Investing in crypto can be difficult. It’s not just because prices are constantly fluctuating – although this definitely has a great deal to do with it – but it’s also because there’s so much information out there from so many different sources that it can make it extremely hard for us to know which advice we should actually follow.
One of the most difficult parts about investing in crypto is knowing where to start
The crypto community can be competitive. If you’ve spent any time at all around crypto investors, you’ll notice that it’s common for them to make bold statements about their investments. It can often seem more like a competition than a community.
Many investors claim to have made large profits – especially if they’re trying to sign up to their newsletter or buy their course – but many of them have little evidence to back up their figures.
Understandably, it can be difficult for other investors – especially those who have never invested in anything before – to figure out whether these claims are solid. Many new investors are turned away from the industry completely out of fear of following the wrong advice and losing large sums of money.
You’ve probably heard of the popular quote by Pablo Picasso about learning to become an artist: “great artists steal”.
Well, the same advice can be applied to becoming a world-class investor (but don’t worry, we don’t mean you have to literally steal).
This is exactly what NAGA, the next generation super investing app, is trying to promote with its social network, NAGA Trading Platform. The platform combines content, influencers, trading, digital assets and payments all in one single app, allowing less skilled traders to benefit from the knowledge of experts, while experts are rewarded for their knowledge and skills.
What is NAGA’s Trading Platform all about and how does it work?
NAGA is a new social network platform designed specifically for investors. It lets users follow prolific investors the way they’d follow them on other popular social media platforms such as Instagram or TikTok. But instead of mindlessly scrolling and looking at videos of dogs doing funny things, users can leverage NAGA to actively make money by directly copying more experienced traders.
At the core of NAGA Trading Platform is NAGA Coin ($NGC). This is an ERC20 utility coin that was created on the Ethereum blockchain.
$NGC is designed to reduce the copy trading fees on the platform. It also enables users to decrease fees, create smart contracts for copy trading (we’ll describe exactly what this means in the next section), and much more.
Ultimately, NAGA is aiming to make $NGC the chosen currency for the social finance industry.
What is copy trading, and can users benefit from it?
As mentioned earlier, one of the main reasons that people decide not to invest in crypto – or anything, for that matter – is because they don’t fully understand it.
Time is limited, and there is so much information at everyone’s fingertips that they don’t want to sit in front of computer screens staring at charts and trying to make sense of them. They want solutions that are easy to understand, and they want them all combined in a single app where all of their information is stored in one place.
In particular, they want solutions from known sources who they can trust. And this is exactly the gap in the market that NAGA is working to solve.
The premise of NAGA is that you can see what top entrepreneurs are investing in, and then mirror their trades in seconds so that you also reap the rewards. This removes the need to stay up to date with the latest trends in the news and the markets, and cuts out a lot of the anxiety associated with trading. This tool is referred to as the NAGA Autocopy tool.
One of the key features of NAGA is its Top Traders leaderboard. The leaderboard ranks these top investors, and lets users see where they are putting their money. It includes vital information such as how much profit each user has made, how many Autocopiers they have, and what their win ratio is. Users can make a decision about who they want to copy based on these statistics.
Once they have decided who to copy, they just push a button. No more sitting and staring at charts trying to make sense of them, and no more wasting hours and hours scrolling through forums trying to do research.
When one of the traders that you are copying trades, then you also trade – it’s literally that simple. You will benefit from your leaders’ trading and earn commissions. If done right, the rewards can be huge. As of November 2021, the profits made by NAGA’s top 10 most profitable traders amounted to over $891,780, with a win ratio of 94.10%.
This all sounds good for investors, but what’s in it for the traders?
Of course, Top Traders aren’t expected to hand over their trading strategies for free – they’re rewarded too.
When a user decides to Autocopy a trade, they will pay a flat fixed copy fee of €0.99. The influencers who are being copied will receive approximately 35% of this fee. Traders can receive up to €100,000 in monthly payouts in real cash, based on the amount of their copiers.
Every trader on the platform can Autocopy, and they can also be Autocopied by other users. But of course, you’ll need to prove yourself before other people want to copy you.
If you’re an experienced trader that hasn’t quite made it onto the Top Traders leaderboard yet, you can also help yourself by expanding your network by interacting with other traders on the NAGA platform. Gaining more followers and friends will give you an opportunity to show off your own skills and trading strategies, and ultimately make more money.
So how do I get started?
Creating an account with NAGA is completely free, and all you need to start following the strategies of the best traders and unlock the potential of the Autocopy tool is a 250€ deposit.
You can also set limits for both the profit and loss you’re willing to accept when trading, and you’ll receive notifications accordingly.
You’ll also become a part of the NAGA community, and you are encouraged to share your thoughts, connect, and start conversations with other members of the community. It is, above all, a social networking platform after all.
NAGA could play a role in welcoming a new wave of crypto traders to the DeFi industry
Decentralized Finance, more commonly referred to as ‘DeFi’ by the rest of the crypto community, is a system in which financial products become available on a public decentralized blockchain.
The central idea behind DeFi is to eliminate the involvement of government-controlled centralized banks in issuing and regulating currency. But over the past year, a number of DeFi projects providing insurance, enabling securities trading, and even offering savings accounts has skyrocketed. If NAGA is brought to on-chain trading, this could be a game changer that welcomes yet another flood of newcomers to DeFi trading.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.