NAGAX is a cryptocurrency exchange launched by NAGA Group AG. It is a leading multi-asset neo broker, to bring cryptocurrency into social trading. The platform allows beginners and experts to share content and trade information via a News Feed. They aim to combine social media and crypto trading with a one-of-a-kind platform, as detailed in our full review.
What is NAGAX?
As a social trading platform, it allows people to trade cryptocurrencies, including Bitcoin, Ethereum, XRP, and Litecoin. It allows you to sell, transfer, store, and trade other cryptocurrencies. Trading platforms act as brokers for traders, allowing them to buy various assets, CFDs, ETFs, and cryptocurrencies through social networks.
Social trading platforms allow users to connect with other traders trading the same markets or goods. Traders can copy their actions, share and discuss analyses and predictions, and ask questions. Investors can learn from the trading strategies of more experienced investors by observing their trading behavior.
NAGAX Cryptocurrency Wallet
NAGAX provides a crypto wallet with low transfer fees and security measures. It allows for the secure storage and exchange of over 100 assets. It provides access to quality, free, and easily digestible educational content.
The platform, which is part of the NAGA Group AG, also supports the NAGA Coin (NGC). As a result, NAGAX users who use NGC to pay for trading fees can reap numerous benefits within the NAGA ecosystem. Today, Web 3.0 is emerging as the new internet. It is a decentralized ecosystem free of central control and focuses on community, creators, content, and cryptocurrency.
Many projects are moving into the Web 3.0 future, and NAGAX is one of them. It is a Web 3.0 social trading cryptocurrency exchange with an in-built NFT marketplace and crypto-staking. If you are just starting in the cryptocurrency world, let’s take a look at how social trading platforms like NAGAX can help you invest in your cryptocurrency.
The Best Features of NAGAX Cryptocurrency exchange
Currently, the platform’s main features for cryptocurrency investors and traders include:
- Support for both fiat and cryptocurrency deposit methods: NAGAX users can fund their accounts using fiat or cryptocurrency, supporting two fiat currencies: the US Dollar and the Euro.
- NAGAX’s interface depends on NAGA Exchange, a smooth and user-friendly UI that has been tried, tweaked, and tested over the years.
- Highly secure: The platform protects its infrastructure with bank-grade security and keeps customer assets in cold storage. Users can also implement 2FA measures to increase the safety of their accounts.
- Low trading fees: Fees depends on the number of NGC tokens held in the exchange wallet. Users with larger holdings will receive larger discounts.
- Support for various assets and countries: NAGAX users can access over 80 cryptocurrencies from over 150 countries.
- Comply with regulations: NAGAX adheres to global financial standards regarding Anti-Money Laundering, Counter-Terrorism Financing, and Proliferation Financing risks and to Estonia’s local rules to ensure that it operates fully within the laws.
Some Additional Features
Furthermore, investors are interested in more exotic features such as:
- NAGAX Academy could disrupt their trading activities, where beginners and experts can learn new things and gain new experiences without having to visit multiple websites.
- News Feed, NAGAX’s default home screen, includes a news feed column linked to activities shared by NAGAX users and other cryptocurrency industry information.
- Affordability: Compared to major blockchains such as Bitcoin and Ethereum, NAGAX offers its services to users at a low cost, with up to 87.5% transaction fee savings.
- Robust wallet services: Because NAGAX is a centralized cryptocurrency exchange, users can store their assets safely on the platform for free. Users’ funds are kept safe in offline wallets to prevent theft, and private keys are encrypted.
Also read: What is Deepcoin and How to Use it?
NAGAX Social Trading
This is one of NAGA’s most valuable features. Profitable digital asset investing requires exceptional insight, luck, and experience. NAGAX borrows NAGA’s social trading feature, allowing users to share trading strategies.
The ‘News Feed’ can contain a wealth of information about the crypto world, while the social media-like structure allows expert and novice traders to connect. Social media platforms function similarly; users can follow their favorite traders via the Feed feature on the homepage, where they can comment on posts, ask questions, react, or even reshare onto their timelines.
On the “Feed News,” there are two types of posts: user posts posted by members of the NAGAX community and crypto news posts, which are news items gathered from popular crypto-focused media websites. Furthermore, the NAGAX social trading feature includes a copy trading feature. This feature reduces the likelihood of investors making mistakes.
There is a provision for expert payment. Experts can monetize their feed by charging subscribers to view shared posts. This is a way for experienced people to monetize their knowledge. Subscribers to the experts’ portfolios will have to pay to copy outright trading tips, ensuring the receiver is following the expert’s trading moves or modifying the tips to fit the traders’ needs, goals, and risk factors.
NAGAX NFT Marketplace
This product will be available soon from NAGAX for NFT creators and collectors. As a result, NFT traders can buy, sell, and create unique NFTs without switching platforms whenever they want to view the marketplace. The platform can function as a dedicated NFT marketplace where NFTs can be bought, sold, and traded. The NAGAX NFT will work on the Ethereum blockchain, allowing each NFT to be traded, shared, withdrawn, and minted on the ETH chain.
Additionally, artists will create virtual storefronts to showcase their art, their collections, or those purchased from the marketplace. NAGAX Cryptocurrency exchange also supports a Creator Fund or collection launchpad, which promises $100,000 in prize money for marketing collections.
The NAGA Coin
NAGA Coin (NGC), an ERC-20 token built on the Ethereum network, is the NAGAX platform’s native token. As previously stated, NGC holders will receive several benefits if they use their NGC within the NAGA environment. NGC holders can buy and hold their tokens for long periods of time for speculation or to benefit from trading discounts.
As a result, traders can not only buy, sell, or trade NGC for profit on the platform, but they can also use it to pay trading fees and claim discounts based on the number of tokens in their wallets.
NAGAX Trading, Deposit, and Withdrawing Fees
Fees on NAGAX are lower than on other cryptocurrency exchange platforms. Trading fees are based on the maker and taker. Discounts and reductions are available for NGC token holders.
Because of the quick settlement times, credit cards are a convenient way to fund a user’s account, but the convenience often comes at a cost. Credit/debit card payments must pay a 4.5% fee, and bank transfers at a 1% fee. The platform does not charge a fee for cryptocurrency deposits, making it the most cost-effective method of funding a user’s account.
However, you must pay network fees for each token when sending a token over a blockchain network. Meanwhile, withdrawal fees vary depending on the asset withdrawn from your account.
Most traders had been losing money for weeks, months, or even years before turning a profit. As a result, hiring a coach is a wise approach to investing. A mentor, friend, coach, or anyone with relevant experience can assist you in minimizing costly trial and error experiments. That is why you require a social trading platform.
It is invaluable to have early access to some of the best information about cryptocurrency trading and to meet people actively implementing strategies from which you can learn. NAGAX is a social crypto trading exchange that also serves as a brokerage, NFT marketplace, and crypto wallet for beginners.