NAGA is the social trading and CFD brand of The NAGA Group AG, a Hamburg company whose shares trade on the open market of the Frankfurt Stock Exchange. Clients in the European Economic Area deal with NAGA Markets Europe Ltd in Cyprus (CySEC), clients elsewhere with NAGA Capital Ltd in the Seychelles (FSA), clients in the UAE with Key Way Markets Ltd in Abu Dhabi (ADGM FSRA) and clients in South Africa through JME Financial Services (Pty) Ltd (FSCA), an intermediary for NAGA Capital. Key Way Markets and JME joined the group through the 2024 reverse merger with Key Way Group, owner of the CAPEX brand.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Cyprus Securities and Exchange Commission (CySEC) | 204/13 | NAGA Markets Europe Ltd | Authorised Checked 7 Oct 2026 | Register entry for NAGA Markets Europe Ltd (opens in a new tab) 2 |
| Financial Services Authority Seychelles (FSA) | SD026 | NAGA Capital Ltd | Authorised Checked 7 Oct 2026 | Register entry for NAGA Capital Ltd (opens in a new tab) 3 |
| Financial Sector Conduct Authority (FSCA) | FSP 37166 | JME Financial Services (Pty) Ltd | Authorised Checked 7 Oct 2026 | Register entry for JME Financial Services (Pty) Ltd (opens in a new tab) 4 |
| Financial Services Regulatory Authority, Abu Dhabi Global Market (FSRA) | FSP 190005 | Key Way Markets Ltd | Authorised Checked 14 Oct 2025 | Register entry for Key Way Markets Ltd (opens in a new tab) 5 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
NAGA’s four client-facing companies match their regulators’ records: NAGA Markets Europe on CySEC’s register, NAGA Capital on the Seychelles FSA’s list, JME Financial Services on the FSCA’s register and Key Way Markets on the ADGM regulator’s register, the last read from an archived copy of October 2025. The parent, The NAGA Group AG, publishes audited group accounts that list its subsidiaries and report its chief executive’s holding of about 41% of the shares. All four companies offer negative balance protection, but only EU clients have a compensation scheme, and clients of the Seychelles and UAE companies have no named ombudsman. The EU and UAE agreements let the company take ownership of a client’s margin as security and treat it as a debt rather than client money, and the Seychelles and South African terms let client money pass to liquidity providers, while NAGA’s sites say client funds are kept separate. In 2023 CySEC settled with the Cyprus company for EUR 150,000 over client information, appropriateness assessments, best execution and the CFD restrictions. The Seychelles company’s address differs between its website, its regulator’s list and its South African disclosure.
We matched all four client-facing companies: NAGA Markets Europe Ltd on CySEC’s register (204/13), NAGA Capital Ltd on the Seychelles FSA’s list of securities dealers, JME Financial Services (Pty) Ltd on the FSCA’s register (FSP 37166) and Key Way Markets Ltd on the ADGM regulator’s register (190005), the last from an archived copy taken on 14 October 2025.
The CySEC, FSA, FSCA and ADGM licences NAGA lists match the registers, as do the start years it gives for the Cyprus, South African and UAE companies, and Romania’s ASF lists the Cyprus company’s Bucharest branch under the number NAGA quotes. The FSCA register gives JME’s trading name as ZA.CAPEX.COM rather than NAGA.
Each regional site names the company that operates it, with its regulator and licence; a regulation page explains which company serves which clients; and the South African site explains that JME is an intermediary and NAGA Capital the counterparty.
The NAGA Group AG, whose shares trade on the Frankfurt Stock Exchange’s open market, is the ultimate parent according to its audited annual report and GLEIF. The report says chief executive Constantin-Octavian Patrascu or related companies held 9,630,736 of its 23,278,315 shares (about 41%) at the end of 2025.
CySEC lets the Cyprus company deal on own account and execute orders in all instrument classes, the FSA lists NAGA Capital as a securities dealer, the FSCA approves JME for intermediary services in derivatives, matching its role as intermediary for NAGA Capital, and the ADGM regulator lets Key Way Markets deal as matched principal and as agent, as its execution policy describes.
Reduced the enforcement dimension by 5 points (moderate severity, 3.5 years before the review, counted at half weight).
Not met We found no complaint statistics published by NAGA, and it has no UK or Australian company, so no regulator or ombudsman publishes figures for it.
Not met NAGA says client money is kept with major regulated EU banks, and the other agreements refer to approved banks and payment providers, but we found no named bank.
Partly met All four agreements hold client money in segregated client accounts, and NAGA’s sites say client funds are kept separate. But the EU and UAE agreements let the company take ownership of a client’s margin as security and treat it as a debt rather than client money, and the Seychelles and South African agreements let client money be passed to liquidity providers, for example for margin.
Partly met NAGA Markets Europe is a member of the Cyprus Investor Compensation Fund, which pays covered clients the lower of 90% of their claims and EUR 20,000. No compensation scheme is named for clients of the Seychelles, South African or UAE companies.
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Whether the firm’s licences exist, are current and cover what it offers.
Client-facing entities appear on the regulator’s register 12345
We matched all four client-facing companies: NAGA Markets Europe Ltd on CySEC’s register (204/13), NAGA Capital Ltd on the Seychelles FSA’s list of securities dealers, JME Financial Services (Pty) Ltd on the FSCA’s register (FSP 37166) and Key Way Markets Ltd on the ADGM regulator’s register (190005), the last from an archived copy taken on 14 October 2025.
Permissions cover the services offered 234578
CySEC lets the Cyprus company deal on own account and execute orders in all instrument classes, the FSA lists NAGA Capital as a securities dealer, the FSCA approves JME for intermediary services in derivatives, matching its role as intermediary for NAGA Capital, and the ADGM regulator lets Key Way Markets deal as matched principal and as agent, as its execution policy describes.
Regulatory claims on the website are accurate 12345910
The CySEC, FSA, FSCA and ADGM licences NAGA lists match the registers, as do the start years it gives for the Cyprus, South African and UAE companies, and Romania’s ASF lists the Cyprus company’s Bucharest branch under the number NAGA quotes. The FSCA register gives JME’s trading name as ZA.CAPEX.COM rather than NAGA.
Clients can tell which regulated entity serves them 179111213
Each regional site names the company that operates it, with its regulator and licence; a regulation page explains which company serves which clients; and the South African site explains that JME is an intermediary and NAGA Capital the counterparty.
Criteria and their weighting are explained in the methodology.
Whether you can find out who owns and runs the firm.
Ultimate ownership can be identified 181920
The NAGA Group AG, whose shares trade on the Frankfurt Stock Exchange’s open market, is the ultimate parent according to its audited annual report and GLEIF. The report says chief executive Constantin-Octavian Patrascu or related companies held 9,630,736 of its 23,278,315 shares (about 41%) at the end of 2025.
Directors or senior managers are identified 45182122
The group names its executive team and supervisory board, the annual report names the management board, the Cyprus company’s 2025 disclosures name its four directors, and the ADGM and FSCA registers name officers of the UAE and South African companies.
Criteria and their weighting are explained in the methodology.
What protects client money if something goes wrong.
Client money segregation is disclosed 1715232425
All four agreements hold client money in segregated client accounts, and NAGA’s sites say client funds are kept separate. But the EU and UAE agreements let the company take ownership of a client’s margin as security and treat it as a debt rather than client money, and the Seychelles and South African agreements let client money be passed to liquidity providers, for example for margin.
Retail clients have negative balance protection 7152426272829
The EU risk disclosure guarantees that a retail client’s account will not go negative, and the Seychelles, South African and UAE policies offer negative balance protection to all clients. NAGA Capital’s agreement itself has no such clause, and the EU and UAE agreements let the company reclaim profits from trading it treats as abuse of the protection.
Criteria and their weighting are explained in the methodology.
Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 5 points.
Warning lists and enforcement records have been searched 563435
We searched CySEC’s board decisions, the FCA’s warnings, BaFin’s database, the CVM’s declaratory acts, KNF’s lists, the Indian, Malaysian and Japanese alert lists and the ADGM register entry, and ran web searches for actions by the other regulators. We found the 2023 CySEC settlement and a clone warning, which is not a finding about NAGA.
CySEC settles with NAGA Markets Europe Ltd for EUR 150,000 over client information, appropriateness, best execution and CFD restrictions 35
27 Mar 2023. Reduced the enforcement dimension by 5 points (moderate severity, 3.5 years before the review, counted at half weight).
Criteria and their weighting are explained in the methodology.
How the firm handles complaints, and what independent records show.
Independent complaint outcomes show no adverse pattern
We found no published ombudsman or dispute-body decisions about NAGA’s companies.
Criteria and their weighting are explained in the methodology.
Whether costs, execution and risks are disclosed before you sign up.
Costs are disclosed before account opening 71524253233
The EU and Seychelles costs policies set out spreads, swaps, rollovers, commissions, currency conversion fees of 2.5% to 3.5%, copy trading fees and withdrawal charges, and the agreements state the monthly inactivity fees: EUR 20 after six months in the EU and USD 50 after two months elsewhere.
An order execution policy is published 8154041
The EU policy names the execution venues and says NAGA may act as principal against its own liquidity, its conflicts policy explains that it may profit when clients lose and how that is managed, the UAE policy describes matched principal dealing, and NAGA Capital’s agreement says it is the counterparty and annexes a conflicts policy.
Leverage and margin terms are disclosed 1524272829
The EU agreement sets a 100% margin call and 50% stop-out, the UAE policy gives retail leverage from 1:30 to 1:2 and 1:1000 for professionals with a 50% close-out, and the South African policy gives 1:1000 and a 20% stop-out. For NAGA Capital the agreement gives a 20% stop-out but its policy 50%, and maximum leverage is left to the website.
Criteria and their weighting are explained in the methodology.
Whether public claims hold up and the firm communicates openly.
Marketing claims are accurate and attributable 1915232425
The award NAGA shows is attributed to Global Banking & Finance Review and its regulatory claims match the registers, but its pages say client funds are kept separate from company funds while its EU and UAE agreements let it take ownership of clients’ margin and its offshore agreements let client money pass to liquidity providers.
An address and working contact channels are published 2345111516
Addresses, emails and phone numbers are published, and the Cyprus, South African and UAE addresses match their registers, but NAGA Capital’s address is given as Jivan’s Complex, Mont Fleuri on its site and agreement, T53 Espace, Victoria on the FSA’s list, and CT House, Providence as its registered address in the South African disclosure.
Criteria and their weighting are explained in the methodology.
What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
Real office at the stated address, not a ghost address
Office of the assessed entity
Staffed and operating
Criteria and their weighting are explained in the methodology.
What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
Company identity
Regulatory claims
Office visit
Account opening
Platform usability
Costs and disclosures
Customer support
Deposits and withdrawals
Trading functions
Complaints process
Criteria and their weighting are explained in the methodology.
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Cyprus Securities and Exchange Commission (CySEC) · Reference 204/13 2
Reception and transmission of orders, execution of orders, dealing on own account and portfolio management in financial instruments 1 to 10 (which include CFDs); safekeeping and credit as ancillary services; cross-border services to EEA states and a branch in Romania
Licence granted on 20 June 2013.
Financial Services Authority Seychelles (FSA) · Reference SD026 3
Securities dealer
Listed by the FSA as a securities dealer; the licence number is NAGA’s own (the register shows none).
Financial Sector Conduct Authority (FSCA) · Reference FSP 37166 4
Category I: non-automated advice and intermediary services in derivative instruments
The register gives a date of authorisation of 10 February 2009.
Financial Services Regulatory Authority, Abu Dhabi Global Market (FSRA) · Reference FSP 190005 5
Dealing in investments as principal (matched principal only) and as agent, managing assets, providing custody; conditions on OTC derivatives for retail clients
Read from an Internet Archive copy of the FSRA register entry taken on 14 October 2025, because the current register page could not be loaded. Financial Services Permission dated 1 March 2020; no regulatory actions listed.
No licence recorded for this entity.
No licence recorded for this entity.
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
On 27 March 2023 CySEC’s board agreed a settlement of EUR 150,000 with NAGA Markets Europe Ltd for possible violations, between January 2021 and April 2022, of the authorisation and organisational requirements, the general principles and information to clients, the assessment of suitability and appropriateness, the duty to execute orders on terms most favourable to the client, and article 42 of Regulation (EU) No 600/2014 on product intervention. CySEC announced the settlement on 29 December 2023 and said the company had paid.
Firms can respond to their profile and to any finding. No response has been published for NAGA. How firms can respond.
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 7 Oct 2026 | Trust score 85 out of 100 Strong | 1.2 | Current |
No corrections have been made to this profile.
Says NAGA is a trading name of four regulated companies: NAGA Capital Ltd (Seychelles FSA, SD026, since 2018), serving clients outside the EU and the UAE; NAGA Markets Europe Ltd (CySEC 204/13, since 2013), serving EU clients; Key Way Markets Ltd (ADGM FSRA 190005, since 2020), serving UAE clients; and JME Financial Services (PTY) Ltd (FSCA 37166, since 2009), serving South African clients. Says client funds are held separately from company funds in line with regulatory requirements.
Licence 204/13 granted on 20 June 2013, company registration 251168, address Agias Zonis 11, 3027 Limassol; previous names Naga Markets Ltd, Hanseatic Brokerhouse Global Markets Ltd, AF Alaska Financial Ltd and AVA Trade Ltd. Approved domains include www.nagamarkets.com and naga.com/eu. Authorised for reception and transmission of orders, execution of orders, dealing on own account and portfolio management in financial instruments 1 to 10, with safekeeping and credit as ancillary services, passported to EEA states and with a branch in Bucharest. No suspension or restriction is shown.
Lists NAGA Capital Ltd among licensed securities dealers at T53, Third Floor, Espace, Victoria, Mahe, with the email compliance.sc@naga.com. The register does not show licence numbers. It also lists KW Investments Ltd, trade name capex.com, a company of the group’s separate CAPEX brand.
The FSCA’s FSP search lists JME FINANCIAL SERVICES (PTY) LTD, registration 2018/607541/07, trading name ZA.CAPEX.COM, as an authorised financial services provider under number 37166, with a date of authorisation of 10 February 2009, at Suite 10, 21 Lighthouse Road, 201 Beacon Rock, Umhlanga Rocks. It is approved in Category I for non-automated advice and intermediary services in derivative instruments, with Andreas Procopos as key individual.
An Internet Archive copy, taken on 14 October 2025, of the FSRA register entry, read because the current register is built by script and its firm page could not be loaded. It lists Key Way Markets Limited under Financial Services Permission 190005, dated 1 March 2020, at Office 2, 21st Floor, Al Sila Tower, Al Maryah Island, Abu Dhabi, for dealing in investments as principal (from 1 March 2020, limited to matched principal), dealing as agent (from 23 August 2022), managing assets (from 22 October 2024) and providing custody (from 4 March 2024), with conditions on offering OTC derivatives to retail clients. It lists no regulatory actions and names a current compliance officer and finance officer.
On 7 October 2026 we searched CySEC’s 1,173 board decisions (2014 to 2 October 2026), the FCA’s warnings, BaFin’s company database, the CVM’s declaratory acts, KNF’s lists, the Reserve Bank of India, Securities Commission Malaysia and Bank Negara Malaysia alert lists and the Japan FSA’s list of warned unregistered firms (25 September 2026) for NAGA, its four client-facing companies and the Cyprus company’s former names, and ran web searches for actions by the FSA Seychelles, the FSCA, the ADGM regulator and BaFin. We found the 2023 CySEC settlement and no alert-list entries. The FCA’s only match is a 2020 warning about a clone firm using the details of Naga Brokers GmbH of Hamburg; clone warnings are not findings about the firm.
Agreement with JME Financial Services (Pty) Ltd (FSCA 37166), a straight-through intermediary between clients and NAGA Capital Ltd, the principal to the CFDs; NAGA Markets Europe Ltd is named as its payment agent. Client money is held in a segregated client bank account but may be passed to liquidity providers, for example for margin. The company operates on a negative balance protection basis, so clients cannot lose more than their deposits (14). Default leverage is given as “1:000”, and positions are closed automatically at a 20% margin level (9). An inactivity fee of USD 50 a month applies after two months. Unresolved complaints can go to the FAIS Ombud.
Says the company deals as principal only on a matched principal, back-to-back basis without proprietary CFD positions, and as agent with third-party liquidity providers or regulated venues, and that it is the client’s sole counterparty for CFDs. Explains the execution factors.
The footer says the website is operated by NAGA Markets Europe LTD, authorised by CySEC under licence 204/13 and registered at Agias Zonis 11, Limassol 3027, and registered with Romania’s ASF under PJM01SFIM/400019; that it serves residents of the European Economic Area except Belgium; and that other group companies operate naga.com/za (JME Financial Services, FSCA 37166), naga.com/ae (Key Way Markets, ADGM FSRA 190005) and naga.com/en (NAGA Capital, FSA SD026). It warns that 77.41% of retail investor accounts lose money when trading CFDs with this provider; an earlier risk warning in the same footer is published without its percentage. The home page lists negative balance protection and spreads from 0.6 pips on EUR/USD, speaks of a community of 2.6 million and shows a ‘Best Social Trading Platform Europe 2025’ badge from Global Banking & Finance Review.
Lists NAGA MARKETS EUROPE LTD LIMASSOL SUCURSALA BUCURESTI under PJM01SFIM/400019, registered on 12 February 2025 by ASF decision 8/12.02.2025, at Piata Presei Libere 3-5, City Gate South Tower, 16th floor, Bucharest.
Says the website is operated by NAGA Capital Ltd, authorised by the FSA Seychelles under licence SD026, with its registered address at Suite 3, Jivan’s Complex, Global Village, Mont Fleuri, Mahe; that the group also includes NAGA Global (CY) Ltd, Nikokreontos 2, Nicosia, wholly owned by The NAGA Group AG; and that NAGA Capital does not serve residents of countries such as Canada, New Zealand, Iran, Korea and the USA. It carries a general risk warning without a loss percentage.
Says the website is operated by JME Financial Services (Pty) Ltd, an authorised financial services provider (FSCA 37166) at Suite 10, 21 Lighthouse Rd, 201 Beacon Rock, Umhlanga Rocks, which acts as intermediary between investors and NAGA Capital Ltd, the principal and counterparty to the CFDs bought through naga.com/za.
Says the website is operated by Key Way Markets Ltd, registered in the Abu Dhabi Global Market under number 000003041 and authorised by the FSRA under Financial Services Permission 190005, at Office 2, 21st Floor, Al Sila Tower, ADGM Square, Al Maryah Island, Abu Dhabi, for retail and professional clients. Its risk warning says 24.46% of retail investor accounts generate profits when trading leveraged products with this provider.
Gives the company’s registration number HE 251168 and registered office at 11 Agias Zonis, 3027 Limassol, describes its Bucharest branch (ASF registration PJM01SFIM/400019, Piata Presei Libere 3-5, City Gate South Tower), names Michalis Mylonas as executive director and Horia Andrei Pacurar as branch manager, and says naga.com/eu is owned by The NAGA Group AG and operated by the company.
Agreement with NAGA Capital Ltd (Seychelles company 8422455-1, Suite 3, Jivan’s Complex, Global Village, Mont Fleuri), licensed by the FSA under SD026. The company is the contractual counterparty, seeks the best result on the stated execution factors and sets its quotes at its discretion (11); a conflicts of interest policy is annexed. Client money is paid into a segregated client bank account with an approved bank or payment provider, but may be passed to an exchange, clearing house, intermediate broker or liquidity provider, for example to meet margin requirements (10.1, 10.2). Positions may be closed below a 100% margin level and are closed automatically at 20% (12.2); leverage is set on the website and may be changed without notice (12.1, 12.3). The company may charge USD 25 for withdrawals (10.6) and USD 50 a month after two months without transactions (7.3.5.7), and may change its charges without the client’s consent. The agreement has no negative balance protection clause, and its risk section says clients are liable for any deficit after positions are closed. Disputes go to the courts of Seychelles.
Gives JME’s registration 2018/607541/07 and its Umhlanga Rocks address and names Andreas Procopos as its representative. Says NAGA Capital Ltd is the product supplier and principal, giving its physical address as T53, Third Floor, Espace, Victoria, Mahe and its registered address as CT House, Office 9A, Providence, Mahe; that JME received more than 30% of its remuneration from NAGA Capital in the preceding 12 months; that it holds professional indemnity and fidelity cover; and that complaints can be referred to the FAIS Ombud.
The Cyprus companies registry lists NAGA MARKETS EUROPE LTD as the current name of registered company HE 251168, with previous names Naga Markets Ltd, Hanseatic Brokerhouse Global Markets Ltd, AVFX Trading Limited, AVA Trade Ltd and AF Alaska Financial Ltd. The free search does not show officers or shareholders.
Audited IFRS consolidated accounts for 2025, with an unqualified opinion from MSW GmbH Wirtschaftsprüfungsgesellschaft, Berlin, according to the supervisory board’s report of 25 June 2026. The NAGA Group AG, Suhrenkamp 59, Hamburg (Hamburg commercial register HRB 136811), is the ultimate parent of 22 subsidiaries, including NAGA Markets Europe Ltd (held by Naga Technology GmbH), NAGA Capital Ltd (formerly FT Invest Ltd, bought on 6 October 2022), Key Way Markets Ltd and JME Financial Services, which came with the 2024 reverse merger with Key Way Group Ltd (CAPEX brand). The management board is chief executive Constantin-Octavian Patrascu and Andreas Luecke; Michalis Mylonas left it on 30 April 2026. At 31 December 2025 Mr Patrascu or related companies held 9,630,736 shares. The group’s net loss for 2025 was EUR 6.5 million.
Gives the ISIN DE000A41YCM0, the registered office at Suhrenkamp 59, Hamburg, market entry on 10 July 2017 in the Basic Board segment of the open market, and 23,278,315 shares.
The global LEI index records The NAGA Group AG (Hamburg, HRB 136811, LEI 529900H6SZC36ZDAUU68) as the direct and ultimate parent of NAGA Markets Europe Ltd (HE 251168) and Key Way Markets Ltd (ADGM 000003041). NAGA Capital Ltd (Seychelles, C8422455, formerly FT Invest Ltd) reports no parent company, citing control by natural persons, although the group’s annual report lists it as a wholly owned subsidiary.
Prudential disclosures for the year to 31 December 2025. The CySEC licence was granted on 20 June 2013. At year end the board comprised executive directors George William Rodger and Michalis Mylonas and independent non-executive directors Demetris Sparsis and Georgios Lakkotrypis. Own funds were EUR 21.02 million against a requirement of EUR 4.41 million, a capital ratio of 476.72%.
Names the group’s executive team, led by chief executive Octavian Patrascu with Andreas Luecke, chief financial officer Jeremy Schlachter and chief compliance officer Andrea Peratitis, and a supervisory board chaired by Barry Rudolph with Stefan Schütze as deputy.
Says NAGA Markets Europe Ltd is regulated by CySEC (licence 204/13) and that “all our client funds are segregated from our own and kept with major regulated EU banks”, without naming them; states membership of the Investor Compensation Fund; and links, without an account, the client agreement, costs and charges policy, order execution policy, conflicts of interest policy, complaints handling policy, risk disclosure, company information and Pillar III reports for 2018 to 2025. No complaint statistics are listed.
Client money is placed in segregated client accounts with financial institutions in or outside the EU (clauses 24.1 and 24.2) and the company may not enter into title transfer collateral arrangements with retail clients (8.4), but clause 24.10 lets it take ownership of a client’s margin as security, treating the margin as a debt owed to the client rather than client money, which the company may use. Amounts owed after abuse of negative balance protection can be deducted from the client’s accounts, and profits from such trading reclaimed to offset negative balances (24.13). Clients are on margin call below 100% and positions are closed at a 50% margin level (22). Withdrawals are normally paid within one business day (25.2), with a EUR 50 minimum (10.3). A conversion fee applies as a mark-up, and a dormant fee of EUR 20 a month may be charged after six months of inactivity (26.5, 26.6). Complaints follow the complaints procedure and disputes go to the Cyprus courts (33, 34). Changes to the agreement need at least 10 days’ written notice, but costs, swaps, the stop-out level and trading conditions may change without advance notice (38.2, 38.4).
Agreement with Key Way Markets Ltd, trading as NAGA, under ADGM rules. Client money is held in segregated client accounts under the FSRA’s client money rules and the company will not enter into title transfer collateral arrangements with retail clients (27.1, 27.12), but clause 27.16 lets it take ownership of a client’s margin as security, treating the margin as a debt rather than client money. Positions are closed at a 50% margin level (24.1). A dormant fee of USD 50 a month may be charged after two months of inactivity (30.6).
Says positions are closed automatically at the stop-out level and that NAGA guarantees there will be no negative balance in a retail client’s account, through its negative balance protection.
Says NAGA Capital offers all its clients negative balance protection, so they never lose more than they invested; that positions may be closed below a 100% margin level and are closed automatically at 50%; that the applicable leverage ratios are on the website and may change with or without notice; and that the company may be the counterparty to client trades.
Gives a default leverage of 1:1000 for South Africa, closes positions automatically at a 20% margin level and offers all clients negative balance protection.
Limits retail leverage from 1:30 on major currency pairs to 1:2 on cryptocurrencies and allows professional clients up to 1:1000, closes positions at a 50% margin level, offers all clients negative balance protection and promises, on a best-effort basis, at least 10 business days’ notice of margin changes.
States that NAGA Markets Europe Ltd is a member of the Investor Compensation Fund for clients of Cyprus investment firms and that compensation for each covered client cannot exceed EUR 20,000.
Covered clients of a member Cyprus investment firm that cannot meet its obligations can claim the lower of 90% of their covered claims and EUR 20,000.
Sets out variable spreads, swap fees with worked examples, futures rollover adjustments, commissions (EUR 1 per executed ticket on shares traded directly on exchanges, 0.30% per leg on Romanian shares and 2.50 per leg on share CFDs), a currency conversion fee of 2.5% on major and 3.5% on minor currency pairs, copy trading fees, no withdrawal fees and an inactivity fee of EUR 20 a month after six months without trading.
Sets out spreads, swap fees, rollover adjustments, commissions, a currency conversion fee of up to 2.5% on EUR and USD and up to 3.5% on other currencies, copy trading fees, a USD 10 minimum withdrawal and a possible USD 25 withdrawal fee.
Lists Naga Markets Europe Ltd., Agias Zonis 11, Limassol, as a cross-border investment services provider notified on 30 October 2013, with the last change notified on 25 September 2017; BaFin does not supervise it.
Announced on 29 December 2023: the board decided on 27 March 2023 to settle, for EUR 150,000, possible violations between January 2021 and April 2022 of the authorisation and organisational requirements, the general principles and information to clients, the assessment of suitability and appropriateness, the duty to execute orders on terms most favourable to the client, and article 42 of Regulation (EU) 600/2014 on product intervention. The company has paid.
Complaints can be made by phone, online form, email to complaints@naga.com or post to Agias Zonis 11, Limassol. Receipt is confirmed within five days and a final response given within two months, or at most three months. Clients not satisfied with the final response can go to CySEC, the Financial Ombudsman of the Republic of Cyprus, whose contact details are given, or the courts.
Complaints can be made by online form, email, post or phone. Receipt is acknowledged within two business days and the investigation should end within 21 business days, or at most 90 business days. Clients who remain dissatisfied can complain to the FSA, the regulator.
Complaints are made in writing to support.za@naga.com and answered within 30 working days; unresolved complaints can be referred to the FAIS Ombud, whose contact details are given.
Receipt is confirmed within seven days and the outcome given within two months. Clients who are not satisfied may take their complaint to “other independent bodies such as an external dispute resolution scheme, arbitration or the Regulatory Committee, Appeals Panel or Court in the ADGM”; no scheme is named.
Says NAGA acts as principal or agent in CFD trades and executes CFD orders against its own liquidity, explains the execution factors, and names its CFD execution venues: itself, Finalto Trading Ltd (FCA 607305), Broctagon Prime Ltd (CySEC 320/17), Equiti Securities Currencies Brokers LLC (UAE) and iSAM Securities (UK) Limited (FCA 629586); for real shares it uses EXT Ltd (CySEC 165/12), SSIF Swiss Capital S.A. (Romania) and VTC Europe B.V. (Netherlands).
Says the company deals in CFDs as principal and may be the counterparty to client positions, standing to profit when clients lose, and describes how conflicts are managed, including information barriers, segregation of duties and an inducements policy.
Tell us about an error or send evidence. We read every report.