Naga Exchange Review (2023): For Trading, Stocks and Payments

Naga is revolutionizing the financial industry by providing access to decentralized financial technologies, empowering traders to make informed decisions. On this article,  we’ll share the variety of services Naga offers, including all its features.

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What is Naga?

Naga empowers traders to make confident decisions by providing access to a variety of decentralized financial technologies. Through its innovative Fintech solutions, Naga is revolutionizing the way people interact with their finances. In 2015, Yasin Qureshi and Benjamin Bilski founded Naga, introducing their social trading platform, Naga Trader. The same year, Naga received the prestigious “Finovate Best of Show” award in London and secured funding from Hauck & Aufh√§user, one of Germany’s oldest private banks. Later that year, Naga Trader recorded its first money transaction.

Benjamin Bilski was recognized as one of the top 50 ICOs of all time when more than $50M was raised in 2017. This success was further solidified when Bilski was added to the Forbes 30 under 30: Technology list. To top it off, the same year, Naga received significant international funding of $14M from FOSUN International and launched its Naga wallet, which supports all major cryptocurrencies and ERC-20 tokens.

Nagax, the Naga cryptocurrency exchange, was launched in late 2018 as a beta version for testing. With no fees for trading, users had access to major cryptocurrencies and fiat currencies. Moreover, the company is continually introducing new tools and services to the market, ensuring that its users have access to the latest and greatest in the industry.

Key Features of Naga

Investing

Market Options

Naga offers a variety of markets and platforms for investing, allowing you to choose the best option for your needs. With Naga, you can access multiple markets and platforms to make the most of your investments such as:

  • FX Pairs. At FXTM, you can trade over 500 Forex instruments with low fees and fast execution.
  • Real Stocks. Invest in real stocks with no commissions or hidden fees. Choose from over 400 stocks and enjoy fast order execution.
  • Indices. Trade indices with Naga and benefit from low fees. Choose from over 20 instruments and start trading today.
  • CFDs on Stocks. Choose from over 400 Contract-for-Difference (CFD) stocks from the USA, Germany, and the UK.
  • Cryptocurrencies. Choose from more than 8 major cryptocurrencies and store your assets securely with a digital wallet. Naga offers a range of options to help you manage your crypto investments.
  • Commodities.¬†Trade multiple global commodities with low fees on our platform and take advantage of new trading opportunities.
  • ETFs. Invest in Exchange Traded Funds (ETFs) and gain access to over 500 instruments to diversify your portfolio, and then maximize your profits.
  • Futures.¬†Trade futures CFDs of indices and commodities with confidence. Moreover, futures trading is a high-risk activity that involves speculating on future prices. Lastly, it is recommended for experienced traders rather than beginners.

Platform for Investing

Investing can be done on multiple platforms, each offering unique features. To help you decide which one to choose, here is a brief overview of the available options:

  • MT4.¬†MetaTrader 4/5 is available for desktop and mobile devices, offering CFD trading for all markets as well as a copy trading feature. With MetaTrader, you can access the markets from anywhere and trade with ease.
  • MT5. MT5 offers a similar trading experience to MT4, but with the added benefit of real stock trading.
  • Naga web app. Naga’s web app offers users a range of features, such as auto-copying, messenger, signals, portfolios, news feed, leaderboard and blog. Furthermore, enhance your trading experience with these powerful tools and stay up-to-date with the latest market news.
  • Naga iOs/android app. The Naga app for iOS and Android offers all the features of the Naga web app, plus a radar to help you find and connect with other Naga users nearby.

Social Trading

eToro, founded in 2010, was one of the first and most successful social trading platforms. Meanwhile, Naga was founded in 2015, offers advanced services that are on par with eToro.

In Naga Social Trading you can:

  • Copy traders.
  • Earn copy bonuses.
  • Connect with other traders.

Social trading is more than just copying trades; it’s a platform to interact with other traders, discuss market trends and share results.

Naga’s auto-copying feature allows you to easily follow the strategies of experienced traders and learn from them. You can view the performance statistics of each trader and choose the one that best suits your investment goals. With Naga, you can easily access the top traders on the leaderboard and automatically copy their trades.

By leveraging the tools provided by Naga, staying up-to-date with the news, and developing a successful trading strategy, experienced traders have the potential to become one of the top traders. Additionally, those who develop a successful strategy can benefit from other traders who follow them.

Connect with other investors and traders on Naga Messenger and share your knowledge and insights. Create private chats, join groups, and start public channels to discuss strategies, analyze markets, and make quick investments. Naga Messenger makes it easy to stay connected and informed.

Wallet

Keep your assets safe by choosing a secure wallet from Naga. With multiple services available, Naga offers a secure wallet to store your assets.

Naga Wallet is a free and highly recommended way to store your cryptocurrencies and fiat assets. Compatible with both Windows and iOS, you can easily download it from Google Play or the App Store. Naga Wallet allows you to track your crypto and fiat assets with charts, send and receive crypto using a registered email address, make instant transactions, and transfer assets to the Naga Trader account for trading CFDs in stocks, forex, indices, commodities, crypto, and more. With Naga Wallet, you can access a wide range of trading options quickly and easily.

Software wallets are a more secure alternative than online wallets, as they are not stored online and are therefore less vulnerable to hacking. Hardware wallets are the most secure option, as they store your private keys offline and are not connected to the internet. Paper wallets are also a secure option, as they are printed out and can be stored in a safe place.

Hardware wallets such as the Ledger Nano X and Trezor Model T are widely considered to be the most secure and recommended alternatives to paper wallets. These hardware wallets provide users with a secure way to store their digital assets, protecting them from potential loss or theft.

Crypto Exchange

Naga offers a cryptocurrency exchange platform called Nagax, where users can buy and sell digital assets.It is a crypto exchange that offers a user-friendly interface, robust security, lightning-fast processing, and a variety of attractive features. Additionally, it supports fiat currencies, making it easy to purchase Bitcoin, Ethereum, or any other coin.

What is Naga Exchange?

Naga’s most important service is Nagax, its cryptocurrency exchange. With Nagax, users can buy, sell, and trade cryptocurrencies, as well as access a range of other services. Naga’s exchange offers a secure and user-friendly platform for trading digital assets, with features such as advanced order types, margin trading, and a wide selection of cryptocurrencies.

Since its introduction in 2018, Naga cryptocurrency exchange has become increasingly popular due to its attractive features. Reviews of the exchange are limited, but those who have used it have been pleased with its performance.

Discover if Naga crypto exchange is the right platform for you by reading this review, which includes pros and cons, fees, and additional information. Learn more to decide if this platform meets your needs.

Key Advantages of Naga Exchange

Relatively Low Trading and Withdrawal Fees 

Choose a trading platform that supports fiat currencies and allows you to purchase crypto without significant fees to maximize your earnings. Avoid platforms that charge fees ranging from 3-5%. Naga Exchange offers some of the lowest fees in the market, with makers paying 0.15% and takers paying 0.25%. By adding liquidity to the market, makers benefit from the lower fee, while takers take advantage of the maker’s offer.

Naga offers low network fees for withdrawals, so you won’t experience any surprises. The company only charges for the network fees, which are usually very low.

Mobile App Available

Naga’s mobile app for Android and iOS users is highly rated, with an average of 4 out of 5 stars on Google Play. Customers are generally satisfied with the services provided by Naga, making it a great choice for those who want to stay up-to-date with the latest market changes.

Naga’s user-friendly interface and easy-to-use features make it a popular choice among traders. With its copy trading capabilities, users can easily set the amount they want to trade, and creating an account and making a deposit is a breeze.

Supports Fiat Currencies

To begin trading on the platform, you must first purchase cryptocurrencies if you do not already own any.

Nagax Exchange makes it easy to buy Bitcoin, Ethereum, and other coins with fiat currencies such as EUR and USD. You can quickly and securely purchase coins using your credit card. You can easily transfer your existing cryptocurrencies to Nagax, as long as they are supported on the platform.

Key Disadvantages of Naga Exchange

Naga Exchange offers some great features and functionality, but there are some drawbacks that hold it back. Here are some of the issues that need to be addressed to improve the platform.

Not Available for US Investors 

When selecting a service, ensure that it is available in your country. Unfortunately, Naga is not available for US investors due to the stringent US regulations on cryptocurrency.

Aside from US, Naga is also not available on these countries:

  • Iran
  • North Korea
  • Cuba
  • Iraq
  • Syria
  • Canada

To avoid this issue, it is recommended to choose another platform that is available in your country, rather than using a VPN.

Only 8 Supported Cryptocurrencies

Nagax offers a limited selection of 8 cryptocurrencies, which are:

  • BTC
  • BCH
  • LTC
  • ETH
  • DASH
  • XRP
  • USDT
  • NEO

Investors who prefer lesser-known altcoins may be disappointed as only the major coins are available to choose from.

Very Little Information About Security

Naga ensures the protection of your losses with a manual setting that prevents your balance from going below a certain amount. Aside from that, Naga didn’t share any other details about the security on their platform.

It is recommended to store a portion of your assets in a secure hardware wallet for added security when using this platform.

How to Use the Naga Exchange?

Creating an account and making a deposit on Naga Exchange is easy and straightforward. To get started, simply follow these steps below.

How to create an account on Naga Exchange?

  1. Visit the Naga Exchange official website.
  2. Create an account now by clicking the “Sign Up” button at the top right corner of the screen.
  3. Complete the sign-up process by entering your first and last name, username, email, password, country, and phone number, then click “Sign Up”.
  4. Verify your phone number by entering the four-digit code sent to you via text message.
  5. Start leveraging the platform!

How to Make a Deposit on Naga Exchange? 

Deposit fiat currencies easily to buy Bitcoin, Ethereum, and other cryptocurrencies on Naga.

  1. Log into your created account.
  2. Upgrade your account by clicking the button on the right side of the page.
  3. Complete all the necessary information, such as personal information, employment history, and trading experience, to get started. Provide accurate and up-to-date information to ensure a successful trading experience.
  4. Fund your account by selecting a deposit method after upgrading.
  5. Confirm your deposit of the desired amount by submitting your payment.

Conclusion

Naga provides a comprehensive range of services, including investments, social trading, forex trading, and cryptocurrency exchange (Nagax). The platform offers a user-friendly interface while delivering powerful features.

The exchange offer features that are extensive, making it a great choice for those looking for a reliable crypto exchange. Other options to consider include Coinbase, Binance, and Coinmama.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

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Rina Giannino
Journalist venturing into blockchain, Rina has been a follower of the technology since 2019 and finally taken the plunge with a career as a journalist in the industry.
naga-exchange-review-2023-for-trading-stocks-and-paymentsNaga is a comprehensive platform offering powerful features and a user-friendly interface, enabling users to access investments, social trading, forex trading, and cryptocurrency exchange (Nagax).