NAGAX Review: Crypto Social Trading Platform With Unique Features
The platform allows beginners and experts to share content and trade information through a ‘News Feed’, they aim to combine social media and crypto trading with a unique platform, here’s our full review.
What Is NAGAX?
- In simple terms, it is an online social trading platform for not only buying some of the leading digital assets like Bitcoin, Ethereum, XRP, or Litecoin but also selling, transferring, storing, and trading cryptocurrency other assets.
- Social trading platforms are simply like social networks for traders which act as a broker and allow users to purchase various assets, CFDs, ETFs, and cryptocurrencies.
- Unlike regular trading platforms, social trading platforms allow users to connect with other traders trading the same markets or goods, copy their actions, share and discuss analyses and predictions, or ask questions.
- Investors can observe the trading behavior of other more experienced ones and follow their investment strategies.
NAGAX Crypto Wallet
NAGAX offers a crypto wallet with low transfer fees and security measures allowing secured storage and exchange of over 100 assets, derivatives trading, as well as access to quality, free, and easily digestible educational content.
As a part of NAGA Group AG, the platform offers support for the NAGA Coin (NGC). Therefore, NAGAX users can receive many benefits within the NAGA ecosystem if they use NGC to pay for trading fees.
Today, Web 3.0 is on the rise as the new form of internet, a decentralized ecosystem that is removed from central control and focuses more on community, creators, content, and crypto.
Many projects are stepping into the future of Web 3.0 and NAGAX is also a Web 3.0 social trading cryptocurrency exchange for in-built NFT marketplace and crypto-staking.
If you are right in the beginning phase of your cryptocurrency career, let’s take a look to find how social trading platforms like NAGAX are an excellent way for you to invest in your cryptocurrency.
Currently, the main features that the platform is offering to cryptocurrency investors and traders include:
- Support both fiat and cryptocurrency deposit methods: NAGAX users can deposit funds to their accounts through fiat or crypto with support for two fiat currencies: the US Dollar and the Euro.
- Intuitive interface: NAGAX’s interface is from NAGA Exchange, a seamless and beginner-friendly UI that has been tried, tweaked, and tested over years.
- Highly secure: The platform uses bank-grade security to protect its infrastructure and keeps customer assets in cold storage. Users can also set up 2FA measures to strengthen the safety of their accounts.
- Low trading fees: The fees paid are dependent on the amount of NGC tokens held within the exchange wallet. In that, users with larger holdings will get higher discounts awarded.
- Support varies assets and countries: NAGAX users can access more than 80 cryptocurrencies from over 150 countries.
- Comply with regulations: NAGAX not only complies with global financial standards regarding AML (Anti-Money Laundering), CFT (Counter-Terrorism Financing), and Proliferation Financing (“PF”) risks but also Estonia’s local regulations to ensure that it operates fully within the laws.
In addition, other more exotic features are also interesting to investors including:
- NAGAX Academy where beginners and experts can learn new things and experiences without having to visit different websites that possibly interrupts their trading activities.
- News Feed, a default home screen of NAGAX, includes a column of news feed which is connected to activities shared by NAGAX users and other information from the cryptocurrency industry.
- Affordable cost: Compared with major blockchains such as Bitcoin and Ethereum, NAGAX provides its facilities to users at extremely low fees, with up to 87.5% transaction fee savings.
- Powerful wallet services: Being a centralized cryptocurrency exchange, NAGAX’s crypto wallet services allow users to store their assets safely on the platform at no cost. To prevent theft, users’ funds are kept safe within offline wallets and private keys are also encrypted.
Like any deeply functional trading platform, NAGAX has loads of features for its clients.
Cryptocurrency Spot Trading
One of the main products on NAGAX is cryptocurrency spot trading which allows users to buy, sell, and trade between more than 50 pairs of supported assets.
With the NAGAX trading interface, various order types are offered including limit buy and sell orders, market buys and sells orders, stop-limit orders, stop market orders, and trailing stop market orders.
These orders can help traders to create a wider variety of trading strategies according to their goals.
This is one of the best feature offered by NAGA. As profitable investing or investing in digital assets usually requires exceptional insight, luck, and experience.
In that, most beginners make numerous costly mistakes. NAGAX offers the social trading feature borrowed from NAGA allowing users to share trading strategies, techniques, and relevant knowledge.
The ‘News Feed’ can be uploaded much about the crypto world while the social media-like structure is a place where expert and beginner traders can connect.
In the same way, social media platforms work, users can follow their favorite traders through the Feed feature on the homepage in which they can comment on posts, ask questions, react or even reshare onto their timelines.
There are two kinds of posts displayed on the “Feed News” including user posts, which are posted by users within the NAGAX community, and crypto news posts, which are news items collected from popular crypto-focused media websites.
In addition, another part of the NAGAX social trading feature is its copy trading feature. This feature will reduce the chances of investors making mistakes.
There is a provision to monetize the experts. Experts are able to monetize their feed by requiring subscribers to pay before viewing shared posts. This is a method of monetizing knowledge for experienced ones.
The subscribers of the experts’ portfolios will be required to pay for using the posts to copy outright trading tips that would ensure that the receiver is following the expert’s trading moves or modifying the tips to suit the traders’ needs, goals, and risk factors.
The platform offers a hosted cryptocurrency wallet coming along with the support of more than 20 blockchains and thousands of tokens.
However, not all assets kept within the wallet can be traded because the platform may not support them as trading pairs. Therefore, users can only deposit, store, and withdraw the available assets.
By keeping private keys secure through a combination of MPC (Multi-Party Computation), offline storage, and encryption, the crypto wallet of NAGAX becomes secure and easy to use for even beginners.
NAGAX’s wallet is integrated with other services including the trading and brokerage features.
As a result, users are able to easily access trading funds through the wallet, and cryptocurrency purchased through the broker is automatically stored within the wallet as well.
This feature allows NAGAX to act as a middleman connecting buyers and sellers.
NAGAX supports buying and selling of the leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) through other digital assets or a payment card such as a Visa and MasterCard.
To buy crypto using crypto, NAGAX supports deposits in most of the common cryptocurrencies.
NAGAX is soon to launch this product for NFT creators and collectors. As such, NFT traders are able to buy, sell and create unique NFTs without changing the platform every time they want to view the marketplace.
The platform is able to act as a specific NFT marketplace where NFTs can be bought, sold, and traded.
The NAGAX NFT will be built on the Ethereum blockchain so that every NFT can be traded, shared, withdrawn on NAGAX, and minted on the ETH chain.
In addition, artists are going to also create virtual storefronts to showcase their art, their own collections, or those they have bought from the marketplace.
NAGAX currently is supporting a Creator Fund or collection launchpad through which it promises to provide 100K dollars as prize money for marketing collections.
NAGA Coin (NGC), an ERC-20 token built on the Ethereum network, is the native token of the NAGAX platform.
As mentioned, NGC holders will enjoy several perks if they use NGC within the NAGA environment. NGC holders can buy and keep their tokens over the long term for speculation or claim trading discounts.
As such, not only can traders buy, sell, or trade NGC for profit on the platform, but also use the token to pay trading fees and to claim discounts depending on the number of tokens in their wallets.
The NAGAX Academy is one of the steps in making the platform more interactive.
As an educational and learning feature, it benefits the users, especially beginners, in a way that they can immediately refer to their doubts or questions without having to disrupt their trade activities.
In addition, there are different modules available in the NAGAX academy feature for users to learn.
Compared to other cryptocurrency exchange platforms in the market, fees on NAGAX are more attractive. NAGAX charges three types of fees including trading fees, fiat deposit fees, and asset withdrawal fees.
Trading fees are charged based on maker and taker. This fee is subject to discounts and reductions in the case of NGC token holders.
A credit card is a convenient way to fund a user’s account due to fast settlement speeds, but the convenience often comes at a cost. NAGAX charges a 4.5% fee for credit/debit card payments and 1% for bank transfers.
What makes it the most cost-effective method of funding a user’s account is the platform does not charge any fee on cryptocurrency deposits.
However, you will have to pay network fees for each respective token when sending it over a blockchain network.
Meanwhile, withdrawal fees depend on which asset you withdraw from your account.
Who Should Use NAGAX?
It is easy to see that NAGAX is attracting traders thanks to its social trading feature.
Beginners especially need these features to learn and follow along with expert investors’ trading strategies. It allows users to copy and duplicate the trades to their portfolio as well as use these shared strategies as a basis for creating their own ones.
Moreover, experts also can gain from passive income in addition to meeting like-minded people on the platform for improving their skills by learning from others.
Also, the security of NAGAX seems to be top-notch.
As mentioned, the platform uses multiparty computation for storing oriented keys and secures your offline wallets through the hardware isolation method. It also complies with International as well as local laws.
Users can strengthen protection through the two-factor authentication system and strong passwords.
The relation to the NAGA Group AG, an existing and established brokerage, with a large, vibrant community and free education, also makes NAGAX a reliable platform in the market.
The NAGA Group AG was the fastest-growing neo-brokers with a market valuation of 400 million dollars and 55 million euros generated as revenue. In addition, it processed around 250 billion Euros in volume and 10 million transactions in the past year.
Most traders had lost money for weeks, months, or even years before they finally turned in profits. Therefore, one smart way to approach investing is to have someone coach you.
A mentor, a friend, a coach, or anyone else with the relevant experience can help you to reduce expensive trial and error experiments. That is also why you need a social trading platform.
It is invaluable when you can access some of the best information around cryptocurrency trading in the beginning and meet people who are actively implementing their own strategies that you can learn from.
NAGAX is not only a social crypto trading exchange but also a brokerage, NFT marketplace, and a crypto wallet that is convenient for crypto beginners.