🏛 Our withdrawal policies and limits
We know that terms, conditions and policies📄 are difficult and, dare we say, boring, but we are going to break this article down for you in a way that will help you understand everything around our withdrawal policies and limits.
🔍 As a publicly-listed company and fully regulated financial services 🏦 company, NAGA adheres to the strict regulation in regards to Anti-Money-Laundering (AML) and Know-Your-Customer Policies (KYC).
🔘 In regards to AML, we do our best to prevent fraudulent transactions, 3rd party deposits or facilitating the unlawful transfer or exchange of funds.
🔘 When it comes to KYC, we as a regulated company we want to ensure that our customers provide us with sufficient information about their residency and personal verification data (such as passport data).
We understand that these regulatory requirements create a bit of extra work at your end (as well as at our end 😀), but ultimately it ensures that we all can enjoy the wide range of products and features at NAGA.
➡️ Here are the two simple steps that are required for you to be able to withdraw your funds:
1️⃣ Make sure you are a verified client
First of all, it is essential that your account is fully verified and approved. This means that we need to verify your information by receiving your Proof of Residency (any utility bill not older than 6 months, matching the address you provided during the registration process) as well as your Proof of Identity (identity card, passport or driver’s license).
👉🏻 Please read this article if you would like to learn how to verify your identity.
Once you’re verified you will receive an email and a push message from NAGA, essentially stating that “Your account got approved”.
❗️If you are NOT verified, you will not be able to proceed with withdrawing your funds.
2️⃣ Verify your payment methods
One of the most common issues our support team faces is when a user deposits funds via a credit card or a bank transfer but does not provide us with a copy/photo of the credit card or a bank statement.
❗️IMPORTANT: Your credit card copy or image has to have the CVV code hidden and it has to show only the last 4 digits of the card.
On your payment methods page you will transparently if any of your payment methods needs to be approved.
You would be able to upload the requested documents through your document management area.
💡Pro Tip: If you plan to use a card to deposit funds to NAGA, be proactive and add it in your payment methods area and provide proof of payment, so you won't face any delays or blocks in the future.
🔺A big favour for a smoother process:
We always stress that our hard-working support team is here for you, but in order to fix your issue, most likely there is no need to connect with them. You will most likely be able to fix the issue with your payment verification yourself. You need to make sure that your payment methods are up to date, owned by you and that the documents are verified. And also make sure that you have successfully implemented the two tips that we have stated above: verified your identity and payment methods.
❓Why were you rejected:
▫️The payment method you used does not match the account holder.
▫️You were trying to deposit with an unverified credit card and immediately purchased and withdrawn cryptocurrencies
You can instantly withdraw your funds if the amount is not higher than the amounts mentioned below:
Please remember that you are required to:
1️⃣ Be a verified client
2️⃣ Make sure the deposits are made with payment methods that belong to you
3️⃣ Be an active trading client
▪️You can withdraw 500 USD in one single day in one single transaction.
▪️You can place 5 withdrawals of 100 USD each, but not more than 500 USD in total within 24 hours.
▪️For a 3-day period, there is a 1500 USD limit, so you can withdraw 500 USD daily but not more than 1500 USD within 72 hours.
▪️This means that if you are within the above limits, your withdrawal will be done automatically and instantly and without any manual review.
❗️If, however, your withdrawal limit is higher, you will receive a “review” email and our team will manually review and approve the request within the next 48 hours.
🔺Error Message Explanation and Trouble-Shooting:
Here we would like to explain to you what our common error messages mean and what shall be your actions if you receive the error message from this list:
1. Reason: Your account was blacklisted and is under review. > Your action: contact our support via chat or e-mail
2. Reason: Your account is either archived or in "Read-Only" status and you can't trade or withdraw. > Your action: contact our support via chat or e-mail
3. Reason: Your account is marked as a "Test Account". > Your action: contact our support via chat or e-mail
4. Reason: Your account does not show any trading activity. As per our company policy, only active traders can exchange cryptocurrencies to EUR/USD. > Your action: Open and close at least one real-money trade to unlock the crypto-exchange feature
5. Reason: Your account does not seem to have any verified payment methods. > Your action: Navigate to here and check if you have provided the documents/proof for the payment method and that all methods are approved. If you see that some method is already pending approval for more than 48hrs, please contact our support
6. Reason: The requested amount is over the limit for your account. To learn about your limits visit the Help Center. > Your action: Please check the "NAGA Withdrawal Limit" table in this article
7. Reason: It seems that the credit card you used for depositing to your account is not verified. > Your action: Navigate to here and check if you have provided the documents/proof for the payment method and that all methods are approved. If you see that some method is already pending approval for more than 48hrs, please contact our support
8. Reason: You have made more than 3 consecutive withdrawals in less than 24hrs. > Your action: Wait for 24hrs and attempt another withdrawal
9. Reason: The requested amount is over the 24hr limit for your account. > Your action: Please check the "NAGA Withdrawal Limit" table in this article
10. Reason: The requested amount is over the 3-Day limit for your account. > Your action: Please check the "NAGA Withdrawal Limit" table in this article
We hope this article was helpful and that you’re now ready to continue with your withdrawals!