Nash Cryptocurrency Exchange Review
Nash exchange is a decentralized exchange that aims to expose over one billion people to the crypto market by 2030. Nash runs on blockchain technology allowing its users to trade cryptos without leaking their private keys. The exchange allows users to access non-custodial trading wallets encrypted with 12-word phrases like other decentralized wallets.
The exchanges allow every transaction done to be tracked on a public blockchain. It also has exceptionally high-level security measures. It is driven by the need to maintain the core properties of cryptocurrencies, like allowing users to have total control over their assets. Therefore it may be an alternative platform to most of the large crypto exchanges in the market. Below is some information on the exchange and the kind of services to expect.
Company Overview
Nash exchange is a decentralized crypto trading platform founded in 2017 by Luciano Engel and Thomas Saunders. It first operated under the name NEX/ Neon Exchange. Its legal name is recorded as Neon Exchange AG.
The exchange explains itself as a fintech platform where crypto and banking meet. It incorporates banking, DeFi, and crypto on the same platform. Nash can be accessed through their trading applications (Android, iOS, and desktop) or the official website.
The exchange has different platforms where both new and experienced traders can access the market. The new traders can access the market through the exchange’s applications, which look like most digital banking platforms. Professional traders can also access more detailed trading tools like market-leading rates in the same application.
Key Features of Nash Exchange
Decentralized exchange: The exchange is decentralized and probably among the most innovative ones. Decentralization is one of the main Nash exchange’s features and the most important one as it maintains the spirit of crypto.
A native token (NEX) registered as a security: Nash exchange has a native token known as the NEX token. The token is built on the NEO blockchain and is legally registered as a security. The token is registered with the Financial Market Authority of Liechtenstein. Traders can use NEX to stake dividends by locking them in smart contracts. Once users have staked their NEX tokens, they are paid in dividends.
Nash crypto wallet: Nash crypto exchange offers the Nash crypto wallet that uses an advanced multiparty computation system. That security system rivals the integrity systems installed on most crypto hardware wallets. When transacting with Nash, the assets will be left on this wallet rather than on the exchange, making it safer.
Margin trading: Nash offers trading options for both experienced and new traders. Professional traders have access to margin trading options. This is incorporated to help increase the exposure of experienced traders to the market.
Good customer service: Nash has good customer support service. It has a Monday to Friday operation window and has a 95% customer satisfaction rate.
A simple user interface: The Nash exchange user interface is neat and easy to use. Every step can be clearly understood by both experienced and new traders.
Low fees: Nash is among the few exchanges with affordable trading fees. It only charges taker fees. However, it is advisable to watch out for additional fees like Gas fees, especially for highly congested networks like Ethereum.
Verification Requirements and Account Tiers in Nash Exchange
Since Nash is a DEX, its verification process is somewhat different from other exchanges. It does not necessitate one to use fiat for transactions. A user could connect the exchange with their wallets and make crypto-to-crypto trades.
To access fiat-to-crypto trading, a user must provide more details for KYC and AML compliance reasons. To activate a fiat-to-crypto trading account, the exchange requires details like:
- Government-issued id
- Billing information
- Other specified private information.
The best thing about trading on Nash and using its wallet to store cryptos is that the coins entirely belong to the user. The sense of ownership comes where the exchange has no control over the holdings stored in its’ wallets as the users have their 12-word seed phrases. Once the assets have been encrypted by Nash wallet, no one else can access them.
Nash Exchange Account Tiers
The exchange has different account tiers depending on the trading volumes that a user intends to generate. The levels are as follows:
- Tier 0- restricted to trading a maximum of $5000 per day, $30,000 a month, and $365,000 a year.
- Tier 1- restricted to trading $500K a day, $5M a month, and $25M a year
- Tier 2- limited to trading $2.5M a day, $25M a month, and $250 M a year
- Tier 3- to restrictions in trading volumes.
How Can I Stake on Nash Exchange?
Nash exchange offers a staking option for its NEX tokens to allow its users to gain passive income. Investors who stake their NEX tokens are considered eligible for a share of the exchange’s trading fees paid in dividends. However, a trader must own a tier 1 account to be eligible for staking NEX tokens.
Does Nash Support Yield Farming?
Nash crypto exchange partnered with Alpha Homora v2 to allow its users to earn benefits from yield farming and liquidity mining.
Pros and Cons
Pros
- It is a decentralized platform; thus, users have the freedom of governing themselves through the NEX tokens.
- Its NEX token is registered as security and thus secure to invest in due to regulatory clarity.
- It offers a secure Nash wallet whose integrity rivals hardware wallets.
- Even though its customer support services are limited between business days, it offers high-quality assistance, with users rating the services at 95%.
- It has a friendly fee structure where only the market takers must pay fees. That structure is one of the best as most of its competitors charge atleast both market makers and market takers.
Cons
- Its accounts are tiered, with each tier having limited volumes, which may hinder investors from full access to the market in a case where abnormally large transactions need to be transacted.
- Its customer support services are unavailable on weekends which is a challenge for most users.
Is It Safe to Trade Through Nash Crypto Exchange?
As mentioned earlier, Nash is among the exchanges with the most secure trading options. It is powered by a blockchain akin to smart contracts allowing it to operate under zero trust. It also has the Nash wallet powered by the Neo blockchain network. Nash wallet is used to store assets belonging to users to prevent storing them directly on the exchange. A user also has private keys to their wallets, making them more intact. As a result, the funds on the Nash exchange are safe from cyber attackers. However, it is best to follow the set guidelines of the exchange to enhance the security of one’s transactions on the platform.
Final Thoughts
Nash exchange is one of the best alternatives to the exchanges that offer great services at high fees. It only charges fees on the market takers, which is better than most sites that charge both makers and takers, while others charge per transaction done on their platforms. Its services are also safe as it offers a good crypto wallet as an alternative to on-chain storage on funds that cyber goons can target. However, the site needs to improve on a few issues. Its customer support services are great, but it could extend them to include the weekends. It should also consider introducing more order types to increase the exposure of experienced traders to the market.
