Nanex: Nano’s ultimate exchange?
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The introduction of cryptocurrency revolutionized the financial world. The monetary system becomes decentralized overnight and transactions were made possible throughout the world in using a singular currency.
One problem that has still lingered with cryptocurrency exchange is the existence of huge transfer fees from one party to another. Exchange of a few bitcoin between two users could easily reach up to thirty US dollars. To make matters worse, transactions may take a long time before they go through which makes this coin exchange as similarly plagued as the banking system. The Nano coin sought to resolve these and more challenges and Nanex is one of a very few numbers of exchange platforms trading it.
What is Nanex?
Nanex is a relatively new exchange trading platform that puts a lot of its focus on the cryptocurrency Nano. It acts as an exchange between Nano and other different coins such as Bitcoin, Ethereum, Litecoin, and more. Additionally, it provides an online wallet where you can hold and transact using these coins.
Unlike many exchanges, Nanex has zeroed down onto one coin providing a rather specialized service as compared to being “a jack of all trades”. This can be seen as a Niche observed by the developer in the cryptocurrency exchange market.
Nanex made the decision to change its name from Rai.Exchange to the current name Nanex. This decision had been influenced by Raiblock’s team decided to also change the name of the coin from RaiBlocks to Nano. This was geared towards getting a more appealing and recognizable name.
Nanex also has a cryptocurrency exchange trade page where daily trading is displayed to potential investors on the site.
As of 9th January, the company was only accepting pre-registrations and once the exchange was open and finalized, emails were sent to the members confirming their registration.
- Nanex is a very new company and was created in December 2017 although it was not until January 2018 when Nanex opened its operations and exchanges began.
- Nanex was created by a developer christened Jaydubs.
- Nanex does not list the countries in which are supported by its service but however prohibits a few nationals like Uganda, Yemen, North Korea, Yemen, and Ethiopia from using its services.
What cryptocurrencies are supported on Nanex?
- Nanex supports trading for Nano against- Bitcoin, Litecoin, Garlic Coin and Ethereum coins only. Its initial transactions in January could only support a Litecoin to Nano exchange and vice versa showing that the exchange platform is slowly growing.
- Nanex does not explicitly highlight any buying and selling limitations on its site. There are, however, depositing and withdrawing minimum requirements that I explained in the table below.
- Nanex is fast and stable. Nanex is prepared for the increase in load that will comes with more users and has been built purposefully to scale from the ground up. It does so by using the same technology used by internet giants. Therefore, there are hardly any inconveniences caused by maintenance screens.
- Nanex provides very competitive exchange fees with no deposit fees charged at all.
- Nanex understands the need to rapidly update internet data and does this in order to maximize its user’s investments.
- Nanex assures of an impermeable security system with many measures taken in achieving bank-grade
- Nanex allows for third-party service integration by using API keys that are tied to your account. The two API’s currently available are the Nanex API + and 1UpCoin.
The deposit and withdrawal minimum
|Coin||Min. Deposit||Min. Withdrawal||Confirmations Required||Deposit directly from mining|
|NANO||0.1 NANO||0.000001 NANO||N/A||N/A|
|GRLC||None||0.002 GRLC||3 (100 if mined)||Yes|
|ETH||0.01 ETH||0.01 ETH||12||No|
- Bitcoin, Litecoin, and Garlicoin as shown in the table have no minimum deposits but there may still be network fees that may be charged.
- It is good to note that depositing less than the minimum required deposit amount for Nano and Ethereum coins could lead to a loss of funds.
- Nanex charges a 0% maker trading fee.
- Charges a 0.2% taker fee.
- Nanex is currently not charging any deposit fees but this might change in the future.
Withdrawal fees are however charged as follows:
Is Nanex Safe?
- Nanex is a very new company with a history not spanning more than two months. Consequently, there isn’t a lot of information regarding users experience.
Security Encryption; How are coins handled in Nanex?
- Nanex provides for 2-factor authentication within the site.
- Moreover, there are tables on its user interface where someone can check all the sessions that have been performed using that account ID as well as all the logins. This provides a veil of security as a user may be able to discover suspicious activity or notice logins from unknown devices.
- Nanex customer support appears to be non-existent. There have been only three comments made on the site by users that have been answered by the developer himself Jaydubs.
- Social commenting sites like Reddit have only had a talk on the launching of the site and none on customer support which makes it hard to make a judgment on this matter.
- Nanex has decent handling speeds. This may be as a result of how the site has been tailored. As mentioned earlier, Nano transactions are done instantly, therefore, Nanex users do not have to worry about waiting for a transaction to go through.
How to use Nanex
Using Nanex’s site is very straightforward.
- First, you will need to type in the URL of their new website address which is nanex.co
- It is important to note that there is a website with a very similar website address nanex.net which has been in existence for a much longer period but is not the one we are interested in here.
- On the interface, you are prompted to sign in as a new member or log in if you already have an account.
- In signing in you are required to provide your email together with your password of choice as well as agreeing to the terms and conditions of use.
- A link is sent to the email address provided as verification of the email.
- With this, you are done and immediately assigned an account ID. Once you fill in the necessary security and verifications procedures, you are free to transact the coins.
Nanex is a simple trading platform that has taken advantage of numerous benefits that Nano provides, like- scalability, feeless, makes instantaneous transactions and much more.
It is not as popular and mainstream as coins as Bitcoin causing it to get easily overlooked. Nanex took heed of the niche of the absence of Nano coin trading platforms and entered the market.
The lack of activity on the site is pretty suspicious and can be really cast doubts on whether Nanex is a scam or not. Although this could be as a result of it being fairly new.
Nanex claims to be committed to anti-money laundering and counters terrorist financing. They do it by monitoring personal accounts and as it outlines in its terms of service keeping certain files and documentation even after termination of an account by a user.
Pros of Nanex
- The website is very well maintained with very little disruptions caused by maintenance.
- Simple to use.
Cons of Nanex
- Nanex is “too” new and the veracity of its claims as the premiere site for trading Nano coins cannot be fully confirmed.
- Shrouded in secrecy as the amount of information available on the companies details and for making assessments on the site’s security is below average.
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