Nova Exchange Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Nova Exchange Review.
Nova Exchange Review
Nova Exchange is a cryptocurrency exchange which offers a lot of altcoins. Furthermore they specialize in small market cap coins, which most other exchanges haven’t listed. That being said, this platform may not be the most suitable for beginners.
Nova Exchange Advantages
Very alternative coins – the main selling point of Nova Exchange is the fact, there are a lot of coins. They are very exotic and may not offer much value as an investment, so be sure to do your due diligence before deciding to buy one. Some of them are not available on other venues, which can be view as altcoin-centric, such as Bittrex and Cryptopia.
Competitive fees – the 0.20% maximum trading fee, charged by this exchange are in-line with the current state of the industry. This is very impressive, given the number of exotic assets, on offer – a lot of companies have higher fees for altcoin trading. We would consider everything above 0.25% per transaction not that good.
Alternative base currencies – trading at Nova Exchange isn’t done against the US dollar, or (Tether dollars), but only against other cryptocurrencies. The list includes: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Kibicoin (KIC), Esper (ESP2), Dogecoin (DOGE), PiggyCoin (PIGGY), MoonCoin (MOON).
Nova Exchange Disadvantages
Not suitable for beginners – In case you don’t know at least half of the coins listed above (in the base currencies section), Nova Exchange is not for you. This is a platform, in which one can easily make a mistake, when calculating the value of a given coin and pay much more than he wishes. Of course, the market has to be not that liquid for this to happen (i.e. the first ask has to be much higher than the bid). The situation is pretty similar to the one at Ether Delta.
Will stop accepting deposits soon – as we highlighted in the beginning, Nova Exchange will soon stop accepting deposits. There are multiple rumors on the future of this trading venue, which will either shut down completely or be bought by new owners. Nothing is certain yet and the “news” section of their website is the only credible source of information.
No leverage available – this exchange has assets, which are often not liquid and trades can occur at prices very far away from the recent consensus price. That being the case, it’s no surprise Nova Exchange does not provide leverage.
Those of you looking to trade cryptocurrencies on margin can do so with a forex broker. More and more of these companies have started offering CFDs on the most popular coins. In case you are not familiar with Contracts for difference trading, be sure to check our brief explanation.
Poor charting – the platform offered by Nova Exchange s relatively nicely arranged. While we don’t admire the charting that much, everything below is easy to read and understand.
No fiat currencies accepted/traded – this goes in line with everything we mentioned above, but we would like to reiterate the point. This is not an exchange, where you can interact with fiat currencies. In case you are new to cryptocurrencies, Bitstamp or Coinbase are beginner-friendly exchanges.
Nova Exchange is an interesting cryptocurrency trading venue, where one can find unpopular trading assets. That being the case, we would not recommend this venue for newbies in the world of crypto.
The user reviews on this exchange are very mixed. While some claim they operate flawlessly, others mention slow deposit and withdrawal times.
As for the ownership of this exchange, the situation will change in the coming months. We can’t be certain of the outcome, but we will update this review.
This exchange may offer an interesting selection of altcoins, but it also underlines the risks involved in the sphere. One misclick at Nova Exchange and you may loose a substantial portion of your investment. If you are looking to trade crypto-currencies in a much safer environment, the forex brokers, which we briefly mentioned above are a decent option. That being said, some of them are just as untrustworthy as the worst crypto-exchanges. Here is a list of the well-regulated brokers, offering Bitcoin CFDs.
Nova Exchange Review Conclusion
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