NAGAX Review: Should You Use this Social Crypto Trading Platform in 2022?
Social trading platforms are on the rise, and could be the future of crypto currency platforms. NAGAX is one such platform. In this article we will review NAGAX so that you can decide if you should be using NAGAX to trade cryptocurrencies in 2022.
What we are going to learn?
What Is NAGAX?
NAGAX is the new social trading platform (is soon to become a web 3 platform) that allows users to share content and trade information. In the near future, These users would be paid for their content and serve as almost influencers in the financial world. This platform provides brokerage opportunities as well as trading functionality.
After this technical jargonic definition let’s look at it simply by breaking down the phrase.
What is Web 3.0?
Web 3.0 is the new form of internet that creates content and adds smart contract rules to it. It is a decentralized ecosystem that is far removed from central control and focuses more on community, creators, content, and crypto.
Why NAGAX is referring to itself as a social trading platform?
Well, that is the unique thing about this project. NAGAX is a Cryptocurrency exchange platform, yes, but this platform is solely based on a social style. How? By the process of introducing a stage for social trade. On this platform beginners in the cryptocurrency field and the experts of cryptos (people who have been trading in crypto for quite some time) can interact, have conversations, exchange questions, tips about trade strategies and so much more. And all this content creation and sharing are done through the news feed board that is not much different from your social media feeds. You just scroll down and come across a world of content. Sounds cool, huh? Yes, it is.
To understand NAGAX better and to build faith in it, let’s look at the evolution of this platform.
Evolution of NAGAX
The NAGA Group AG, a German Fintech company entered the stock market in 2015 and disrupted it with its novel approach to trade. It was the fastest-growing neo-brokers with a market valuation of 400 million dollars and 55 million euros generated as revenue. It processed around 250 billion Euros in volume and 10 million transactions in the past year alone, all with its unique copy trading experience.
And thus, NAGAX is NAGA’s attempt at creating a kind of innovative success in the world of blockchain-ruled speculative currency as in the conventional financial field. While NAGA as an almost sort of parent company had only brokerage options, NAGAX offers brokerage as well as trade functions (Though each of the platforms is amazing in its own ways). On NAGAX, the users can buy, sell, and trade the leading and their favorite cryptocurrency.
To understand NAGAX, its working model, and its features, we need to understand the team’s logic behind such a unique style of crypto platform.
Why does NAGAX support a social platform? How is it beneficial to a trader?
Now, this is a broad question that has a relatively precise answer: The problem of content fragmentation.
The cryptocurrency field is volatile. And before trading each individual needs enough research and some expert advice. The sources of such information presently are very diverse. The content regarding this is fragmented and spread across numerous sites and videos. To combat this something like NAGAX has come up: for amalgamation of content in a single place and because it is a platform for instruction and sharing.
So we might opt for NAGAX because it addresses probing issues of:
- For Beginners in the crypto field, it is sometimes really difficult to navigate the geek-oriented crypto routes. They have no clue what to invest or how to invest. And this leads to apprehension in users that prevents crypto from mass adoption.
- New information can often be delayed and vague and spread.
- Users are often required to own multiple wallets to trade in their favorite cryptos.
What are the features Of NAGAX Social Trading Platform?
This is the best feature allowed by NAGAX, Because of the news feed where much can be Uploaded about the crypto world, the social media-like structure where expert and beginner traders can interact with each other.
Another part of the social trading feature of NAGAX is its copy trading feature. This feature although not live yet, is a feature that will reduce the chances of investors making rookie mistakes. This feature will also use a provision to monetize the experts. The subscribers of the experts’ portfolios in some cases will be required to pay for using the posts for:
- Copy trading tips that would ensure that the receiver is following everything.
- Or modifying the tips according to the traders’ needs, goals, present values, and risk factors.
Note: The copy trading feature is still under development after which you might find leaderboards, experts who can actually get paid on being copied, etc.
Just like you follow influencers and other people on social media, here also there are options to follow, react, comment, ask questions, one on one chat in “Messenger” – on the feed of the homepage.
For better user convenience the posts are divided into two.
- One is the user post that is the older posts from the NAGAX community
- And the other is a crypto news post that updates the daily news updates from different crypto-centric media outlets. It will be the world’s first web 3.0 social trading feed with numerous integrations powered by NAGA protocol.
The NAGAX Academy is another step towards making the crypto platforms more interactive. This is an educational and learning platform within the project.
It benefits the users, especially beginners in a way that if you come across doubts or questions you can immediately refer to them without having to disrupt your trade activities. Also if you want to be a regular learner then you can complete different modules in the NAGAX academy feature. Though not yet live, the team is working on a feature where you solve quizzes and get paid in NGCs!
Note: Though this feature is not yet completely developed, the team is working on it and aims to make it more exhaustive.
Cryptocurrency Spot Trading
Spot trading refers to the continuous buying and selling of assets at a spot price for an immediate settlement. Here the idea is that the trader gains profit from the fluctuating market of crypto by trading their assets in a spot market.
This feature of NAGAX offers several order types with options.
NAGAX Users can:
Limit buy and sell orders, Market buy and sell orders, stop limit orders, Stop market orders, and Trading Stop market orders.
This feature gives the users some opportunity to create a broader base of trade strategies as per the traders’ goals, and market risk factors. NAGAX also gives options to check and analyze the real-time charts and the order book.
NAGAX also offers smooth integration with TradingView (TradingView is an indicator charting tool that analyses and generates trading ideas).
This feature allows NAGAX to be the medium that connects buyers to sellers. It allows selling from as well as to other users. It allows buying and selling of leading cryptocurrencies like Bitcoin, Ether, Litecoin, etc through other virtual assets or cards. For buying crypto using crypto, NAGAX supports deposits in most of the leading cryptos.
This feature of NAGAX offers the users a hosted cryptocurrency wallet that is supported by one thousand plus Tokens and over twenty blockchains.
Note: Hosted cryptocurrency wallet is a third-party platform that holds your crypto for you. It is similar to how the bank holds your money for you in a savings account.
Note: Though NAGAX stores so many coins, all assets stored in the wallet cannot be traded. Some coins may not be supported by the platform as pairs for trading.
Users can easily access the trading funds. And the crypto purchase is automatically stored in your wallet.
The wallet on NAGAX is a fully secured custody solution with top-level security. The private keys are secured through a high-level combination of multiparty computation, offline hard drive storage, and complex encryption.
NAGAX NFT Marketplace
NAGAX is soon to launch an NFT marketplace for NFT creators and collectors. Here on this same platform, NFT traders will be able to create unique NFTs as well as buy and sell NFTs of their choice too. They will not need to change the platform every time they want to view the marketplace. This marketplace will be built on the Ethereum blockchain. Thus every NFT can be traded, shared, withdrawn on NAGAX, and minted on the ETH chain. Also, there are no gas fees for minting as it will be done via NAGA protocol.
This new feature of NAGAX will also allow artists to put up virtual showrooms that could showcase their own created art or collectibles in some marketplace.
NAGAX also supports the Creators Fund and the collection launchpad through which it promises to provide 100K dollars as prize money. This money is supposed to be used for marketing collections.
NAGAX posts as NFTs!
This is another unique feature sported by the NAGAX that has the capacity to appeal to a wider base audience. Though this is again not live yet, and still under development, here are some basic pointers about it. So you see, every NAGA post will be signed on the blockchain, executed on the smart contract, and it could be unlocked with any ETH wallet.
Not only posts but even trade events will also be created as NFTs that could be followed, unlocked, or copied. The content will have to be unlocked via a blockchain transaction.
The fees shared between the influencer and the platform will be done in a purely transparent manner per content- NFT.
The new NAGAX also plans to engage users in various crypto staking as the integrated staking platform, however, staking is not live yet.
Naga Coins or NGC: Native tokens of NAGAX Platform
This is the native token of the NAGAX. It is an ERC-20 token built on the Ethereum network. The NGC was initially launched during Initial Coin Offering (ICO) in 2017 in the main Naga Exchange Launch. NAGAX users holding NGC can enjoy several perks if they use NGC in various stages of the NAGA environment.
Use cases of NGC
- The most important utility of NGC is that your trading fees decrease. The reduction of trade fees (spot and futures trades) depends on the amount of NGC you hold in your wallet.
- You can also use NGC to pay your trading fees. This can claim you discounts on the trade fees depending on the number of NGC Tokens you hold.
- NGC Tokens can also claim for you discounted NFT fees and exclusive access to whitelists.
- NGC Tokens give you exclusive access to the NAGA IDO launchpad.
- NGC Tokens allow you various staking rewards with dynamic APY and flexible staking or unstaking.
- Traders can also use NGC for trading purposes, as NGC can be bought and sold to incur profit on the platform.
NAGAX has plans to offer a launchpad too for promising projects. However, the launchpad is not live yet.
How Much Fees Does NAGAX Charge?
Compared to many other crypto exchange platforms, fees charged by the platform is less.
NAGAX charges three different types of fees:
- Trading Fees – This is charged on the basis of maker and Taker fees. This fee is also subject to discounts and reductions in the case of NGC token holders.
- Rate of Credit Card Usage – Well this should not be a surprise since all crypto platforms tend to charge a high rate for this. In NAGAX it is 4.5% for credit or debit card trade and 1% is charged in bank transfers.
- Withdrawal Fees – This fee is dependent on which crypto you withdraw. So to know more about it, refer to the chart of withdrawal fees.
Note: There is no fee for depositing on NAGAX.
How Safe Is NAGAX social trading platform?
Well, the safety precaution in NAGAX appears to be top-notch:
- As we already mentioned NAGAX uses multiparty computation for storing oriented keys. It also secures your offline wallets through the hardware isolation method.
- The private keys of the NAGAX wallet are stored in complex encryption.
- The NAGAX platform follows and abides by International as well as local laws. It practices regards to anti-money laundering, counter-terrorism funding, and proliferation financing.
- NAGAX also allows users to stack up protection through the two-factor authentication system and strong passwords.
What Do I Like About NAGAX crypto exchange?
- Undoubtedly, the best feature that NAGAX can offer is its social trading opportunities. For beginners, it is one of the best platforms to try out their luck in cryptos.
- The NAGAX platform also has a great intuitive user interface.
What Do I Not Like About NAGAX?
- Well, as of yet, NAGAX does not have any mobile application and that might be an issue for many users.
- As of yet, there is no lending/staking feature in the NAGAX platform, although it is in the roadmap, and it should be live in the future.
- Although NAGA mentioned Futures trading in its official document, NAGAX does not have any such option presently. Crypto futures and derivatives are not live yet.
FAQs About NAGAX Crypto Social Trading Platform
Is the NAGAX platform UI friendly?
The NAGAX platform has the feature of an awesome intuitive user interface. So of course, it is extremely UI friendly.
What is so unique about NAGAX?
The copy trading feature on the NAGAX platform that allows users to copy other crypto addresses as an aid for their own trade is the most unique on NAGAX.
Do I need KYC on NAGAX?
KYC on NAGAX is automated with Onfodo and Truulio.
Does NAGAX support futures and derivatives trade?
Futures and derivatives trades are not yet live on NAGAX.
NAGAX is proving to be a great platform for crypto beginners with its innovative social trading style, but the project is not without its fair share of cons. For instance, NAGAX does not have any mobile application as of yet and since the platform is relatively young, not much history can back up its success.
Considering all the pros and cons, we hope you would make informed decisions about whether to go for this new platform or not. But again, remember that crypto is a volatile market. You need to do your own research and if possible consult a professional financial advisor before investing in such speculative investments.
Hope this article was able to answer some of your NAGAX-related questions!
NAGAX Social Crypto Trading Platform: Our Rating – 4/5