UPDATE 1 May 2020: We have not been able to access the website of this exchange lately. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the exchange has closed down. But it could also be for other reasons. In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Nexybit consists of four parts: general info, fees, deposit methods and security.
Nexybit is a crypto exchange that launched in 2018. It has its main office in South Korea and is operated by the company Nexy Technologies Ltd. The name is an abbreviation of Next Currency.
Nexybit is a “global mining exchange”. They offer trading in both token and futures.
If you look at the trading volume of this particular platform, it is unfortunately quite low. Although we don’t have any data from coinmarketcap.com to rely on, CoinGecko reports that the 24 hour trading volume on the date of first writing this review (14 November 2019) was USD 8,015. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), there was no trading volume to report at all. This is clearly a red flag. So, if you’re a potential user of the platform, be careful.
Most people prefer to do their crypto trading via desktop. But there are also a lot of people doing it via their smart phones or reading tablets. If you are on of those people, you’ll be happy to know that the Nexybit trading platform is also available as a mobile app, both for Androids and iPhones.
Nexybit does not allow US-investors on its exchange. But if you’re from the US and you’re looking for an exchange that is just right for you, don’t worry. Use our Exchange Finder to find a trading platform accepting US-investors.
Nexybit Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should 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 crypto 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 see that it feels right to you. The below is a picture of the trading view at Nexybit:
Nexybit Trading fees
This exchange doesn’t treat takers (persons taking orders off the order book), and makers (persons placing the orders that the first group of persons take off the order book) differently. Instead, they charge something that we call a “flat fee”. This means that they charge both takers and makers the same fee. The fee they charge is 0.10%.
0.10% is a quite competitive trading fee. Global industry average is arguably around 0.25%, and Nexybit’s fees are accordingly a fair bit lower than current global industry average.
Nexybit Withdrawal fees
The withdrawal fees at Nexybit are nowhere to be found. This is potentially a risk for you as an investor. We strongly urge you to make you own analysis of the withdrawal fees at this exchange before depositing any funds here.
Nexybit does not accept any deposits of fiat currency. This means that new crypto investors (i.e., investors without any previous crypto holdings) can’t trade here. 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 Finder!
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. Nexybit only received an F-score in this test. This is below industry average. However, it is worth noting here that a majority of all exchanges in our Exchange List receive an F-score in this test.
Finally, we hope you have enjoyed reading the above review. We also recommend checking out the following exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: