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NAGA Review 2020

NAGAReview


Review sections


Key Features

Key features of the NAGA Wallet include:

  • Multi-Currency Support: Supports the buying, selling and holding of cryptocurrencies and ER20 Tokens with fiat money or cryptocurrencies.
  • Highly Secure: Decentralized and risk-free storage.
  • Design and Interface: Simple design targets, not only the more seasoned cryptocurrency users but also the novice ones.
  • Multi-Asset: Any blockchain asset is compatible with and accepted by the NAGA Wallet.
  • Multi-Purpose Wallet: Not only does the wallet allow the deposit and exchange of cryptocurrencies but also provides a platform to invest in stocks or trade virtual goods.
  • Mobile: The mobile app delivers the NAGA Wallet capabilities to handheld devices for those that are constantly on the move.

  • Reach: The Wallet connects to leading crypto-exchanges and offers easy investing in selected ICOs at a click of a button.
  • Direct Funding Source: Direct integration into NAGA Trader and NAGA Virtual user accounts as a payment gateway.
  • NAGA Card: Allows users to spend their cryptocurrencies held in NAGA wallet in millions of online and offline locations globally. This makes the buying of goods and services with cryptocurrencies as easy as buying with fiat money.

Supported Coins

At present, the NAGA Wallet supports a limited number of cryptocurrencies, with only a total of 8 coins supported. While this is a limitation, some of the wallet capabilities do make the wallet an attractive choice for traders and coin holders with a less diversified crypto portfolio.

We can expect the number of coins that are compatible with the NAGA Wallet to increase in time, however, as the team continues to develop and enhance their platform offering.

NAGA Wallet is currently compatible with the following cryptocurrencies:

  • Binance Coin
  • Bitcoin
  • Bitcoin Cash ABC
  • DASH
  • Ethereum
  • Litecoin
  • NAGA Coin (“NGC”)
  • Ripple’s XRP

In addition to the above tokens, ERC 20 Tokens can also be stored in your NAGA Wallet. By using your NAGA Wallet address, ICO purchased tokens will appear at the bottom of your NAGA Wallet.

Costs

Users are able to download the wallet for free and is Windows and OS compatible. The NAGA Wallet can also be downloaded onto mobile devices via the Apple App Store and Google Play Store.

While NAGA charges fees for transferring cryptocurrencies out of the NAGA Wallet, there are no fees charged for receiving cryptocurrencies into your wallet.

NAGA offers fee discounts for wallet holders transferring funds and paying fees in NGC. Discounts range from 50% to 10% depending upon the type of transfer being made, whether wallet to wallet or wallet to email.

Setup Guide & How to Use it

Signing up and setting up the NAGA Wallet is a painless process and can be completed in just a matter of minutes.

See the steps for setting up below:

Step 1: Go to the NAGA Wallet page on NAGA’s website and click ‘Register’ under the Create a free account icon on the left-hand side of the page:

Step 2: Enter the information requested, which includes a username, email address, and password:

Step 3: You will then be prompted to select your trading experience. Select the appropriate level of experience and click ‘continue’:

Step 4: You will then arrive at a NAGA Welcome Page that provides some additional information about NAGA’s capabilities. There is also an option to select or skip a tour. We recommend taking to tour to become aware of all of NAGA’s capabilities.

Do note that at this stage, the basic information entered allows a user to open a demo account only.

Once you have selected to start the tour, you will then be prompted to upgrade to a live account or upgrade later. (For the purposes of this presentation, we will remain within a demo account).

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

Step 5: Select your country of residence and click ‘Next Step’.

Step 6: Enter the information prompted and select ‘Next Step’. This includes title, first name, last name, and phone number. Username and Email are auto populated.

Step 7: Complete the additional personal information, ensuring that you select the appropriate choices for U.S residents for tax purposes and whether you are a politically exposed person.

Step 8: Complete the final personal information section and finish registration.

Step 9: You will now be required to verify identity and country of residence. Upload scanned versions of relevant documents and select Verify Account.

Until the verification process is complete, NAGA allows you to fund your NAGA account with up to €2,000 and to trade for up to 14 days.

Do note that if you choose to skip upload, the above also applies.

Step 10:  At this point, you will receive a welcome message and the option to Fund now or fund later…

Step 11: By selecting ‘Fund Now’, you are taken to the deposit page of your account. Here you have the option to fund in either cryptocurrency, bank wire transfer or by debit or credit card.

Select your preferred deposit option and do note the minimum deposit requirements. Also, note that account holders who have yet to complete the KYC process are not permitted to deposit cryptos.

Step 12: Select currency and enter the deposit amount and click Deposit. Non-verified account holders have a deposit limit of €2,000.

Step 13: For payment by debit or credit card, enter your card details and click Fund Account.

Upon opening a NAGA account, your personal account manager will make an introduction via email. The account manager will also give you a direct line and times during which support is available. In this case, the account manager is available 7-days per week, between 10 am and 6 pm.

Your NAGA personal account manager will also ask for confirmation of your email address.

Step 14: With your wallet now readily available, select Crypto-Wallet on the top right of your screen

At this point, not only is a trading account available through the opening process, but also a crypto wallet.

Step 15: Select the coin that you wish to transfer to your newly opened NAGA wallet and click the ‘Receive’ icon. At this stage, wallet holders will have a NAGA Wallet address and also a QR code to simplify the transfer process.

Step 16: NAGA will notify you once the transaction is pending and also once the transaction is complete. Upon receipt of the confirmation, you can then open your wallet and transfer the deposited cryptocurrency to your NAGA exchange wallets.

To transfer to the exchange wallet, simply click the ‘Sent to’ icon seen on the bottom right of your crypto wallet and enter the amount that you wish to transfer. Then complete the transfer.

Step 17: An added feature of the NAGA Wallet is that you are able to transfer cryptocurrencies and tokens via email. To complete an email transfer, select the ‘Send to’ icon and select an Email Address.

Enter the email address to which you would like to transfer your cryptocurrency and the amount.

Do note that there is an associated fee for making a transfer, which can be paid in NAGA coins or in the cryptocurrency that you are transferring. NAGA currently offers discounts when paying the fee with NAGA Coin.

You are also able to transfer your cryptocurrencies to other cryptocurrency compatible wallets.

Simply click the ‘Send to’ icon and select Wallet transfer. Enter the receiving wallet address and amount of cryptocurrency you wish to transfer. Again, do note that an applicable fee is charged for the transfer. Also, do take care in entering the receiving wallet address. Incorrect information could result in the permanent loss of your cryptocurrency.

Step 18: With your KYC complete and your account funded, you are able to buy and sell cryptocurrencies directly from your NAGA Wallet.

Simply choose the cryptocurrency that you would like to buy or sell and click the icon.

Account-holders make all purchases in Bitcoin and all proceeds from any sale of cryptocurrencies are also in Bitcoin.

Security

The decentralization of data storage ensures that the highest possible level of security is provided to the NAGA network.

NAGA account holders are also able to set up two-factor authentication to protect from unauthorized access by requiring holders to enter a security code on each sign-in.

Users can go to account settings and select password & security on the left-hand side, under settings and then select Enable Two-Factor Authentication. See below:

Backup Features

As directed by NAGA, you must backup your 2-step key.

In the event of loss, damage, or change to your phone or accidentally uninstall Google Authenticator, users can reset Google 2FA for their NAGA account only through the 2-step key provided. Neither Google nor NAGA store a copy of the key. Loss of this key means that user funds are at risk of loss.

The 2-step key can be located within the password & security section located under settings. (See above)

Pros and cons

Pros

  • Not only are wallet holders able to transfer cryptocurrencies and tokens to other wallets, but are also able to send cryptocurrencies and tokens to contacts by email.
  • Along with compatibility with the top cryptocurrencies, the wallet also allows users to deposit, store and withdraw ERC20 tokens acquired through ICOs.
  • Security is a key priority to protect users from theft and hacks.
  • The wallet supports the seamless conversion between cryptocurrencies, including NGC, and fiat currencies such as the EUR and USD.

Cons

  • NAGA supports a limited number of cryptocurrencies at present. This is a small price to pay, however, when considering the wallet features.
  • Prospective wallet users need to go through the KYC process, even if there is no intention to trade.

Support

Immediately upon opening a demo account, wallet holders will receive an introductory email from an appointed personal account manager.

In addition to an email address, NAGA also provides a local contact number for support. Personal account manager support is available 7-days per week, between the hours of 10 am and 6 pm.

Users are also able to contact customer support online through live chat.

Summary

The NAGA Wallet has certainly raised the bar in the crypto compatible wallet space, with the team delivering a wallet that is user-friendly.

Perhaps of greater significance, however, is its linking of the virtual world to the real world. This allows wallet holders to freely interchange between cryptocurrency and fiat money.

By offering NAGA Card and NAGA Virtual and Trader, wallet holders are also able to freely trade, invest and purchase goods and services using cryptocurrency.

With a global community and wallet that currently supports 15 languages and its email transfer capabilities, this is a Wallet for the masses.

NAGAUser Reviews

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Coins Available

  • Bitcoin
  • Ethereum
  • Litecoin
  • Dash
  • Bitcoin Cash

Wallet Features

FeaturesINFO
Wallet TypeHot
Web Interface:Yes
Mobile App:Yes
Desktop Client:Yes
Independent Wallet:Yes
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