Understanding This Broker: A Beginner's Guide

Capex is not a regulated entity in India. They don't hold a license from SEBI. Their licensing page shows they operate offshore, specifically under the Seychelles Financial Services Authority (FSA) with license number SD020. For a trader in India, that is the single most important fact to understand, because it sets the stage for everything else, from how you fund the account to how your money is protected.

Under RBI and FEMA rules, trading margin FX (like CFDs) with offshore brokers isn't permitted for residents. The funds you'd remit for that purpose aren't allowed under the Liberalised Remittance Scheme (LRS). After their merger with the NAGA Group in August 2024, Capex redirected new clients to NAGA, and their onboarding from India closed. Opening a fresh account with them from India isn't on the table any longer.

The Legal Trading Path in India

On exchanges like NSE, BSE, and MSE, you can trade INR currency derivatives. The margin system works on SPAN and exposure margins, which usually works out to around 3-5%, giving you effective leverage of roughly 20-30 times. You can trade pairs like USD/INR, EUR/INR, GBP/INR, and JPY/INR.

Offshore platforms advertising leverage of 100x–1000x to Indian residents operate outside the legal framework. The RBI maintains an 'Alert List' of unauthorized forex trading platforms. As of November 2025, that list had 95 entities. Binary options and offshore CFDs are effectively off-limits for residents.

Account structure and deposit tiers

If access were available, Capex's account structure would be straightforward, with three main tiers based on deposit size. There is no INR account-all deposits and settlements are in USD or EUR.

The cost structure is spread-based. On the Essential account, spreads are around 1.4 pips on UKOIL. On the Original account, spreads drop to as low as 0.3 pips. There is no commission on standard CFDs.

Trading Platforms and Instruments

Capex offers its proprietary CapexTrader (WebTrader) plus MetaTrader 5 (MT5). You'd get access to over 2,100 instruments, including FX, shares, ETFs, indices, commodities, and crypto CFDs.

Funding and Payment Methods

Capex accepts cards, bank wire, and e-wallets. Indian payment rails like UPI are not verified. However, remitting funds abroad for margin trading is not a permitted LRS purpose, so funding this account would create a compliance issue.

The minimum deposit is USD 100 (Essential tier). Processing timelines typically run as follows:

Currency conversion fees, international wire charges, and trading spreads all reduce your net returns.

Taxes and Compliance

You must declare all global income and foreign assets (Schedule FA) in your income tax return. Exchange-traded currency futures profits are generally treated as non-speculative business income and taxed at your income-tax slab rate. Intraday speculative positions are speculative business income-losses offset only against speculative income and carry forward 4 years (non-speculative losses carry forward 8 years).

A 20% Tax Collected at Source (TCS) applies on LRS foreign remittances above Rs 10 lakh per financial year (threshold raised from Rs 7 lakh, effective 1 April 2025). TCS is an advance-tax credit.

Crypto is taxed at a flat 30% plus 4% cess separately.

Tax authority: Income Tax Department (Central Board of Direct Taxes, CBDT) - https://incometax.gov.in.

Regulatory Overview

The Securities and Exchange Board of India (SEBI) regulates exchange-traded currency derivatives. The Reserve Bank of India (RBI) governs foreign exchange under FEMA 1999 and authorises Electronic Trading Platforms (ETPs). Currency derivatives trade on SEBI-recognised exchanges: NSE (National Stock Exchange), BSE (Bombay Stock Exchange), and MSE (Metropolitan Stock Exchange).

To verify a broker's regulation, check SEBI (https://www.sebi.gov.in) and RBI (https://www.rbi.org.in).

Islamic/Swap-Free Accounts

Capex does offer swap-free accounts. However, since onboarding for Indian residents is closed, this is not accessible to you.

Company Background

CAPEX.com was launched in 2016 by Key Way Group. In August 2024, it merged into the NAGA Group (approximately 1.5 million users across 100+ countries). After the merger, onboarding in India was redirected to NAGA.

Why This Matters for You

The door has closed. With onboarding redirected to NAGA and no SEBI license, Capex is not a viable option for Indian residents. The regulatory framework restricts offshore CFD/margin FX trading for residents, and funds remitted for that purpose are not permitted under LRS.

If you are determined to trade, your compliant options are SEBI-recognised exchanges offering INR currency derivatives. If you consider international brokers, prioritize those with top-tier FCA, CySEC, or ASIC licenses, segregated client funds, transparent fee disclosures, and (ideally) INR settlement or tradeable pairs linked to legal Indian exchanges.

What happens if I registered with Capex before onboarding closed? If you have an existing account, it has been redirected to the NAGA platform. Treat this as a completely separate application. Verify NAGA's regulation and legal entity before continuing.

Can I trade on NSE or BSE from MetaTrader 5?

No. Private international platforms are not linked to Indian exchanges. To trade currency derivatives compliantly, open an account with a SEBI-registered stockbroker offering access to NSE, BSE, or MSE.

Is the 0.3 pip UKOIL spread available to Indian traders on Capex? That spread applies to higher-tier accounts (Original or Signature), which require larger minimum deposits. It is not the standard rate for the Essential account. More importantly, onboarding for Indian residents is closed.

What is the margin requirement for trading on an Indian exchange? Expect to put up roughly 3-5% of the notional trade value as margin, giving effective leverage of 20-30 times. This is the standard for INR currency derivatives on SEBI-recognised exchanges.

Where can I find the RBI Alert List of unauthorised brokers?