NAGAX Review 2022: Is This Social Trading Platform Safe?

What Is NAGAX?

NAGAX crypto exchange is an innovative trading platform launched in 2022 by a popular German Fintech, NAGA Group AG. NAGAX crypto exchange provides trading and brokerage services along with expert investors’ trading strategies to the NAGAX community, and it is headquartered in Tallinn, Estonia. However, read our NAGAX review further and know the insights.

NAGAX Summary

Official Website https://nagax.com/
Headquarters Tallinn, Estonia
Found in 2022
Native Token NAGA Coin
Listed Cryptocurrency 70+
Trading Pairs 54
Supported Fiat Currencies USD and EUR
Supported Countries Available in more than 150 countries
Minimum Deposit Variable
Deposit Fees Free
Transaction Fees Variable
Withdrawal Fees Variable
Application Yes
Customer Support Live Chat, Email, & Help Center Support

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NAGAX is a centralized cryptocurrency exchange that offers a NAGAX wallet for its users to store their digital assets completely free of cost. The most notable aspect of the NAGAX platform is the social trading feature that enables users to communicate and share knowledge, monetize techniques, and trading strategies in the most social-media-like environment.

NAGAX platform offers an enriching NAGAX Academy that makes the social crypto trading platform more interactive and educational. Additionally, the cryptocurrency spot trading feature allows users to enjoy the different order types, including limit orders, market orders, stop market orders, stop-limit orders, trading stop market orders, copy trading features, etc. Hence, the NAGAX social crypto trading platform is ideal for beginner traders and professionals.

In this NAGAX review, we will highlight the exchange’s services, products, Naga Coin (NGC), NAGAX Creator Fund, NAGAX NFT marketplace, share trading strategies, NAGAX Academy feature, NAGAX trading fees, NAGA’s attempt to provide a user-friendly social crypto trading exchange, and many more.

NAGAX Origin & Background 

NAGAX is brand-new crypto and social trading platform launched in 2022 that will soon become a Web 3.0 NAGAX crypto exchange, allowing users to trade information and share content. The standalone product offers cryptocurrency brokerage and a social trading feature, such as buying and selling various digital assets such as Bitcoin, Litecoin, Ethereum, XRP, Dogecoin, etc., and a wide range of non-crypto assets.

NAGAX User Interface

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As many other crypto platforms, the NAGAX trading exchange offers NAGA Coin (NGC), a native token introduced during the 2017 Initial Coin Offering (ICO). Through the NGC ICO, the company crowd funded the main launch of the social trading platform and the overall NAGA exchange.

The NAGA environment works similarly to how social media platforms work. NGC token holders can interact with others and enjoy several perks within the NAGA ecosystem if they use NGC tokens for making payments and crypto-staking on the exchange.

Working of NAGAX 

Sign Up and Get Verified Instantly

Anyone can join the most popular and fastest-growing crypto community and access the world’s first social trading platform, NAGAX, which offers users a secure exchange and wallet.

Buy, Sell or Exchange Easily

Users can register, create an account, and get verified instantly without submitting documents. NAGAX offers a simple trading process for users to buy, sell, or exchange cryptocurrencies in the easiest way possible. Register in a minute, deposit funds in the NAGAX wallet and start instantly buying, selling, and trading cryptocurrencies.

Receive Your Coins

NAGA Coin holders can use it to pay for trading fees, claim trading discounts, launchpad crowdfunding, and staking.

Working of NAGAX

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Is NAGAX Legit?

NAGAX social trading platform has made necessary efforts to provide a legit exchange to cryptocurrency investors. There have been no complaints on the grounds of security ever since its launch. NAGAX is the safest crypto exchange in crypto world that has implemented the following security measures to ensure a safe environment for all crypto traders.

  • Multi-layered multi-party computation technology.
  • Encrypted and hosted online crypto wallet.
  • Compliant with relevant local laws and international financial regulations.
  • SSL Encryption protocols, firewalls, and two-factor authentication.

Why Choose NAGAX?

There are various reasons why traders prefer the NAGAX trading platform:-

  • NAGAX supports deposits in both fiat and cryptocurrencies.
  • It offers an intuitive interface that is suitable for both beginners and professionals. The interface has been borrowed from the NAGA Exchange and tested several times over many years to provide the most seamless, beginner-friendly user interface.
  • It supports bank-grade security features to protect the entire infrastructure and keep NAGAX users’ digital assets in secure cold storage.
  • The exchange is compliant with global financial standards, including anti-money laundering, counter-terrorism financing, and proliferation financing risk factors. It is also monitored under the local regulations of Estonia.
  • Being a multi-asset exchange, NAGAX users can access over 80 leading digital assets from more than 150 countries.
  • The platform charges extremely low fees. Low trading fees are a great advantage for all traders, especially beginners. They get to enjoy high discounts with larger holdings of NGC tokens.

Services Offered by NAGAX

Spot Trading

One of the main services available at NAGAX is spot trading, which allows buying and selling over 50 currency pairs of major cryptocurrencies. Within the spot trading interface, traders can choose from various order types, including limit orders, market orders, stop-limit orders, stock market orders, and trailing stop market orders. The wide variety of order types allows traders to create different trading strategies by conducting their own research based on their investment objectives.

Spot Trading by NAGAX

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Copy Trading 

NAGAX offers a copy or social trading feature borrowed from its main Naga Group AG. Copy trading is a brilliant option as it provides news feed and relevant knowledge from the crypto world, creating a social media-like framework where beginners and experts can interact. Copy-trading feature reduces numerous costly mistakes that most beginners make while cryptocurrency trading, and the feature also ensures to monetize of expert traders. Copy-trading tips ensure that the receivers follow everything, and the tips can be modified according to the traders’ needs, present values, goals, and risks.

Crypto Brokerage

The NAGAX brokerage platform acts as a middleman connecting buyers and sellers to facilitate crypto trades. Traders can buy and sell leading cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, using other crypto assets or via bank transfers or payment cards like MasterCard and Visa. Note that when it comes to crypto staking, users can earn passive income depending on the coin they stake in.

Products Offered by NAGAX

NAGAX NFT Marketplace

NAGAX recently launched the NAGAX NFT marketplace for NFT creators and collectors to create, buy, and sell unique NFTs without changing the exchange each time they wish to view the NAGAX NFT marketplace.

NAGAX can operate as an NFT marketplace as NFT traders can buy, sell, and trade NFTs. Additionally, since NAGAX NFT is built on major blockchains, including the ETH blockchain, the NFTs can be shared, withdrawn, traded, and minted on the Ethereum Blockchain.

Furthermore, artists can create digital storefronts to display their collections, art, and many more. Currently, the NAGAX Creator Fund or NFT collection launchpad promises to offer $100,000 as cash to the users for marketing collections.

NAGAX NFT Marketplace

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NAGAX Crypto Wallet

NAGAX exchange wallet supports more than 1000 digital assets and over 20 blockchains. However, one must note that not all customer assets stored in the wallet are tradable as the exchange may not accept them as trading currency pairs. The wallet is well integrated with various other services such as trading and brokerage features.

Private keys of the wallet are stored via multi-party computation, encrypted protocols, offline storage, and a two-factor authentication system that makes the wallet highly secure for all NAGAX users, including beginners. Trading funds are easily accessible from the crypto wallet, while the digital assets purchased are safely and automatically stored within the wallet.

NAGAX Wallet

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Stake & Earn

According to this NAGAX review, the social trading platform has not wasted a moment providing multiple staking opportunities to beginners and professional traders. NAGAX offers a staking platform where users can stake their cryptocurrencies and lock them while earning APY or annual percentage yield. Based on the staking coin, users can earn a passive income of variable amounts.

At the time of writing this NAGAX review, the cryptocurrencies that NAGAX support are Bitcoin, Bitcoin Cash, Ethereum, Axie Infinity, Cardano, Polkadot, Polygon, USD Coin, USD Tether, Naga Coin, etc. Staking can be done for a day, a week, or a month and there are no minimum limits or fees paid for NAGAX staking.

Stake & Earn with NAGAX

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NAGAX Review: Pros and Cons

Pros Cons
Intuitive and beginner-friendly user interface. Supports only 2 Fiat money – USD and EUR.
Supports fiat and crypto deposit methods. No dedicated mobile app.
Accessible in more than 150 countries.
The social trading option benefits beginners.
NFT marketplace, project launch pad, staking, and support for derivatives.

NAGAX Sign Up Process

NAGAX features a simple and quick registration process for users to create a trading account in under 5 minutes. To get started with the NAGAX copy trading and social trading platform, follow the simple steps given below:-

  • Go to the NAGAX official website and navigate to the Sign Up/Login button on the top right corner. Alternatively, users can scroll down to read the terms and conditions before creating an account on the platform.
  • The website requests users to enter their country of residence and phone number before providing their KYC information.
  • The exchange will send a confirmation message to the registered phone number. Enter the code and fill in the captcha puzzle to proceed.
  • In the next step, the platform will request users to enter their details like name, email ID, username, and a strong password to protect the account.
  • Click Submit to proceed. Once this is done, the account is successfully created, and the platform will instantly direct the users to their newly created account. They can access the general news feed from where they can follow other traders and read trending updates from other crypto-focused social media websites.

Note that the investment platform requires users to deposit funds in their accounts to start staking and trading on NAGAX.

NAGA Coin Details

NAGAX investment and crypto trading platform has introduced its proprietary ERC 20 utility token, NGC or NAGA Coin, on the Ethereum blockchain network. The token was initially developed to allow the 2017 NAGA Initial Coin Offering, but its utility has continuously evolved since its launch.

It plays several roles within the overall NAGA ecosystem, especially in the NAGAX exchange. NGC holders can enjoy the following advantages:-

  • Holding – NGC holders can purchase and hold their tokens for a long time to claim discounts or for speculative reasons.
  • Speculation – Regular and active traders can trade, buy or sell NGC tokens to earn profits.
  • Pay Trading Fees – The exchange allows users to pay NAGAX trading fees using their NGC tokens and claim discounts based on the quantity of NGC tokens held within the crypto wallets.

NAGA Coin

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NAGAX Trading Fees & Limits

NAGAX charges maker and taker fees based on the users’ status and their NGC token holdings. Makers are the market participants who bring liquidity, whereas takers draw out liquidity from the market. Effectively, the makers create orders, and the takers fulfill them.

The trading fees charged by NAGAX are variable based on the amount of NGC token holdings of the users within their trading accounts.

NAGAX Payment Methods

Deposit Methods

Traders at NAGAX can use various cryptocurrency deposit methods to fund their trading accounts. The exchange also supports non-crypto deposit methods, but certain fiat deposit fees are charged on them.

Credit card payments have a typically higher fee on most crypto exchanges that offer credit cards and bank transfers. NAGAX is not an exception in this case since credit card payments are the most convenient way to fund a trading account because of their fast transaction speeds.

However, this convenience comes with a cost. NAGAX charges a 2.1% fee on credit card and debit card payments. Deposits made via crypto and EUR SEPA have no deposit fees. Hence, cryptocurrency and EUR SEPA deposit methods are the most cost-effective payment methods.

Note that although crypto payments are free at NAGAX, certain network fees may be charged depending on the cryptocurrency used to fund the account.

Withdrawal Methods

Although NAGAX does not charge any fee for crypto deposits, they charge crypto-asset withdrawal fees, which vary based on the asset withdrawn from the trading account. For withdrawing fiat currencies, the exchange charges €7 withdrawal fees for wire transfers only to SEPA European bank accounts. Check out the fee structure available on the platform for the variable crypto withdrawal fees charged by NAGAX.

Supported Currencies 

NAGAX accepts Aave (AAVE), Avalanche (AVAX), Axie Infinity (AXS), Binance Coin (BNB), Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Dash (DASH), Dogecoin (DOGE), Litecoin (LTC), Ethereum (ETH), Polygon (MATIC), Solana (SOL), Tether (USDT), XRP (XRP), etc.

Moreover, NAGAX supports US Dollars and Euros.

NAGAX Promotions

NAGAX has created various promotional offers to incentivize crypto traders and encourage them to participate in the promotions to get rewarded. Users can join the platform’s social network and get a chance to win several rewards in their upcoming promotions.

When writing this NAGAX review, the operators of NAGAX support a Creator Fund, a collection launchpad through which the exchange promises to offer prize money for marketing collections. To participate in NAGAX promotions, users need to create an account on the platform that is free of cost.

NAGAX Promotions

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NAGAX Affiliate Program

Registered NAGAX users can become active partners and earn their first $100,000 from the NAGAX affiliate program. The program offers the following features:-

  • Revenue Share Model
  • High CPA Payouts
  • Industry Leading Commissions
  • Performance Tracker
  • High Retention and Conversion
  • Bonuses for Top Performance
  • Personal Partnership Manager
  • Special Affiliate Events

NAGAX Affiliate Program

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NAGAX Security Measures

NAGAX provides the following safety measures:-

  • A multilayered multi-party computation (MPC) technology secures private keys of offline wallets. MPC uses a hardware isolation method to secure the wallet the best way possible.
  • NAGAX secure wallet is hosted, which means it has complete custody of the users’ digital assets. The private keys are stored in encrypted versions to reduce any chance of compromise.
  • The exchange complies with important local laws and international financial regulations that require the exchange to collect KYC (Know Your Customer) and AML (Anti Money Laundering) information to combat different forms of nefarious activities and enhance the security of the exchange platform further.
  • Users can also secure their accounts using strong and unique passwords and the two-factor authentication method.

NAGAX Customer Support

The NAGAX social trading aspect reduces the requirement of the customer support service since traders can ask their questions in the community chat box and get a response from the experts. The platform also maintains a news feed and NAGAX Academy that are well equipped with informative and educational articles for those who wish to learn more about crypto trading. Note that no information available on the NAGAX platform constitutes investment advice.

There is also a Help Center available on the official webpage that covers all relevant topics concerning the market valuation of cryptocurrencies, Naga Coin, deposit and withdrawal methods, registration process and many more. Additionally, users can reach the NAGAX team through Twitter, Telegram, Discord, Instagram, Live Chat Support, and E-mail.

NAGAX Live Chat Support

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NAGAX Review: The Verdict

Although NAGAX is a new trading platform, it has proved excellent for beginners with the most innovative copy and social trading styles. The exchange has over 80 major cryptocurrencies and features a dedicated crypto wallet, NFT marketplace, and brokerage under one umbrella. Additionally, the transaction fees are attractive, and the exchange is compliant with international financial bodies, making it a notable crypto exchange with high-security standards.

FAQs

Is NAGAX Safe?

NAGAX is a safe exchange platform with bank-grade security features that protect the infrastructure and users funds and information.

Where Is the Headquarter of NAGAX?

NAGAX is headquartered in Tallinn, Estonia.

Do I Need KYC on the NAGAX Platform?

Yes, one needs KYC for withdrawing funds from NAGAX.

Which Cryptocurrencies Are Accepted by NAGAX?

NAGAX accepts more than 50 cryptocurrencies, including Aave (AAVE), Avalanche (AVAX), Axie Infinity (AXS), Binance Coin (BNB), Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Dash (DASH), Dogecoin (DOGE), Litecoin (LTC), Ethereum (ETH), Polygon (MATIC), Solana (SOL), Tether (USDT), XRP (XRP), etc.

Does NAGAX Support Futures and Derivatives Trade?

No, NAGAX does not support futures and derivatives trading.

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