NAGAX Review: A Social Trading Platform

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.

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?

Social Trading

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.

NAGAX Academy

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).

Cryptocurrency Brokerage

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.

Crypto Wallet

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.

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.

Final Thought

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.

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