NAGAX
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NAGAX Review
Pros
- Native cryptocurrency benefits
- Staking
- Upcoming additional features
Cons
- Very new
About NAGAX
NAGAX is one of the newest crypto exchanges on the block. Promising to “make crypto social,” NAGAX is the world’s first social crypto trading platform with a secure wallet and exchange. This non-advisory spot exchange also leveraged investing, an NFT marketplace, and crypto staking.
Even though it is new, there is a NAGA community of over one million users.
Staking
NAGAX has wasted no time in getting plenty of staking opportunities off the ground. When you “stake” a cryptocurrency, you lock it in place while you earn an annual percentage yield (APY). Depending on which coin you stake with, your passive income could be more or less.
NAGAX staking offers the following options as of the time of this writing (May 2022):
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Axie Infinity (AXS)
- Polkadot (DOT)
- Cardano (ADA)
- Polygon (MATIC)
- US Dollar Tether (USDT)
- US Dollar Coin (USDC)
- NAGA Coin (NGC)
You can choose to stake for 24 hours, seven days, or 30 days at a time. No fees or minimums are applied at the NAGAX staking platform.
NAGA Coin
Holding NGC, or NAGA Coin, will bring you several benefits on the exchange. For one, it will boost your earnings while staking, up to 20% APY. You can also reduce your NAGAX trading fees by up to 87%.
Upcoming Features
Given that this is such a new crypto exchange, many features have not yet been launched. Features that have been announced but not yet launched as of this writing include:
- NAGAX Learn
- Crypto Derivatives
- Copy Trading
NAGAX NFT Marketplace
The NAGAX NFT Marketplace connects creators with collectors. You can upload your own creation or browse the NFT market by creators.
If you are a creator of NFT’s, you can create your own storefront within the NAGAX NFT marketplace. Once you create an account and log in to the NAGAX Marketplace, then fund your account with ETH, you can start shopping for NFTs
NAGAX Creator Fund!
Artists can win up to $100K from the NAGAX creator fund to launch their digital art collection on the NAGAX Marketplace. Applications are accepted until September 30, 2022.
NAGAX Wallet
The NAGAX crypto wallet really emphasizes security. It is a hot wallet, so you can trade directly to other exchanges and wallets, but the next-level security they provide keeps your account safe.
Your NAGAX wallet is protected by MPC cryptography and hardware isolation. Your private key is also encrypted, ensuring there is no single point of compromise from inside and outside.
NAGAX Trading Fees
Your NAGAX buying and selling fees will depend on if and how much of their native coin NGC you have staked. The maker and taker fees will be the same for all the cryptocurrencies. It will only change depending on this one variable.
Keep in mind that the minimum trade is 8 USD per spot.
When you trade on NAGAX, you will pay the following fees:
NAGAX Withdrawal Fees
NAGAX withdrawal fees will vary by cryptocurrency. Overall, they are a little bit lower than some other exchanges. For example, the Bitcoin withdrawal fee is 0.00012. Our research into exchange fees found the industry average to be around 0.0004723 BTC.
NAGAX Deposit Methods
After you log in to NAGAX, and in order to start buying and selling, you will need to connect some sort of banking method to your NAGAX exchange account.
Here are the payment types accept with NAGAX:
- Credit Card
- USDT
- Crypto
- Moonpay
NAGAX supports the following account currencies:
- USD
- USDT
- EUR
NAGAX Support
The NAGAX support team is standing by and ready to field any questions you might have. They are available 9-18:00GMT+2 Monday to Friday.
Here is how to contact them:
Email: [email protected]
Phone Number: +3726189273
NAGAX KYC and Security
NAGAX follows all KYC (know your customer) protocols to protect your identity. This is an important sign of a safe exchange. They also follow international financial standards when it comes to AML (anti-money laundering) protocols. NAGAX also complies with all of Estonia’s local laws.
Tokens Available
Considering the youth of the NAGAX crypto exchange, they offer quite a lot of coins and tokens for trading.
- Ethereum
- Polygon
- Tether
- Cardano
- Bitcoin
- Axie Infinity
- Aave
- Algorand
- Amp
- ApeCoin
- Cosmos
- Avalanche
- BAT
- BCH
- BNB (ERC-20)
- Bancor
- Bitcoin SV
- BitTorrent
- BUSD
- PancakeSwap
- CELO
- Chiliz
- Compound
- Cronos (ERC-20)
- Celo Dollar
- DAI
- Dash
- Dogecoin
- Polkadot
- Enjin Coin ENJ
- EOS
- Ethereum Classic
- Fantom Token (ERC-20)
- Gala
- STEPN
- FTX
- Gnosis (GNO)
- Graph (GRT)
- Hedera (HBAR)
- Huobi Token (HT)
- Kava
- KuCoin (KCS)
- Selfkey (KEY)
- Kusama (KSM)
- Chainlink (LINK)
- Loopring (LRC)
- Litecoin (LTC)
- Terra (LUNA)
- Decentraland (MANA)
- IOTA (MIOTA)
- Maker (MKR)
- NEAR
- NEXO
- NAGA (NGC)
- OKB
- MANTRA DAO (OM)
- OMG
- Ontology (ONT)
- Quant (QNT)
- THORChain (RUNE)
- The Sandbox (SAND)
- Shiba Inu (SHIB)
- Synthetix (SNX)
- Solana (SOL)
- Serum (SRM)
- StormX (STMX)
- TRON (TRX) and more.
Who Can Sign Up Here?
NAGAX is available in many parts of the world, but this does not include the United States. Investors from the US will have to look elsewhere. Here is a list of excluded territories from NAGAX:
- Afghanistan
- Albania
- Barbados
- Belgium
- Burkina Faso
- Cambodia
- Canada (including Quebec)
- Cayman Islands
- Central African Republic
- Democratic People's
- Republic of Korea
- Democratic Republic of the Congo
- Haiti
- Iran
- Jamaica
- Jordan
- Libya
- Mali
- Morocco
- Myanmar
- Nicaragua
- Pakistan
- Panama
- Philippines
- Senegal
- Somalia
- South Sudan
- Syria
- Turkey
- Uganda
- United Kingdom and any other countries where the citizens have British proof of identity (i.e. British Virgin Island, Gibraltar, Isle of Man etc.)
- USA
- Yemen
- Zimbabwe.
App vs Desktop experience
As of this writing (May 2022), there is no NAGAX mobile app. However, they have announced that one is in the works.
Who is NAGAX for?
NAGAX is a promising crypto exchange promising to bring innovations to the industry. It is both user-friendly and is set to roll out advanced trading options. If you like to be on the latest trends, sign up at NAGAX.