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While all exchanges are unique in one way or the other, a majority of exchange sites do not support the number of cryptocoins that NovaExchange does.
This is what is so appealing about NovaExchange. The Sweden-based exchange supports coins that you that you never knew existed. It is also well known for reviving dead coins. However, the exchange does also delist dormant coins or coins that don’t seem to have valid backing.
Take a read through our review of NovaExchange and find out everything you need to know about the exchange.
What is NovaExchange?
NovaExchange is a cryptocurrency exchange based in Sweden that offers a huge range of cryptocurrencies, some of which you may never have heard of.
Launched in 2016, the exchange initially offered only 3 base currencies: Bitcoin, Litecoin, and Aricoin. However, with time, the exchange added more coins to its coin listing allowing users to trade coins that could not be found anywhere else.
The exchange has no restrictions on who can use their services. Anyone from anywhere can open an account with the exchange and start trading.
There are no deposits limits on NovaExchange, but there are withdrawal limits. How much you can withdraw depends on your verification level. The limitations are as follows:
- Level 1: withdrawal limit of $2000 per day.
- Level 2: withdrawal limit of $7500 per day.
- Level 3: withdrawal limit of $15000 per day.
If you want to upgrade to a new level, you need to provide all the required documentation and then contact the exchange’s support team.
Buying and selling payment methods
NovaExchange does not support the traditional depositing methods like bank or credit card transfers, it only accepts crypto coin deposits.
NovaExchange supports a wide range of cryptocoins including popular coins like Bitcoin, Litecoin, Dash, and Ethereum. The estimated amount of coins listed on NovaExchange is over 250.
The exchange is known for delisting. In 2017, NovaExchange delisted Bitcoinfast, Acespro, Dinocoin, Kingcoin and Blackstar and many others. The exchange delists cryptocoins that do not have an active network or a connection to a crypto wallet.
The exchange also allows users to list their own digital tokens. You only need to pay a fee of 1BTC to have your coin listed on the exchange.
Opening an account with NovaExchange is free of charge. All you need to do is verify your email account to activate your account. You may choose to enable the 2-Factor authentication feature using Google Authenticator.
NovaExchange does not charge a fee for registering an account or making a deposit. It does not accept credit/debit card transfers, bank transfers or fiat deposits, so the number of fee users are required to pay a very few.
The only charges that users are required to pay is a commission for each transaction. This commission varies, but it does not exceed 0.2%.
The only other fee with NovaExchange is the coin listing fee. If you have a new digital token and you want it listed on the exchange, use the “Pay to List” feature to get it listed. A fee of 1BTC is required to setup your new coin and an annual fee of 0.25BTC.
Is NovaExchange safe?
I know you must be wondering is NovaExchange legit? Is it safe? Well, based on the many positive reviews on Bitcointalk and Reddit, it is safe to say that NovaExchange is legit. The exchange has earned itself a good reputation for offering legitimate and secure services.
There are mixed reactions about NovaExchange. While some users are confident and happy about the exchange, others have voiced their concerns regarding the withdrawal times and slow deposit. But, overall, the site has numerous positive reviews for being safe.
NovaExchange uses an HTTPS secure connection.
You can contact the NovaExchange support team via email or by submitting a request. Usually, they respond within an hour, but issues are resolved within 24hrs.
Users can also interact via the chatbox Trollbox, which can be found on the website.
Many users have commended NovaExchange for its fast deposits and speedy withdrawal times.
How to use NovaExchange?
- To start trading on NovaExchange, register an account by providing your full names, email address, password, PIN, country of residence and phone number. The PIN should be a 4-digit number only known to you.
- After you have registered, you will be sent a link to your email with a verification code, which you will need to login to your account.
- After logging into your account, click on “Wallets” and then “Balances” here you will find all cryptocurrencies supported by the exchange. Click on the “Coins” menu and look for the “Deposit” option. Generate a deposit address that you will use to deposit the cryptocurrency of your choice into your account. Once you have some coins in your trading, you can now start trading.
- It should be understood that if you make a deposit into the wrong depositing address, you will lose your coins. It is paramount that you double check the deposit address to see you have the right one because each cryptocurrency has a different depositing address.
NovaExchange has set itself apart from other exchanges by offering cryptocoins that cannot be found on any other exchange. The list of coins on the exchange is massive because users can also list their own digital tokens.
Surprisingly enough, Ethereum was the only popular cryptocoin that had not been listed until 2017 when the exchange finally accepted the coin.
In an as far as the exchange’s reputation goes, everyone seems to have only good things to say about it in terms of security and user experience. The only issue is, the exchange is not ideal for beginners. If you only know a handful of cryptocoins, then this is not the exchange for you.
You would need to familiarize yourself with the many existing cryptocoins in the market before you can join the players on NovaExchange. This is important because if you make a mistake by miscalculating the value of a coin during a trade, you could end up overpaying.
Pros of using NovaExchange
- Fast deposits and withdrawals.
- Competitive fees.
- Good security.
- Fast support response.
- A huge amount of coins supported.
- Not ideal for novices.
- Not easy to use.
- Traditional payment options are not accepted (Fiat, credit/debit card or bank transfer.)
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