NAGAX is an Estonia-based regulated cryptocurrency exchange and trading platform launched this year in March.
An initiative by NAGA Group, the German Fintech, this platform aims to revolutionize the blockchain industry, which is still in its nascent stage.
What’s interesting is that NAGAX Estonia plans to grow its social trading feature further. This allows traders to collaborate through a ‘New Feed’ section and share their strategies. This way, even beginners would have enough room to progress and invest confidently.
The exchange is operational for around 150 countries and plans to further its services to other nations. And if you are considering signing up with NAGAX, do not forget to read the complete review in detail.
What is NAGAX?
A centralized digital currency exchange, NAGAX offers a crypto wallet for users free of cost. Users do not need to pay a deposit fee to store their digital assets on the Nagax wallet.
As discussed, the NAGAX platform has an exciting social feed feature. Hence, users connect and communicate while sharing their trading knowledge.
In addition, the NAGAX Academy offers an interactive way to learn about crypto trading. Additionally, one can enjoy many notable features under one roof – the NAGAX platform.
From spot trading to copy trading, many inbuilt features would help you make the most from this exchange.
NAGAX Estonia Features
Unlike many other exchanges, NAGAX offers a one-stop solution for all your crypto trading needs. You can use this platform per your needs, from brokerage to trading functionalities. The platform flaunts many trending and popular digital assets too.
For instance, Bitcoin, XRP, Ethereum, and whatnot. Plus, there are many small yet promising assets to trade with.
Alongside, the platform has its own NAGA Coin (NGC). To further the demand for NGC, the platform keeps adding a variety of perks for the users who pay using this coin for trading purposes and other uses. One of the few assets showed instrumental success during its ICO (Initial Coin Offering) phase.
When it comes to features, NAGAX has a lot to impress.
- Fiat Deposits – NAGAX allows users to deposit fiat currency to the platform for trading. Hence, users can use the fiat to crypto trading option for buying digital assets.
- Secure Platform – Customers’ funds are secured inside the cold storage, and its security is very tight. For more safety, users can also use two-way authentication to keep their funds away from the hands of imposters.
- More comprehensive Range of Assets – Using the NAGAX exchange, users can trade with more than 80 cryptocurrencies with the list keeps getting more significant. Plus, it is also available in over 150 countries.
- Attractive Low Fee for Users – The trading fee varies for customers on the platform. Those with a high holding of NGC tokens pay less fee.
- User-Friendly Interface – Resembling the NAGA Exchange, its sibling, the platform replicates the same intuitiveness, seamless design, and a very friendly UI.
- Regulated and Compliant – NAGAX has all the compliances to ensure its regulation. It complies with global financial standards and practices regarding Anti-Money Laundering, Counter-Terrorism Financing, and Proliferation Financing. Not just that, it is compliant with Estonia’s local regulations to abide by the crypto exchange law.
What Are NAGAX Estonia Products?
Let’s look at the various significant products that NAGAX offers.
- Spot Trading
There are many features for spot trading too. This is a unique product by NAGAX – Spot Trading. Apart from buying and selling, users can also trade between crypto pairs with around 50 supported assets.
In addition, it is also possible to check real-time graphs and charts along with the order book.
- Social Trading
Trading with crypto might not be everyone’s cup of tea. This is why NAGAX provides social trading where users can share their trading strategies and techniques.
Plus, expert traders can also monetize their feed. All they have to do is, ask subscribers to pay the fee for viewing their posts.
Beginners can easily follow the traders by checking the social feed in real-time.
- Brokerage Platform
This fantastic product makes it easy for the buyers to connect with the sellers and vice versa for direct cryptocurrency trades.
- Crypto wallet
The wallet by NAGAX has support from over 20 blockchains and thousands of tokens. On the flip side, traders might not be able to use assets for selling and buying stored in the wallet if the platform doesn’t support the trading pairs. However, keeping and withdrawing these digital assets as needed is possible.
Once launched, the new product will allow users to trade NFTs based on the Ethereum blockchain on the platform. Artists would also get the opportunity to design their virtual storefronts to flaunt their collections.
- NAGA Coin (NGC)
NGC is the ERC-20 utility token based on the Ethereum blockchain. Starting as the ICO token, the coin is now an integral part of the NAGAX exchange.
Benefits for Traders on NAGAX
Apart from the usual trading features that almost every exchange offers, NAGAX goes a few extra miles to attract investors.
- NAGAX Estonia Crypto Academy – This is an add-on to the platform that enables beginners, and anyone looking to hone their crypto trading expertise can explore new techniques.
- News Social Feed – As discussed, this is where you will find tips and tricks shared by traders and experts. This is the default home screen and would show you the techniques other users are executing for profits in crypto trading.
- Low-Fee – Offering its products and services at a comparatively low fee, NAGAX is one of the most cost-efficient crypto exchange platforms. It can help save up to 87.5% on transaction fees when trading with significant digital assets such as Bitcoin.
- Secure Wallet – Ensuring the funds are secured within the cold wallet, the platform helps users keep their digital assets safe.
Every other crypto exchange usually charges three different fees:
- Trading Fee – If you use your credit or debit card, you might be imposed with high charges that are pretty obvious with all other exchanges. However, the bank transfer is cheap and is 1%. It is around a 4.5% fee.
- Deposit Fee – Thankfully, NAGAX does not charge any fee for deposits. All you need to pay is the network fee. This will vary depending on your service providers.
- Withdrawal Fee – This varies for different assets. You can check the complete detail on the platform’s website.
Is NAGAX Crypto Exchange safe?
With no security breaches, NAGAX seems to be regulated and a safe option for users. It also uses various safety measures to ensure that the assets are secure.
For instance, multi-party computation technology takes care of cold wallet keys.
NAGAx also follows all the necessary compliances, such as the international financial regulations and relevant local laws within Estonia.
Not to forget, users can also use the 2FA feature to strengthen the security of their accounts further. Overall, it is a new exchange, and we will learn more about the platform in the coming years.
However, it does look pretty safe and trustworthy.