NovaDAX is a crypto exchange from Brazil that launched in 2018. The land of samba and football (“soccer” for you Americans) is actually also a wasp nest of crypto exchanges. The list of exchanges from Brazil featured in our Exchange List includes – in addition to NovaDAX – BitcoinTrade, MercadoBitcoin, BitcoinToYou, Braziliex, FlowBTC and Foxbit.
The trading volume at this platform is decent. The 24 hour trading volume on the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), was USD 10.2 million. This is a decent trading volume, but there is of course a long distance up to the industry giants. On this day, the number one exchange in the adjusted 24 hour trading volume list from coinmarketcap.com was Etherflyer with USD 4.38 billion.
If you would like to do your trading while on your phone, NovaDAX makes this possible. You can download their app from both Google Play and App Store. Most people prefer to do their crypto trading on their desktop, but don’t let anyone else tell you what to do.
Only Brazilian investors
NovaDAX only supports Brazilians or foreigners with CPF (Brazilian Tax ID). So, if you’re not Brazilian you can’t trade here. But if you’re a non-Brazilian investor, don’t worry. Just use our Exchange Finder or the filters in our Exchange List to find an exchange available to you.
NovaDAX 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 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 buy & sell interface at NovaDAX:
NovaDAX also has a more advanced trading view, with all the options available to complement charts, order types option below and more. If you want to get the “look and feel” of that trading view, you can check it out on the below picture:
NovaDAX Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own. Crypto exchanges often put the parties in a trade in these two groups: takers and makers. Both takers and makers can be buyers and both takers and makers can be sellers. Often, makers receive a discount on the fees in order to promote liquidity on the platform. That is the case also at NovaDAX.
The trading fees for takers here are 0.25%. This fee is a bit above the global industry average taker fee, which is 0.213% according to this empirical study performed by Cryptowisser. Makers, however, only pay 0.15% which is actually slightly below the global industry average according to the same study.
When assessing the above fees, it might be worth noting that the trading fees are generally higher in South America than they are in the rest of the world.
Finally, users can enjoy even lower fees redeeming for free Novawards, according to their NovaDAX points. More information on this can be found on the exchange’s website.
NovaDAX Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is actually slightly below the industry average. Global industry average BTC-withdrawal fee is according to our own research is 0.0006 BTC per BTC-withdrawal.
This trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. Also, the wire transfers are only possible for BRL-deposits. For those of you out there who needs a platform where you can deposit fiat currency via credit card, or wire transfer another fiat currency than the BRL, just use our Exchange Finder or the filters in our Exchange List and we’ll help you find your way to the best trading platform for you.