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NAGA in Nigeria — review, licence and costs
Cost calculator (median of 57 priced of 81)
Score (6 of 6 axes scored)
ranked against full-basis brokers
Who actually onboards you
- Entity that onboards Nigeria residents
- Served via NAGA Global (SV) Ltd (St Vincent) / offshore NAGA Capital Ltd (Seychelles).
- Local standing
- Offshore; not locally regulated. No local licence required to solicit Nigerians, but no local protections.
- Licence as the register states it
- No SEC Nigeria licence; offshore Seychelles FSA SD026 (CySEC 204/13 EU only).
- Leverage for this entity
- Up to 1:1000 offshore.
- The firm behind it
- Founded 2015 Hamburg; Frankfurt-listed NAGA Group AG; 2024 CAPEX.com/Key Way merger (reverse takeover).
- What we hold against it
- CySEC EU parent + listed; segregated funds + negative balance protection; NG served via offshore entity; USD 20/mo inactivity fee.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Nigerian residents enters the score.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youOffshore; not locally regulated. No local licence required to solicit Nigerians, but no local 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 Nigeria market median(priced from 57 of 81)
Medians run over the 57 of 81 brokers that publish a price for Nigeria, 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: Six tiers: Iron/Bronze/Silver/Gold/Diamond/Crystal, min USD 250 (Iron). 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.
Payouts
Identical for every row: Deposit, h 24 · Fee, USD 0 · Min, USD 50.
Taxes for a Nigerian resident(1 rule)
- Trading profits are taxable and must be declared to the Nigeria Revenue Service (NRS, formerly FIRS).https://naga.com
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (4 methods · 0 local rails)
Guaranty Trust Bank deposit (~24h), Visa/Mastercard/Maestro/Diners/Discover;
- Visa
- Mastercard
- E-wallets
- Crypto
- Account currency
- No NGN trading account (confirmed); 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)
- NAGA app/web
- MT4
- MT5
Identical for every row: Min spread 1.5 · Leverage 1000 NG.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 10.10.2026 | 3.3 | 5, 4,113 |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(4 for and 5 against, each tied to a figure on this page)
- Withdrawal in 24 h, one of 71 of 81 brokers here that publish a time
- Swap-free account available
- Payouts 80 of 100, its strongest of 6 scored axes
- 3 platforms: NAGA app/web, MT4, MT5
- Round turn 15 USD on the standard basis, over the Nigeria median 6.5
- No Nigeria authorisation on file: the entity that onboards you is licensed elsewhere
- Min deposit 250 USD, over the Nigeria median 20
- The published 1:1000 comes from the group's offshore entity, not from the Nigeria one
- Safety 0 of 100, its weakest of 6 scored axes
Alternatives in Nigeria(6 of 81 scored in Nigeria)
- Round turn, USD
- 13NG
- Min deposit, USD
- 5 groupNG
- Leverage
- 3000NG
- Rank in this country
- #33
- Round turn, USD
- 18NG
- Min deposit, USD
- 100NG
- Leverage
- 1000NG
- Rank in this country
- #46
- Round turn, USD
- 9NG
- Min deposit, USD
- 25 groupNG
- Leverage
- 1000 group
- Rank in this country
- #2
- Round turn, USD
- 18NG
- Min deposit, USD
- 50NG
- Leverage
- 1000NG
- Rank in this country
- #52
- Round turn, USD
- 9NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 400 group
- Rank in this country
- #19
- Round turn, USD
- 9NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 1000NG
- Rank in this country
- #42
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 Nigeria 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 | 50 |
| 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 |
Where NAGA sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · this broker 15 USD · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · this broker 250 USD · 52 of 81 brokers do not publish it
Retail leverage (53 of 81 with a Nigeria figure)
Median 1:500 · range 100-3000 · this broker 1:1000 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does NAGA accept residents of Nigeria?
- No. Offshore; not locally regulated. No local licence required to solicit Nigerians, but no local protections. Onboarding entity: Served via NAGA Global (SV) Ltd (St Vincent) / offshore NAGA Capital Ltd (Seychelles).
- Is NAGA licensed to serve clients in Nigeria?
- No SEC Nigeria licence; offshore Seychelles FSA SD026 (CySEC 204/13 EU only). Checked on 09.07.2026.
- How much does one round turn cost at NAGA?
- About 15.0 USD per standard lot on EUR/USD. The median across brokers measured for Nigeria is 6.5 USD.
- What leverage does NAGA offer to retail clients in Nigeria?
- Up to 1:1000. Up to 1:1000 offshore.
- Which trading platforms does NAGA support?
- NAGA app/web, MT4, MT5. Instruments: FX (major/minor/exotic), indices, fractional stocks & ETFs, crypto CFDs, commodities; copy trading/signals.
- How can I withdraw money from NAGA in Nigeria?
- Guaranty Trust Bank deposit (~24h), Visa/Mastercard/Maestro/Diners/Discover; e-wallets, crypto.
- What account types does NAGA offer?
- Six tiers: Iron/Bronze/Silver/Gold/Diamond/Crystal; min USD 250 (Iron).
- Does NAGA offer a swap-free (Islamic) account?
- Yes. NAGA offers a swap-free (Islamic) account to Nigeria residents.