RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

Nova Exchange

Nova Exchange Exchange Review

Centralized

Nova Exchange Overview

  • Nova Exchange offers more than 300 assets, including the very rare and new tokens. It’s accessible globally except a few countries and it covers worldwide time-zones. It has around 40,000 users, and 10,000 of them are living in India. Due to European Union Legislation and security reasons, the exchange requires identity checks, so the users have to provide their valid identification documents like passports. 

    The exchange takes a commission from the trades which is changeable according to the asset type, the most common being the 0.2% fee which matches the industry standards. Making a deposit is free of charge, yet a holding fee for a little amount exists. The regular fee for the withdrawals is 0.0005 BTC. Usually, the waiting time is 15mins for withdrawals but if a user wants to withdraw a greater amount, then the transaction is processed manually. The level of strong identification sets the daily limits for withdrawal amounts. 

    Other Actions

    Nova tries to help the victims of a cryptocurrency hack by fundraising campaigns. For instance, in June 2019, when Crytopia had been hacked, Nova said they’d list the tokens without any charge if they were listed in Crptopia before. That would eventually help Nova to increase its volume.

    Before 2018

    Before Nova got acquired by Goobit Group, it was hacked within the year it was founded, 2016, due to various reasons starting from lack of security to lack of man-power behind the maintenance. The waiting time to get a reply to emails was long and the platform was poorly demonstrative. However, Nova tried to establish a transparent relationship with its users to deal with rising inquiries after the hack.  

    About the Founders

    Goobit Group, which is a Swedish cryptocurrency and digital asset company based in Sweden, acquired Nova in May 2018. In Sweden, one of the group’s products, BTCX, has traded BTC to more than 50 000 customers. After the acquisition, Oskar Söderström became the new CEO. He had been working in the digital media industry for 15 years.   

    Nova Exchange Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      0.506 BTC

      • Nova Exchange Total Trading Pairs

        69

        • Nova Exchange Margin Trading

          No

          • Nova Exchange Deposit fees

            There are no deposit fees

            • Nova Exchange Fiat Deposit

              None

              • Accepted Payment Method

                None

                • Nova Exchange Native token

                  No

                  • Native token smart contract

                    N/A

                    • Nova Exchange Trading Markets
                      • Nova Exchange Stablecoins trading

                        N/A

                        Nova Exchange Withdrawals

                        • Daily Withdrawal Limit

                          depends on verification

                          • Nova Exchange Withdraw fees

                            0,0005 btc

                            • Nova Exchange Withdraw fees discount

                              N/A

                              • Proof of Reserves

                                N/A

                                Nova Exchange Exchange Rating Analysis

                                Last edit 18.07.2019

                                • Nova exchange has a long and complicated story. Founded in 2012, in Sweden, the exchange became famous for being home to a range of various tokens – it used to support trading in over 400 coins, including very rare ones.

                                  In 2016, it was hacked. However, the details of this attack were not confirmed and users did not claim to lose their money. In October 2017, Nova decided to close down and asked all traders to withdraw their funds. This shutdown was caused by the change of owners, and the exchange was supposed to finally close and remove all users’ data in April 2018.

                                  Apparently, in February 2018, the new management announced that Nova will be relaunched. The team behind it is anonymous (a red flag for us), and so far even though Nova supports over 160 coins, the liquidity ranges between extremely low to nonexistent.

                                  Standard fees of 0.2% apply for all the transactions. Due to its troublesome past, along with the hack, we would not trust nova’s security measures until we are provided with a thorough and convincing explanation of its threat-reducing processes and systems.

                                  Until then, nova exchange does very little to compete in the crowded crypto exchange space and offers no edge over its competitors.

                                  Nova Exchange Exchange Additional Information

                                    • Nova Exchange Headquater

                                      Sweden

                                      • Nova Exchange Establish date

                                        2012