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What Is Nanex Exchange?

Nanex is a cryptocurrency platform that offers a different type of crypto-to-crypto trading service as it focuses primarily on exchanging Nano (formerly RaiBlocks) with other cryptos such as Bitcoin, Ethereum, Litecoin, and more.

Countries available

Nanex and its services cannot be accessed by residents from the New York and Washington state area, as well as residents of Bosnia and Herzegovina, Democratic People’s Republic of Korea (North Korea), Ethiopia, Iran, Iraq, Syria, Uganda, Vanuatu, and Yemen.

Supported cryptocurrencies

The supported cryptos which can be traded against the Nano coin are Bitcoin, Litecoin, Ethereum, Garlic Coin, Bitcoin private, Linda, Monero, Raven Coin, Nerva, NIX, Phore, and Decred.  There are several coins though that can be traded against Bitcoin: Bitcoin private, Nerva, Raven coin, and Nix.

The crypto selection is rather limited, but Nanex has slowly been adding more since it started its operations in 2018.

Interface

Nanex offers a simple web-based trading platform offered that has an aesthetic design. Its strongest feature is their real-time charting which is powered by TradingView.

Wallet service

The exchange also has incorporated an online wallet service, in which users can store their coins. But we recommend never to keep your coins on an exchange after you are done trading.

Nanex limits

There are no buying and selling limits on the site. On the other hand, there are minimum requirements for depositing and withdrawing minimum.

Fees

Nanex implements a fee model that charges only for market takers. The exchange incurs a fee of 0.2% for each trade which is on par with what other exchanges are charging.

There are no fees when it comes to deposits, but on the other hand, withdrawals, do come with a fee. Below are the fees for the withdrawals performed on the exchange:

Nano: Free

Bitcoin: 0.00025 BTC

Litecoin: 0.001 LTC

Garlicoin: 0.001 GRLC

Ethereum: 0.005 ETH

Bitcoin Private: 0.005 BTCP

Deposit and Withdrawal Minimums

As we mentioned above, Nanex has a minimum requirement for depositing and withdrawing certain coins. The minimums are as follows:

Coin       Min. Deposit     Min. Withdrawal   Confirmations Required        Deposit directly from mining

NANO     0.1 NANO          0.000001 NANO             N/A                                              N/A

BTC         None                 0.001 BTC                       3                                                    No

LTC         None                 0.002 LTC                       3                                                     No

GRLC      None                 0.002 GRLC                    3 (100 if mined)                              Yes

ETH       0.01 ETH             0.01 ETH                       12                                                     No

Several coins like BTC and LTC have no minimum deposits, but network fees are still incurred for users.

Security

Nanex is rather new to the crypto game, so naturally, there has been no news of hack or breaches. Because of this, there are not many only reviews regarding trader experience on this site. There is also no information on the Nanex website regarding the company and its employees, how it operates the exchange, its location, nor how the funds are secured or stored. This lack of information and transparency is maybe what put off many users from using the platform.

In terms of funs security, we do know that Nanex has support for 2-factor authentication within the site. The interface also features tables where someone all the sessions that have been performed using that account ID, as well as all the logins, can be verified.

Customer Support

When it comes to customer support, Nanex doesn’t seem to have one. The site features a FAQ section which is divided into three parts: General, API, Legal, and the very few questions are answered by their developer Jay.

Other social sites like Reddit have not had any activity since its launch one year ago. The lack of a proper customer support is concerning, as you have no one to contact in case something is wrong with your account or funds.

Conclusion

Nanex is a rather new and unusual exchange. It offers mostly trading against their native Nano coin and has a limited number of cryptos, most of them being rather obscure altcoins. The lack of a proper customer support system and information regarding its security practices is rather discouraging, as one should always be able to contact the exchange that deals with their funds.

The Review

PROS

  • Easy to use
  • Competitive fees
  • Advanced charting
  • Anonymity
  • Speedy transactions

CONS

  • Mostly trading against Nano
  • No information about the company or where the funds are kept
  • Minimum for deposits and withdrawals
  • No fiat support
  • Virtually no customer support
  • Limited number of cryptos

Review Breakdown

  • User-friendly
  • Cryptocurrencies supported
  • Transaction speed
  • Fees

 

source: https://coindoo.com/nanex-exchange-review/

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