CapexNext in this guide
If you are in India and trying to get into your Capex account, the short version is that new onboarding for Indian residents is closed. The brand merged into the NAGA Group in August 2024, and as part of that transition, onboarding stopped for this region.
If you have an existing account with the offshore entity, you might still need to access it for withdrawals or records. Understanding where Capex stands is useful context for how the offshore brokerage world operates, especially with India's specific restrictions on margin FX and CFDs.
The Regulatory Reality
Capex does not have SEBI authorization. The entity that historically served Indian residents was Seychelles-based, holding offshore license FSA SD020. Under RBI/FEMA rules, trading spot forex or CFDs with offshore brokers is not permitted for Indian residents. This is why the brand is winding down its presence here and redirecting users to NAGA.
What Happens When You Try to Log In
If you try to access the Capex login from India, you may encounter a redirect to the NAGA platform or a dead end at the account creation step. If you still have active credentials, your access is essentially limited to legacy features. You probably won't be able to make new deposits through Indian rails. The platform historically supported cards, bank wires, and e-wallets, but UPI was never verified for this entity, and remitting money abroad for margin trading is not a permitted purpose under the Liberalised Remittance Scheme.
Security on the Way In
Most reputable platforms use two-factor authentication. If you have access, make sure you've got that turned on. The bigger risk for traders in India isn't usually the broker's server being hacked, it's account takeover through phishing or reused passwords. If you're logging in to MT5 or a web-based platform, check the URL carefully.
A quick checklist for the login page:
- Look for the secure padlock icon in the address bar.
- Enable 2FA if the platform offers it, not just a password.
- Use a dedicated password that you don't use for your email or bank.
- Be suspicious of any "login" link sent via Telegram or WhatsApp.
Account Types and Access Levels
The platform offered three account tiers:
| Account Tier | Minimum Deposit |
|---|---|
| Essential | USD 100 |
| Original | USD 1,000 |
| Signature | USD 25,000 |
The minimum deposit of USD 100 for the Essential account is low enough to be accessible, but the higher tiers show where the broker makes its money.
Costs Beyond the Spread
| Metric | Value |
|---|---|
| Min spread (BTC/USD) | from 0.3 pips |
| Essential account spread (BTC/USD) | from ~1.4 pips |
| Commission on standard CFDs | None |
| Leverage (historic, offshore) | up to ~1:300 |
That "up to 1:300" figure is not compliant with local Indian rules and presents extreme risk. At 1:300, a 0.33% adverse move against you wipes out your margin.
Where Capex Falls Short for India
The Seychelles license does not offer the kind of client protection you get with a top-tier regulator like the FCA or CySEC. There is no segregated client account mandate in the same way as stricter regulators, no access to financial ombudsman recourse if things go wrong, and no SEBI jurisdiction or recourse under Indian law.
Tax obligations apply regardless. You are required to declare your worldwide income and foreign assets in your Indian tax return under Schedule FA. Profits on a currency pair are treated as non-speculative business income and taxed at your slab rate. The bigger headache is the 20% TCS on foreign remittances above Rs 10 lakh, which kicks in if you were funding the account through LRS (which is itself not a permitted use for margin trading).
The Trading Experience
If you were able to log in, you had access to the proprietary CapexTrader web platform and MetaTrader 5. The platform offered 2,100+ instruments (FX, shares, ETFs, indices, commodities, crypto CFDs), but that global reach does not legally include Indian retail clients.
The Bottom Line for Indian Traders
For anyone in India, Capex is effectively a historical case study.
If you have an existing account:Log in to access historical statements or withdraw remaining funds. Document everything and withdraw what you can. There is no benefit to keeping a dormant offshore account open from a compliance standpoint.
If you're looking for a new broker:A long-term, compliant trading relationship in India requires either a broker with a real domestic presence or a foreign broker with a strong regulatory license (like FCA or CySEC) who operates within the legal framework. The NSE and BSE infrastructure is world-class and regulated by SEBI. Don't risk your capital on a platform that is legally off-limits for you.
Islamic Accounts
Capex offered swap-free accounts, but these apply to the offshore CFD channel rather than exchange-traded INR derivatives.
Questions
What if I forgot my Capex password?
Password recovery usually goes through the registered email on file. If the account is tied to the merged NAGA entity, you will likely be redirected to NAGA's password reset process. If you cannot access your email or the recovery link fails, contact support directly, but expect delays since the Indian desk is being wound down.
Will I pay taxes on funds I withdraw from Capex?
Yes, as an Indian resident you are taxed on your worldwide income. Profits from currency derivatives are treated as non-speculative business income and taxed at your slab rate. You must also declare foreign assets in Schedule FA of your tax return. Withdrawing funds does not create tax, but the original trading profit does.
What should I look for in a broker login page instead?
Look for a regulated entity with a clear local presence or a strong international license like FCA or CySEC. Verify that your funds are segregated and that the broker does not accept prohibited payment routes like UPI for margin FX. Confirm that the entity is not on the RBI Alert List and that you can legally trade the instruments they offer.