NOVA EXCHANGE Review 2018
Nova Exchange can certainly be considered as a cryptocurrencies exchange with a difference. Founded in 2016 and run from Sweden, the exchange is a specialist in alt coins, particularly brand new and small-cap tokens trying to gain some initial traction. Nova Exchange is famous for supporting coins and tokens that cannot be found on any other exchange and currently has over 400 cryptocurrency and token listings.
The exchange has, until now, apparently largely been a labor of love and while no concrete information on ownership and the team behind it is publically available it would appear to have been run by one founder. If there has been any additional support team it is a very small one.
This somewhat unique quality of Nova Exchange, the exchange website also looks quite amateur, is both parts of what its success has been built on as well as criticism. The obvious lack of manpower behind the operation means that at certain moments the exchange simply cannot cope with inquiries and/or problems when they arise. A hack of the exchange in 2016 demonstrated its limitations. While the losses that resulted from the hack were relatively minor, probably largely due to the modest nature of the exchange and value of transactions, the owner struggled to respond to the situation. The fact that it seemed to be a one-man band meant that the avalanche of concerned emails and requests simply could not be answered in a timely manner.
However, the manful attempts to rectify the situation, and transparency with which it was dealt with, as well as a donations campaign to reimburse account holders for any losses, was mainly well received by the community. The exchange has subsequently experienced problems with response rates, servers going down etc., most of which looks to be down to the lack of resources behind the operation.
Nonetheless, Nova Exchange’s unique market niche of supporting a huge variety of new and small cryptocurrencies and tokens means it has carved out a loyal user base willing to forgive the amateur approach. And that looks like it will change with a recent announcement that the exchange will be under new management from April 2018. The exchange’s Facebook page kept its users updated with the negotiations process and agreement being reached with new management who have the experience and resources to take the exchange forward. There is currently no concrete information on the website’s new ownership or management and the nature of the deal.
At the time of writing Nova Exchange is not accepting new account registrations, pending migration to a new website, expected to take place at some point in either March of April 2018. How different the new look of the exchange will be, we’ll have to wait and see.
As would be expected from an exchange of such limited resources, the exchange platform itself is very simple and doesn’t boast the most professional design aesthetic. However, it does work perfectly well and is easy to use. Price charts are available for all of the altcoins listed, down to the tiniest.
Account holders can vote on new coins they wish to be added to the exchange, with one free vote a day. Additional votes can be paid for with Bitcoin. Another additional feature is a ‘Dice’ game that lets users gamble their cryptocurrencies in a simple digital dice game format. It’s a fun little game and seems popular with users.
As mentioned, Nova Exchange hosts a huge selection of altcoins as well as the more well-known cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin. Purchases of alt coins are made in either Bitcoin or Ethereum. The exchange frequently lists and delists new altcoins, which must either meet minimum trading volumes or, if they don’t, those behind them can pay to keep them listed. It is also possible to pay a small fee to have a coin listed on the exchange and any altcoin can be provided that is passes a check to ensure its Blockchain is in working order and it doesn’t contain any viruses, Trojans or malware.
Setting up an account on the exchange is free and because Fiat currencies are not supported deposits and withdrawals are also not charged. The commission charged on trades varies between cryptocurrencies and altcoins but is capped at 0.2%, making Nova Exchange one of the cheapest options available.
To list a coin on the exchange a set-up fee is of 1 BTC is charged as well as a yearly service charge of 0.25 BTC. The latter is waived for coins that have an average 3-week trading volume of at least 0.2 BTC.
Security and Fairness
Having suffered a hack early in its existence, and generally lacking in significant resources, both financial and in terms of manpower, it can be presumed that Nova Exchange does not have a particularly high level of security in place. The exchange itself advises account holders to transfer their holdings to independently hosted or held a wallet and only transfer funds to their account to make particular trades.
Accounts require only email verification.
A recurring theme, the exchange’s historical lack of resources means that it has run into customer service problems and technical issues. However, these appear to be tackled as best as circumstances allow and a ‘News’ section on the site, Facebook and Twitter pages keep users updated on developments around the exchange.
Customer support is provided through an inquiry form on the site as well as through the exchange’s Facebook and Twitter pages as well as answering to threads on popular cryptocurrency forums. Support levels appear to vary between excellent and very slow, presumably again a symptom of the exchange’s resource limitations. There is, however, what appears to be an admirable attempt to be transparent.
- A huge variety of altcoins, many of which are not listed on any other exchange
- Very low fees
- Free deposits and withdrawals
- New management that will hopefully further develop the exchange
- Noticeable lack of resources reflected in amateur look to the exchange
- Customer support can be slow to respond on occasion
- Presumed lack of professional level cyber security in place
- Fiat currencies not supported
Nova Exchange is certainly not a cryptocurrency exchange that will appeal to everyone and is probably not the service for cryptocurrency traders buying and selling the more commonly listed cryptocurrency coins and tokens. However, it has a market niche in its listing of any and every coin that passes basic security checks and many coins and tokens that cannot be found on any other exchange can be traded on Nova Exchange. In an industry that has become big business and attracted huge investment in exchanges, there is something refreshing about this niche offering that addresses an otherwise unserviced market demand. The investment and know-how provided by the exchange’s new management will be crucial to its future.
NOVA EXCHANGEUser Reviews
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