NAGAX Review: Is It Safe for Crypto Trading?

NAGAX crypto exchange is a platform that does more than trade digital assets like Bitcoin, Ethereum, Litecoin, Cardano, Tether, etc. 

Not only is it a fast-growing community of over one million crypto experts and beginners, but it is also the first social trading platform to have a unique wallet and full-featured exchange.

Beginner investors can watch the trading behaviors of more experienced investors and build stronger strategies using these as pointers. 

In this NAGAX review, you’ll learn what makes this platform stand out from its competition and whether it’s worth a trial or not. Let’s proceed!

At a Quick Glance

Pug Score	3.7/5
Cryptocurrencies Supported	Over 80 digital assets
Fees	4.5% for credit/debit card trade; 1% for bank transfers
Most Suitable For	Beginners, Intermediate, and Advanced Traders

Key Findings

NAGAX crypto exchange is a one-of-a-kind commission-free crypto exchange platform with a selection of the best-performing cryptocurrencies listed on the market. 

The platform is the brainchild of the German Fintech company, NAGA Group AG, and you can find NAGAX’s main offices in Tallinn, Estonia. 

NAGAX crypto exchange is focused on creating a safe and secure avenue for beginners and experts to mingle and trade secrets.

PROS	CONS
Intuitive and beginner-friendly user interface	Not many features beyond trading and brokerage.
Allows both fiat and crypto deposits.	Supports limited fiat currencies (USD and EUR).
Users have access to over 80 NAGAX digital assets	Relatively new platform.
Wide coverage with users in over 150 countries.	No mobile application
Highly secured platform, compliant with standard financial regulations like AML and KYC.
No deposit fees
Competitive transaction fees that reduce with the use of NAGACoin tokens.

What Is NAGAX?

NAGAX is a web3 social trading platform that offers trading functions and brokerage opportunities while allowing users to share information. The news feed board of this crypto exchange platform is not a lot different from your regular social media feed. 

You only have to scroll down your feed to enjoy an array of diverse content. Its parent company, NAGA Group AG, created the NAGAX crypto exchange to replicate the kind of success they had in the stock market in the blockchain industry. 

While the parent company only offers brokerage services, you can do so much using the NAGAX trade and brokerage services; that’s two-in-one services. The team behind this network has Benjamin Bilski, Michael Milonas, Andreas Luecke, and Stavros C. Fatta as its leaders. 

These persons are all listed on the official website with direct links to their LinkedIn pages, providing comfort for users wondering whether the platform is legit. Now, let’s look at some of NAGAX’s offerings that make it unique and different from the competition.

Range of Offerings

1. Crypto Spot Trading

Spot trading is directly buying/selling financial assets and instruments like cryptocurrencies, bonds, stocks, and forex. 

With NAGAX exchange, you can become a spot trader and profit from crypto market fluctuations. When you buy high, you can short the asset, or when you buy low, sell high.

One benefit of spot trading on the NAGAX platform is the low fees you get access to and some of the most versatile and user-friendly trading experiences you can find. The platform also claims to offer over 50 crypto pairs with several order types and fast order execution.  

2. Social Trading 

NAGAX crypto exchange allows you to trade ideas, strategies, knowledge, and techniques with other users to avoid making costly mistakes, especially as a beginner. 

The News Feed tab is similar to other social media platforms; you can see and follow updates from your favorite traders, comment on their posts and ask relevant questions.

3. Secure Crypto Wallet

The NAGAX crypto exchange has a hosted crypto wallet that supports several tokens and over 20 blockchains. 

But, you cannot trade all the assets in the wallet because the exchange platform does not support some assets as trading pairs. Notwithstanding, you can deposit, store, and withdraw from most available assets. 

The NAGAX crypto wallet blends with the platform’s other offerings. For example, you can easily access your trading funds from the wallet while the cryptocurrency you buy from a broker goes straight to your wallet.

4. Crypto Brokerage 

A brokerage platform is a middle person that facilitates crypto trades between buyers and sellers. NAGAX connects sellers to buyers and vice versa, supporting the trade of leading cryptocurrencies like Ethereum and Bitcoin through Visa, MasterCard payments, or some other digital asset like USDT or Moonpay.

5. Free Education via NAGAX Academy

This learning section lets you learn more about NFTs, Crypto, and the general blockchain technologies and find answers to any questions you may have. 

The good thing about the NAGAX Academy is that it is free, and you don’t need to visit different websites for information, interrupting your trading activities. Everything you need is in one platform.

6. NAGA Coin

NAGA Coin (NGC), the native token of the NAGAX platform, is an ERC-20 token built on the Ethereum network. You can trade this token on the exchange platform for profit, use it to pay trading fees, or claim trading discounts.

Using the NGC within the NAGAX environment comes with many perks. For instance, holders get up to 90% off fees, exclusive rates for fee drops, staking, etc. 

Commission and Fee Structure

NAGAX has more attractive fees than most crypto exchange platforms, and they are of three types—trading, fiat deposit, and asset withdrawal fees. 

The trading fees for each transaction depend on these parties. But there are applicable discounts and reductions for NGC token holders. 

The easiest way to fund your NAGAX crypto wallet is with a credit card because of its fast settlement speed. However, this convenience comes at the cost of 4.5% fees for debit/credit cards and 1% for bank transfers.

You need to know that the platform does not charge fees on crypto deposits, but you will pay network fees for each token you spend over the blockchain network. 

Regarding withdrawal fees, it depends on the particular asset you want to withdraw, making it quite competitive. Overall, NAGAX only charges you network fees when you complete a transaction.

Ease of Account Opening

To start trading with your NAGAX account, visit the login page from the top right corner of your screen, provide your details and access your account easily.

But if you are new to the platform, click the sign-up button on the top right corner of your screen or the “Get Started” button to create a new account. Here is a breakdown of how to set up your NAGAX account in minutes:

Step 1

Choose your country from the provided options, and enter your mobile number and the correct country code. Then, tap the ‘Continue’ button to move to the next step.

Step 2

To verify your phone number, NAGAX will send you an OTP code. Fill in the code and press ‘Continue’ to move to the next step.

Step 3

To explore the full services of NAGAX, you must complete your account setup:

• First, enter your first and last name.
• Then create a unique username that will appear on the platform.
• Now, provide your real email address.
• Enter a unique password (for extra security, ensure your password is at least 8 characters long with one number and an upper case character)

If you have successfully gotten to this point, congratulations, your account is all set up. Now, fund it, start trading, and explore the available features on your account.

KYC Verification

NAGAX is a private limited liability company registered in Estonia with registration number 16112787. 

Since its services include securities exchange, it complies with KYC (Know Your Customer) regulations, making the platform safe enough to consider your funds and personal information secure. 

This KYC policy requires the platform to collect certain information from users. To confirm your account, you will need to provide your name, address, country of residence, mobile number, source of income, and reason for joining the platform. 

Deposit and Withdrawal

NAGAX is a good platform to manage your cryptocurrency, and it allows you to deposit or withdraw funds to any supported blockchain. You can take the following steps to deposit crypto into your NAGAX wallet:

Step 1

Select Crypto Wallet from your sidebar menu 

Step 2

You need your wallet address to carry out a transfer. So, tap the ‘Receive’ button on top of your wallet to retrieve the address.

Step 3

If this is your first deposit, click the “Generate Deposit Address” button to get your new crypto wallet address. 

Step 4

At this point, you should see your wallet address and be able to copy it or scan the QR code. Be careful here because you will lose your coins if you send crypto to the wrong address. Use this address to send the coin from the right platform, and you’ll receive it in due time.

Withdrawals

Withdrawing cryptocurrency from your wallet is just as easy as buying it. Here’s how to do so in these simple steps:

Step 1

First, click on “crypto wallet” on the left-hand side of the screen. Select the one you wish to withdraw from the list of coins that appears.

Step 2

Switch to ‘Send’ mode from the box on the far right of your screen, as shown below.

Step 3

Input any amount you want to withdraw and the receiver’s wallet address. Now, click “Send Crypto” to finish the transaction.

Platform User Interface and Trading Experience

NAGAX has an easy-to-navigate trading platform with a clear trading view to see the performance without hassles. 

However, it has the appearance of the average crypto exchange, with open orders on one side, trading history on the other, and the cryptocurrency pair chart in the middle. Despite how simple it seems, it’s still complicated for beginners.

Mobile Application

As of the time of writing, NAGAX does not have a mobile application, but it’s one of the features in its pipeline. 

Supported Cryptocurrency

NAGAX supports over 80 cryptocurrencies in the crypto market, including popular tokens like BTC, ETH, BCH, XRP, DOGE, and the platform’s native coin, NAGA coin. While some of these coins are available on NAGAX’s wallet, not all of them can be traded on the exchange as of the time of writing. 

Expectedly, NAGAX may work towards making all its supported cryptocurrencies available as trading pairs and may also list more tokens soon.

Educational Tools

NAGAX has a well-maintained Academy section containing educational and informative materials for users who want to learn something new or revise existing knowledge. Users can also visit the NAGAX YouTube Channel for free learning opportunities.

It also has a Press and Media and a News and Analysis section that can easily pass for a Blog. You can find relevant news and articles about the platform in these sections. More so, at the base of the homepage, you can find answers to common questions about the platform in its FAQ section.

It’s fair to say that the platform is doing well to reduce uncertainties and confusion on the part of new users by furnishing everyone with sufficient information to get them started.

Customer Support

NAGAX has a fair customer support system that you can expect to typically reply as fast as possible. While it’s too early to determine whether their customer service is excellent or not, you can use these avenues to get a quick response to your queries:

1. NAGAX Help Center

The NAGAX Help Center (or NAGAX Support) is a guide that will hold your hand as you navigate the crypto market. Here, you can search through a collection of articles that answer the common questions users have. 

There is an AI-powered chatbot at the bottom right corner of your screen, which you can use to speak to a customer service operator. Replies take only a few minutes.

2. Telegram 

Join the official NAGAX Telegram chat to connect with over 3000 active members and swap ideas. Often, Telegram chats are the best places to get solutions to your problems because there is a likelihood that someone else has encountered such before. It is a good place to connect and rub minds with fellow crypto enthusiasts.

3. Discord

Use this invite link to join the NAGAX Discord community and get the help you need to navigate the complex crypto space. 

These social media platforms help reduce the requests on the customer support desk since you can throw a question to the community and get a response from any member of the above platforms. 

In the ‘ Messenger ‘ section, you can also chat with other users privately. However, this is not advisable, and you can put yourself at the risk of being scammed. 

Regulation and Security

NAGAX is a reputable platform that complies with global financial standards relating to Anti-money Laundering (AML), Counter-terrorism Financing (CTF), and Proliferation Financing (PF). 

It also complies with Estonia’s local financial regulations, and there have been no reported security incidents since its launch. For NAGAX, complying with these regulations is a testament to its integrity, making it fit and proper to conduct business.

Upcoming Offerings

NAGAX has a lot of things stored for the future, and we look at some of these upcoming offerings below:

NAGAX NFT Marketplace

The NAGAX NFT Marketplace is an upcoming product for collectors and creators, allowing them to create, buy and sell unique NFTs without switching platforms.

As an NFT artist, you also get to create a visual storefront on the NAGAX NFT Marketplace where you can showcase your art, collections, and purchases from the marketplace. Currently, the crypto exchange supports a NAGAX creators fund or NAGAX launchpad through which it will offer monetary prizes for marketing collections. 

NAGAX Copy Trading

Copy trading is an investment behavior that allows you to copy another user’s position and investment strategies. It allows beginner investors to mimic the strategies of experts and is perfect for users that want to make money without investing their time and knowledge. 

In the same way, experts can monetize the knowledge available on their feed through subscription fees. This is one of NAGAX’s promises for the future of the platform, and we hope to see it soon.

Other upcoming features on the platform include its Crypto Staking protocol, NAGAX Learn, Crypto Derivatives, and Mobile App.

Is NAGAX Safe?

Apart from complying with KYC/AML provisions, NAGAX went the extra mile to secure user accounts, and some of the measures it put in place are

• Cloud storage for user data
• Regular data backup
• Using firewalls to filter traffic
• Using load balancers to make sure DDoS (Distributed Denial of Service) attacks do not overwhelm servers
• MPC (Multi-party Computation) and hardware isolation technology to protect cryptocurrency wallets
• Encryption of sensitive information like KYC data and private keys.

However, you must play your part to ensure the safety of your account and assets. Use stronger passwords to prevent hacks, and enable two-factor authentication (2FA) through authentication apps or SMS.