Nominex Review – Is Nominex Legit & Safe To Use?
Felix Küster
What you'll learn 👉
Overview
Nominex is a fairly new cryptocurrency exchange platform, founded in August of 2019, registered in Estonia and is considered a crypto trading platform. It is one of the few centralized exchanges out there that enables Visa and Mastercard support, though requires no KYC regulations. This means that you can use the exchange without ever inputting your identification, which is very rare nowadays.
Supported Cryptos
Nominex supports a decently-sized range of crypto assets for you to trade. Excluding the stable coins, nominex supports around 30 different currencies for you to trade. Although this is nothing compared to some exchanges, such as the behemoth that is Binance, it is still more than enough for new investors and active traders.
Here is a full list of the cryptos you can use:
- BTC Bitcoin
- LTC Litecoin
- BCH Bitcoin cash
- DASH
- ZEC ZCash
- XRP Ripple
- XMR Monero
- USDT Tether
- ETH Ethereum
- OMG OmiseGO
- BAT Basic Attention Token
- LINK ChainLink Token
- ZRX 0xS
- DOGE Dogecoin
- AMB Ambrosus
- TRX Tron
- TFB TrueFeedBack
- BAND Band Protocol
- TRYB BiLira
- STMX StormX
- YFI yearn.finance
- LEND Aave
- COMP Compound
- UNI Uniswap
- USDC USD Coin
- STM Streamity
- REV Revain
- SNX Synthetix Network Token
- UMA
- MKR Maker
- ATOM Cosmos
It appears that Nominex plans to expand this list in the future. As new crypto projects have recently moved into fame in the last year. Time will tell what they choose!
Nominex Trading View
The Nominex trading interface is a very helpful and detailed system that gives you the tools you need to make good trades. You are able to view the current price in candle format, volume, buy and sell orders and more. They also give you a range of charting tools so you can make educated predictions on the currency’s future.
Nominex’s trading view is not outstanding though it does provide more features than some platforms, it is up to you to decide whether or not it is suitable for your trading needs and preferences. The platfrom supports more than 1000 trading pairs. To be honest, the number of trading pairs speaks for itself.
The cryptocurrency exchange platform has a referral program that allows users to invite new crypto traders with a referral link and earn real cash based on referral levels.
US-investors
A lot of crypto platforms are not legally usable in the USA, even more so in the state of New York. This is due to harsh regulations from the SEC which do not allow foreign companies soliciting US citizens. Although it is not clear if you can use Nominex in the USA, it is highly unlikely, due to the lack of KYC restrictions present on the site and the fact that the organisation is based in Estonia. If you are in the US, please proceed with caution when attempting to use Nominex and their services.
Nominex Native Token
Nominex has their own special Nominex Token (NMX). This token earns you special benefits by owning it, such as only paying half of fees when you use them. Nominex uses quite a unique system when it comes to distributing these tokens. Users can either purchase NMX on demand or earn them through affiliate programs and trading usage. They distribute their tokens to traders through a distribution pool, dividing over 65,000 tokens to all those who traded on the site that day. It divides the tokens up based on the trading volume of all those involved. The NMX token can be traded on PancakeSwap or Nominex exchange. The token is relatively small compared to other exchange tokens out there, such as Binance Coin.
Nominex Trading fees
The trading fees with Nominex are applied whenever you make a currency exchange on the platform. Rather than charging Taker, Maker, crypto and fiat currencies fees, Nominex just charges flat fees which are applied by default to all trades. The flat fee is 0.10% which is very competitive, helping keep the money in the hands of the trader rather than their profits being eaten up.
The more you trade on the Nominex platform you will also receive lower fees on your trades. The fees scale all the way down to just 0.01% for NMX Makers and 0.02% for NMX Takers. These rates are extremely competitive and very attractive to traders.
Nominex Withdrawal fees
Withdrawal fees on Nominex are also somewhat competitive. They currently charge 0.0005 BTC per Bitcoin withdrawal, which is around 25 USD at this time. Most crypto platforms charge a little more than this so it is good to see a platform who gives their customers a deal on all of their fees, not just trying to lure them in on one and catch them out with the other.
Deposit & Withdrawal Methods
On Nominex, you are able to deposit your crypto assets by transferring them from their wallet to your onsite wallets, or you can purchase some crypto assets directly with a credit or debit card. You are permitted to use either Mastercard or Visa in-order to acquire your coins without buying them on another exchange and sending them over. They use 2 different payment systems to facilitate these transactions. First we have Koinal which is generally preferred by buyers as you do not have to provide your ID to purchase the coins, though with their other payment supplier, Mercuryo, you do.
This makes Nominex a good exchange for those just getting into crypto as they can go in directly with their card rather than having to transfer their funds on another exchange elsewhere.
Nominex Security
Nominex states on their website that they use “Military Grade Security”. They give more details below stating that 94% of all customer funds are stored in multisig hard/offline wallets, these are incredibly secure and impenetrable to hackers as they are offline. Secondly, they state that they use “Enterprise level hardware”, and that they work on google servers that have an average uptime of 99.99%. Lastly, they state that they use “Industry best practices”, using the latest tech and safety measures to ensure their customers’ details and funds are safe.
Other crypto exchanges to check out:
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- WhiteBIT Review
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- Gate.io
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