NAGA review 2026

Overview

NAGA is a German fintech company, a subsidiary of The NAGA Group AG (listed on the Frankfurt Stock Exchange, ticker N4G). Since the 2024 reverse merger with the Key Way Group, the former CAPEX.com shareholders own the majority of the listed company and its founder, Octavian Patrascu, chairs the management board, while the NAGA brand was kept for the combined group.

It gives you investment access through several licensed subsidiaries. The two you are most likely to meet are NAGA Markets Europe Ltd (for residents of the European Economic Area, excluding Belgium) and NAGA Capital Ltd (for most of the rest of the world). From now on, we will refer to them as “NAGA Europe” and “NAGA Capital”, respectively. Clients in the UAE are served by Key Way Markets Ltd (ADGM) and clients in South Africa by JME Financial Services (FSCA).

It enables you to trade for yourself and to automatically follow other people’s trades (auto copy). The idea is to revolutionise the investment industry by providing access to the best market tools for everyone.

Through its various platforms (the Naga One web and mobile apps, plus MetaTrader), you have access to real stocks, crypto and CFDs on forex, shares, indices, ETFs, crypto and commodities. Besides, its academy produces useful insights on the NAGA platform and trading in general. Occasionally, you may also watch webinars, mainly on technical analysis.

NAGA, alongside eToro, is one of the few online platforms that allows you to search for and replicate other investors’ strategies, a feature known as social trading. It presents a feed where you keep up to date with what other traders are doing and general market news, while engaging with the community and chatting through NAGA Messenger directly. It may be a great way to take advantage of other traders’ knowledge and automatically copy their trades, but it comes at a cost (see the “Fees” section).

Please keep in mind that past returns of “top traders” are no guarantee of future performance, and that there is the risk you are copying the trading decisions of possibly inexperienced traders who might just have been lucky for a while, or traders whose financial situation may differ significantly from yours.

Concerning ETF trading, we find it hard to know if we are trading CFDs on ETFs or actual ETFs (real ownership).

As you can see below, besides “ETFs” there is no “CFD”, so you intuitively believe that it is a real asset. This is strange because NAGA differentiates between stocks (example: “Real Stocks USA”) and CFDs on stocks (example: “Stocks USA (CFD)”). So, why does it not follow the same approach for ETFs?

After selecting a random ETF, let’s say the “iShares MSCI EAFE”, you will notice the following small note: “You’ll trade 10 lots using 1.49% of your money”, implying that you will trade leveraged, so you are most likely investing through a CFD. Again, this is not crystal clear.

To open an account, you need a minimum first deposit of €50 at NAGA Europe and $10 at NAGA Capital. The process is smooth and fully digital.

After clicking “Get started” on the NAGA website, you will see which entity you are opening an account with. Any person registering from the European Economic Area (excluding Belgium) will open their account through NAGA Europe. Example of trying to open an account from Portugal:

Highlights

Being under NAGA Capital gives you more freedom because you can manage your money with fewer restrictions: “NAGA Capital clients’ leverage cannot exceed 1:1000“, while “NAGA Markets clients’ leverage cannot exceed 1:30“.

Nonetheless, it dramatically increases the likelihood of losing money. A 1000x leverage means that a 0.10% price movement in any security will completely wipe you out, although you will not lose more than your invested capital since you still benefit from negative balance protection. In comparison, a 30x leverage translates into a total loss of money if the security moves against you by 3.33%.

NAGA offers you something unusual in the brokerage industry: a multi-currency account (EUR, USD, GBP, PLN and others). With most brokers, you can only choose one base currency. This matters at NAGA because it charges a currency conversion fee when your account currency differs from the currency of the asset (see the “Fees” section), so a balance in the right currency avoids it.

To get that balance, you can use a low-cost currency conversion service to transfer money to NAGA, such as Wise or Revolut.

NAGA also offers a multi-currency NAGA Pay card. Like any other debit card, it allows you to manage your funds and even pay for goods and services directly with your trading profits. In June 2026, the group’s crypto entity, NAGA X Ltd, obtained authorisation under the EU’s MiCA regulation, so EU clients can now buy and hold real cryptocurrencies within the app.

From our experience, customer support has been quite good. Every time we messaged an assistant through the internal chat, we got a reply within two to three hours, and phone support is available too. Nonetheless, we know that customer service experience may differ widely, so be prepared to find both positive and negative reviews. The only way to certify its quality is by testing it yourself.

NAGA has a 4-star-plus rating on Trustpilot, which puts you, as a potential investor, in a relatively comfortable position. However, from the negative reviews, we observe some constraints on withdrawals. Therefore, we highly suggest you learn the withdrawal process (documents needed) in advance to avoid a stressful situation.

Are you not comfortable yet with NAGA? Not a problem at all! You are allowed to open a demo account with $10,000 in virtual currency. So, feel free to get a taste of what you might expect from its trading platform.

Fees

NAGA has a fairly expensive fee structure. Its revenues come mainly from spreads, commissions, copy fees, overnight financing (when you leverage a position) and other fees.

First of all, NAGA offers trading in real stocks, that is, non-leveraged positions, for €1 per executed order (0.30% of the order value on Romanian stocks). As buying and selling are charged separately, a round trip costs €2. We find this commission high when compared to its closest competitors, most of which charge nothing.

Secondly, you will be charged a spread, which is the difference between the bid and ask prices. You will mainly notice this expense on forex, futures, cryptocurrencies and CFDs on indices, stocks and commodities. Spreads change with market conditions, so make sure to take a closer look at the bid-ask spread when placing an order:

Thirdly, you will encounter commissions on CFDs on stocks of 2.50 in the instrument’s currency (€2.50 on a stock priced in euros). This expense is charged when buying and when selling, so double that figure to get closer to what you will actually pay.

Also, the social trading feature can come at a cost. At NAGA Europe, you pay a percentage of the profit on each copied trade that closes in profit: 20% at Iron level, 17.5% at Bronze and 0% from Silver upwards. Your VIP level when you copy the trader sets the fee, and spreads and swaps still apply.

NAGA publishes its charges in a Costs and Charges policy for NAGA Europe and NAGA Capital. Both apply a currency conversion fee when your account currency differs from the currency of the instrument: up to 2.5% on EUR and USD and up to 3.5% on other currencies.

Last but not least, you need to consider other fees not directly related to trading activity. NAGA Europe charges no withdrawal fee, but it charges an inactivity fee of €20 per month on accounts inactive for six months or more. At NAGA Capital, the minimum withdrawal is $10 and the company reserves the right to charge $25 per withdrawal.

Your bank or payment provider may also charge its own fees, which are outside NAGA’s control.

Safety and regulation

NAGA Europe (NAGA Markets Europe Ltd) is fully supervised and regulated by the Cyprus Securities and Exchange Commission (CySEC, licence 204/13) and passports its services across the EEA, excluding Belgium. As a CySEC firm, it is a member of the Investor Compensation Fund, which covers eligible clients up to €20,000 if the firm fails. Note that CySEC fined NAGA Markets Europe €150,000 in a December 2023 settlement over compliance shortcomings, which is worth knowing even though it is not unusual among Cyprus CFD brokers.

NAGA Capital Ltd is authorised and regulated by the Financial Services Authority of Seychelles (FSA, licence SD026), which still gives you negative balance protection and segregated client funds, but no investor compensation fund and far weaker supervision. Key Way Markets Ltd (ADGM Financial Services Regulatory Authority, licence 190005) and JME Financial Services (Pty) Ltd (FSCA, licence 37166) complete the group’s licences.

Through its parent, The NAGA Group AG, NAGA is a publicly listed fintech company whose shareholders include the former CAPEX.com owners and the Chinese conglomerate Fosun. Since its financial statements are available to everyone, it brings an additional layer of trust, because we can follow its financial situation transparently, and that’s exactly what we have been doing.

The picture has improved since our last update. After three loss-making years (a net loss of €61 million in 2023, mostly write-downs, then €6.8 million in 2024 and €6.5 million in 2025 on revenue of €62.4 million), the group reported its first profitable half-year ever in H1 2026: revenue of €27.7 million, EBITDA of €4.4 million and a net profit of €0.9 million, with 2026 guidance of €68 to 75 million in revenue and €10 to 15 million in EBITDA. Profitability is still thin, so keep an eye on the next reports:

Finally, per the August 2018 restrictions on CFD trading by the European Securities and Markets Authority (ESMA), NAGA Europe provides negative balance protection for forex and CFD trading on a per-account basis to retail clients from the European Union, and NAGA Capital extends the same protection to its clients. What does that mean?

Imagine that you deposit €1,000 in your account and open a position with 5:1 leverage. This increases your exposure to €5,000. If the market dropped 25%, you would lose €1,250 (25% of €5,000). As you can see, that is above your initial deposit of €1,000, meaning that you would owe €250 to your broker. With ESMA rules, your account balance is automatically readjusted to €0, so you only lose your deposit (more info from ESMA and in NAGA’s Risk Disclosure and Warnings Notice).

Do you want to read a deeper analysis? Check out our dedicated article on investment protection (for EU investors)!

Supported countries

NAGA accepts clients from more than 100 countries, including the Netherlands, Portugal, Italy, Ireland, Germany, Poland, Austria, Hungary, the Czech Republic, Greece, Sweden, Norway, Denmark and Finland (through its European subsidiary), plus the UAE (Key Way Markets), South Africa (JME Financial Services) and most of Latin America and Asia (NAGA Capital).

Please note that NAGA does not accept UK clients at the moment, and NAGA Europe does not serve residents of Belgium. NAGA’s website also lists countries such as the USA, Canada, New Zealand, Iran and Korea as not served.

Not available in your country? Please take a look at our list of online brokers available by country!