Nominex Review 2023
- What Is Nominex?
- How Does Nominex Work?
- Services & Products Offered
- Pros and Cons
- How to Create an Account With Nominex?
- How to Buy, Sell, & Trade Cryptos on Nominex?
- Deposit and Withdrawal Methods
- Accepted Payment Methods
- Supported Currencies and Countries
- Nominex Token (NMX)
- Affiliate Program
- Security and Privacy
- Customer Service
Nominex is a popular trading cryptocurrency exchange developed in Estonia in 2019. It offers a convenient cryptocurrency trading experience to investors around the world. Nominex boasts of low fees, several trading tools, simple and robust technology, and a high-security level, all within one exchange. The team of developers works with the aim to offer a streamlined and convenient trading experience to all kinds of cryptocurrency traders.
In this Nominex Review, we will discuss its important features, pros and cons, registration process, fees, its native token, and many more.
|Supported Fiat Currencies||Yes|
|Supported Countries||Worldwide with few exceptions|
|Transaction Fees||User’s membership level|
|Withdrawal Fees||Depends on Currency|
|Customer Support||Email, Live Chat, and Social media Support|
What Is Nominex?
Nominex is a leading crypto exchange platform that allows crypto traders to buy, sell, and trade Bitcoin and other major crypto assets smoothly and instantly. It keeps investors updated with regular information relating to prices and trends. The cryptocurrency community is witnessing an expansion of the crypto market and Nominex is doing a commendable job in motivating more and more investors to become a part of the crypto community.
Nominex is one of the best fintech platforms in Europe that has built several technological solutions for the growing crypto economy. The company plans to launch more advanced and better trading features, including payment methods, more supported crypto assets, and more features connecting the fiat and crypto worlds.
Currently, the cryptocurrency exchange offers an intuitive and user-friendly interface, allows super-easy and instant deposits and withdrawals, supports over 40 crypto trading pairs, and charges low trading fees.
How Does Nominex Work?
Compared to other traditional exchanges, Nominex allows traders to have direct access to cryptocurrencies without the requirement of a broker program. The exchange functions 24*7 and its key advantage is the easy sign-up process. Users can start trading, buying, and selling cryptocurrencies without providing IDs like passports or government IDs.
Nominex Exchange Features
Nominex is a leading Estonian trading platform and blockchain with huge prospects to expand in the future. It provides advanced features that are suitable for high-volume traders. On the other hand, the simple and intuitive interface makes the platform perfect for beginners.
Among the several trading features available on Nominex, here are a few attractive features this review covers so that the traders can benefit from:-
- Over 40 cryptocurrencies and pairs based on Bitcoin, Ethereum, Tether USD, and USD Coin.
- Nominex’s native token, the NMX token, was developed with a special farming model by the exchange.
- Great reputation and reviews across different websites.
- Provides an educational platform that offers incentives and is highly praised by experienced and professional investors.
- Provides accurate and timely information to traders, keeping them informed at all times, allowing them to make risk-free decisions.
- The ease to trade, buy and sell cryptocurrencies effortlessly and instantly.
- The opportunity to earn from referral programs and get more rewards and incentives.
Services & Products Offered by Nominex
Apart from allowing traders to buy, sell, and trade cryptocurrencies on the platform, the review provides us with multiple products and services to offer:-
- The NMX token, Nominex’s native utility tokens
- Liquidity pools
- Team farming
- Personal farming
- Nominex exchange program
- Referral program
- Discount cards
Nominex Review: Pros and Cons
|Incredible user interface and design.||Poor and outdated customer service quality.|
|High-speed transactions.||The value of NMX as a utility token is still unknown.|
|Lucrative referral programs.|
|Supports Futures trading and margin trading.|
How to Create an Account With Nominex?
As per the review, to trade on Nominex, first-time users need to register themselves on the platform. The registration process is straightforward and is facilitated in a few minutes. The process has been divided into the steps below:-
Confirmation and 2-Factor Authentication
Nominex will send an email to the registered email ID to verify the email address. On clicking the link, the account is automatically activated, and the user is asked to set up 2-factor authentication. This is linked to the Google Authenticator, providing security to the account.
KYC and Verification
The trading volume is restricted to 3 Bitcoins per day without verification. To trade more units, users need to activate levels 1 and 2. For this, users need to go to the Profile tab and click on Upgrade to the next level from the Account verification page.
The KYC process requires users to submit an ID. Accepted documents on the platform are government-issued IDs, including driver’s licenser. Users also need to upload proof of residence such as billing statements or utility bank statements. After uploading the documents, users need to click on Proceed and it usually takes 3 minutes to process.
How to Buy, Sell, & Trade Cryptocurrency on Nominex?
As per the review, One of the best things about Nominex is that the exchange is extremely simple to use, even for those who are new to the crypto community. To buy, sell, and trade cryptocurrencies on the platform, one needs to follow the steps mentioned below:-
- Users must have funds in the accounts to begin trading. The process of depositing money on Nominex has been discussed below.
- Users have to visit the Markets page and select the preferred trading pair.
- Next, they need to go to the order section and choose whether to buy or sell cryptocurrencies.
- They need to choose the order type to be placed. Nominex provides the following order types – market order, stop order, limit order, stop-limit order, trailing stop order, trailing stop future order, and scaled order.
- Traders need to select the quantity of crypto they wish to buy or sell and then place the order.
The platform charges a fee called the trading fee for every order a trader places. This fee is usually calculated as a percentage of the trade order’s value. The unique feature of the platform is its native token, NMX. If traders hold this token they might be entitled to trading fee discounts. For the 1st year, NMX token holders receive a 50% rebate on the trading fees, 30% in the 2nd year, 20% in the 3rd year, 15% in the 4th year, and 5% in the 5th year.
Additionally, the trading fees are also based on the user’s membership level. These levels are decided to depend on their trading volume over a period of 30 days. If the 30-day trading volume exceeds a particular level, the platform rewards the traders by charging an even lower trading fee.
Nominex does not have any hidden charges, and no fee is charged for depositing cryptos or fiat currencies on the platform.
Nominex charges a nominal withdrawal fee of 0.0005 BTC for every Bitcoin withdrawal. The withdrawal fees on Nominex are slightly below or in line with the global industry average which is currently fixed at 0.0006 BTC per Bitcoin withdrawal. Hence, withdrawal fees are quite competitive on Nominex. For more detail on its fee structure visit here.
Nominex Deposit and Withdrawal Methods
The withdrawal and deposit methods Nominex provides are easy and do not consist of many steps. To deposit funds on the platform, one needs to follow the points given below:-
- Users need to go to the official website, sign in to the Nominex account, and visit the Funds section.
- Then they need to click on Deposit and select the currency to be deposited.
- The given wallet address can be used to transfer funds from an external wallet.
Important: To withdraw funds from the platform, one needs to follow the steps given below:-
- Users need to go to the official website, sign in to the exchange account, and visit the Wallet section.
- Then they need to click on the Withdrawals tab and select the currency to be withdrawn.
- They have to enter the wallet address and amount of the currency to be withdrawn and click on Withdraw.
Important: Users are advised to be cautious and double-check the amount to be withdrawn and to paste the correct wallet address before pressing the Withdraw tab.
Nominex Accepted Payment Methods
Unlike other cryptocurrency exchanges, the Nominex trading platform does not offer too many options to make payments. The supported payment methods are:-
- Visa or MasterCard (Debit or Credit cards)
- Wire transfer
Nominex Supported Currencies and Countries
Although many traders claim that Nominex is the global and one of the most trusted & top crypto exchanges, it is not available in the following countries:-
Iraq, Iran, Syria, North Korea, Sudan, Bermuda, Cuba, Seychelles, Crimea, Democratic Republic of Congo, the US, Zimbabwe, Puerto Rico, Guam, Northern Mariana Island, American Samoa, and the US Virgin Islands, namely, St. John, St. Thomas, and St. Croix.
Currently, Nominex supports over 20 cryptocurrencies with 60+ trading pairs. Some of the supported cryptocurrencies are:–
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether USD (USDT)
- USD Coin (USDC)
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- Revain (REV)
- Binance Coin (BNB)
- Streamity (STM)
- 0x (ZRX)
- Basic Attention Token (BAT)
- ChainLink (LINK)
- TrueFeedBack (TFB)
- Yearn Finance (YFI3) (YFI), and more.
Coming to fiat currencies supported on Nominex, they are: –
Nominex Token (NMX) Details
Nominex has developed its utility NMX tokens and as mentioned above, it allows users to get trading fee discounts that go up to 50%. The special characteristic of NMX tokens is that the platform does not distribute the token like a regular IEO. There is a different way, called DCO or Demanded Coin Offering, in which NMX is given out.
Traders can either purchase these tokens or earn them through trading and referral programs as rewards. The daily liquidity pool of 65 252 NMX coins is distributed among the active traders proportionately according to their trade volumes.
The amount of NMX tokens can be counted in the following way:-
Tokens Received = (Y / Z) * 65 252 NMX (Y- last 24 hours trading volume, Z – last day’s total trading volume of all traders)
Nominex Affiliate Program
The cryptocurrency exchange platform has a referral program that allows users to invite new traders with a referral link and earn real cash. But unlike other exchanges, there is no restriction on the profits earned from the affiliate program. This means traders can have more than a million levels in the referral tree and obtain 8 kinds of bonuses like a direct reward (earned from inviting new traders), a reward for a quick start, a bonus of 5 to 10% of the team’s efforts, and many more.
The five referral levels are:–
- PARTNER –100+ USDT
- PRO – 300+ USDT
- VIP – 1,000+ USDT
- ELITE – 5,000+ USDT
- MAX – 10,000+ USDT
Nominex Security and Privacy
This review covers many latest security and privacy technologies to provide military-grade security to its clients. It includes SSL or Secured Socket Layer technology that ensures protection and safe storage of client data. Moreover, being a cold wallet, it allows users to store 94% of their assets in the wallets that are run by Google services and have 99.99% uptime.
Nominex Customer Service
As per the reviews, customer service is fairly good, and the support team responds to its clients’ queries within an hour. Users can get in touch with the platform through the following channels:-
- Live chat
According to the reviews, this is one of the leading crypto exchanges that offer convincing functionality, excellent security measures, formidable documentation, and advanced trading features to traders all around the globe. It is an all-in-one cryptocurrency exchange that is continually growing and expanding its assets to reach out to every corner of the cryptocurrency world.
Is Nominex Safe?
Yes, Nominex provides a military-grade security level which means it prioritizes the privacy of its clients’ information and money. It fulfills KYC standards and a variety of other security features making the exchange safe and secure.
Where Is Nominex Based?
Nominex crypto exchange platform is based in Estonia, Europe.
How Do I Buy Bitcoins on Nominex?
To buy Bitcoins and other major cryptocurrencies on Nominex, users need to create an account with Nominex and fund their wallets.
Why Choose Nominex?
Nominex offers a pool of advanced trading functionality at low trading fees. It also offers attractive rewards and bonuses through referral programs and trading. The registration process takes less than 4 minutes and the interface is user-friendly for both beginners and high-volume traders.
What is NMX Crypto?
NMX tokens are utility tokens, native to the Nominex exchange, with unique farming models. Users can receive rewards in these tokens through referral programs and also increase NMX-USDT liquidity to get more rewards.
Nominex Reviews are not to be considered an endorsement or investment advice of any kind. Investors are requested to seek financial advice from experts before making trading decisions on digital platforms.