What Is Nanex?
Nano enthusiasts and supporters are able to enjoy a dedicated exchange platform for this cryptocurrency. Nanex is the premier trading platform for Nano – former RaiBlocks (XRB) – which allows users to buy and sell cryptocurrencies for this digital currency instead of Bitcoin.
How To Use Nano Cryptocurrency Trading Exchange
The exchange offers a fast and stable network, with competitive fees and with a bank-grade security. Nanex has been built to scale instantly for heavy load using similar technologies that internet giants do.
In order to ensure its users, the exchange has different security layers, including in transit and at rest encryption, an ‘impenetrable’ network architecture, two factor authentication, and many other measures.
The markets are updated in real time, and the maker fee is 0% while the taker fee is 0.2%. This would allow users to maximize their investments.
Nanex offers different trading pairs, including BTC/NANO, LTC/NANO, ETH/NANO, BTCP/NANO, XHV/NANO, RVN/NANO, LINDA/NANO, PHR/NANO, DCR/NANO, and GRLC/NANO.
At the moment, and according to CoinMarketCap, Nanex is the 164th most important cryptocurrency exchange by trading volume handling over $137 million dollars in the last 24 hours. The most important traded pairs are BTCP/NANO, ETH/NANO, and BTC/NANO, accounting for more than 83% of the total volume of the market.
The exchange provides an online wallet that allows users to store their cryptocurrencies. It is important to remember that the Italian Nano exchange BitGrail has been hacked at the beginning of the year and heavily affected the community. At the moment, there has not been a solution about the theft, and the justice is still working on the matter. It is always important to store virtual currencies in off-line wallets.
There are some countries that are not supported by the exchange, including Ethiopia, Iran, Iraq, Syria, Uganda, Vanuatu, Yemen, North Korea, Bosnia and Herzegovina, and for state residents of New York and Washington.
Deposits at the exchange do not need to pay fees, but withdrawals have a small charge if the cryptocurrency used is not Nano.
The interface is very nice, it seems professional, and it has some tools for more advanced investors. The chart has been provided by TradingView, an important online charting platform. Nanex allows anonymous investors to trade in the platform, something that is not possible in most of the exchanges out there.
One of the weakest points of the exchange is that it offers trading services only against Nano – which is the base currency. No other virtual currency can be used to trade. This is a disadvantage for some users that are searching for more traditional trading pairs. But it has a good amount of currencies to purchase or sell.
Additionally, Nanex does not offer margin trading, something that is very useful for advanced investors that are searching for bigger returns.
The Nanex exchange has been launched at the beginning of 2018, and it has an established Nano audience that uses it regularly. In one hand it has several advantages, including a good amount and variety of coins supported, a fast and scalable platform, and low trading fees.
In the other hand, it does not allow users to trade different pairs that are not based on Nano (coins against each other), there is no margin trading available, and there is no information about who is running the company and how the assets are protected.