- NGC is striving to become the first decentralized exchange for virtual goods
- Had the one of the biggest ICOs of all time
UPDATED January 17th, 2019
STEP 1 – Get a wallet
The first step is to get a wallet that supports NAGA COIN (NGC). NAGA is based on Ethereum (ETH) at it’s core, which means that you can use Ethereum wallets like MyEtherWallet for storing your NAGA. To get started you simply go to https://www.myetherwallet.com/ and create a new wallet, *read the instructions carefully*. The registration process should be very straight forward so I will not cover that in this guide. When you are done and have a new wallet, you are ready for the next step. If you already have a wallet that is supporting NAGA, it is perfectly fine to use that one instead.
To show your NAGA balance on MyEtherWallet you may need to manually add the Token. This is done by clicking on
the Add Custom Token button on the right-hand-side of the page which will make a form to show up. Type in these values:
- Token Contract Address: 0x72dD4b6bd852A3AA172Be4d6C5a6dbEc588cf131
- Token Symbol: NGC
- Decimals: 18
[The values are taken from nagaico.com]
Now click on the Save button to enable NAGA on MyEtherWallet and go to Step 2.
STEP 2 – BUY ETHEREUM (ETH)
To buy NAGA you have to exchange it with another cryptocurrency, in most case a more stable and established one. These cryptos are most often Bitcoin, Ethereum and (in some cases) Litecoin. To make the exchange as easy as possible, Ethereum is the best choice.
You may ask, why Ethereum? I prefer Ethereum because it has:
- Much lower network fees than Bitcoin, though Bitcoin the most common crypto to use in exchanges
- Much faster transactions
- It is fully compatible with the Exchange platform HitBTC (More info in Step 3).
If you are a veteran in the crypto space you probably have some Ethereum laying around. If not, let’s buy some!
Coinbase is the largest and safest place to buy Ethereum (aswell as Bitcoin, Bitcoin Cash and Litecoin), therefore I recommend you to buy from them. This is how you do it:
Part 2: Follow the registration instructions and verify your identity on Coinbase to be able to buy Ethereum. This will generally take a few minutes up to an hour, If you get bored waiting on the verification I would suggest you to jump to Step 3 and then come back here later.
Part 3: Now you have verified your identity on Coinbase. You now add some Ethereum to you account by clicking the tab “Buy/Sell”.
Part 4: Add a Payment Method, I prefer credit card because the Ethereum will transfer instantly to your Coinbase wallet. To be able to buy a larger amount of NAGA later (Step 3) I would advise you to buy at least 0.05 Ethereum. The image below shows an example:
STEP 3 – EXCHANGE FOR NAGA
To get your NAGA COIN we need to exchange your Ethereum. As of right now HitBTC is the only legitimized NAGA exchange around right now, but NAGA will be accepted to more exchanges soon. HitBTC is one of the most established exchanges around (founded in 2013) and it is considered very safe.
The registration should be pretty straightforward and you should not need to verify your identity (like with Coinbase), which saves some time. If you already have an account, skip to Part 4.
Part 2: Login to your HitBTC account and click on the Deposit icon on the top right corner (see image below).
Part 3: You now come to a page where you select a currency, choose “ETH Ethereum”. A Deposit Address will now appear, copy this address.
Part 4: Go back to Coinbase and send over some Ethereum to your HitBTC account, the minimum amount for exchanging Ethereum on HitBTC is around 0.0005 (but this might change), so send more than 0.01 to have a safety margin for network fees. You do this by pasting the Deposit Address copied from HitBTC in Part 3 into the Recipient box (always double check for misspelling). Then type in the amount you want to send in the ETH box and then click continue to confirm your transfer. See the image below (obviously you may send more than 0.01 ETH, this is just an example).
Part 5: You should within a few minutes receive your Ethereum to your HitBTC account. To check if you received your Ethereum on HitBTC you simply click on the Account tab on the top left corner and then search for “Ethereum” in the search box. When the Ethereum is received the Ethereum amount should show up under Main Account’on the list, see image below.
In order to exchange the ETH you have to transfer the ETH to the Trading Account. This is very easy, you simply click on the top arrow below Transfer and type in the amount of ETH you want to move to the Trading Account and click on the Transfer button. See example on the image below.
Part 6: When you have transfered the Ethereum to your Trading Account we will finally start exchange it for some NAGA. To do this you simply click on Exchange in the top-left corner.
You should now select the tab ‘ETH and type in “NGC” in the search box and select the result.
The strategy I use to trade cryptocurrencies on HitBTC is to buy/bid on the Best ask on the Market to get a good idea on the current price of the currency I want to exchange to, In my case this price is 0.0039 ETH per NGC. I simply type in the amount of NGC I want to buy in the Amount box and click on the Buy Market button.
To simplify this procedure in my example I buy only 1 NGC (which you can see the image), you probably want to buy more than that. Your order will be instantly filled and the NGC will be transferred to your HitBTC Trading Account.
STEP 4 – TRANSFER
If you bought your NAGA from the Market (like I showed you in Step 3) you will recieve your order within seconds to your Account. Now it’s time to Withdraw your NAGA to your wallet (which we created in Step 1). You can of course keep your NAGA on HitBTC for a short while, but keeping cryptos for the long term on an exchange is a risky move in my opinion. You should never store your funds on an exchange if you are investing for the long term for security reasons.
Part 1: Start by clicking on the Account tab in HitBTC.
Part 2: You will now be asked on the amount of NAGA you want to Withdraw and your personal NAGA Address (for your wallet). On the right of the Amount box you will see the Fee you need to pay to make the transaction, in my case the fee is pretty high and that is because I am withdrawing such small amount of ETN, HitBTC currently have a fixed/flat fee of 2.368 NGC (but this might change).
Now copy the Your Address in your MyEtherWallet (which you created in Step 1), paste this address to the Address box in HitBTC (and always do a quick double check for misspelling). This process can be seen on the images below.
Don’t forget to confirm the withdrawal through your email address.
Final Part: Your NAGA should be visible in your MyEtherWallet within minutes, it will look something like the image below.
Thank you for following this guide and we hope it helped you through the process of buying NAGA! If you have any questions feel free to message us using the form below, we love to read your comments. We strive to keep this guide as up-to-date as possible!