Naga Wallet Review 2022: Fees, Platforms, Safety & More

This article will discuss the key features of the NAGA Wallet and its pros and cons. It will also cover Naga’s supported coins, available payment methods, relevant costs, and how to configure the wallet. In the last, we'll also share customer reviews and frequently asked questions.

Author: Usman Ahmed   -   Last updated: 06/09/2022
naga wallet logo header

Summary

Founded in 2015, Naga Wallet is a state-of-the-art cryptocurrency wallet that stores digital assets securely. It is a product of NAGA Markets Ltd. The NAGA Wallet provides a profound solution to the recurring security issues preventing the mass adoption of cryptocurrency. In addition to NAGA Coin (NAGA), the wallet supports seven of the world’s top favorite cryptocurrencies including, Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), DASH (DASH), Ripple (XRP), Binance Coin (BNB) and Bitcoin Cash (BCH). Sending tokens on the blockchain is now genuinely quick with the NAGA WALLET. Users of NAGA WALLET can transfer money and coins to their contacts via email.

Besides being user-friendly,  the wallet appears to be a competitive option within the crypto space, raising the standard bar for rivals alike.  More importantly, it seamlessly connects the virtual and actual worlds, allowing users to switch between crypto and fiat money without any inconvenience. Additional services such as NAGA Virtual, NAGA Card, and NAGA Trader make it even easier for users to exchange bitcoin for products and services, invest, and trade. The public wallet is connected with worldwide networks and supports 15 languages at times.

Pros and Cons of NAGA Wallet

Pros

  • Highly Innovative: Besides exchanging crypto assets between different wallets in a traditional way, clients can transfer their coins and tokens to their contacts via Email.
  • Sound security: Users are protected from the risk of theft and hacking through advanced security measures.
  • Adaptable: Along with the most prominent cryptocurrencies, the wallet also supports ERC20 tokens obtained through ICOs. Hence more users may prefer to sign up with it.
  • Multi-purpose: Besides holding digital assets, the wallet allows users to convert supported coins to and from fiat currencies like Euro (EUR), Great Britain Pound (GBP) and US Dollar (USD).
  • Product of a regulated brand: Naga Wallet is a product of a CySEC regulated broker Naga Markets Ltd. Undoubtedly, being developed by a regulated entity, the wallet appears to be more credible.

Cons

  • Supports limited cryptocurrencies: Unfortunately, the wallet supports only five cryptocurrencies at the moment, including BTC, ETH, LTC, BCH, and NAGA.
  • Mandatory KYC process: Even those who do not intend to trade must complete the KYC procedure to use the wallet.
  • Poor customer support: Even though the company claims to respond to clients in less than five minutes, the company takes longer to get back to clients in actuality, and customer support staff appears to be incompetent.

Regulations, Offices & Supported Countries:

Regulations

NAGA Markets is supervised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 204/13. The company also possesses a cross-border CySEC license allowing it to provide investment and related services worldwide.

Offices:

NAGA Markets Limited itself is a subsidiary of NAGA Group. The group operates through multiple regional offices across the globe. The official address of the NAGA Markets is Ariadnis 7, Moutagiaka, 4531 Limassol, Cyprus.

Supported Countries

NAGA Wallet is available in more than one hundred countries across the globe. Given below is the table showing most of them.

Mexico Canada Iceland Haiti Belize
Bahamans Grenada Tonga Jamaica Palau
Trinidad and Tobago Solomon Islands St Lucia Virgin Islands British St Kitts and Nevis
St Vincent and Grenadines Tuvalu Nauru Dominican Republic
Barbados Vanuatu Panama Togo
Somalia Mauritius Namibia Madagascar
Sierra Leone Comoros Sweden Finland
Denmark Greece Germany United Kingdom
Malta Gibraltar Chile Cyprus Vatican City
Austria Ireland Italy Poland
Portugal Belgium Cayman Islands Paraguay
Norway Spain Switzerland Georgia
Hungary Luxembourg Liechtenstein Monaco
Kosovo Isle of Man Ukraine Latvia
Romania Serbia Montenegro Belarus
Bulgaria Turkey Netherlands Slovenia
Moldova Andorra Jordan Lebanon
Oman Syria Kuwait Qatar
Bahrain Australia New Zealand

List of Available Coins on NAGA Wallet

In addition to keeping supported coins safe and secure in the Naga Wallet, you may also trade equities, currencies, and commodities using it. Although the NAGA Wallet supports a limited number of cryptocurrencies, some of the wallet’s features will still make it appealing to traders and investors having a less diversified crypto portfolio. Moreover, the NAGA Wallet’s coin compatibility list will grow as the team develops and improves its platform over time.

Currently, the wallet supports 09 cryptocurrencies that are listed below.

  1. Bitcoin (BTC)
  2. Litecoin (LTC)
  3. Ethereum (ETH)
  4. Bitcoin Cash (BCH)
  5. Dash (DASH)
  6. Ripple (XRP)
  7. Tether (USDT)
  8. Binance Coin (BNB)
  9. NAGA Coin (NGC)

Naga Wallet Trading Fees

NAGA wallet is available for free to download on Windows and i-OS based mobile phones and tablets from the respective GooglePlay Store or App Store.

While NAGA applies a network fee to send cryptocurrency out of the NAGA Wallet, there is no fee for receiving cryptocurrency into your wallet.

It also offers fee reductions to wallet holders who pay fees in NGC. The discounts range from 50% to 10% depending on the type of transfer, i-e, wallet to wallet or wallet to email.

Trading Platform

NAGA wallet is the ultimate free crypto & fiat currency app with a built-in exchange and social investment network. Undoubtedly, besides its unique design and top-notch features, the wallet has many reasons for crypto enthusiasts to consider signing up for it.

Let’s dive in a bit further to explore its different features and learn how to set up and configure it.

Naga wallet has a sleek and uncluttered user interface. When you sign up for a user account, you’ll get a free demo trading account to practise different crypto investing strategies without risking your actual funds.

As soon as you enter your account, a simplistic yet refreshing dashboard welcomes you. Multiple buttons are available on the side navigation bar, each with distinct features and functions.

Feed

Clients can read current market trends and news updates under the feed tab starting from the top.

Trade

The trade tab lets you discover your favorite tradable assets, including crypto, stocks, indices, etc.

My Trades

Clients can track their performance using the “my trades” button since it shows you the history of your trades and accumulated profit or loss over time.

Top Traders

Should you wish to copy trades of other professional traders, this tab allows you to select the top-performing fund managers and start replicating their trades in your account. Using this tab, you can also filter out top performers based on type, time, and location.

Manage Funds

This tab deals with your payment selection methods. You can also make deposits and request withdrawals using this tab. It also shows the details of your transaction.

Copy Trading

Since the NAGA wallet supports social trading, clients can see the top leaders of the month. Here you can also find more details about top copiers and their accumulated profits.

Price Alert

Price alert is a premium feature offered to silver badge holders.

It allows you to set up price alerts and volatility alerts at any moment. Also, custom push notifications help you never miss a crucial price change.

Crypto Wallet

Clients can see their account balance in the crypto wallet tab and the transaction details of all their available fiat and crypto-assets.

NAGA Exchange

This tab takes you to the exchange, where you can have your assets traded for the best prices.

Messenger

Connecting with like-minded people is a great way to share your experiences and learn from their mistakes. Clients can connect with people using the messenger tab and exchange their opinions.

Academy

Clients can also access rich educational resources under this tab. The company provides dedicated learning material for newbies and advanced level traders, including articles, e-books, video tutorials, etc. Clients can also join webinars to connect with their professional traders for one-to-one interaction and learn directly from their experiences.

How to Create a User Account on NAGA Wallet on desktop?

Opening an account on NAGA Wallet is quick and easy. All you need is to follow the simple steps listed below.

Step 1: Go to the NAGA Wallet page on NAGA’s website and click the “Sign up” button available at the top right corner to access the registration page.

Create a User Account on NAGA Wallet

Step 2: Select your country of residence from the drop-down menu. The NAGA wallet is currently available for clients residing in more than 100 countries.

Create a User Account on NAGA Wallet

Step 3: Provide your mobile number and enter the code received from the company via SMS to confirm it.

Create a User Account on NAGA Wallet

Step 4: Enter the information requested, including your name, email ID and password.

Create a User Account on NAGA Wallet

Step 5: You need to confirm your trading experience on the next page. Select the appropriate level of expertise and click continue to proceed.

Step 6: You will then arrive at a NAGA Welcome Page that provides additional information about NAGA’s capabilities. There is also an option to select or skip a tour. We recommend taking the time to become aware of NAGA’s additional features.

Please note that the basic information entered allows a user to open a demo account only. Once you have selected to start the tour, a pop-up screen asks you to upgrade to a live version. You can skip it if you don’t wish to switch to live mode.

For those who wish to upgrade to a live account at this stage, click the ‘Upgrade Now’ icon.

Step 7: Confirm if you are a US resident for tax purposes, fill out the additional personal information and click submit.

Create a User Account on NAGA Wallet

Step 8: Now, you must validate your identity and country of residence. Verify your account by uploading scanned documents, including your National ID/Passport/Driver’s license. You also need to upload a copy of your utility bill or bank’s statement for address verification.

Create a User Account on NAGA Wallet

How to Add/Receive cryptocurrencies into NAGA Wallet?

Step1: Sign in your Naga wallet and click on the “Manage Funds” available on the side navigation bar of your dashboard.

Step 2: Select a deposit method from the list. You can add funds to your account using a credit/debit card, wire transfer. Since the wallet is a product of a regulated firm, you need to complete the KYC process before funding your account.

Add/Receive cryptocurrencies into NAGA Wallet

Alternatively, choose a cryptocurrency to add to your New Naga wallet and click “Receive”. Please note that you have to copy the wallet address or QR code and forward it to the sender to receive crypto assets in your wallet.

Note: Until your account gets verified, you can deposit up to €2,000 and trade for 14 days.

Step 3: Should you wish to pay using a debit or credit card, enter your card information, such as card holder’s names, card numbers, expiry date, and the three-digit security code available on the backside of your card. Remember, non-verified accounts have a €2,000 deposit cap.

Step 4: Click the ‘Receive’ option available under the crypto wallet tab to add a coin to your NAGA Wallet. Wallet owners will now have a NAGA Wallet address and a QR code to facilitate transfers.

Note:  NAGA keeps you informed when the transaction is pending and completed. Upon confirmation, access your wallet and deposit cryptocurrencies into your NAGA exchange accounts.

How to send cryptocurrencies from NAGA Wallet to other wallets?

Step 1: After login into your wallet, click the ‘Sent to’ icon on the bottom right of your crypto wallet and input the amount you desire to send.

Step 2: The NAGA Wallet allows you to send coins and tokens in three ways, including wallet to wallet, wallet to exchange, and wallet to Email. Since it is pretty simple to transfer crypto coins between wallets and exchanges, we explain sending coins via email address.

Step 3: Select the ‘Send to’ icon and enter an email address and enter the recipient’s email address and the amount to send. Transfers incur a charge, which you can choose to pay in NAGA coins or the cryptocurrency in transit. Please note that purchasing crypto coins using NAGA Coin gets you a discount.

Add/Receive cryptocurrencies into NAGA Wallet

How to Create a User Account on NAGA Wallet on mobile?

Opening an account on NAGA Wallets using a mobile is also pretty simple. The whole process doesn’t take more than a couple of minutes. Let us take you through the step-by-step guide below.

Step 1: Visit the Google Play Store or App Store to download the NAGA Wallet app to your mobile device.

Create a User Account on NAGA Wallet on mobile

Step 2: Open the Naga Wallet app and click on the registration button.

Create a User Account on NAGA Wallet on mobile

Step 3: You can either choose to continue with your Email or select to register with your existing Facebook or Gmail ID.

Create a User Account on NAGA Wallet on mobile

Step 4: Enter the essential details on the subsequent screens, such as your country, name, email ID, password, and mobile phone number.

Create a User Account on NAGA Wallet on mobile

Step 5: Enter the verification code received via SMS to complete the registration process.

Step 6: Access the dashboard and start using your wallet with ease.

Create a User Account on NAGA Wallet on mobile

Note: To buy crypto coins with Naga Wallet on mobile, you need to follow the same process illustrated above. The mobile app redirects to the web version when you try to deposit funds through it.

Payment Methods – Deposits and Withdrawals

Naga supports multiple payment methods, including debit cards, credit cards, e-wallets, etc. Let us mention the minimum and maximum deposit amount for each of the methods below.

Methods Minimum Deposit Maximum Deposit
Visa $250 Vary from country to country
Mastercard $250 Vary from country to country
Maestro $250 Vary from country to country
Diners $250 10K / card / per day
Discover $250 10K / card / day

Education

NAGA provides numerous teaching materials to help users comprehend online trading, financial instruments, brokerage, and much more. These useful instructional tools can help traders improve their trading knowledge and expertise.

NAGA also offers daily trading webinars in several languages to help traders grasp technical and fundamental analysis. NAGA video tutorials help clients learn different trading strategies for multiple financial products. Clients can follow a systematic and logical approach to invest their funds and trade appropriately with the help of NAGA rich educational resources.

Customer Support

Naga wallet offers customer support round the clock, seven days a week. All of its channels, including the corporate website wallet app, have email and live chat options. Customer support is available in multiple languages, such as English, Italian, Hindi, Arabic, Russian etc. The platform promises to be customer-focused, offering seamless support over the phone during office hours.

However, several complaints have also been witnessed concerning NAGA’s customer service for their delayed or non-responsiveness. The live chat response is typically delayed, emails are addressed in 1-2 business days, leaving telephone calls the only way to reach customer care immediately.

Reviews

What Are People Saying About NAGA Wallet On Reddit?

While seeking people’s opinions on the useability of NAGA Wallet, we realized more people are against it than those willing to trust it. Although the wallet app’s user-friendliness, mobility, and backing by a well-known brokerage firm are laudable, people seem to have many issues concerning its adaptability.

For instance, a member on Reddit shared his experience concerning NGC purchases. According to him, he tried to buy some NAGA Coins using his credit card but failed. Upon contacting multiple times, customer support finally revealed that he needs to have his credit card approved from NAGA before buying NGC.

Coming such stranded statements from a reputable brokerage customer support raises doubts amongst investors concerning the viability of signing up for NAGA Wallet. Honestly, we barely found any post where clients seemed excessively happy after using NAGA Wallet app. Therefore, clients should do enough research about the wallet before opening an account or transferring any funds into it.

What Are People Saying About NAGA Wallet On Quora?

Although Quora is a famous platform to find many reviews and tutorials on how the mobile wallet works, there isn’t much information on the NAGA Wallet app. The Quora community seemed least interested in discussing critical issues like security, costs, and dependability of the NAGA Wallet.

Except for a couple of threads listing NAGA Wallet being a viable option to store crypto assets when selecting a hot wallet, we didn’t find anything promising about the wallet. Not to mention, we came across a guest post appraising the productivity of the NAGA Wallet in the sense that it is easy to use besides being cheap. In short, we can say people might prefer using other wallets such as Trust Wallet, eToro Wallet, or MetaMask than using the NAGA Wallet.

Is NAGA Wallet Safe?

Naga Markets Ltd has implemented various efficient security and privacy safeguards around the Naga Wallet. A potential wallet user must first authenticate their identity and pass KYC and AML standards. It then stores client private keys in decentralized data centres and enables two-factor authentication for wallet logins.

However, one of the main disadvantages of utilizing Naga Wallet is losing control over your private keys. Also, the wallet isn’t popular amongst the masses compared to its rivals, including Trust Wallet, eToro wallet, etc.

NAGA Wallet VS eToro Wallet

While comparing two renowned crypto wallets side by side, it becomes difficult to do justice at times. However, it is equally essential to know the key features that make them superior to each other. We tried to compare the NAGA Wallet with the eToro wallet below.

Since both Naga and eToro multi-asset wallets are a product of regulated brokerage firms, they offer a limited number of cryptocurrencies. While both wallets encourage social investment, keep private keys for customers, allow cards, support bank wires, Naga takes it a bit further by integrating the NAGA contactless card within the wallet. It also enables free intra-network crypto transactions while subsidizing outbound Naga Coin transfers. Unlike eToro, it also backs up the 2FA key/code. Not to mention, NAGA Wallet.

Other Products

Supported e-Wallets

Naga wallet includes a payment gateway that instantly lets users from over 100 countries buy cryptos. The payment gateway accepts bank transfers and e-wallets like Neteller and Skrill.

Social Investment

Social investing is a trading platform that allows you to communicate with other Naga Wallet users. It will enable professional crypto traders to share knowledge with the community. You may even imitate their trades or portfolios to duplicate their performance.

Built-in Exchange

It also has an exchange to buy, sell, and trade cryptocurrencies and tokens with other platform users.

Diversified crypto portfolios

In addition to imitating successful trades and portfolios of professional traders, Naga wallet offers free curated crypto portfolios to help you grow your wealth sensibly.

Cryptos transference via Email

You may transfer bitcoins and tokens to anybody using the email address you used while creating your Naga investor account.

Naga Card

Naga Markets LTD just introduced the contactless NAGA prepaid card. Their integration with the Naga wallet lets you fill it with cryptos and pay for products and services at thousands of crypto-friendly establishments worldwide.

Conclusion

While NAGA Wallet is easy to use and allows clients to buy, sell and hold multiple cryptocurrencies, it can be a viable option for newbies. On the other hand, it is highly secured, decentralised, and offers risk-free storage. Also, the low trading cost and seamless conversion of assets from crypto to crypto and fiat make it equally famous amongst all types of investors. However, there are certainly more competitive options available around when it comes to useability.

Frequently Asked Questions (FAQs)

NAGA wallet is a mobile app that allows you to store and manage your cryptocurrencies. It provides a secure and easy way to buy, sell, and trade cryptocurrencies directly from your phone.

Yes, you can buy crypto on NAGA. In fact, NAGA is one of the most user-friendly platforms for buying and selling crypto.

You can trade NAGA coins on the NAGA Exchange, which is a cryptocurrency exchange that allows you to buy, sell, and trade a variety of digital assets. 

It’s not possible to invest in NAGA. NAGA is an investment platform that allows users to trade and store cryptocurrencies online.

NAGA coin is worth US$0.1771 at the time of writing

Yes, NAGA is a regulated financial institution that allows you to buy and sell cryptos and other digital assets. With NAGA, you can rest assured that your transactions are safe and secure.

Yes, NAGA is regulated by the UK financial authority known as the Financial Conduct Authority (FCA).

Naga withdrawal times vary depending on the method used. For example, if you withdrawing using a credit or debit card, it may take up to 5 business days for the funds to appear in your account. However, if you are withdrawing using a bank transfer, it can take up to 7-10 business days for the funds to arrive.

Back to Top