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Nanex Review - is it scam or safe?

Nanex Review - is nanex.co scam or good cryptocurrency exchange?

RATING: 2.4 / 2 REVIEWS ForexBrokerz Nanex

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type

Min. Deposit

Market Taker

Withdrawal Fees*

Standrd

1 Nano

0.20%

0.00025 BTC

 

*Withdrawals in Nano are free of charge.

 

Nanex is a cryptocurrency platform that provides a rather specialized crypto-to-crypto trading service. It acts as an exchange between Nano (formerly RaiBlocks) and other coins such as Bitcoin, Ethereum, Litecoin, and more. In addition, it provides an online wallet where you can keep and transact the coins supported by the exchange, and also uses one of the most effective measures against coin theft - Two-factor authentication (2FA).

 

Note that the services of Nanex are not available for New York and Washington state residents, as well as residents of Bosnia and Herzegovina, Democratic People’s Republic of Korea (North Korea), Ethiopia, Iran, Iraq, Syria, Uganda, Vanuatu, and Yemen.

 

Nanex Advantages

 

Competitive fees

The trading fee structure at Nanex includes fees only for maker takers. It amounts to 0.2% per trade which currently is the industry’s average. Such fee sstructure encourages traders to provide liquidity to the exchange rather than taking it all away and stabilizes the prices, as well.

 

As regards transaction fees, Nanex does not charge any fees whatsoever on deposits. Withdrawals, on the other hand, incur small fees. Here are the details:

 

Nano

Free

Bitcoin

0.00025 BTC

Litecoin

0.001 LTC

Garlicoin

0.001 GRLC

Ethereum

0.005 ETH

Bitcoin Private

0.005 BTCP

 

Solid number of coins offered

Although this exchange launched a couple of months ago, it has listed Nano, Bitcoin, Ethereum, Litecoin, Garlicoin and Bitcoin Private. This is by no means a comprehensive cryptocurrency portfolio, yet it seems a pretty solid list. Currently, the most actively traded pairs are NANO/BTCP, and NANO/BTC.

 

Platform with TradingView charts

The web-based trading platform offered by Nanex is simple and nicely designed. Its most obvious strong side is the real-time professional charting powered by TradingView. Here is a snapshot of Nanex’s platform:

 

 

Anonymity and speed

Nanex has taken advantage of the benefits that Nano provides: scalability, low fees, instantaneous transactions and more. Allegedly, Nano withdrawals and deposits are being processed rapidly - within three seconds or less. BTC withdrawal times, on the other hand, take up to 5 minutes.

 

What is more, Nanex also allows unverified users on its platform, so you can trade anonymously on this exchange.

 

Wallet service

Moreover, Nanex provides an online wallet service, so its clients can keep their coins there. Or they can use third-party wallets, if they prefer.



Nanex Disadvantages

 

Trading only against Nano

Despite the fact that Nanex has listed a couple of coins, they cannot be freely traded against one another. This is an exchange where NANO is the base currency, and the rest coins are traded against it.

 

Dependent on the Nano network

This weak side of Nanex is related to the previous point. If there is backlog on the Nano network, this will also slow down trading at Nanex, as it is done solely against Nano coin.

 

Margin trading not supported

Like most exchanges, Nanex does not offer margin trading in cryptocurrencies. Instead, you can sign up with a reputable forex broker and engage in leveraged trading in crypto CFDs.

 

 

>> Forex brokers offering leveraged Bitcoin trading <<

 

 

Fiat currencies not accepted

There are only crypto-to-crypto trading pairs available at Nanex. This means that you cannot buy Nano or Bitcoin with cash, such as US dollars, Euros or Chinese Yuan.

 

No information about the company, storage of assets

The Nanex website does not provide any information about the company operating the exchange, its location, nor the manner in which the clients’ assets are stored. This is definitely a major disadvantage, as users have the right to know whether their coins are safe.

 

Additionally, as Nanex is a newly-launched exchange, there isn’t a lot of information regarding users experience either.

 

Deposit and Withdrawal Minimums set

Nanex has set certain deposit and withdrawal minimums for some coins, which is not a major flaw, but it still can be inconvenient for some users. Here are the details:

 

Coin

Min. Deposit

Min. Withdrawal

Confirmations Required

Deposit directly from mining

NANO

0.1 NANO

0.000001 NANO

N/A

N/A

BTC

None

0.001 BTC

3

No

LTC

None

0.002 LTC

3

No

GRLC

None

0.002 GRLC

3 (100 if mined)

Yes

ETH

0.01 ETH

0.01 ETH

12

No

BTCP

None

0.01 BTCP

6

No

 

Keep in mind that certain coins have no minimum deposit, but there may still be network fees users will have to pay.

 

 

Conclusion

 

Launched in January 2018, Nanex is the premier trading platform for Nano coin. It obviously places a focus on the cryptocurrency Nano, which has both its advantages and disadvantages. On the good side, it can be transferred instantly with almost no fees and has infinite scalability. On the other hand, this platform is dependent on the Nano network.

 

What bothers us most regarding Nanex is the fact that there is no information about the company behind it. According to publications on various sites and social media, the exchange is owned and operated by some guy dubbed Jaydubs, who seems pretty active on reddit.

 

In case you are looking for a safer way to trade Bitcoin, forex brokers might be a good alternative. Trading in Bitcoin CFDs is easier, almost all companies offer leverage, and many of them are duly regulated in the countries they operate.

 


>>Trusted brokers offering crypto-trading<<

 

 

Here are the strong and weak sides about his exchange:

 

Pros

Cons

Low fees

Trading only against Nano

Quite solid number of coins offered

Dependent on the Nano network

Platform with advanced charting

No margin trading

Anonymity and speed

No info about the company, storage of funds

Wallet service

Fiat currencies not accepted

Free Nano deposits & withdrawals

Deposit and Withdrawal Minimum

 

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Traders` reviews for Nanex

Spread

Pros

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Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

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stuck funds

i tried to withdraw 43 ravencoins that are stuck with no reply from nanex, only an automated reply with ticket number..
Carlicoin is not availible for withdraw either.
im really disapointed .!

leo flores 03/16/2019
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