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NCX Review - is it scam or safe?

NCX Review - Is ncx.com.au scam or safe cryptocurrency exchange?

RATING: 3.6 / 0 REVIEWS NCX

RECOMMENDED BITCOIN BROKERS


NCX is an Australian entry level crypto currency exchange, member of the Australian Digital Commerce Association (ADCA), offering several crypto currency pairs without trade commission. 

 

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0% 0% Free

 

And although NCX AU Pty Ltd is a relatively new company, it is backed by Lateral Pty Ltd – a well known Australian software firm with over 30 years of experience, which along with the ADCA membership is a good sign for NCA's credibility. 

 

NCX Advantages:

 

Several coins offered

 

With NCX you can trade with Bitcoin, Ethereum, Litecoin and Bitcoin Cash. All coins can be traded against the Australian dollar and the US dollar. However you can not trade coin to coin and that is a disadvantage.

 

Fiat currencies accepted

 

NCX accepts bank wire transfers with AUD only, as well as Bitcoin and Ethereum. The exchange however does not accept payments with e-wallets, such as Skrill, Neteller or PayPal, as well as credit or debit cards.  Still, you may like to look at the companies which accept credit cards:

 

>>Where to buy bitcoin with a credit card<<

 

 

No trade or account fees

 

Good news is that NCX does not have a trade fee, deposit fee or account fees and this makes trading conditions very attractive. As a comparison most crypto currency exchanges take around 0.20 to 0.25% trade fee. 

 

User-friendly platform

 

The platform offered by NCX is simplified and intuitive. Charts look good and you can apply several market indicators. It might seem a little too basic for traders, used to classic FX platforms like the MetaTrader4, but still it can provide you with everything you need to buy or sell coins.

 

 

ADCA membership

 

The ADCA represents the range of industry sectors in Australia expected to be significantly impacted by blockchain technology. In addition most of the well established Australia based crypto currency exchanges are also members of the Association.

 

NCX Disadvantages:

 

Australian residents only

 

If you are not an Australian resident or cannot provide proof of your Australian residency you can not use the NCX trading platform. Still the company promises that soon its services will be available in other regions around the globe.

 

Low trading activity

 

When we opened the platform there were no bid orders for BTC/AUD, which is indicative for a low trading activity. This means that the currently offered prices are not as competitive as the ones you may find on other exchanges.

 

1% withdrawal fee

 

This although not excessive is a bit higher than what we usually see on other exchanges. It is also important to note that all transactions on the blockchain do incur a blockchain mining fee that is not covered by NCX.

 

No leverage offered

 

This is a general issue with most crypto exchanges - no leverage offered. Still if you want to trade crypto currencies with leverage, you may check our list of brokers, offering CFDs on Bitcoin and other crypto currencies:

 

>>Bitcoin Forex Brokers<<

 

However we should make a not here, that trading crypto currency CFDs (CFD stands for Contract For Difference) is different from owning a crypto currency and that should be taken into account by potential investors.

 

Conclusion:

 

NCX seems a legit and reliable crypto exchange. Here we will note again the ADCA membership and Lateral Pty Ltd – the well known Australian software company, which is backing the crypto exchange project. 

 

The zero deposit and trading fees make the trading conditions with NCX extremely attractive. Still the low trading activity means that NCX has still a long way to go until they develop their full potential.

 

Finally we shall also note that as the crypto currency market is still very young and unregulated, trading through crypto exchanges comes with some counter party risk and if you want to avoid such risks you may prefer to choose a regulated broker, offering CFDs on Bitcoin and other crypto currencies:

 

>>Trusted Bitcoin forex brokers<<

 

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Traders` reviews for NCX

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