NAGAX Review 2022 - An In-Depth Look Into The Social Crypto Trading Platform
Social trading platforms are the newest trend in the crypto world. These platforms attempt to weave together a high-quality trading experience with social features to help strengthen their community and provide avenues for beginner traders to get going.
Today, we’ll be looking at one such platform- NAGAX, a part of the NAGA ecosystem with proven success in the field. We’ll be looking over what NAGAX is, how well it integrates the “social” aspect of trading, and above all if you should give it a go.
What Is NAGAX?
NAGAX is a new social trading platform allowing its users to copy others’ trades, share content with each other, and interact with each other. NAGAX plans to introduce a way for popular users to get paid for their content.
NAGAX’s official slogan is “Crypto Made Social” and we can see that in the effort they put into creating a community for crypto traders to trade and interact with each other. NAGAX also natively integrates with the NAGA Wallet, a multi-currency wallet where you can store different cryptos and fiat currency. The main benefits of a social trading platform boil down to minimizing content fragmentation. Content fragmentation makes it hard for beginners to jump into the crypto field. This is the issue the NAGAX crypto trading platform is attempting to resolve.
NAGAX Social Trading Features
NAGAX Copy Trading
One of the best features coming soon to NAGAX is the Copy Trade feature. It allows you to copy the trades of another trader 1 for 1. This allows users to pick an expert whose trades they’d like to follow and immediately make the same trades as they do. This is excellent for beginners or those that simply enjoy the trading experience, but get less out of finding their own picks.
Alongside this, NAGAX will soon introduce a leaderboard feature. The leaderboard will show the top traders filtered according to a variety of different criteria. This will let users easily find high-quality traders to copy from, or simply ones they’d like to follow and read about.
NAGAX News Feed
NAGAX provides you with a news feed where you can see the latest news in the crypto world, which is extremely useful for new and experienced traders alike. It also provides you with a simple platform similar to social media where you can talk to other traders, ask questions, and compare experiences.
You can also chat with traders 1-to-1 via the Messages option. In addition to commenting on other users’ posts. You could write a whole article about everything you can do with the NAGAX feed. Thankfully, they did.
The NAGAX Academy
Educating traders and crypto enthusiasts alike are all part of NAGAX’s mission. Because of this, the platform incorporates the NAGAX Academy. This feature is still in active development, but it will be a great place for beginners to come and educate themselves about trading and crypto.
When the feature releases, you’ll be able to look at, ask, and answer questions from learners like yourself. There will also be modules where you’ll be able to track your learning. The NAGAX team is planning to implement a feature where you’ll be solving quizzes and getting NGCs in return.
Is NAGAX Safe?
Whenever a crypto trading platform releases, users will ask the age-old question of: is the platform safe? Is NAGAX a scam?
As far as we can see, NAGAX promises to be one of the most secure platforms on the market today. This mainly comes down to how secure the NAGA Wallet is. While the wallet is incredibly easy to use and can store fiat and crypto alike, it comes cram-packed with security features. This comes down to 4 main factors:
- NAGAX takes advantage of MPC (Multi-Party Computation) in order to store oriented keys. Hardware isolation also allows it to secure all of your offline wallets.
- Your private key for your NAGAX wallet is stored in a highly encrypted form. Also, because NAGAX uses MPC, it protects against all points of hacking as well as insider theft.
- NAGAX maintains an extensive KYC/AML Policy to protect against the platform being used for ill intent.
- NAGAX lets users take advantage of their 2FA system, and encourages strong passwords.
This, alongside the pristine track record of the rest of the NAGA ecosystem, convinces us that the NAGAX platform is perfectly safe to use.
Trading On NAGAX
Once you’ve registered an account on NAGAX and completed the verification process, all that’s left is to start trading. In the future, there will be more trading options such as crypto derivatives, however, there’s still more than enough meat on NAGAX’s bones.
One of NAGAX’s main features is crypto spot trading, allowing you to purchase, sell, and trade over 50 different pairs of supported assets. NAGAX’s user interface makes doing this a breeze. Many other exchanges suffer due to poor UIs and input delays costing their users their valuable funds. NAGAX is intuitive, easy-to-use, and there’s no perceivable input delay when putting in trades.
You can also set up a variety of different orders including limit buy/sell orders, market buy/sell orders, stop market orders, and more. These provide you with a wide variety of trading strategies you can set up on NAGAX.
Crypto Brokerage Functionalities
Outside of spot trading, you can also use NAGAX as a cryptocurrency brokerage. NAGAX supports the purchase and sale of most major cryptos including ETH, BTC, LTC, and many other digital assets. You can also purchase crypto by using other cryptocurrencies stored in your NAGA wallet for added convenience.
The NAGAX NFT Marketplace
Although still in development, the NAGAX NFT Marketplace seems to be an extremely promising place for NFT collectors and creators. On the NTF Marketplace, users will be able to create, buy, and sell NFTs.
The NAGAX NFT Marketplace will be built on the Ethereum blockchain. There will be no gas fees whatsoever for minting NFTs on NAGAX.
Another planned feature is to make NAGAX posts into NFTs themselves. Ideally, posts and trade events will be NFTs that you can follow, unlock, or copy. Since this will be done via a blockchain transaction, there will be some fees involved. Then, the fees will be shared between the user who posted and the NAGAX platform.
NAGAX has different maker and taker fees based on your VIP level:
|VIP Level||Maker Fees||Taker Fees|
As for the other fees, they are more linear and go as follows:
|Minimum Deposit||30 EUR or equivalent|
|Deposit Fees(Credit/Debit Card)||2,1%|
|Deposit Fees(EUR SEPA deposit)||0% fee, with a 50EUR minimum deposit|
|Deposit Fees(Cryptocurrency deposit)||0% fee|
|Fiat Withdrawal(Only SEPA European bank account holders)||7 EUR|
|Purchasing cryptocurrencies via credit/debit card||4.5% (minimum 3.99EUR or equivalent) plus a dynamic network fee|
|Selling cryptocurrencies via bank transfer||1% (minimum 3.99EUR or equivalent)|
|Minimum Trade(Spot Trading Crypto)||8 USDT|
You can learn more about the fee structure on their site.
What Is NAGA Coin And How Can You Benefit From It?
The NAGA Coin or NGC is the decentralized cryptocurrency used for the NAGA ecosystem.
NAGA Coin is an ERC-20 token built on the Ethereum Network, and was initially launched via ICO back in 2017. Today, you can gain many benefits if you use, hold, or stake NGC.
- Depending on how much NGC you’re holding in your wallet, the fees you incur when spot trading or trading crypto with leverage will be reduced. Alternatively, you can pay your fees with NGC and get a discount based on your NGC holdings. You can also save up to 87% in fees when you stake NGC.
- You can get NFT discounts on the NFT Marketplace and gain exclusive access to certain whitelists
- It increases your VIP level within the NAGA ecosystem, making you eligible for a variety of staking rewards.
- You can sell or purchase NGC in order to profit from increases/dips in price
- Compared to major blockchain systems like BTC and Ethereum, NAGAX’s fees are relatively low.
Should You Try NAGAX?
All in all, NAGAX is definitely one of the most unique DeFi projects to come out in the past few years. The company has introduced a lot of innovation with its social trading experience and polished a lot of existing technologies with its intuitive UI and robust NAGA Wallet. The features we’re most excited about are the leaderboard and Copy Trade features. These allow new traders to learn about who the top traders are, and even copy their trades if they want.
NAGA Academy allows new traders to learn more about the crypto world and trading as a whole. The team is also planning to introduce features where you can earn NGC by completing quizzes. NAGAX fees are also quite low compared to most competitors, even without the ability to waive up to 87.5% of them by simply holding enough NGC.
If you’re interested in trading cryptocurrencies, or simply want to learn about the world of crypto, NAGAX is a great entry point.
Seems to be alright so far. Social trading might be a big thing soon. I’ve always felt pretty overwhelmed and yet lost with classic trading. No guidance, no oversight, no nothing. Following and literally mirroring moves of the big-time investors actually feels kind of like cheating. And if the whole thing goes sideways, there’s another face to blame, ha-ha.