NAGA Review 2026
Full NAGA review for Nigeria traders — regulation, spreads, fees and our honest verdict.
Regulation in Nigeria
| Regulator | FSA FSA — Seychelles Financial Services Authority (FSA) |
| Licence Number | SD026 |
| Regulated Entity | NAGA Global Ltd |
| Max Leverage (Forex) | 1:500 |
| Minimum Deposit | $250 |
| EUR/USD Spread | From 0.7 pips |
| Instruments | 950+ |
| Platforms | NAGA Platform, MT4, MT5 |
| Copy Trading | ✓ |
| Real Stocks | ✓ |
| Inactivity fee | Inactivity fee: EUR10/month after 3 months |
Verdict
Regulated by FSA (licence SD026). Minimum deposit $250. In Nigeria: maximum forex leverage 1:500.
About NAGA
NAGA was founded in 2015 and is headquartered in Hamburg, Germany. The broker offers 950 tradeable instruments including forex pairs, CFDs on stocks, indices and commodities. NAGA is publicly listed on the XETRA:N4G. It is regulated across multiple jurisdictions with a primary licence held by NAGA Global Ltd under FSA.
In Nigeria, NAGA operates as NAGA Global Ltd, authorised by FSA under licence number SD026. Nigeria traders are subject to a maximum leverage of 1:500 on forex pairs under FSA rules.
Trading Platforms
Pros
- FSA regulated — licence SD026
- 950+ instruments to trade
- Negative balance protection in Nigeria
- Platforms: NAGA Platform, MT4, MT5
- Copy trading available
- Real stock ownership (not CFD)
Cons
- Inactivity fee: EUR10/month after 3 months
- 76% of retail clients lose money
- CFD trading — you do not own the underlying asset
Frequently Asked Questions
Is NAGA regulated?
NAGA holds FSA licence SD026, issued to the regulated entity {entity}. This is a real, verifiable licence recorded in the official FSA public register.
What is the minimum deposit for NAGA in Nigeria?
The minimum deposit is $250. This is the amount required to open a live trading account for traders in Nigeria under FSA regulation.
What leverage does NAGA offer in Nigeria?
In Nigeria, NAGA offers maximum forex leverage of 1:500 under FSA rules. Higher leverage may be available through offshore-regulated entities.
Is NAGA safe to trade with?
NAGA is regulated by FSA, which requires segregated client funds, negative balance protection and independent audits. Regulation does not eliminate trading risk, but it provides meaningful investor protection.
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