NAGAX Review- Is This Social Crypto Trading Platform Worth It?
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NAGAX is a brand new part of the NAGA ecosystem. The social cryptocurrency trading platform is attempting to fuse a high-quality trading experience with a myriad of social features to help educate new and experienced traders alike.
NAGAX claims to be “Crypto made social,” but is this new platform simply a fad, or does it offer a tangible benefit over its competition to its users? That’s what we’re here to find out today. We’ll be analyzing NAGAX’s current and planned features to help you find out if this is the crypto trading platform you’ve been looking for.
NAGAX in a nutshell
NAGAX is a new cryptocurrency trading platform focusing heavily on user experience and the social aspects of trading. It allows users to message each other, copy each other’s trades, and might soon introduce a way for crypto influencers to make money off of their viral posts.
NAGAX’s performance is bolstered by the secure NAGA Wallet. This is a crypto and fiat wallet that can store multiple cryptocurrencies and fiat currencies in the same secure wallet.
NAGAX uses its vast social features to make entering the crypto world easier for beginners. They do this by implementing ways for them to reach news quickly, filter through popular traders, and most importantly, by providing educational resources. NAGA Academy is a part of NAGAX that hosts videos and other educational materials to help beginners educate themselves on trading and crypto as a whole.
How can you trade on NAGAX?
There’s a KYC process to complete when accessing NAGAX. Once you’re done making and verifying your account, you’ll want to start trading. The trading experience on NAGAX is smooth and void of delays. This is great for making quick, snappy trades that hinge on values that might change second-to-second. While NAGAX will soon start offering options like crypto derivatives, let’s take a look at what’s already there:
Spot trading
NAGAX offers over 50 different assets you can buy, sell, or trade through the platform. The user interface makes this extremely swift. NAGAX is a lot more user-friendly in its trading interface than most exchanges, and there’s pretty much no input delay whatsoever.
NAGAX also allows you to set up a variety of strategies by taking advantage of stop market orders, stop-limit orders, trailing stop market orders, buy/sell orders, and limit buy/sell orders. This allows you to create quite sophisticated trading strategies.
NAGAX as a crypto brokerage
Spot trading aside, NAGAX can also work as a crypto brokerage. When using NAGAX like this, you’ll find that it allows you to buy and sell all of the most popular cryptocurrencies like Litecoin, Bitcoin, and Ethereum. With that being said, NAGAX lets you buy and sell a lot of other digital assets, with its options widening significantly when the NAGAX NFT Marketplace releases. You can also use the NAGA wallet to buy cryptos with other cryptos.
NAGA (NGC) coin and how you can use it
NGC or NAGA coin was launched back in 2017 as a decentralized coin. The coin raised over $50,000,000 in its ICO, and has been used as a utility token in the NAGA ecosystem ever since. NGC is an ERC-20 token built on the Ethereum Network. Holding a substantial amount of NGC will provide you with a host of benefits such as the following.
- You will be able to lower the fees you incur when using NAGAX depending on your VIP level which depends on how many NGC you have. You will also be able to pay your fees with NGC.
- You can gain exclusive access to certain whitelists
- Your VIP level makes you eligible for a variety of staking rewards
- You can trade using NGC on the NAGAX platform
NAGAX Autocopy
An excellent feature for new and beginning traders alike is soon coming to NAGAX. This is the autocopy feature, allowing you to copy the trades a trader of your choice makes with a single click. This lets you pick traders in whose performance you’re confident, and automatically make all of the same trades that they do. This is great for beginner traders, as it allows them to look at the trades more experienced traders are making and experiment with copying them.
With this feature, NAGAX will also introduce the leaderboards. The leaderboards are a place where the best traders on the platform will be highlighted. Users will be able to filter these traders and interact with those they’re interested in whether by messaging them, looking at their posts, or copying their trades.
NAGAX’s feeds
NAGAX’s news feed allows you to look at all of the latest news in the crypto world and provides an easy and digestible way to learn about the newest developments in crypto. NAGAX also gives you access to a platform much like traditional social media where you can look at traders’ posts, comment, and follow them.
You can look at more of these features here.
NAGAX Academy—A place for learning
NAGAX seeks to educate its userbase to the best of its ability. This is where the idea for NAGAX Academy comes from. While the feature isn’t out yet, it’s going to be a place for beginners to come and learn more about the crypto world and trading. In the future, they’re likely to implement webinars and similar educational resources.
Furthermore, there will be quizzes you can take to test your knowledge, and answering these correctly is going to give you NGC.
NAGAX Fee Structure
NAGAX charges different maker/taker fees based on VIP Level. This is determined by your NGC holdings.
| VIP Level | Maker Fees | Taker Fees |
|---|---|---|
| Iron | 0.4% | 0.4% |
| Bronze | 0.35% | 0.35% |
| Silver | 0.3% | 0.3% |
| Gold | 0.25% | 0.25% |
| Diamond | 0.15% | 0.15% |
| Crystal | 0.05% | 0.05% |
NAGAX’s other fees are as follows:
| Credit/Debit Card Deposit | 2.1% |
|---|---|
| EUR SEPA deposit | No fee, 50€ minimum deposit |
| Cryptocurrency deposit | No fee |
| Fiat Withdrawals from SEPA European bank account holders | €7 |
| Crypto purchases through a credit/debit card | 4.5% (at least €3.99) and the dynamic network fee) |
| Selling cryptocurrencies via bank transfer | 1% (at least €3.99) |
| Minimum trade (spot trading cryptocurrencies) | 8 USDT |
| Crypto Deposits | No fee |
NAGAX has a more complete overview of their fee structure on their website.
Is NAGAX a scam?
NAGAX owes most of its robust security to the immense security of the NAGA wallet. Outside of that, the entire NAGA ecosystem has gone years without a single security scandal, and it’d be hard to believe NAGAX is going to be their first one.
NAGAX uses multiparty computation to store oriented keys and hardware isolation takes care of your offline wallets. This, together with the NAGAX wallet’s private key always being stored in an encrypted form makes the NAGA wallet one of the most secure places to keep your crypto.
Outside of this, NAGAX obeys strict KYC(know your customer) and AML(anti-money laundering) regulations, ensuring the safety of their customers. It also makes use of 2FA and forces users to have a strong password.
Finally, NAGAX is a fully regulated crypto exchange, and is extremely public with its documentation.
All in all, these factors are enough to convince us that NAGAX is a safe cryptocurrency trading platform to use.
The NAGAX NFT Marketplace
The NAGAX NFT Marketplace is still in active development, however, it promises to be an excellent place for NFT creators and collectors alike. The NAGAX NFT Marketplace will allow users to create, sell, and buy their NFTs.
The NFT Marketplace is going to be built on the Ethereum blockchain, however, there won’t be any gas fees for minting NFTs through NAGAX.
NAGAX is also planning to do a fairly innovative thing with making their posts into NFTs. This feature will make certain posts and trade events into NFTs. You’ll then be able to follow, unlock and copy these through a blockchain transaction. The fees from this blockchain transaction will be split between NAGAX and the poster, allowing them to make an income off of creating high-quality posts.
NAGAX customer service
NAGAX customer service is available from 9AM to 6PM GMT+2 on all workdays. NAGAX also offers an extremely helpful help center. In case your question isn’t answered by the help center, the customer support is very responsive, replying in around 1 hour in our testing.
Is NAGAX a good platform?
All things considered, NAGAX is a highly promising social cryptocurrency trading platform. If it’s able to fulfill all of its promises and bring the features it has announced to life, it’ll be a real force to be reckoned with. With that being said, it’s not half-bad at the moment with over 50 tradeable assets, an excellent wallet in the NAGA wallet, and an interesting utility token in NGC.
The future feature we’re most excited for is definitely the NAGAX academy, providing users with educational material to learn more about the world of crypto trading. The autocopy feature also eases the burden off of beginners, as they’ll be able to copy trustworthy trader’s trades.
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