Nanex – Nano Cryptocurrency Exchange Review
Nanex, formerly known as RaiBlocks, is one of the newest cryptocurrency exchange markets. What is unique is that all transactions use Nano. Users can use Nano to buy Bitcoin, Ethereum, Litecoin and other cryptocurrencies.
Nanex was opened in 2018, and despite its very recent launch, already has the 164th highest trading volume among cryptocurrency markets. Since opening, Nanex has averaged $137 million in daily trading volume.
Countries of Operation
Nanex is legal in most countries but is not available to citizens of Ethiopia, Syria, Iraq, Uganda, Vanuatu, Yemen, North Korea, or Bosnia and Herzegovina.
Nanex is available in The United States, except for Washington state and New York.
It is free to open an account, and you can register on their website. All you need to register is a valid email address and a password. Once you verify your email, you can begin using Nanex immediately.
Nanex offers an exceptionally fast network and is built to handle excessive traffic. The speed of the site is also great and offers multiple levels of security. They offer bank-grade security, and Nanex’s considers its security system impenetrable.
On average, it takes three seconds to complete withdrawals or deposits.
They encrypt all data on the site, both in transit and at rest, and have created a nearly unhackable database. Nanex offers high-level security. Nanex users can set up two-step verification. Users can review all activity on their accounts, including trades and logins.
They offer an onsite digital wallet, although it is always safer to store coins in an off-site wallet.
Nanex is one of the few markets that allows traders to remain anonymous. It offers a great layout and offers charts showing the current prices of coins. They use TradingView charts, which is a high-end ticker and provides real-time charting. Nanex offers additional features to help more experienced traders.
Unlike most markets where users must use Bitcoin for trading pairs, Nanex allows you to use Nano instead. They offer a large selection of coins, and BTC, BTCP, and ETH make up for over 80% of the total trading volume. They only allow trading pairs that involve Nano, which simplifies trading.
Some of the downsides to Nanex include that you must use Nano to trade. You cannot trade with Fiat currency. There are also minimum deposit and withdrawal amounts. For Nano, the minimum deposit is .1, and the minimum withdrawal limit is .000001. The minimum deposit and withdrawal for Ethereum is .01. There are no minimum deposits for Bitcoin or Litecoin, but there are minimum withdrawals of 3.
There are no limitations on the amount you deposit or withdrawal.
Nanex is also committed to preventing people from using their platform to launder money or to fund terrorism. The site tracks trades and keeps information on accounts even after they are closed.
There is a 0% fee for buying and a .2% selling fee. There are no deposit fees, and there are withdrawal fees for non- Nano currency transactions.
Nanex is relatively new and has few user reviews. It is unclear how well their customer service is. Their commitment to Nano is unique but simplifies trading. The layout and interface are second to none and offers a great opportunity for new and experienced investors.