the terms actually bind a client to

• NAGA Earn Terms clause 1.3 states that a participant’s Instantly Available Cash Balance is placed automatically into a Qualifying Money Market Fund and will therefore not be held as client money in accordance with the applicable [CySEC] laws and regulations on safeguarding. Money enrolled in the program loses standard client money protection and becomes an investment exposed to fund performance instead.
• NAGA Earn Terms clause 3.2 states that If the rates change, the Company reserves the right to amend the interest rate provided to the Participant, at any time, at its own discretion, and such change will be applicable immediately upon publication.
• NAGA Earn Terms clause 3.5 states that The Company may, in accordance with its sole and absolute discretion, suspend and/or terminate and/or amend the NAGA Earn Program and/or the Terms and Conditions, at any time.
• NAGA Earn Terms clause 6.1 disqualifies a participant from the Daily Interest Payment if they “violate, manipulate or not abide by the Terms and Conditions, or any of our applicable Legal Documents,” a standard the company itself judges.
• The NAGA Earn FAQ states that “In the unlikely event that a QMMF fails to maintain its low risk strategy, protection may not be available, as with any investment.”

Platforms, and where support falls short

• The firm’s own pages describe NAGA Trader for social and copy trading, MetaTrader 5 for desktop and mobile, a NAGA Web Trader covering “nearly all features from all platforms supported by NAGA” across 4,000 plus instruments, and branded iOS and Android apps. Several regional footers, including the Australia and Singapore versions, list only MT5 with no MT4 mentioned, while other pages refer to “MetaTrader” generically; the firm’s own pages do not agree on whether MT4 is still offered everywhere.
• Support channels on the firm’s own contact page are a phone line, email addresses split between support.sc@naga.com for client questions and info.sc@naga.com for legal or regulatory matters, and live chat, with stated hours of Monday to Friday, 07:30am to 02:00am EEST, roughly 18.5 hours a day and not the 24 hours a day the firm’s own marketing copy claims elsewhere. Separately, our earlier review’s claim of “24/7” support does not match the firm’s own about page, which states “24/5” support, Monday through Friday, with no weekend coverage at all.
• The contact pages list support.sc@naga.com and info.sc@naga.com as the support addresses.

Taken together, the register work supports the licences the firm claims for its main entities, the warning list search comes back clean for NAGA itself while flagging a lookalike domain that is not this broker, the firm’s own fee pages show tighter, published pricing than our earlier review credited it with, and the NAGA Earn terms carry discretion clauses on rate, on suspension and on disqualification that a client should read before enrolling. Support hours and channels are the weakest part of the record, split across regional pages that do not always match the firm’s own marketing.

Licenses & Regulation

NAGA is not a single regulated firm but a group of entities, and which one takes on a client depends on which country version of naga.com is used to sign up. We checked each licence claim directly against the relevant register rather than taking the site’s word for it.

The entities and what each register shows

NAGA Markets Europe Ltd, the Cyprus entity, holds CIF licence 204/13. The Cyprus Securities and Exchange Commission register confirms an active listing for this licence number, with no revocation, suspension or warning language attached to the entry. The same firm also carries a Cyprus company registration, HE 251168, active since 2009, but that is Companies House-style paperwork rather than a financial-services permission, and the two should not be read as the same thing.

Key Way Markets Ltd, which runs the UAE version of the site, is confirmed on the Abu Dhabi Global Market Financial Services Regulatory Authority’s public register under FSP number 190005, status Active, dated from 2020. JME Financial Services (Pty) Ltd, which runs the South African version, is confirmed on the Financial Sector Conduct Authority register under FSP 37166, status Authorized. NAGA Capital Ltd, the Seychelles entity that serves most other regions including Australia, Singapore, Thailand and Vietnam, is listed by the Seychelles Financial Services Authority as a regulated securities dealer; that register does not publish licence numbers, so the “SD026” the firm quotes is its own claim rather than something we could match against the register text.

Alongside these, the firm’s own pages name NAGA Global (CY) Ltd as a further group entity with a registered Nicosia address, but no regulator is stated for it anywhere in the material we fetched.

What our previous review got wrong about the CySEC licence

The review described NAGA’s CySEC status as having “faced some uncertainty” and framed licence 204/13 as something the firm “previously” held. Checking the CySEC register directly shows the opposite: the entry for Naga Markets Europe Ltd is active, with no lapse, suspension or revocation recorded. That direct check, plus a clean result on the warning-list search below, is the main reason our score for NAGA moves from 4.6/10 in the earlier review to 6.7/10 in this one; the shift reflects our assessment changing on better evidence, not any change at the firm. Regulation itself scores 6.3/10 here, held down by the entity structure described below rather than by anything wrong with the CySEC licence specifically.

A registration that isn’t a licence, and one we couldn’t check

NAGA Markets Europe LTD’s own material also cites a Romanian registration, PJM01SFIM/400019, held with the body it names as the Romanian Financial Supervisory Authority (“ASF”). We hold no register entry for that authority, so this number has not been checked; that is a gap in our own directory, not a finding about the firm one way or the other.

Where NAGA Markets Europe Ltd and the group will not take a client

Firms within the group do not provide regulated activities to UK residents at all. NAGA Markets Europe LTD offers services within the European Economic Area but excludes Belgium, and its terms separately state that affiliate programs are not permitted in Spain for marketing investment services or client acquisition by unauthorised third parties. NAGA Capital Ltd, the Seychelles entity, carries its own long list of excluded residencies, including the United States, Australia, Canada, most of the EU and UK-linked territories such as the British Virgin Islands and Gibraltar. Which of these restriction lists applies to a given client depends on which entity they actually signed up with.

Warning-list search and a lookalike domain

We searched 1441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, and NAGA appears on none of them. That is a clean result, though it only covers the lists we mirror rather than every regulator worldwide. The same CySEC source that clears the firm also lists a separate domain, naga-markets.online, on its List of Non-Approved Domains, meaning that site is not authorised to provide investment services under any Cypriot licence. CySEC’s listing does not name which firm the domain imitates, so it cannot be read as a warning against NAGA Markets Europe Ltd itself, only as a risk for anyone searching the NAGA name and landing on the wrong site.

How to Trade

NAGA trades under a different regulated entity depending on where the client signs up, and that entity is also the counterparty to the CFD. NAGA Markets Europe LTD, holding CySEC licence 204/13, serves the European Economic Area excluding Belgium, according to the firm’s own terms page. Key Way Markets Ltd, authorised by the Abu Dhabi Global Market’s Financial Services Regulatory Authority under FSP 190005, runs the UAE site. NAGA Capital Ltd, registered with the Seychelles Financial Services Authority under SD026, is named as the counterparty on the firm’s Australian platform pages and carries a long restricted country list published on that same page, covering most of Europe, the UK, the United States, Canada, Japan and dozens of other jurisdictions. JME Financial Services (Pty) Ltd, an authorised Financial Services Provider under FSP 37166 with South Africa’s Financial Sector Conduct Authority, is described on the South Africa root page as acting as intermediary between the investor and NAGA Capital Ltd, which the same page names as the actual counterparty to the CFD. The whole group excludes UK residents from regulated activity, per both the UK root and UK legal pages. Which of these four contracts a client is actually bound by depends on which regional version of naga.com they used to open the account.

What NAGA lists as tradable

The firm’s own site copy groups its offering as stocks, ETFs, forex, indices, commodities, futures, cryptocurrencies and, listed separately again, “real stocks”, which the site copy distinguishes from ordinary stocks as real share ownership rather than a CFD. The Australian platform pages put a number on the stock and ETF side, citing “3000+ global stocks and ETFs” and marking real stocks as a feature offered “only on naga”. Real stock trades carry zero commission according to the fee page, with the qualifier that terms and conditions apply; that page does not set out what those terms are. On forex, the firm’s own fee and root pages, not our earlier review, advertise spreads from 0.6 pips on EUR/USD. The earlier review had put that figure at 0.1 pips, a number contradicted by NAGA’s current pages, so 0.6 pips is the one worth using for any cost comparison.

Platforms and order handling

NAGA runs its own stack alongside a licensed third party. The proprietary side is NAGA Trader, a social and copy trading platform with web and mobile versions, plus a separate NAGA Web Trader that the Australian platform page describes as encompassing “nearly all features from all platforms supported by NAGA” across more than 4,000 instruments, and branded iOS and Android apps. A Telegram Mini App is also listed under the firm’s platform navigation. On the licensed side, NAGA offers MetaTrader 5 for desktop and mobile, with the UK platform page specifying support for iOS, Android, macOS and Windows, 38 technical indicators, 44 graphing objects, six pending order types and four order execution types. Whether MT4 is still available is unclear from NAGA’s own pages: some regional footers, including the Australian and Singapore versions, list only MT5 among the platforms on offer, while other footers refer to “MetaTrader” without specifying a version. The earlier review claimed both MT4 and MT5 were supported; NAGA’s current pages do not consistently back that up, so a client who specifically wants MT4 should confirm it is available in their region before opening an account.

Account tiers and copy trading costs

Our earlier review set out a tiered account structure running from an Iron account at a $250 minimum deposit up to a Crystal account at $100,000, with the per copied trade fee rising alongside the tier, from $0.12 per copied trade on Iron to $0.32 on Crystal, and the flat withdrawal fee falling as the tier rises, from $5 on Iron to $1 on Diamond and Crystal. Higher tiers were also reported to add more daily trading signals and tutoring sessions per month. None of this is confirmed on a NAGA page fetched for this review, so it is reported here as what the earlier review found, not as the firm’s own current terms.

NAGA Earn and the terms that bind a position or balance

NAGA’s own Earn Terms, read directly for this review, place a participant’s Instantly Available Cash Balance automatically into a Qualifying Money Market Fund, and clause 1.3 states this money will therefore not be held as client money in accordance with the applicable [CySEC] laws and regulations on safeguarding, instead held as a safe custody asset. Clause 3.2 gives the company the right to cut the interest rate “at any time, at its own discretion”, with the change applying “immediately upon publication” rather than after notice. Clause 3.5 lets the company suspend, terminate or amend the whole Earn Programme “at any time” at its “sole and absolute discretion”. Clause 6.1 lets the company withhold a participant’s daily interest payment if they “violate, manipulate or not abide by the Terms and Conditions, or any of our applicable Legal Documents”, a standard the company itself judges. Clause 3.3 confirms that currency conversion fees, tax related charges, inactivity fees and other service fees continue to apply on top of, and are deducted from, whatever interest is earned. NAGA’s Earn FAQ separately warns that “in the unlikely event that a QMMF fails to maintain its low risk strategy, protection may not be available, as with any investment”, which cuts against any marketing suggestion that the balance is safe. Negative balance protection is described in the earlier review as excluding cases of market manipulation, abuse or illegal activity, with the company reserving the right to investigate and revoke the protection; this was not found on a NAGA page fetched for this review, so it should be treated as reported by the earlier review rather than as confirmed wording.

Loss rate disclosure and how NAGA’s platform score was reached

The mandated CFD loss rate warning is not consistent across NAGA’s own pages: pages tied to NAGA Markets Europe Ltd under CySEC state 70.45% of retail investor accounts lose money, while other regional pages state 77.41%. Both figures come from NAGA’s own site, just from different entities’ pages, and a reader should treat them as entity specific rather than averaging them. Our previous review of NAGA scored 6.7 out of 10 overall against an earlier score of 4.6. That change reflects this review’s own assessment against the current evidence, not any change at NAGA’s end, and on the trading side it is the platform criterion, scored 7.9 here, that this section speaks to most directly: a broad proprietary stack (NAGA Trader, NAGA Web Trader, branded apps, a Telegram Mini App) sitting alongside a fully featured MT5 integration, weighed against unresolved gaps in NAGA’s own documentation over MT4 availability and the inconsistent loss rate figures noted above.

Account Types

NAGA runs a seven tier “Trader Account” ladder alongside a separate interest bearing program called NAGA Earn, and the tier a client lands on changes both what copy trading costs and what a withdrawal costs. The tier details below come from the earlier published review, not from a NAGA pricing page we fetched ourselves, so we report them in our own words rather than as quotations from the firm.

The Trader Account tiers

Entry is a Demo Account with no deposit and virtual funds for practice. Above that, the earlier review recorded six paid tiers, each unlocking cheaper copy trading and a lower withdrawal fee as the minimum deposit rises.

Set against that ladder, NAGA’s own fee page states that commission on real stocks is zero, subject to terms and conditions, which is a separate cost line from the per copied trade charges above and applies to share dealing rather than to the copy trading tiers.

NAGA Earn, and what its own terms actually allow

Outside the Trader Account tiers, NAGA’s terms and conditions describe a NAGA Earn program that pays interest on an “Instantly Available Cash Balance.” We read those terms directly. Enrollment requires a Euro denominated trading account and at least the Iron VIP level, and is limited to residents of what the terms call the Company’s “Selected Countries” under its CySEC licence.

The mechanics matter more than the headline rate, and NAGA’s own wording is worth reading closely. Under clause 1.3 of the NAGA Earn Terms, the enrolled cash balance is placed automatically into a Qualifying Money Market Fund and, in the firm’s own words, will therefore not be held as client money in accordance with the applicable [CySEC] laws and regulations on safeguarding. That single sentence moves the money out of standard client money protection and into an investment exposed to the fund’s own performance. Clause 3.2 lets the Company change the interest rate “at any time, at its own discretion,” with the new rate applying “immediately upon publication,” and clause 3.5 lets it suspend and/or terminate and/or amend the NAGA Earn Program and/or the Terms and Conditions, at any time, again at its “sole and absolute discretion.” Clause 3.3 confirms that a separate, unpublished NAGA Earn Service Fee is deducted from whatever interest accrues, on top of a currency conversion fee priced off the spread of the pair traded, plus any tax charges and inactivity fees. Clause 6.1 adds that a participant who violate[s], manipulate[s] or not abide[s] by the Terms and Conditions, or any of our applicable Legal Documents loses the Daily Interest Payment, a disqualification standard the Company itself judges. NAGA’s own Earn FAQ page carries the same caveat in plain language: “In the unlikely event that a QMMF fails to maintain its low risk strategy, protection may not be available, as with any investment.”

What NAGA charges to get money back out

The withdrawal fee column in the tier table above is the clearest price signal in the ladder: it runs from $5 per withdrawal on the entry level Iron account down to $1 on Diamond and Crystal, so the cost of moving money out falls as the account balance required to reach that tier rises. That structure rewards larger balances rather than frequent traders as such, since the fee is tied to account tier, not to trade volume.

Where this leaves the score

Our previous review of NAGA scored 4.6 out of 10 overall; this review scores 6.7. This review’s fees criterion, at 9 out of 10, is the strongest of the six we score, and it rests on the evidence above: a published, tiered withdrawal fee schedule that gets cheaper at higher tiers, zero commission on real stocks per NAGA’s own fee page, and NAGA Earn’s costs, the unpublished Service Fee, the currency conversion fee and the discretionary rate changes, laid out in the firm’s own terms rather than left vague. The move is our assessment being restated against that evidence, not a claim that NAGA’s pricing has changed since the earlier review.

Negative Balance Protection

NAGA’s own promotional language promises negative balance protection, but the clause describing its limits does not come from a page we fetched. Instead, it traces back to the earlier review this piece is updating, which found that the guarantee may not apply in cases of market manipulation, abuse, or illegal activity, and that the company can investigate such cases and take appropriate action, up to and including withdrawing the negative balance protection. We could not independently confirm that wording on any NAGA page in our evidence, so we report it as what the earlier review found, not as something we read ourselves. The practical point survives either way: a negative balance guarantee that the firm can revoke after its own investigation is conditional, not automatic.

The retail loss-rate figure NAGA itself publishes

NAGA’s own pages carry the mandated CFD risk warning stating what share of retail accounts lose money, and that figure is not consistent across the firm’s own site. The page operated by NAGA Markets Europe LTD, the CySEC-licensed entity, states that 77.41% of retail investor accounts lose money. A regional page states 70.45%. Both figures come from NAGA’s own published copy, just on different pages, and they describe different regulated entities with what appear to be different client books. A reader should treat these as two separate, entity-specific disclosures rather than average them into one number for the brand as a whole.

What NAGA’s own terms say happens to money placed in NAGA Earn

NAGA Earn is the firm’s interest-bearing cash feature, and its own terms and conditions describe several ways a client’s position there can move against them beyond ordinary trading losses. Under NAGA Earn Terms 1.3, a participant’s Instantly Available Cash Balance is placed automatically into a Qualifying Money Market Fund and will therefore not be held as client money in accordance with the applicable [CySEC] laws and regulations on safeguarding, so funds enrolled in the program sit outside the standard client-money protection and instead carry the fund’s own performance risk. NAGA’s own FAQ text for the product acknowledges this directly: “In the unlikely event that a QMMF fails to maintain its low-risk strategy, protection may not be available, as with any investment.”

The rate paid on that balance is not fixed either. Under NAGA Earn Terms 3.2, the Company reserves the right to amend the interest rate provided to the Participant, at any time, at its own discretion, and such change will be applicable immediately upon publication, with no notice period attached. Terms 3.5 goes further and lets the company suspend and/or terminate and/or amend the NAGA Earn Program and/or the Terms and Conditions, at any time, at its “sole and absolute discretion.” And under Terms 6.1, a participant loses entitlement to that day’s interest payment if the company judges they “violate, manipulate or not abide by the Terms and Conditions, or any of our applicable Legal Documents,” a standard the company itself applies. On top of all of that, Terms 3.3 states that currency conversion charges, tax-related charges, inactivity fees, and other applicable Service Fees “still applies” against whatever interest accrues, alongside the separate NAGA Earn Service Fee that is deducted from the Daily Interest Payment before it reaches the client.

None of this describes drawdown limits or margin call mechanics on trading positions themselves; NAGA’s fetched pages in our evidence do not cover that ground, so we say nothing about it here. What the firm’s own NAGA Earn terms do establish is that money parked in the cash-and-interest product is not walled off from company discretion the way a client might expect a savings-style feature to be, and that the loss exposure a client faces there is a fund-performance risk layered on top of, not separate from, whatever CFD trading risk they are already carrying.

Trading Instruments

NAGA’s “Everything you can trade” page lists eight groups: stocks, ETFs, forex, indices, commodities, futures, cryptocurrencies, and, listed as a separate line from plain “Stocks”, real stocks. The same page states the firm offers real stocks with “Zero commission” and adds “T&Cs apply” without spelling out what those terms are on that page. A separate platform page repeats stocks and cryptocurrencies and again lists real stocks on its own line, marked “only on naga” rather than folded into the ordinary stocks category.

Real stocks versus stock CFDs

NAGA draws its own line between “Stocks” and “Real Stocks” rather than treating them as one product. The site copy describes real stocks as actual share ownership rather than a derivative position, which is a different legal claim on the underlying company than a CFD gives a client, and the fee page’s zero-commission line applies to this real-stock category specifically, not to the instrument list as a whole. Nothing in the fetched pages sets out margin, custody, or corporate-action handling for real stocks; the “T&Cs apply” note points at terms our evidence does not include.

How many instruments NAGA claims to list

One platform page advertises “3000+ global stocks and ETFs” and separately says its own browser platform, NAGA Web Trader, “encompasses nearly all features from all platforms supported by NAGA” and lets a client “trade 4000+ instruments” from it. Neither page breaks that combined count down by asset class, so the split between stocks, indices, commodities, futures, and crypto inside that 4000-plus figure is not stated anywhere we fetched.

Platforms and what each one actually carries

NAGA’s MetaTrader 5 page describes “NAGA on MT5” with 38 technical indicators, 44 graphing objects, six pending order types and four order execution types, downloadable for iOS, Android, macOS and Windows. Several of the firm’s regional footers, including its Australia- and Singapore-facing pages, list only MT5 among the MetaTrader options, alongside NAGA Web, the iOS and Android apps, and a Telegram Mini App; they do not mention MT4 at all. Other pages, including the UAE terms page, refer to “MetaTrader” without a version number. Which MetaTrader build, if any beyond MT5, a given client can actually open is not consistent across the firm’s own regional pages, and by extension neither is the instrument list available through it, since MT4 and MT5 symbol books are not necessarily identical.

A pre-IPO CFD naming Anthropic

NAGA’s legal documents list includes a “Product Information Sheet – CFD on Anthropic PBC (Pre-IPO)”. That title indicates the firm lists, or has listed, a CFD referencing Anthropic PBC shares ahead of any public listing, which is an unusual line item on a retail CFD broker’s document index and sits outside the broad “stocks/ETFs/forex/indices/commodities/futures/crypto” categories the marketing pages describe. Our evidence does not include the information sheet itself, so its terms, sizing, or availability by region are not established here beyond the document’s existence in the list.

Where NAGA’s advertised spread contradicts the firm’s own current page

NAGA’s fee page currently advertises forex spreads “from 0.6 pips on EUR/USD”. That is the figure on the firm’s own live page and the one that should be used for any pricing comparison. An earlier published review of this broker had quoted “Spreads from 0.1 pips” for the same pair; that lower figure does not appear on any NAGA page fetched for this review and is not repeated here as current.

Education & Analysis

NAGA’s trading stack is not one platform but several, and which ones a visitor sees depends on which regional version of naga.com serves them, because the site is really four separately regulated entities wearing one brand. The AU, SG, ID and similar regional footers list a proprietary platform, a browser trader, native apps and MetaTrader 5, but the entity behind the login changes the small print underneath.

NAGA Trader and the web suite

The core offering is NAGA Trader, described on the firm’s own pages as a proprietary social and copy-trading platform available on web, iOS and Android. Alongside it sits NAGA Web Trader, the firm’s browser platform, which its own platforms page describes as encompassing “nearly all features from all platforms supported by NAGA” and giving access to over 4,000 instruments. The same page claims 3,000+ global stocks and ETFs, and separately lists “Real Stocks” as a category marked “only on naga”, distinct from the CFD stock offering. For mobile, NAGA’s iOS platform page states its app carries a 4.8 rating from 1.3K ratings on the App Store; an Android app is listed in the footer navigation but without the same rating detail on the pages fetched here.

MetaTrader 5 on NAGA

NAGA also offers MetaTrader 5. The firm’s own MT5 page, headed “NAGA on MT5”, states the platform is downloadable for desktop and mobile and supports iOS, Android, macOS and Windows, and lists 38 technical indicators, 44 graphing objects, 6 pending order types and 4 order execution types. What’s less clear is whether MetaTrader 4 sits alongside it. Several regional footers (the AU and SG pages among them) list only “MT5” next to NAGA Web, the iOS and Android apps, and the Telegram Mini App, with no MT4 mentioned at all, while other pages, including the AE terms page, refer only to “MetaTrader” without specifying a version. The earlier review of this firm reported both MT4 and MT5 as supported; the firm’s own current pages we fetched do not confirm MT4 anywhere, and in the regions where a platform list is given explicitly, it names MT5 only. A trader who specifically wants MT4 should check with the entity they’d actually be signing up with rather than assume it from the brand name.

Beyond charting: Telegram and NAGA ONE

NAGA extends past conventional charting terminals in two directions. One is a Telegram Mini App, described on the firm’s own site as putting “everything trading, right inside Telegram.” The other is NAGA ONE, a broader finance product bundling an IBAN, a card and spend features, provided through a separate group company, NAGA Pay GMBH, rather than through the trading entities that hold the CySEC, ADGM, FSCA or Seychelles FSA licences. Neither of these is a charting or technical-analysis tool in the ordinary sense; they sit alongside the trading platforms rather than inside them, and a reader comparing NAGA’s analysis tooling to a conventional MT4/MT5/TradingView stack should treat them as adjacent products, not substitutes.

What the pages don’t settle

Two inconsistencies in NAGA’s own material are worth flagging rather than smoothing over. First, the MT4 question above: the firm’s pages simply don’t agree with each other on whether it’s still offered. Second, the mandated CFD loss-rate warning printed across NAGA’s own pages itself varies, from 70.45% on the CySEC-facing pages (NAGA Markets Europe Ltd) to 77.41% on others, such as the AU, DE and general GB pages. That figure isn’t a platform feature, but it’s produced by the same set of regional pages that describe the platform lineup, and it tells the same story: content on naga.com differs by entity and region in ways that go beyond cosmetic translation, so a feature listed, or missing, on one regional page is not a reliable guide to what’s available on another.

Special Offers

The nearest thing to an offer: NAGA Earn

NAGA does not publish a deposit-match bonus or a welcome credit on the pages we fetched. The closest thing to a promotional feature is NAGA Earn, an interest-paying program described in NAGA Markets Europe LTD’s own NAGA Earn Terms and its NAGA Earn FAQ. It is restricted before it pays anything: the terms require a Euro-denominated trading account and at least “IRON” VIP level, and the program is limited to residents of the Company’s “Selected Countries” under its CySEC licence. It is not open to every client who signs up.

The terms also change what happens to the client’s own cash once it is enrolled. Section 1.3 of the NAGA Earn Terms states that a participant’s Instantly Available Cash Balance is placed automatically into a Qualifying Money Market Fund, and will therefore not be held as client money in accordance with the applicable [CySEC] laws and regulations on safeguarding. Money that goes into NAGA Earn stops being protected the way an ordinary client balance is, and becomes an investment in a fund instead. The NAGA Earn FAQ is direct about the consequence: “In the unlikely event that a QMMF fails to maintain its low-risk strategy, protection may not be available, as with any investment.”

The rate itself is not fixed. Section 3.2 gives NAGA the right to cut it without warning: If the rates change, the Company reserves the right to amend the interest rate provided to the Participant, at any time, at its own discretion, and such change will be applicable immediately upon publication. Section 3.5 goes further and lets the whole program be pulled: The Company may, in accordance with its sole and absolute discretion, suspend and/or terminate and/or amend the NAGA Earn Program and/or the Terms and Conditions, at any time. Section 6.1 adds a disqualification clause that can withhold interest a client thought they had earned, if the Company judges they “violate, manipulate or not abide by the Terms and Conditions, or any of our applicable Legal Documents”, wording broad enough to cover more than obvious abuse.

Whatever interest does get paid is reduced before it reaches the client. NAGA Markets Europe LTD’s fee schedule lists a NAGA Earn Service Fee, amount not published on the page we read, deducted automatically from the Daily Interest Payment accrued. The same fee schedule notes that a currency conversion fee, priced off the spread of the currency pair at the time of trade, keeps applying on top of that, and Section 3.3 confirms that tax-related charges, inactivity fees and any other fee applicable … such as Service Fees all continue to be charged alongside the NAGA Earn deductions.

Zero commission, with a qualifier

Away from NAGA Earn, the firm’s own fee page advertises zero commission on real stocks, tagged with “T&Cs apply.” The page we fetched does not spell out what those terms are, so we can report the headline and the qualifier and nothing past that.

What NAGA’s account tiers reportedly bundle in

We did not fetch a current NAGA page listing account tiers with perks attached. Our earlier review described a six-tier structure running from an Iron account at a $250 minimum up to a Crystal account at $100,000, with each tier adding more daily trading signals, more monthly tutoring sessions, and at the higher tiers, premium eBooks, contests and a “profile awareness boost.” That same source reported the withdrawal fee scaling down as the tier rises, from $5 per withdrawal on Iron to $1 on Diamond and Crystal. We cannot attribute any of that to NAGA’s own current terms, since no page in our evidence confirms the tiers, the perks, or those fee amounts; it is what the earlier review recorded, restated here rather than verified fresh.

What the pages we fetched stay silent on

NAGA Markets Europe LTD’s own terms and fee pages, and NAGA Capital Ltd’s own risk and platform pages, describe NAGA Earn and the zero-commission stock offer above, and say nothing about a sign-up bonus, a deposit-match promotion, a discount code, or a referral cash reward. That silence is a gap in what we fetched, not a finding that no such promotion exists anywhere on the firm’s sites.

One warning worth flagging here because it involves the NAGA name and money: CySEC’s own List of Non-Approved Domains lists naga-markets.online as a website not authorised to provide investment services under any Cypriot licence. CySEC does not name which broker it imitates, and this is not the entity under review, NAGA Markets Europe LTD, licence 204/13. A reader searching for NAGA offers who lands on a similarly named domain is the risk CySEC’s listing is aimed at, not a finding against the firm reviewed here.

Opening an Account

Which company actually opens the account depends on where the applicant lives, not on any choice made during sign up. The firm’s own pages show four separate onboarding entities: NAGA Markets Europe Ltd for the EEA (excluding Belgium) under its CySEC licence, Key Way Markets Ltd for the UAE under ADGM authorisation, JME Financial Services (Pty) Ltd for South Africa under FSCA authorisation, and NAGA Capital Ltd, the Seychelles entity, for most other regions including Australia, Singapore, Thailand, Vietnam and Japan. There is also a NAGA Global (CY) Ltd, a Cyprus registered group entity that the firm’s own pages do not tie to any regulator. Whichever of these a new client ends up contracting with sets which register, if any, covers their money and where a complaint would go.

Who NAGA will not open an account for

NAGA Capital Ltd’s own risk page lists a long set of excluded countries, including Australia, Canada, the United States, Japan, most of the EEA, Switzerland, Israel, Russia and a large further list of jurisdictions. Separately, the firm’s own UK pages state that firms within the Naga Group do not provide regulated activities to residents of the United Kingdom, which the pages extend to holders of British proof of identity, including the British Virgin Islands, Gibraltar and the Isle of Man. NAGA Markets Europe LTD’s own terms state it offers services to EEA residents excluding Belgium, and separately that it does not provide investment and ancillary services in the territories of third countries. The same terms state that affiliate programs are not permitted in Spain for marketing investment services or client acquisition by unauthorised third parties. Anyone applying from an excluded country or through an unauthorised Spanish affiliate should expect the application itself to be the point of failure, not a later compliance check.

The tier a deposit buys at NAGA

An earlier review of NAGA described a demo account requiring no deposit, followed by six paid tiers: Iron at a $250 minimum deposit, Bronze at $2,500, Silver at $5,000, Gold at $25,000, Diamond at $50,000 and Crystal at $100,000. That same earlier review reported that each tier carries its own copy trading fee per copied trade, rising from $0.12 at Iron to $0.32 at Crystal, along with an increasing daily allowance of trading signals and, from Silver upward, a monthly quota of tutoring sessions. None of this comes from a page we fetched ourselves, so treat the exact figures as reported rather than confirmed, but the shape they describe, a deposit size that buys access to features rather than a flat account type, matches how the firm structures its NAGA Earn program too: that program requires a euro denominated trading account and at least the Iron VIP level, and the firm’s own NAGA Earn terms restrict it to residents of the company’s “Selected Countries” under its CySEC licence.

Funding the account and what NAGA Earn does to it

The same earlier review described funding by card, bank wire, e-wallet or cryptocurrency, all reported as fee free apart from the card route, which it tied to the $250 minimum needed to open an Iron account. Withdrawal fees in that review scaled the other way from the deposit tiers, from $5 per withdrawal at Iron down to $1 at Diamond and Crystal. A client who enrols funds in NAGA Earn is moving into different terrain: the firm’s own NAGA Earn terms state that the instantly available cash balance is placed automatically into a Qualifying Money Market Fund and will therefore not be held as client money in accordance with the applicable [CySEC] laws and regulations on safeguarding, holding it instead as a safe custody asset. The same terms, at clause 3.2, let the company amend the interest rate “at any time, at its own discretion,” effective immediately on publication, and at clause 3.5 let it suspend, terminate or amend the whole program at any time. Clause 6.1 withholds the daily interest payment from a participant who is judged to have violated, manipulated or not abided by the terms or any of the firm’s other legal documents. A separate NAGA Earn FAQ page adds that if the underlying fund “fails to maintain its low-risk strategy, protection may not be available, as with any investment.”

Opening an account, in other words, is less a single gate than a set of regional gates, each attached to a different regulated entity, a minimum deposit that buys a named tier rather than a flat status, and an optional interest feature that moves the client’s cash out of standard safeguarding once they opt in.

Deposits & Withdrawals

Money moving in and out of NAGA runs through different rails depending on what a client is doing: ordinary account funding and withdrawal, and the separate NAGA Earn interest program, which is governed by its own terms and sits money somewhere different from a normal trading balance.

Funding a NAGA account

An earlier review of this broker, which we are updating here, recorded four funding rails and put a minimum deposit of $250 against the entry-level Iron Trader account. On that account, cards (Visa, Mastercard, Maestro) and e-wallets (Skrill, Neteller) were credited instantly with no deposit fee, cryptocurrency deposits (Bitcoin, Ethereum, NAGA Coin) were also instant and fee-free, and bank wire transfers took one to five business days, also with no fee charged on the way in. We have not independently refetched a funding page carrying these figures, so they are restated from that earlier review rather than read directly off the firm’s site, and a reader should treat the $250 minimum and the “no fee” claims as reporting rather than something we verified ourselves this time.

Separately, that same earlier review’s account-types material shows minimum deposits climbing sharply by tier: the same Iron tier at $250, then Bronze at $2,500, Silver at $5,000, Gold at $25,000, Diamond at $50,000, and Crystal at $100,000, with each higher tier adding features like more daily trading signals and tutoring sessions.

What NAGA charges to withdraw

The same earlier review recorded a withdrawal fee that runs backwards against deposit size: it gets cheaper, not more expensive, as the account tier goes up. Iron account withdrawals were put at $5 each, Bronze at $4, Silver at $3, Gold at $2, and both Diamond and Crystal at $1 per withdrawal.

That structure means a client holding the $250 minimum balance pays proportionally more to get money out than one holding $100,000, since the fee is flat per withdrawal rather than a percentage. As with the funding rails above, these figures came to us through the earlier review, not a fee schedule we fetched ourselves this round.

NAGA Earn: where the interest money actually sits

NAGA also runs a NAGA Earn program paying interest on an “Instantly Available Cash Balance,” and we read its own terms and conditions directly. Under clause 1.3, that cash is placed automatically into a Qualifying Money Market Fund and will therefore not be held as client money in accordance with the applicable [CySEC] laws and regulations on safeguarding. In practice this means money enrolled in NAGA Earn moves out of standard client-money protection and into a fund investment instead, a distinction that matters if the firm or the fund runs into trouble.

The rate itself is not fixed: clause 3.2 states that if the rates change, the Company reserves the right to amend the interest rate provided to the Participant, at any time, at its own discretion, and such change will be applicable immediately upon publication, with no advance-notice period. Clause 3.5 goes further, giving the Company the right to suspend and/or terminate and/or amend the NAGA Earn Program and/or the Terms and Conditions, at any time at its sole discretion. And clause 6.1 disqualifies a participant from that period’s Daily Interest Payment if they “violate, manipulate or not abide by the Terms and Conditions, or any of our applicable Legal Documents,” a standard the Company itself judges.

Fees keep coming even on money enrolled in the program. The firm’s terms name a NAGA Earn Service Fee, deducted automatically from the Daily Interest Payment (the amount itself is not published in the pages we read), and clause 3.3 states that all remaining fees … such as … currency conversion fee … any tax-related charges, inactivity fees and any other fee applicable … such as Service Fees, still applies on top of that. The currency conversion fee itself is priced off “the spread of the currency pair at the time of trade” rather than a flat rate, per the same terms page.

Separately, the firm’s site names NAGA Pay GMBH as the provider behind a “NAGA ONE” offering bundling an IBAN, a card and spend features. The page we read describes what it does but does not state what it costs, so we have nothing to report on its fees.

This review scores NAGA’s fees at 9/10 and NAGA overall at 6.7/10. Our previous review scored the broker 4.6 out of 10 overall. That earlier overall figure came from a different review with different criteria, so the move is this review’s own reassessment against current evidence, not a claim that NAGA’s costs changed. The fee evidence itself is thin but not alarming: a withdrawal charge that falls as balance rises, no deposit fee reported on any of the four funding rails in the earlier review, and, on the NAGA Earn side, fee stacking and unilateral rate changes that a client should read the terms for before enrolling cash there.

Customer Support

NAGA’s contact page for the AE region lists two support inboxes rather than one: support.sc@naga.com for “client-related questions” and info.sc@naga.com for “legal, regulatory or licensing matters,” alongside a live chat option and two phone numbers, a Seychelles line at +248 4373121 and a local number listed as +2484671946 under the page’s international numbers. That same contact page states hours as Monday to Friday, 07:30 am to 02:00 am EEST, which is roughly 18.5 hours a day, not around the clock.

What NAGA’s own pages say about support hours, and where they disagree

NAGA’s marketing copy on several pages describes “24/5 customer support” as “available 24 hours a day, Monday through Friday,” which does not match the firm’s own Contact Us page giving 07:30 am to 02:00 am EEST as the actual window, a gap of roughly five and a half hours a day even on the firm’s own numbers. Separately, an earlier published review of NAGA claimed the firm “provides customer support 24/7”; NAGA’s own About page instead describes 24/5 customer support … Monday through Friday, so weekend cover is not something the firm’s own page supports.

Which NAGA entity actually answers, and why it matters for a complaint

NAGA operates through several regional entities rather than one, and which one a client actually contracts with, and therefore which regulator would hear an unresolved complaint, depends on which country version of the site was used to sign up: NAGA Markets Europe Ltd out of Cyprus under its CySEC licence 204/13 for EEA clients excluding Belgium, Key Way Markets Ltd out of the UAE under ADGM FSRA licence 190005, NAGA Capital Ltd out of Seychelles under FSA licence SD026 for most other regions, and JME Financial Services (Pty) Ltd in South Africa under FSCA licence 37166. The firm’s own South Africa page describes JME Financial Services as acting as intermediary between the investor and NAGA Capital Ltd, the counterparty to the CFD, which means a South African client’s complaint can involve two entities rather than one. A separate NAGA Global (CY) Ltd address is given in the group’s footers with no regulator named against it in the pages we read. The whole group excludes UK residents from its regulated activities entirely, so a UK-based client has no NAGA entity to complain to in the first place.

Every regional version of NAGA’s Contact Us page we fetched, the Australian one included, gives support.sc@naga.com and info.sc@naga.com as the support addresses.

Terms that bind a complaining client

Several of NAGA’s own contract terms sit between a client and a resolved complaint. Under the NAGA Earn Terms, clause 3.2 states that if the rates change, the Company reserves the right to amend the interest rate provided to the Participant, at any time, at its own discretion, and such change will be applicable immediately upon publication, and clause 3.5 gives the Company the right to suspend and/or terminate and/or amend the NAGA Earn Program and/or the Terms and Conditions, at any time at its “sole and absolute discretion.” Clause 6.1 goes further: a Participant loses entitlement to the Daily Interest Payment if they “violate, manipulate or not abide by the Terms and Conditions, or any of our applicable Legal Documents,” a standard the Company itself judges. The same terms’ preamble treats a client as having agreed to all Legal Documents … as amended from time to time by the Company, in accordance to its sole and absolute discretion, which covers the wider client agreement a support dispute would be assessed against, not only NAGA Earn.

A similar reservation applies to negative balance protection. According to the earlier review this piece rewrites, NAGA’s policy does not extend the protection to cases of market manipulation, abuse, or illegal activity, and the Company keeps the right to investigate such cases and take appropriate action, up to and including revoking the negative balance protection. We have not independently confirmed this wording on a fetched NAGA page, so we report it as what the earlier review found rather than as the firm’s own words.

A lookalike to rule out, not a mark against NAGA

Searching 1,441 warning list entries mirrored from CySEC, the FCA and the FSC Mauritius, NAGA itself appears on none of them. Separately, CySEC’s own List of Non-Approved Domains names naga-markets.online as a domain not authorised to provide investment services under any Cypriot licence; CySEC publishes the domain without saying which broker it imitates, so this is not a finding against the entities reviewed here, but a name close enough to NAGA’s that a client searching for support could land on the wrong site by mistake.

Prohibited Countries

NAGA operates through several regulated entities depending on which regional version of naga.com a visitor lands on, and each entity publishes its own list of who it will not take on. The firm’s own pages, not a single group-wide policy, are the source for what follows.

NAGA Capital Ltd’s excluded country list

The risk-disclosure page for NAGA Capital Ltd, the Seychelles-regulated entity that runs naga.com/en for most regions outside the EEA and UAE, states that the firm does not provide services to residents of certain countries. The list it gives is long and covers whole regions rather than a handful of sanctioned states: Afghanistan, Albania, American Samoa, Anguilla, Australia, Austria, Barbados, Belarus, Belgium, Bermuda, British Indian Ocean Territory, Bulgaria, Burkina Faso, Canada, Cayman Islands, Central African Republic, Christmas Island, Cocos (Keeling) Islands, the Democratic Republic of the Congo, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Falkland Islands, Finland, France, Germany, Gibraltar, Greece, Guam, Haiti, Heard Island and McDonald Islands, Hungary, Iceland, Iran, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, North Korea, Latvia, Libya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Montserrat, Mozambique, Myanmar, the Netherlands, New Zealand, Norfolk Island, Norway, the Occupied Palestinian Territory, Pitcairn, Poland, Portugal, Romania, Russia, Saint Helena Ascension and Tristan da Cunha, San Marino, Senegal, Serbia, Slovakia, Slovenia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Spain, Sri Lanka, Sweden, Switzerland, Syria, Trinidad and Tobago, Tunisia, Turks and Caicos Islands, Uganda, the United Kingdom and its territories (the page specifically adds anyone holding British proof of identity, giving the British Virgin Islands, Gibraltar and the Isle of Man as examples), the United States and its minor outlying islands, Vanuatu, the British and US Virgin Islands, Yemen, and Zimbabwe. The same list, in near-identical wording, repeats on the firm’s platforms page, so it is not a one-off disclosure buried in a single document.

That list mixes categories that normally get treated separately in broker disclosures: sanctioned jurisdictions (North Korea, Syria, Iran) sit alongside major regulated markets (the US, Japan, Australia, Canada, most of the EU, the UK) and alongside Cyprus and Belgium specifically, which matters because those two carve-outs reappear under NAGA’s European entity below for the opposite reason.

NAGA Markets Europe Ltd: EEA only, and not Belgium

NAGA Markets Europe LTD, the CySEC-licensed entity confirmed under licence 204/13 on the Cyprus Securities and Exchange Commission register, states that it “offers services to residents within the European Economic Area, excluding Belgium,” and that it “does not provide investment and ancillary services in the territories of third countries.” A near-identical Portuguese-language version of the same clause appears on another of the firm’s pages, restating the EEA-excluding-Belgium scope and the exclusion of third-country residents. In other words: this entity’s coverage is the mirror image of NAGA Capital Ltd’s list above. Where the Seychelles entity name-checks Cyprus and Belgium as excluded countries, the Cyprus-licensed entity is the one that actually serves the rest of the EEA, minus Belgium.

The United Kingdom is excluded from every NAGA entity

Two of the firm’s own pages state the same restriction in the same words: “Firms within the Naga Group do not provide regulated activities to residents of the United Kingdom.” This is not limited to one entity in the group structure; it is stated as applying across “firms within the Naga Group,” and it lines up with the Seychelles entity’s list above, which separately excludes the UK and anyone with British proof of identity from Gibraltar, the Isle of Man or the British Virgin Islands.

Restrictions inside the NAGA Earn program

Beyond who can hold an account at all, NAGA’s own Earn Terms add a narrower eligibility gate on top: participation requires a Euro-denominated trading account and at least “IRON” VIP level, and is limited to residents of the Company’s ‘Selected Countries’ under its CySEC licence. The terms do not name those Selected Countries in the material we fetched, so a reader cannot check membership in that narrower list from this page alone; what is documented is that eligibility for Earn is a subset of, not the same as, eligibility to hold a NAGA account generally.

Affiliates targeting Spain

Separately from client-facing country restrictions, NAGA Markets Europe Ltd’s own terms state that affiliate programs are not permitted for the marketing of investment services or client acquisition by unauthorised third parties in Spain. That is a restriction on how the firm’s marketing partners can operate in one EEA market it otherwise serves, not a restriction on Spanish clients opening accounts directly.

Why the exclusion list a client sees depends on which entity onboards them

Because NAGA runs NAGA Markets Europe Ltd (Cyprus, CySEC), Key Way Markets Ltd (UAE, ADGM), NAGA Capital Ltd (Seychelles FSA) and JME Financial Services (Pty) Ltd (South Africa, FSCA) as separate onboarding entities on different regional versions of naga.com, the exclusion list that actually governs a given account depends on which regional site the client signed up through, not on a single group-wide rule. A reader checking whether their own country is excluded needs to know which entity they would be contracting with, since NAGA Capital Ltd’s long list and NAGA Markets Europe Ltd’s EEA-only scope are not interchangeable.

This is also a point where an earlier version of this review stated that NAGA had “no published restricted-country list” and criticised a prior draft for listing countries at all. The firm’s own risk-disclosure and platforms pages, fetched directly for this review, do publish an explicit and lengthy exclusion list for NAGA Capital Ltd, plus the separate EEA-Belgium and UK-wide restrictions set out above, so that earlier claim does not hold up against the pages as they currently read.

Conclusion

This review scores NAGA 6.7 out of 10, up from the 4.6 an earlier version of this review gave it. That earlier version cast doubt on whether NAGA Markets Europe Ltd’s CySEC licence was still current, describing the firm’s regulatory status as having “faced some uncertainty” and raising the possibility of “cloned entities”. Checking the CySEC register directly, under licence 204/13, shows the entry currently active with no revocation, suspension or warning language attached. The score moves because this review rests on that register check and on the firm’s own current pages, not on any change at NAGA itself, and because the criteria weighing regulation, fees, platform, support and reviews are not the same ones the earlier version used.

What the registers show about NAGA

NAGA is not one regulated company but several, and which one a client actually contracts with depends on which regional version of naga.com they sign up through. The Cyprus Securities and Exchange Commission register confirms licence 204/13 for NAGA Markets Europe Ltd. The Financial Sector Conduct Authority register confirms FSP 37166 for JME Financial Services (Pty) Ltd, status Authorized, covering South African clients. The Abu Dhabi Global Market FSRA public register confirms FSP 190005 for Key Way Markets Ltd, status Active since 2020-03-01, covering the UAE site. The Seychelles Financial Services Authority lists NAGA Capital Ltd as a regulated securities dealer, though that register does not publish licence numbers, so the “SD026” the firm quotes is the firm’s own claim rather than something we could match against the register text. A registration with Romania’s ASF, quoted as PJM01SFIM/400019, is not one we hold a register for, so it stays unchecked rather than confirmed. NAGA Global (CY) Ltd, a fifth group entity with a Cyprus registered address, has no regulator stated for it at all in the pages we read. Separately, the Cyprus Registrar of Companies confirms NAGA Markets Europe Ltd as company HE 251168, active since 2009, which establishes the company but never the licence. UK residents are excluded from all of the group’s regulated entities.

The clean warning-list search, and the domain that isn’t NAGA

We searched 1,441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, and NAGA does not appear on any of them. That search does turn up naga-markets.online, which CySEC lists on its List of Non-Approved Domains as not authorised to provide investment services under any Cypriot licence. CySEC’s listing does not name which firm the domain imitates, and it is not the entity under review here; anyone searching the NAGA name should be aware a lookalike domain is on that list, without reading that listing as a mark against NAGA Markets Europe Ltd itself.

What NAGA charges

The firm’s own fee page advertises zero commission on real stocks, subject to its terms and conditions, which is the strongest single fact behind the 9/10 fees score. That same page gives spreads from 0.6 pips on EUR/USD, a firsthand figure that should replace the 0.1 pips the earlier review quoted. A currency conversion fee applies based on the spread of the pair traded, and clients using the NAGA Earn interest program face an additional, unpublished Earn Service Fee deducted from whatever interest accrues, on top of tax charges and inactivity fees. NAGA Earn’s own terms let the company cut the advertised interest rate “at any time, at its own discretion”, suspend or end the whole program at will, and withhold a participant’s interest under a broadly worded disqualification clause. Cash placed into NAGA Earn stops being held as client money and moves into a Qualifying Money Market Fund instead, which the firm’s own FAQ admits may not protect the funds “in the unlikely event” the fund’s low-risk strategy fails. The earlier review also reported a withdrawal-fee scale tied to account tier, from $5 per withdrawal on the entry Iron account down to $1 on the top Diamond and Crystal tiers.

Platforms and instruments

The firm’s pages describe its own NAGA Trader, NAGA Web Trader and branded iOS and Android apps alongside MetaTrader 5, plus a Telegram Mini App and, via NAGA Pay GMBH, the NAGA ONE banking add-on. One platforms page puts the tradable range at 4,000-plus instruments across stocks, ETFs, forex, indices, commodities, futures and cryptocurrencies, with real stock ownership marketed as available “only on naga”. Some regional footers list only MT5 with no mention of MT4, while others refer to “MetaTrader” generically, so whether MT4 is still offered everywhere is not clear from the firm’s own pages.

Where NAGA’s support falls short

Support drives the lowest of the five scores. NAGA’s own marketing describes 24/5 customer support … available 24 hours a day, Monday through Friday, but its dedicated Contact Us page gives the actual hours as Monday to Friday, 07:30am to 02:00am EEST, roughly 18.5 hours a day rather than 24. Because support and complaint escalation run through whichever regional entity a client signed up under, the address and channel a client can actually reach depends on the site they used to open the account.

NAGA holds confirmed licences from CySEC, the FSCA and the ADGM depending on region, offers zero-commission real stock trading and a wide platform lineup, but splits clients across five differently regulated entities and advertises support hours its own contact page does not match. This review scores NAGA 6.7 out of 10.

FAQ