DeutschReal cryptocurrencies including wallet, staking, and NFTs on NagaX and crypto CFDs on Naga - plus real stocks, forex and commodity trading available
Payment options
Pro
- Simple trading platform
- Broker and exchange version available
- Very low fees at NagaX
- Large selection of payment methods
- PayPal deposit possible (Naga)
Contra
- Partially high spreads for crypto CFDs
91%
4.5 out of 5.0 stars
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RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. A high proportion of retail investor accounts lose money when trading derivatives with this provider. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money.
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Originally, Naga was launched in 2015 as a CFD broker. In the meantime, the Naga Group even has a separate crypto exchange called NagaX, where you can trade numerous cryptocurrencies.
In this review, CoinPro takes a look at the cryptocurrency offerings of Naga and NagaX. We will explain the advantages and disadvantages of Naga and why you can get particularly much out of the combination of both platforms.
Naga vs NagaX: What are the Differences?
Naga Markets is an online or so-called social broker. On the trading platform, you can trade CFDs on various asset classes such as stocks, commodities or cryptocurrencies. Foreign exchange trading (Forex trading) is also a very important asset class at Naga. At Naga, you can trade CFDs (we will explain exactly what this is in the following text), discuss with other users of the broker via a social feed and also directly copy more experienced traders via copy trading. However, you are taking some risks here. On the one hand, the leverage effect can be different for copy traders and, on the other hand, you often need several thousand euros to copy correctly.
NagaX, on the other hand, is a classic crypto exchange where you can buy real cryptocurrencies. You can use NagaX with the same access data. So it is not necessary to register additionally. As with Naga’s broker platform, you can interact with other users via a social feed. Otherwise, the functions are limited to those of a crypto exchange (spot trading, staking, NFT marketplace).
Naga Experiences with Cryptocurrencies
In our Naga experience report, we will first discuss the classic broker version of Naga. Because there are some important aspects to consider at Naga before trading cryptocurrencies with the broker.
Cryptocurrencies at Naga: What Do I Need to Consider?
It is currently not possible to trade real cryptocurrencies via the online broker Naga. Although Naga offers cryptocurrencies (currently over 30 cryptocurrencies), these are only crypto CFDs. CFDs are contracts for difference that reflect the value of an underlying product. A crypto CFD therefore reflects the price of the cryptocurrency. However, if you trade with crypto CFDs, you are only speculating on the value of the cryptocurrency. You don’t really own the cryptocurrency. However, you can also bet on a falling price and earn money when prices fall. However, please note that with CFDs you can even lose more money than you initially invested in extreme cases.
Real cryptocurrencies including wallet, staking, and NFTs on NagaX and crypto CFDs on Naga - plus real stocks, forex and commodity trading available
A high proportion of retail investor accounts lose money when trading derivatives with this provider.
Naga Fees: Crypto CFDs
The biggest disadvantage of Naga is the high spreads when trading crypto CFDs. While many trading platforms nowadays rely on tight spreads of a maximum of two percent, the situation is different at Naga. While the spreads for Bitcoin and Ethereum are usually below one percent in our previous Naga tests, tight spreads are rather rare for altcoins. In some cases, the fees reach over five percent. In our view, this is too high even for trading leveraged crypto CFDs, but first of all: this is much cheaper at NagaX.
Positive: Naga waives overnight fees for crypto CFDs. This can be an advantage for positions that are to remain open for a longer period of time. However, you are taking an increased risk with CFDs.
Experiences with the NagaX Crypto Exchange
If you already have a customer account with Naga, you can also log in to NagaX with your access data. So you don’t have to create an additional account. Nevertheless, it is important to know that you cannot transfer any funds (neither fiat nor cryptocurrencies) between Naga and NagaX. So it is not a counterpart to Bitpanda and Bitpanda Pro. In this section, we will give you an overview of the individual functions of the NagaX crypto exchange.
Real cryptocurrencies including wallet, staking, and NFTs on NagaX and crypto CFDs on Naga - plus real stocks, forex and commodity trading available
A high proportion of retail investor accounts lose money when trading derivatives with this provider.
Offered Cryptocurrencies on NagaX
At NagaX, you can trade more than 50 other cryptocurrencies in addition to Bitcoin. NagaX thus covers all important cryptocurrencies and also enables investment in lesser-known altcoins. Ultimately, however, many investors are likely to be drawn to the Naga Coin. The Naga Coin is Naga’s platform-own cryptocurrency. You can use NagaX like other cryptocurrencies or benefit from numerous advantages on the trading platform. Of course, one possibility is to speculate on a price gain.
Fees at NagaX
As far as fees are concerned, NagaX can keep up with other major crypto exchanges. There is only a fee of 0.40 percent for each maker and taker order. By the way, the more Naga Coins you hold, the lower the fees you pay. From 10,000 Naga Coins on the platform, for example, you only pay 0.05% of the purchase amount in fees. The trading volume does not play a role. Currently, a Naga Coin is trading at around $0.05 US. This means that 10,000 NGC is a lot in itself, but significantly higher sums than 500 dollars are necessary on other trading platforms in order to be able to benefit from such great advantages.
Buy NFTs at NagaX
NagaX now even offers its own NFT marketplace. You can buy various NFTs on the trading platform and earn money by trading the virtual images. However, NFTs are also more suitable for speculators who are less interested in pursuing a long-term strategy. The NFT marketplace is like the entire
Staking at NagaX
If you do not want to keep your coins on your own wallet (which we recommend, for example with the Ledger Nano S Plus), you can increase your coins directly on Naga via staking. When staking, you lock your coins for a fixed period of time and receive interest for this period. This is also possible at NagaX. In our experience, however, the staking yields are somewhat lower than, for example, at Binance.
Real cryptocurrencies including wallet, staking, and NFTs on NagaX and crypto CFDs on Naga - plus real stocks, forex and commodity trading available
A high proportion of retail investor accounts lose money when trading derivatives with this provider.
Other Functions of NagaX
The functions of a social broker are also available at NagaX. This means that you can also interact with other users via a social feed within the crypto exchange. This is an advantage especially for beginners who have had little contact with cryptocurrencies so far. The NagaX Wallet is also ideal for storing your own cryptocurrencies. However, a hardware wallet is much more secure.
Naga / NagaX Deposit Methods and Withdrawals
In the following, we will take a look at the offered deposit and withdrawal methods at Naga and NagaX. The differences are much bigger than you might think at first.
Deposits and Withdrawals at Naga
Naga supports all common payment methods and also offers you all payment methods free of charge. You can deposit with Naga using the following deposit methods:
- Sepa transfer
- Credit card
- PayPal
- Giropay
- Instant bank transfer
It is important that you observe the minimum deposit amount of 250 dollars (or EUR/CHF). This is relatively high compared to many other brokers. If you want to make a withdrawal at Naga, a fee of 5 dollars will be charged, unless you are a VIP user. There are 5 VIP levels, with the withdrawal fee decreasing by one euro with each level. However, in order to become a VIP user, you must be active as a copy trader and thus be copied by other traders.
Real cryptocurrencies including wallet, staking, and NFTs on NagaX and crypto CFDs on Naga - plus real stocks, forex and commodity trading available
A high proportion of retail investor accounts lose money when trading derivatives with this provider.
NagaX Deposit Methods
At NagaX, on the other hand, deposits in the classic sense are only possible with cryptocurrencies. This means that it is not possible to deposit EUR or CHF. However, this does not mean that you cannot buy cryptocurrencies with fiat currencies.
Because you can also buy cryptocurrencies with a credit card at NagaX. However, this is not a deposit in the classic sense, but a direct purchase. So you buy cryptos directly by credit card. In the spot market of NagaX, you can only trade cryptos with other cryptocurrencies. So there are no fiat/crypto trading pairs.
Naga Support in the Test
You can reach Naga Support via live chat on both platforms. In addition, you will find numerous help and instructions in the FAQ and support area of NagaX and Naga. You can also use Naga’s customer service in German, but it may be that no German support is available at certain times. Furthermore, Naga offers customer service by phone and e-mail. In our view, however, live chat is the best way to contact German-speaking users.
Conclusion on Naga and NagaX
Although these are basically two separate trading platforms, it is an advantage that users of the Naga trading platform can also register with the NagaX crypto exchange without an additional registration process. In our view, those who want to trade with crypto CFDs will find a slightly better provider with Plus500 or XTB.
On the other hand, those who want to buy real cryptocurrencies and transfer them to their own wallet will find NagaX to be a very good trading platform that has clearly exceeded our expectations in the test.
Real cryptocurrencies including wallet, staking, and NFTs on NagaX and crypto CFDs on Naga - plus real stocks, forex and commodity trading available
A high proportion of retail investor accounts lose money when trading derivatives with this provider.
