NAGA is not one client contract, and the 0.9 printed on the Seychelles EUR/USD row is not the ticket a European client signs. The logo encourages the opposite reading. One app, one wordmark, one Hamburg holding company, so the spread on the public site must be the spread. It is not. On 9 October 2026 The NAGA Group AG said it would issue a convertible bond with a nominal amount of USD 8,000,000, a 36-month term, a coupon of 8.00% and a conversion price of USD 4.2615. Constantin-Octavian Patrașcu, the chief executive, undertook in that ad-hoc to transfer up to 762,742 of his own shares if holders convert at a reduced price of USD 1.50. The release is about the XETRA share, ticker N4G, ISIN DE000A41YCM0. It does not name the company on the other side of a retail EUR/USD position, and it does not set the spread on that position. A reader who stops at the bond has the wrong document for a naga review of the ticket.
The footers, read on 12 October 2026, split the brand. naga.com/en says the site is operated by NAGA Capital Ltd, Seychelles Financial Services Authority licence SD026, Suite 3, Jivan's Complex, Global Village, Mont Fleuri, Mahe. naga.com/eu says the site is owned by The NAGA Group AG and operated by NAGA Markets Europe Ltd, CySEC licence 204/13, Agias Zonis 11, Limassol. The EUR/USD rows do not match: 0.9, fee 0.00%, margin 0.10% on the Seychelles book, and 1, fee 0.00%, margin 3.33% on the EU book. Key Way Markets Ltd, Abu Dhabi permission 190005, prints 0.9 with a 3.33% margin. A tooltip on each hours page calls the column a Gold-account minimum that can widen. The bond does not move any of the three rows.
Key facts
- NAGA Capital Ltd, Seychelles FSA licence SD026, prints EUR/USD at 0.9 in the column headed "Avg. spread, pips", with a fee of 0.00% and margin of 0.10% — naga.com/en/trading/hours-and-fees, 12 October 2026.
- NAGA Markets Europe Ltd, CySEC 204/13, prints EUR/USD at 1 in the same column, fee 0.00%, margin 3.33% — naga.com/eu/trading/hours-and-fees, 12 October 2026.
- Key Way Markets Ltd, ADGM permission 190005, prints EUR/USD at 0.9, fee 0.00%, margin 3.33% — naga.com/ae/trading/hours-and-fees, 12 October 2026.
- A tooltip on those hours pages says the spreads shown are the minimum for the Gold account, may widen, and that only the quote inside the platform is binding — same pages, 12 October 2026.
- The NAGA Group AG resolved on 8 October 2026 to issue USD 8,000,000 of 36-month notes at a coupon of 8.00%, conversion price USD 4.2615, about a 57% premium to the 8 October XETRA close — company ad-hoc, 9 October 2026.
- If holders convert at a reduced price of USD 1.50, chief executive Constantin-Octavian Patrașcu has undertaken to transfer up to 762,742 of his own shares, free of charge — same ad-hoc, 9 October 2026.
The fact box
| Item | What the pages say |
|---|---|
| Holding company | The NAGA Group AG, Hamburg, XETRA N4G, ISIN DE000A41YCM0 |
| Global site contract | NAGA Capital Ltd, FSA Seychelles SD026 |
| EU site contract | NAGA Markets Europe Ltd, CySEC 204/13 |
| UAE site contract | Key Way Markets Ltd, ADGM 190005 |
| EUR/USD column | 0.9 on SD026 and on ADGM; 1 on CySEC |
| Fee on that row | 0.00% on all three |
| Margin on that row | 0.10% on SD026; 3.33% on CySEC and ADGM |
| Column, times $10 a pip | $9.00, $10.00 and $9.00 on one standard lot |
| Rating on this page | 2.9 out of 5, arithmetic below |
The dollar line is this desk's arithmetic, not a figure NAGA prints in dollars. The working sits with the chart.
Four contracts, one logo
On 12 October 2026 naga.com/eu/regulated-broker listed four trading names. NAGA Capital Ltd, Seychelles FSA SD026, since 2018, outside the EU and the UAE. NAGA Markets Europe Ltd, CySEC 204/13, since 2013, for the EU. Key Way Markets Ltd, ADGM permission 190005, since 2020, for the UAE. JME Financial Services (Pty) Ltd, FSCA 37166, since 2009, for South Africa. Hamburg's holding company is on none of those cards as the operator.
The EU hours footer serves the European Economic Area excluding Belgium, and not third countries. The Seychelles hours footer illustrates a shorter ban: Canada, New Zealand, Iran, Korea and the USA, or anywhere local law would be breached. The same firm's VIP page carries a long restricted-countries string including Germany, France, Italy, Spain, the Netherlands, Austria, Cyprus and Belgium. A reader in Frankfurt is on that string, and inside the EEA the Cyprus firm says it serves.
ThinkMarkets stacks licences and then puts the retail contract on one Seychelles firm. Equiti does a version of the same split. NAGA's EU firm is not a brochure. It has its own hours table, its own margin and its own withdrawal sentence.
The EU about page says NAGA Markets Europe keeps client funds segregated at major regulated EU banks. A description on that host mentions the Investor Compensation Fund and Lloyd's cover of up to €1,000,000 per eligible client. A promotional block on the EU hours page and the Seychelles hours page says €20,000 under the Investor Compensation Fund. The fund rules, the Lloyd's schedule, and the CySEC, Seychelles FSA, ADGM and FSCA registers were not opened. The licence numbers here are the ones the companies print. The Seychelles footer itself does not mention a compensation fund.
The spread column, and the tooltip under it
On 12 October 2026 the Seychelles EURUSD row was average_spread 0.9, fee 0.00%, margin 0.10%, lot value 100,000, swap long minus 18, swap short minus 11.2. The header is "Avg. spread, pips". The swap header is "Swap (long/short) (Yearly)". The EU row was 1, fee 0.00%, margin 3.33%, same swap pair. Key Way was 0.9, fee 0.00%, margin 3.33%, same EUR/USD swap.
Three rows. Two spreads. Two margins. One EUR/USD swap.
GBPUSD does not copy. Seychelles prints 0.9, margin 0.10%, yearly swap minus 4.95 and minus 6.38. The EU row prints 1, margin 3.33%, swap minus 3.465 and minus 4.466. Key Way takes the Seychelles spread and the EU swap. The header says Yearly. These prints are not turned into dollars.
Gold reverses the EUR/USD story. Seychelles XAUUSD is 76, margin 0.20%. The EU row is 30, margin 5.00%. Key Way is 76 with margin 5.00%. The page also has a header, "Avg. spread, points", so the gold figure stays in the field's unit.
The $10 comes from NAGA Capital's June 2025 cost policy, which states SD026. One standard lot is 100,000 units of base currency. The example bid is 1.13000, the ask 1.13060, the difference 0.0006, and 100,000 times 0.0006 is $60. That is 6 pips, so $10 a pip. The column is then $9.00 at 0.9 and $10.00 at 1. Each EURUSD fee cell is 0.00%.
The tooltip says the shown spreads are the minimum, "as low as", for the Gold account, may widen, and that only the platform quote is binding. On the Seychelles VIP table, Standard and Silver are "e.g. EURUSD 1.1", Gold and Diamond "e.g. 0.9 on EURUSD", VIP "e.g. 0.7 on EURUSD". The hours-table 0.9 matches Gold. It does not retire the 1.1 example.
| Book, 12 Oct 2026 | EUR/USD column | Fee or commission | Desk working |
|---|---|---|---|
| NAGA Capital Ltd, SD026 | 0.9 | 0.00% | $9.00 |
| NAGA Markets Europe Ltd, 204/13 | 1 | 0.00% | $10.00 |
| Key Way Markets Ltd, 190005 | 0.9 | 0.00% | $9.00 |
| Axi Standard, AxiTrader LLC | 0.68 average | none printed | $6.80 |
| Axi Premium, same firm | 0 average | $4.5 round trip | $4.5 if the zero holds |
| Pepperstone MT5 Razor, Bahamas | minimum 0 | USD 7 round turn | $7, spread extra |
Axi, read the same day, is a trading name of AxiTrader LLC, St Vincent 4303 LLC 2025, FSA, Euro House, Richmond Hill Road, Kingstown. Standard: average 0.68 pips, empty commission, minimum deposit $5. That is the only Axi bar. Premium: average 0, $4.5 round trip, minimum deposit $100. Elite: average 0, $3.5 round trip, minimum deposit $25,000. Pepperstone Markets Limited, Pineapple House, Old Fort Bay, Nassau, Bahamas SIA-F217, prices MT5 Razor USD at USD 3.50 per lot, USD 7 round turn, with a Razor EURUSD minimum of 0 and a Standard minimum of 1. The $7 is commission, so it stays out of the bars. IC Markets Global is Raw Trading Ltd, Seychelles SD018. Its example charges $3 per $100,000 per side and prints $7.83 off 1.3000 and 1.3100. Not a live rate, and not charted.
Allianz, in that June 2025 policy, is a different bill: 2.50 euros to open and 2.50 euros to close on MT5, and 5.00 euros on the open on MT4. The EURUSD fee cell stays 0.00%. On cash movements, Seychelles reserves USD 25 per withdrawal and says requests finish within 24 working hours, in the original deposit currency. The EU page has the 24-working-hours sentence and no USD 25 line. The policy's minimum withdrawal is USD 10. Deposit-method charges were not in the extracted rows.
Hamburg's bond does not novate the ticket
The marketing note of 9 October 2026, 07:30, names Presto and MDream, 36 months, coupon 8.0%, conversion at USD 4.2615, pre-money about USD 99.2 million and a premium of about 57% to the 8 October XETRA close. Octavian Patrascu, chief executive of The NAGA Group: "We have fundamentally transformed NAGA into a leaner, more efficient and profitable business. The next step is to build on this foundation and accelerate growth."
The ad-hoc, 07:15 the same morning, is the instrument. On 8 October 2026 the board, with supervisory-board approval under the 25 July 2025 authorisation, resolved to issue USD 8,000,000 in 80 notes of USD 100,000, excluding subscription rights, to two institutions led by Presto Asset Pte. Ltd., Singapore. The marketing page names MDream. The ad-hoc's opening does not. Issue price 100%. Issuance expected 15 October 2026. Coupon 8.00%, quarterly. Unless converted, repayment is in twelve monthly instalments from month 25. The newsroom path says "usd-80-million". The body says USD 8,000,000. The body is the figure used here.
If revenue is not at least USD 75.0 million and operating cash flow not at least USD 13.5 million in months 13 to 24, holders may take repayment or conversion at USD 1.50. Full conversion at USD 4.2615 is up to EUR 1,877,273, about 8.1%. At USD 1.50 it is up to EUR 5,333,333, about 22.9%. Patrașcu undertook to transfer up to 762,742 of his own shares, free of charge, in that reduced-price case. The marketing release omits the election and the transfer. The notes are a claim on The NAGA Group AG. They do not move a client from SD026 to 204/13, and they do not change the EU row from 1 to 0.9.
The 5 August 2026 preliminary release is a group result, not a pip. Reported EBITDA was EUR 4.4 million, up 47%, margin 15.9%. Net profit moved from negative EUR 2.6 million to positive EUR 0.9 million. Guidance stayed at revenue of EUR 68 million to EUR 75 million and EBITDA of EUR 10 million to EUR 15 million. Patrascu, chief executive: "The first half of 2026 demonstrates that our strategic repositioning is gaining traction. We achieved a profit in the first half for the first time in our history, while materially improving the profitability of our business model." The bond test is denominated in dollars and sits on a later clock. The release says the non-IFRS figures are not an IFRS substitute.
Same building, different licence
On 12 October 2026 capex.com/en named KW Investments Ltd, Seychelles FSA SD020, Suite 3, Global Village, Jivan's Complex, Mahe. Same complex as NAGA Capital. Different company. SD020 is not SD026. A second block says Key Way Investments Ltd operates capex.com under CySEC 292/16, Romanian ASF registration PJM01SFIM/400013, Spanish CNMV registration 129, and that Key Way Markets Ltd operates ae.capex.com. NAGA's EU firm remains 204/13.
The EU about timeline calls it a strategic merger with Keyway Group, operator of CAPEX.com, without a day on the line. The completion release was not opened, so no savings figure from it is used. A migration is not a novation. PU Prime is the same kind of name-versus-contract split. IronFX is a CySEC file beside a different offshore contract. NAGA has both, and the EU footer also names NAGA Global (CY) Ltd in Nicosia. That line is not the EUR/USD operator.
How the 2.9 is built
The rating is 2.9 out of 5. It is not a view on N4G. Published weights: costs 35%, safety 30%, platforms 20%, funding 15%. Scores below are judgements on the pages read on 12 October 2026.
Costs score 2.8. 0.9 against 1 is a real gap, worth $1 on the standard-lot working. The tooltip says that print is a Gold-account minimum which can widen. Axi Standard prints a lower average with no commission beside it. Gold runs the other way: 30 on the EU book, 76 on Seychelles. The Allianz commission shows that 0.00% is not a rule for every instrument.
RelatedPU Prime Review 2026: Who Holds the Client Contract
Safety scores 2.6. Segregation at EU banks, a compensation-fund line and a Lloyd's figure of €1,000,000 were not checked against a policy or a register. The Seychelles footer, where the global site defaults, does not offer that compensation language. The country lists show the books are meant to stay apart. An unmatched register row would move this score.
Platforms score 3.4. MT4 and MT5 are both in the June 2025 policy, because the same Allianz CFD is priced differently on each. The live quote was not measured. The hours page says only the quote inside the platform is binding, which is why the column cannot score as the ticket itself.
Funding scores 2.8. Seychelles reserves USD 25 on a withdrawal. The EU page does not. The June 2025 minimum withdrawal is USD 10. Both hours pages say 24 working hours. The deposit grid never arrived as methods and charges.
2.8 times 0.35 is 0.98. 2.6 times 0.30 is 0.78. 3.4 times 0.20 is 0.68. 2.8 times 0.15 is 0.42. The sum is 2.86, reported as 2.9. A register extract that misses SD026 or 204/13 would move it, as would a saved platform quote that misses the column, or a novation that puts EEA clients onto NAGA Capital. Until then, 0.9 and 1 are column prints, and the footer decides which one a client is allowed to see.
Questions the footer actually answers
Who holds the account if the site just says NAGA?
Whichever legal person the footer of that URL names. On 12 October 2026, naga.com/en named NAGA Capital Ltd under Seychelles licence SD026. naga.com/eu named NAGA Markets Europe Ltd under CySEC 204/13. naga.com/ae named Key Way Markets Ltd under ADGM permission 190005. The NAGA Group AG in Hamburg owns the group. It is not the firm printed as the operator of those three retail sites.
Why is EUR/USD 0.9 on one NAGA page and 1 on another?
Because they are different books. The Seychelles hours table prints 0.9, fee 0.00%, margin 0.10%. The EU table prints 1, fee 0.00%, margin 3.33%. Both pages carry a tooltip that calls the shown spread a Gold-account minimum which can widen, and both headers still say average. At $10 a pip, from NAGA's own June 2025 example, those column prints are $9 and $10 on a standard lot before anything the platform does live.
Does the $8 million bond change the spread or insure the client?
No. The notes are a claim on The NAGA Group AG: 36 months, coupon 8.00%, conversion at USD 4.2615, with a possible USD 1.50 price if revenue and cash-flow tests are missed, and a personal undertaking from the chief executive to transfer up to 762,742 shares in that reduced-price case. Client money sits with the regulated firm on the account. The ad-hoc of 9 October 2026 does not amend SD026 or 204/13.
Is CAPEX.com the same contract as NAGA Capital?
Not on the pages read on 12 October 2026. The capex.com/en footer names KW Investments Ltd, Seychelles licence SD020, at Suite 3, Global Village, Jivan's Complex, Mahe. NAGA Capital is SD026 in the same complex. Another block on the CAPEX page names Key Way Investments Ltd under CySEC 292/16. NAGA's EU firm is 204/13. The about-page merger line did not, on these pages, collapse the licences into one client agreement.
Is the Seychelles account covered by an investor compensation scheme?
The Seychelles footer read on 12 October 2026 does not say so. A promotional block on that host, and on the EU hours page, mentions protection up to €20,000 under the Investor Compensation Fund. The EU about description also refers to Lloyd's cover of up to €1,000,000 per eligible client. Neither line was checked against a fund rule or a policy schedule.
What should be ignored in the VIP examples?
The "e.g." Standard and Silver are shown as EURUSD 1.1, Gold and Diamond as 0.9, and the VIP column as 0.7, on the Seychelles VIP page of 12 October 2026. Those are illustrations. They are not a second official average. The hours-table 0.9 matches the Gold example. It does not retire the 1.1 example sitting beside it, and the tooltip still says only the platform quote is binding.
This is analysis of published fees, licences and company releases, not advice to open, close or switch an account. Spreads in the tables are the figures those pages printed on 12 October 2026, and NAGA says only the quote inside the platform is binding. Contracts for difference can lose more than the margin posted, subject to whatever negative-balance term the specific entity actually gives. The convertible-bond terms are the company's, from its ad-hoc of 9 October 2026. Capital is at risk.