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NAGA in South Africa — review, licence and costs
Score (6 of 6 axes scored)
ranked against full-basis brokers
- Reviews25%15
- Round-turn cost20%70
- Safety20%0
- Payouts15%80
- Track record10%55
- Platforms10%80
Numbered by weight: axis 1 counts for most.
Key facts (6 facts)
- Onboarding entity
- Served under offshore NAGA Capital Ltd (Seychelles); EU-arm is NAGA Markets Europe Ltd.
- Founded
- 2015
- Retail leverage
- 1000ZA
- Round turn
- 11 USDZA
- Currencies
- No ZAR verified; USD/EUR/GBP.
- Swap-free account
- yes
Licence check
Open an account with NAGAThe broker's own website. Not a partner link — we earn nothing from it.
Who actually onboards you
- Entity that onboards South Africa residents
- Served under offshore NAGA Capital Ltd (Seychelles); EU-arm is NAGA Markets Europe Ltd.
- Local standing
- Offshore/unregulated locally; not FSCA-authorised, so no local retail protections.
- Licence as the register states it
- No FSCA licence. Offshore Seychelles FSA SD026 (CySEC 204/13 for EU only).
- Leverage for this entity
- Up to 1:1000 on offshore entity (EU/CySEC capped 1:30).
- The firm behind it
- Founded 2015 Hamburg; Frankfurt-listed NAGA Group AG; merged with CAPEX.com/Key Way Group in 2024 (reverse takeover completed Aug 2024).
- What we hold against it
- CySEC (EU) + Frankfurt-listed; segregated funds + negative balance protection; ZA clients use offshore entity with weaker recourse; CySEC EUR 150K settlement (Naga Markets) on record.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards South African residents enters the score.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youOffshore/unregulated locally; not FSCA-authorised, so no local retail protections.
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against South Africa market median(priced from 80 of 103)
Medians run over the 80 of 103 brokers that publish a price for South Africa, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: Tiered: Iron/Bronze/Silver/Gold/Platinum/VIP, min USD 250. The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Where NAGA sits in the South Africa base(103 brokers)
Round-turn cost, USD (80 of 103 priced)
Median 7 USD · range 1-20 · this broker 11 USD · 23 of 103 brokers do not publish it
Minimum deposit, USD (49 of 103 priced)
Median 50 USD · range 0-1000 · this broker 250 USD · 54 of 103 brokers do not publish it
Retail leverage (72 of 103 with a South Africa figure)
Median 1:500 · range 20-5000 · this broker 1:1000 · 31 of 103 brokers do not publish it
Withdrawal time published (103 brokers)
Payouts
Identical for every row: Deposit, h 24 · Fee, USD 0 · Min, USD 50.
Deposit and withdrawal methods (4 methods · 0 local rails)
Cards (Visa/Mastercard), bank transfer, e-wallets, crypto;
- Cards
- Bank transfer
- E-wallets
- Crypto
- Account currency
- No ZAR verified; USD/EUR/GBP.
- Fee declared
- 4 of 4 methods
- Withdrawal back to
- the funding method
Where it does not serve(82 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(3 platforms)
- Proprietary NAGA app/web
- MT4
- MT5
Identical for every row: Min spread 1.1 · Leverage 1000 ZA.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 10.10.2026 | 3.3 | 5, 4,113 |
Share of reviewers in South Africa: — The platform does not publish it.
Pros and cons(4 for and 6 against, each tied to a figure on this page)
- Withdrawal in 24 h, one of 86 of 103 brokers here that publish a time
- Swap-free account available
- Payouts 80 of 100, its strongest of 6 scored axes
- 3 platforms: Proprietary NAGA app/web, MT4, MT5
- Round turn 11 USD on the standard basis, over the South Africa median 7
- No South Africa authorisation on file: the entity that onboards you is licensed elsewhere
- A regulator warning is on file against this broker
- Min deposit 250 USD, over the South Africa median 50
- The published 1:1000 comes from the group's offshore entity, not from the South Africa one
- Safety 0 of 100, its weakest of 6 scored axes
Alternatives in South Africa(6 of 103 scored in South Africa)
- Round turn, USD
- 10ZA
- Min deposit, USD
- 10 groupZA
- Leverage
- 2000 group
- Rank in this country
- #64
- Round turn, USD
- 7ZA
- Min deposit, USD
- 200ZA
- Leverage
- 400ZA
- Rank in this country
- #30
- Round turn, USD
- 8.5ZA
- Min deposit, USD
- 100ZA
- Leverage
- 500ZA
- Rank in this country
- #55
- Round turn, USD
- 8ZA
- Min deposit, USD
- 100ZA
- Leverage
- 500ZA
- Rank in this country
- #40
- Round turn, USD
- 7.5ZA
- Min deposit, USD
- 200ZA
- Leverage
- 500ZA
- Rank in this country
- #21
- Round turn, USD
- 12ZA
- Min deposit, USD
- 500 groupZA
- Leverage
- 400ZA
- Rank in this country
- #39
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a South Africa score. Full methodology
| Axis | Weight | What is measured | NAGA |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 15 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 70 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 0 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 80 |
| Track record | 10% | Years since the firm was founded, from its own filings | 55 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 80 |
FAQ
- Does NAGA accept residents of South Africa?
- No. Offshore/unregulated locally; not FSCA-authorised, so no local retail protections. Onboarding entity: Served under offshore NAGA Capital Ltd (Seychelles); EU-arm is NAGA Markets Europe Ltd.
- Is NAGA licensed to serve clients in South Africa?
- No FSCA licence. Offshore Seychelles FSA SD026 (CySEC 204/13 for EU only). Checked on 09.07.2026.
- How much does one round turn cost at NAGA?
- About 11.0 USD per standard lot on EUR/USD. The median across brokers measured for South Africa is 7.0 USD.
- What leverage does NAGA offer to retail clients in South Africa?
- Up to 1:1000. Up to 1:1000 on offshore entity (EU/CySEC capped 1:30)
- Which trading platforms does NAGA support?
- Proprietary NAGA app/web, MT4, MT5. Instruments: FX, indices, fractional stocks & ETFs, crypto CFDs, commodities; social/copy trading.
- How can I withdraw money from NAGA in South Africa?
- Cards (Visa/Mastercard), bank transfer, e-wallets, crypto; specific ZAR rails not verified.
- What account types does NAGA offer?
- Tiered: Iron/Bronze/Silver/Gold/Platinum/VIP; min USD 250.
- Does NAGA offer a swap-free (Islamic) account?
- Yes. NAGA offers a swap-free (Islamic) account to South Africa residents.
Taxes for a South African resident(1 rule)
- SARS taxes residents on worldwide income.https://naga.com
Not tax advice. Check with SARS.