What is Exnomy?
Exnomy is a cryptocurrency exchange from India that has been active since 2020. It is focused on decentralized exchange operations, and clearly describes that on its platform.
Among other things, they state that:
"Exchanges can execute and share orders through the EXNOMY smart contract, and this will increase liquidity through the network of exchanges. In addition, exchanges can open channels to share the orders based on the agreement."
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
According to information we have received, US-investors are not permitted to trade at Exnomy. If you're from the US and want to find an exchange where you can trade, just use our Exchange Filters and we'll help you.
Exnomy Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Exnomy:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Exnomy Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
Exnomy’s fee for takers is 0.05%. These spot trading taker fees are substantially below the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to Cryptowisser.com's latest empirical study, the industry average spot trading taker fees were 0.217% and the corresponding spot trading maker fees were 0.164%. 0.05% is - by comparison - far better.
However, that's not even the greatest part. The greatest part is that this exchange does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a very strong part of Exnomy's offering and can be really helpful for people interested in not picking up existing orders from the orderbook.
Exnomy Withdrawal fees
Exnomy charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. This fee is below the global industry average. The current global industry average is 0.000643 BTC per BTC-withdrawal according to this report, so Exnomy's BTC-withdrawal fee is quite competitive.
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Exnomy is cryptocurrency. However, if you really like Exnomy but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.