Nova Exchange Review
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 Nova Exchange consists of four parts: general information, fees, deposit methods and security.
UPDATE 26 September 2019: This exchange released the following message on the date hereof. The Board of Directors of the parent company of this exchange has decided to “set a new course for Nova and reshape the value offer into a new crypto trading experience”. This means that on Monday, October 7th, trading on Nova Exchange will cease and close. At the same time the Nova API will be deactivated.
They further stated that:
1. This is purely a Business Decision.
2. There has been no hack.
3. There has been no fraud.
4. There has not been any wrongdoing of any kind whatsoever.
5. Nova Exchange will not assume responsibility for swaps or forks starting from today onwards.
Nova Exchange supports more than 400 different cryptocurrencies. There’s only a handful exchanges in the world that has an equally large number of supported cryptocurrencies. This is indeed one of Nova Exchange’s strong advantages. In fact, when the Cryptopia exchange had to close down, Nova offered the cryptocurrencies that were listed there to list at Nova Exchange for free. In our view, this was a splendid move for the cryptocommunity as exchanges normally require the teams behind the cryptocurrencies to pay listing fees in order to be listed at an exchange. By not doing so in this case, Nova really helped a lot of people – not only the cryptocurrency project teams but also each holder of the relevant cryptocurrencies.
According to emails sent out to users of Nova Exchange, the exchange is quite unsatisfied with the liquidity numbers presented by coinmarketcap.com. Apparently, the exchange has more confidence in the numbers presented by coingecko.com, but claims that they also are too low. On the date of last updating this review (18 July 2019), coinmarketcap.com reported a 24 hour trading volume for this platform amounting to USD 941. Coingecko’s corresponding numbers were USD 4,256. Regardless of whether Coinmarketcap or CoinGecko have the correct numbers, liquidity here is very low, which is a clear disadvantage with this trading platform.
US-investors are not yet permitted to trade at this exchange. The legal uncertainty regarding cryptocurrency services in the U.S. have made many cryptocurrency exchanges go down this route and simply not permit US-investors. Don’t be too sad though, to find which alternatives you have if you are a US-investor, just use our Exchange Finder.
Nova Exchange 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 Nova Exchange:
Nova Exchange Fees
Nova Exchange Trading fees
This trading platform doesn’t charge different fees between the takers and the makers. Their fee model is instead something we call a “flat fee model”. Nova Exchange’s flat trading fee is set at 0.20%. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. 0.20% is also in line with the industry average (the industry average is arguably around 0.25%).
Nova Exchange Withdrawal fees
There are exchanges out there that charge low trading fees and then hit you with high withdrawal fees. Because once you’re in, you can’t get out without paying withdrawal fees. This exchange, however, is on the totally opposite side of the spectrum. They only charge the network fees when you execute a transaction. The global industry BTC-withdrawal fee is 0.000812 BTC per withdrawal. The network fees vary from day to day but are roughly 15-20% of the global industry BTC-withdrawal fee. Accordingly, also the withdrawal fee model at this exchange is competitive.
This trading platform does not accept any other deposit method than cryptocurrencies, so new crypto investors can’t actually trade at Nova Exchange. If you don’t have any crypto but want to start trading at this exchange, you will first have to purchase the needed cryptocurrencies from another exchange and then, as a second step, deposit them at here. To find another exchange where you can purchase cryptocurrency for fiat currency, use our Exchange Finder and we’ll guide you through it.
Nova Exchange Security
The security score of this particular trading venue is B-, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average when it comes to top crypto exchanges. The security score is even more impressive considering that a majority of all cryptocurrency exchanges in our Cryptocurrency Exchange List only receive an F-score in the Observatory-test.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: