A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Nanex consists of four parts: general information, fees, deposit methods and security.
UPDATE 18 April 2019: Nanex announced to the public recently that they will be shutting down their services effective as of 30 April 2019. Accordingly, new users cannot open any accounts here.
Nanex is a cryptocurrency exchange focusing on one specific altcoin: Nano. Nanex claims that Nano is the “future of cryptocurrency trading” and that the exchange accordingly is in the forefront of the future. The exchange also supports trading in Bitcoin, Decred, Ethereum, Garlicoin, Haven Protocol, Lindacoin, Litecoin, Monero, Phore and a few others.
Nanex’s domicile country is unclear. This is not a red flag per se, but we recommend all visitors to be careful and form their own opinion on whether Nanex is a legitimate exchange our not.
US-investors can trade here as long as they’re not from any of the following states:
- New York
Also, if you’re from any of the following countries Bosnia and Herzegovina, North Korea, Ethiopia, Iran, Iraq, Syria, Uganda, Vanuatu and Yemen, you can’t trade here either.
However, if you are in fact from any of the above states our countries, use our Exchange Finder to find another exchange that you can trade at.
Nanex Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Nanex (but without any price chart which was missing when we last accessed the exchange site):
Nanex Trading fees
The trading fee here for takers is 0.20%. As the global industry average is somewhere around 0.25%, this exchange’s trading fee is slightly below industry average. However, it is with respect to the maker fees that this trading platform really distinguishes itself. Nanex charges the makers in a trade 0% (zero). This is extremely competitive. Out of the more than 300 exchanges in our Cryptocurrency Exchange List, there are only 44 having 0 (or negative maker fees). Most notably, HitBTC and Crex24 all have negative fees (-0.025%, -0.01% and -0.01%, respectively), meaning that the maker actually get paid for trading, and Indodax, Bitbank, Indacoin, Paxful, Coindirect and Jubiter also have 0% maker fees (like Nanex).
Nanex Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.00025 BTC when you withdraw BTC. This fee is far below the industry average.
All in all, the fees charged by this trading platform (both trading fees and withdrawal fees) are indeed very competitive.
This exchange does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
Nanex’s has an average security score. We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and Nanex received a D+ score. This is decent, but there is also room for improvement.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: