A Trader’s Review of the Nominex Cryptocurrency Exchange

Hello everyone, I’m Edward, I live in Ireland and I have over 10 years of trading cryptocurrency wins and losses under my belt. I was completely inexperienced when I started trading Bitcoin, some were back-breaking losses even, I won't lie, but some were amazing wins. I’m willing to share my experience and share some hints and tricks I learned recently

(Disclaimer: I do have a vested interest in Nominex because I have plans to invest my funds in their token in the future)

To be honest to the center of the universe and back, I simply thought that I knew enough of the basics to not get into trouble or have any other financial issues, but, as life goes on, here's my experience in the unforgiving world of crypto exchanges.

Exploring The Crypto Universe

A couple of years ago I had some trouble with Bitfinex, and I still don’t know why my card kept on being denied. Well, I kept on saying to myself, hey it’s only temporary, BTC is still on the rise again, so I started searching for another exchange platform. Afterwards I found Coinbase and it was rather acceptable, because, in theory at least, it did not ask for my verification, and I was able to deposit my money there rather fast, apart from the brutal ground shaking 250 USD minimum deposit fee, it was basically painless.

Some details started baffling me because their interface was arguably confusing for me to use. But high and low with all mixed sentiments I had finally managed to buy my first BTC — buy position and by the time I figured out the layouts I already apparently lost an average of 25% of my investment, so try beating that with coconut and a hammer.

An Introduction to Nominex Lead to Great Discoveries

A good friend of mine, invited me with a referral link to try Nominex, I remembered it because I saw many referrals in so many places about it, after sending me the referral link my friend also messaged me on my Telegram that it’s worth trying because he personally knows some managers from this cryptocurrency exchange platform so I decided to access the Nominex website to see what is it made of.

He told me that he had recently met with some former colleagues of his that used to work as programmers for the security segment and on the user interface. I told him about my previous experience with other crypto exchanges and how frustrating it was for me, so he asked me to try out Nominex and while on it I could also give him an honest review and I gladly accepted.

To my surprise, my first impressions were actually quite good, no gummy colors, no Egyptian hieroglyphs user interface, everything was simple as tap water, clean and easy to embrace, so I registered fast and decided to try out the support chat system and asked a few technical questions on crypto development. 

They answered in less than three minutes with a direct, constructive and almost fatherly-advice type of answer. I feel like underlining astonishment because I used this support chat system on other cryptocurrency exchange platforms and, yes, I am still growing a long beard waiting for answers over there. Other platforms that bothered to reply they just offered me vague answers, rubbish, unimportant or just downright silly.

Getting to Know it Better

I kept on browsing and they claimed a lot of benefits of the exchange platform so I started testing them out one by one. As a seasoned trader, I believed I could make ends meet so the first one I stumbled upon was the “Lowest trading commissions on the market” – indeed this checked out as the commission was actually very low compared to other platforms, next I noticed “A lot of trading pairs” – this one also checked out as being authentic because I noticed a lot of trading pairs were available and after doing some more research many pairs were on their way to the platform, I believe that diversity is always a huge plus.

I continued digging on the “Advanced order types”, how “advanced” I asked myself - and to answer it, well, those are easy to use trading tools and I am a huge fan of trading optimization and automation tools. I also viewed the “Instant withdrawals and deposits features” and the platform was honest to this feature as well but I’ll come back to this subject in a few moments, I still have some other things to add first.

One feature managed to catch my attention and draw me in and it was a very simple one, you can withdraw up to 3 BTC on a daily basis without being required to go through the KYC procedure, this, by all standards, is a really dynamic trait.

I also wanted to take a look at the demo section and I noticed that there are daily tournaments there.

As it turned out, the exchange platform includes a demo mode where traders can make inspired orders with ghost money, I felt like jumping in and test this model to see how it ticks, and in two words I found it to be convenient and easy to use, I kind of felt like a kid in candy shop because I always wanted to take and sell Bitcoin for 5k and sleep well at night without having a heart attack next morning.

After I finished digging around the demo mode I went to live mode and deposited 100 USDT and I withdrew half of it and the commissions were actually low and the process was rather fast and problem-free, I recommend doing this trick for all of you out there reading this, always take your time and test your platform before using it, just make a small deposit and a small withdrawal to test the speed of the withdrawals because some platforms have a common problem and that occurs when some guys wait for ages to get their money back and in this case everything ran smooth.

I feel obliged to inform all of you that despite my previous successful experience in trading, I always recommend being extremely careful when trading with any exchange platform. There must be no exceptions from this rule, it is essential to keep your earnings safe and healthy.

Testing, Trading And Digging Deeper

Right, so after this experience I went on and placed an order, which to my pleasant reaction was completed fast in just a second. After 35 – 40 minutes, I got a nice message on my Telegram from the friend, that invited me earlier to trade. He thanked me for trading and also told me that he found out about it through a referral program.

While searching for more info and features I found something worth exploiting, respectively the affiliate program, and, bare with me on this, cryptocurrency exchange Nominex has totally nailed it with this program, from what I noticed so far, it seems to run around tree-shaped structure with many branches. In short, all the users of this program get rewards from people in their binary tree, and, on top of this, active sponsors can help improve their referrals’ teams more quickly.

Nominex affiliate program is something to definitely look better into. This is not some standard “bring a friend, get a one-time reward” scheme most exchanges and services run. With the structure they developed one can seriously think of building a business around this entry point. No to mention the simple fact that this program is the most advances in the industry by definition.

To start with, the program has four (!) different types of bonuses. Then comes the big weapon: unlimited number of referral levels. Guys, this has no precedent in the industry; no to throw names but some ‘B’ exchanges have 1 or 2, and then it’s done. Here you can grow your tree with as many roots and branches as your imagination allows you to. And ranks! Can you believe that they have 10 different ranks in the system.

So, I started digging deeper, and saw more fruits under that bush: daily giveaways, a wide variety of business cards with mega discounts and perks, and more pleasantries for those who chose to get bonuses in NMX tokens.

Some Pleasant Surprises on The Way

God almighty! I’m a doer, and that’s why I went to do my homework. Studying websites and users’ forums took some time but I managed to pull together some notes on the following exchanges: OKEx, Huobi, Bitfinex, Upbit, ZB, HitBTC, Kraken, Coinbase, CoinEx. None stood even close to what I witnessed on Nominex. These guys declare they’ll be spending 80% of what they earn to stimulate partnership programs, and with them I do feel riding the same boat as all business owners do.

I also took a look at the way to get a hand on tokens, I found it to be very simple to use, you can either buy them or you can just simply get them through a referral program. I’ve read about it on the internet and believe it or not some people have built solid businesses with this. 

It manages to keep its features like cashback and daily distributions in tip-top shape . The distribution part is interesting because it consists of two phases, the first phase is normal but in the second one you can acquire a large number of tokens if you trade steady and active, this comes in very handy, especially in the debut, because of the proportional distribution of the coins in accordance with the volume of the trade.

What is really unique here is a chance to simply cash back all commissions for two month, like get a free-trade ticket. Isn’t that marvelous? On top of that, the distribution I mentioned already goes to top-100 traders, and chances to get an allocation are really hard to measure now. Will I be able to get into those 100 best? Hmm… But I’m definitely willing to try.

New traders will get a 50% discount on trading fees for the first year, commissions will be 0.020-0.100% depends on trading volume.

5 Potential Drawbacks 

1. Needs a Bigger Fanbase

One thing I noticed was that the community is really heartfelt. Talking to all these people made me feel like I was family. You know how usually people are quite stand-offish when it comes to money and working together? Well, here everyone really makes you feel like they’re a part of something bigger. One thing I regret seeing though is that the size of the community could be bigger. It’s always great when there is a new product but it would be much better if more people found out about this exchange. And I feel like it’s hard for newcomers to get a word out there these days with so much fake news and bad quality PR. Nominex needs a bigger community! 

2. May Not be Accessible in Some Countries

In some countries (Bolivia, Vietnam, whatever) crypto is still illegal. That means using Nominex will be impossible, which is a problem. Maybe they could create proxies? Or a built-in VPN? That would be nice. In some countries, like Iran and Russia, the Internet is controlled by law. That means it can be censored anytime. And if the government is not happy about crypto, normal people (who aren’t into law) will just try to open the site and you get a 404 error. If you click on a VPN it opens fine, but some people don’t even know what a VPN or government censorship is. 

3. May be Tough For Complete Noobs 

I’m thinking of 70% of people who don’t even know what crypto or trading is. Those are huge numbers. And if they join - that could be a great increase. What if they had a section that could explain to complete beginners what everything is, because I’m telling you, if you’re new and you just want to take a look and join and see those charts and they’re like whoa! Everything is so unknown and complicated. It can be kind of overwhelming. 

4. More Languages

On that note, also let’s bring in more people from other countries. Everyone speaks some English anyway, but still more languages would be a good touch. 

5. Needs Direct Withdrawals to Fiat

What would make this one perfect is having the option to just come in, trade, and withdraw straight into the bank. Currency exchangers really suck every now and then. One of them didn’t do USDT at all that I tried, and every time you think - what if it’s a scam? What if it says one commission but it’s only for a certain amount and in fact it’s another? Or whatever. In this trading world, one more worry, even if it’s a small one, is just too much. 

Finally 

In conclusion, I have to say that I actually like Nominex and more importantly I plan to use it a lot in the upcoming future. Indeed there are some minuses especially in their “novelty” segment, but, by judging what the company writes in charts and on social networks I truly believe that soon I can expect a lot of cool, well-developed stuff from them.

Disclaimer: I do have a vested interest in Nominex because I have plans to invest my funds in their token in the future. The views and opinions expressed are those of the author and is not investment advice. Do your research.