Nash Exchange Review
What is Nash Exchange?
Nash Exchange is a decentralized exchange (DEX) that launched in the "DeFi Year" of 2020.
Advantages with Nash Exchange
The platform markets a few things as particular advantages with the platform. The advantages range from having zero fees for makers (a great advantage, for more info on this please refer to the section Nash Exchange Trading fees below) to having a fast interface and liquid markets. We feel that all of the below factors are indeed important for any prospective trader.
General Information on DEXs
DEXs are becoming increasingly more popular, mostly due to the following factors:
- They do not require a third party to store your funds, instead, you are always directly in control of your coins and you transact directly with whoever wants to buy or sell your coins.
- They normally do not require you to give out personal info. This makes it possible to create an account and right away be able to start trading.
- Their servers spread out across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
However, DEXs normally have an order book with lower liquidity than their centralized counterparts.
Nash Exchange Liquidity
As for Nash Exchange, on the date of last updating this review (12 September 2021) the 24-hour trading volume had dropped to USD 174,611 vis-à-vis USD 2.47 million on the date of first writing this review (25 February 2021).
According to Coinmarketcap, this trading volume gave Nash Exchange place no. 72 on the list of the decentralized exchanges in the world based on the 24-hour trading volumes. PancakeSwap (V2) was at the top of the leaderboard at the time with over USD 859.8 million trading volume in the past 24-hours followed by dYdX with a trading volume of USD 853.8 million.
So Nash Exchange is quite far behind there...
Nash Exchange Mobile Support
Most crypto traders feel that desktops give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. Fortunately for them, Nash Exchange is available as a mobile application for both Android and iPhone users.
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. More cases will likely follow.
Decentralized exchanges are different beings than the abovementioned examples. They never have custody of any user assets. They normally don't accept any fiat currency. As such, they are less scary for regulating authorities and the same reasons to prohibit citizens from certain countries to use them can't be applied. Accordingly, we have marked Nash Exchange as "allowing US-investors" in our database.
Nash Exchange’s first-of-its-kind earnings product is also available for investors from Europe. Users can earn from their savings on a real-time basis by using their bank accounts.
Nash Exchange Trading Interface
Every trading platform has a trading interface. This interface 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 is in the same view on your desktop. There are of course also variations to what we have now described. This is the trading interface at Nash Exchange:
Nash Exchange Fees
Nash Exchange Trading fees
When it comes to centralized exchanges, many of them charge what we call taker fees, from the takers, and what we call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders, and makers are the ones placing those orders. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
When it comes to decentralized exchanges, many of them don't charge any trading fees at all. This is in fact one of the big arguments that DEX-supporters use to explain why centralized exchanges are on their way out.
Nash Exchange is not one of the "no fee" exchanges. They charge 0.25% per transaction for takers. Makers, on the other hand, don't have to pay anything when they trade. Compared to DEXs in general, these fees are above the industry average.
There are no associated blockchain costs or hidden costs. Users from Europe who want to buy Bitcoin or Ethereum using Nash Cash can do so at zero transaction fees.
Nash Exchange Withdrawal fees
To our understanding, Nash Exchange does - like most decentralized exchanges - not charge any transfer fees, withdrawal fees or network fees. Ideally, the network fees are fees paid to the miners of the relevant crypto/blockchain, and not the fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.
Nash Exchange’s system allows users to partake in an Aave lending pool directly through the national currency. In simple terms, the Nash system is more efficient in interacting with Aave thereby covering the user's network fees on Ethereum. Additionally, this system doesn’t limit the user’s control of their pool assets in any manner.
Generally speaking, to only have to pay the network fees should be considered as below the global industry average when it comes to fee levels for crypto withdrawals (if you include all exchanges, both DEXs and CEXs in the data set).
Nash Exchange does not – like all (or at least close to all) other DEXs – accept any deposits of fiat currency. This means that crypto investors without any previous crypto holdings can’t trade at this trading platform. In order to purchase your first cryptos, you need a so-called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Filters!
Nash Exchange Security
The servers of DEXs normally spread out across the globe. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that DEXs are virtually immune to attacks. This is because if you take out one of the servers, it has little to no impact on the full network. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a DEX, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange. That is until you withdraw them to your private wallet. A centralized exchange can therefore be hacked and your funds held at such exchange can be stolen. This is not the case with respect to decentralized exchanges, like Nash Exchange.