A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of NAGAX consists of four parts: general information, fees, deposit methods and security.
NAGAX (or Naga Exchange) is a German cryptocurrency exchange that launched in November 2018. The only other exchange from Germany that we have listed in our Cryptocurrency Exchange List is Bitcoin.de.
The team behind NAGAX is lead by four people: Benjamin Bilski, Andreas Luecke, Michael Milonas and Stavros C. Fatta. They are all listed on the company’s website with links to their LinkedIn-profiles etc. This does provide some extra level of comfort for a prospective user wondering whether the exchange is legitimate or not.
On the date of writing this review (3 July 2019), NAGAX had a 24 hour trading volume of only USD 22,176. Naturally, this is a very low 24 hour trading volume that the exchange must improve in order for it to be an attractive choice for anyone.
If you are on of the people who prefers to do his/her trading while “on the go”, then you’ll be happy to learn that NAGAX is also available through mobile use.
However, we must say that some words in the English language are frequently misused. The below picture shows a perfect misuse of the word “leading”. In that sense would NAGAX be “leading”? In anything? We will update this review when we find out.
US-investors may not trade here. This is primarily due to the US-legal regime that imposes obligations on companies that accept funds from the US-investors. Such obligations include, inter alia, preparing marketing material in accordance with SEC-standards and registering them with the SEC. This is a very burdensome process. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
NAGAX Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book. Or, at least part of the order book. They also show a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at NAGAX:
NAGAX Trading fees
The one thing we can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.
NAGAX’s trading fees are 0.25% for takers, and 0.15% for makers. These fees are in line with the classic industry averages.
NAGAX Withdrawal fees
There are exchanges out there that charge low trading fees and then hit you with high withdrawal fees. Because once you’re in, you can’t get out without paying withdrawal fees. NAGAX on the other hand is on the opposite side of the spectrum. They only charge the network fees when you execute a transaction.
The global industry BTC-withdrawal fee is 0.000812 BTC per withdrawal. The network fees vary from day to day but are roughly 15-20% of the global industry BTC-withdrawal fee.
Accordingly, the withdrawal fee model at this exchange is competitive.
At NAGAX, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors putting in their first funds in the crypto world. It also makes NAGAX what we call an “entry-level exchange”.
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. Coinmerce received an F- score in this test. This should however be viewed in light of the fact that F is the Mozilla Observatory-score received by the majority of all exchanges in our Cryptocurrency Exchange List.
As mentioned above, this exchange supports credit card deposits. Either alone or through the use of any of its associated payment service providers. Other cryptocurrency exchanges that also have this option include: