NovaDAX charges a 0.25% maker fee for P2P trading in the spot market, which goes as low as 0.015% in higher VIP levels. The same fee applies for directly buying/selling 640+ cryptocurrencies on the platform.
NovaDAX Information and Regulation
NovaDAX is a cryptocurrency exchange founded on March 21, 2018 and based in São Paulo, Brazil. Key Details:
- Trading Volume: R$11B+ in 24 hours
- Legal name: NovaDAX Brasil Pagamentos Ltda
- Sub-organization of: Abakus Group
- Address: Rua Frei Caneca, 1246, 4th floor - 01307-908, São Paulo
NovaDAX Specifications Summary
Like other reviews on best crypto exchanges, in this section we provide a table summarizing the platform's specifications:
Exchange | NovaDAX |
Launch Date | 2018 |
Levels | N/A |
Trading Fees | From 0.25% Down To 0.015% |
Restricted Countries | Iran, North Korea, Cuba, Iraq, etc. |
Supported Coins | 640+ |
Futures Trading | None |
Minimum Deposit | 0.0005 BTC |
Deposit Methods | Pix, Crypto |
Withdrawal Methods | Pix, Crypto |
Maximum Leverage | 1x |
Minimum Trade Amount | Varies |
Security Factors | 2FA, SSL A+ Certification, Cold Wallet, VQF License, Anti-DDoS Attack system |
Services | Staking |
Customer Support Ways | Email, Ticket, Live Chat |
Customer Support Hours | N/A |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | N/A |
Native Token | None |
User Levels
The company's website does not provide any specific information regarding this matter. We also tried to contact support, but never received any answer.
Commissions and Costs in Working With NovaDAX
The exchange's trading fees are mediocre at first, but it goes lower as you level up. Here is an overview of the tier system:
Level | VIP0 | VIP1 | VIP2 | VIP3 | VIP4 | VIP5 | VIP6 | VIP7 | VIP8 | VIP9 | VIP10 |
Buy/Sell | 0.2500% | 0.2100% | 0.1900% | 0.1700% | 0.1500% | 0.1200% | 0.1000% | 0.0800% | 0.0500% | 0.0300% | 0.0150% |
Taker | 0.5000% | 0.5000% | 0.5000% | 0.4800% | 0.4600% | 0.4300% | 0.3900% | 0.3500% | 0.3000% | 0.2000% | 0.1000% |
Maker | 0.2500% | 0.2100% | 0.2000% | 0.1900% | 0.1700% | 0.1500% | 0.1200% | 0.0800% | 0.0500% | 0.0300% | 0.0150% |
Surprisingly, the exchange does not reveal any detail about each level's conditions. Even the support team did not return any answer. Regarding other costs:
- Fiat Deposits/Withdrawals: No fees
- Crypto Withdrawals: Variable fees depending on the cryptocurrency
You can use a crypto profit/loss calculator tool to predict a trade's outcome based on fees.
How Many Tradable Assets Are Provided?
With over 640 cryptocurrencies available for trading, NovaDAX offers one of the most extensive selections in the market. The assets are from these categories:
- Layer1/Layer2
- DeFi
- Metaverse
- Gaming
- Fan Token
- Storage
- PoS
- PoW
- Infrastructure
- Stablecoin
- And more
Are Any Futures/Margin Trading Features Offered?
Unfortunately, NovaDAX does not currently offer futures or margin trading. The exchange focuses solely on spot trading, which may be a drawback for more advanced traders looking for leveraged positions or hedging opportunities.
Registration And Verification On NovaDAX Guide
We will guide you through signing up and identity authorization in the next sections.
Signing Up
- Go to [www.novadax.com] and click on "Sign Up";
- Select your country, enter your email address and create a strong password;
- Enter the code sent to your email in the related field;
- Confirm the statement below the form.
Afterwards, your account is created in the exchange.
Verification
Complete your profile details and provide necessary documents to verify your account. Note that not users from all countries are able to verify with this platform.
How Secure is NovaDAX?
The platform has stated these measures as its security factors on its website:
- Two-factor authentication (2FA)
- SSL A+ certification for secure data transmission
- Cold wallet storage for the majority of user funds
- Anti-DDoS Attack system to prevent service disruptions
- Swiss VQF license
To date, NovaDAX has not reported any major security incidents, which is a positive sign.
Available Payment Options for Users
NovaDAX offers 2 options for making deposits/withdrawals on the platform:
- Pix (instant Brazilian payment system) for the Brazilian Real
- Blockchain crypto transactions
It's important to note that the only accepted fiat currency is the R$.
Trust Scores and Evaluations of NovaDAX
In this section of the review, we will go through NovaDAX's score on ScamAdviser, Trustpilot, and CoinGecko:
- Trustpilot: 4.2/5 stars (based on 7 user reviews)
- ScamAdviser: 100/100 Trustscore
- CoinGecko: 4/10
While the number of user reviews is too low, the trust score given by ScamAdviser could indicate the platform's reliability. However, the low rating given by the CoinGecko website could be worrying for some traders.
Are Any Copy Trading or Other Investment Options Provided?
Currently, NovaDAX does not offer copy trading functionality. However, it provides a staking service that yields up to 7% return on your crypto balance. These coins/tokens are available for staking on NovaDAX:
- BTC
- ETH
- USDT
- BNB
The platform claims that there are no fees related to this investment method. Also, users can always redeem their balance without losing the accrued interest.
Writer's Opinion And Conclusion
NovaDAX uses an anti-DDoS attack system to maintain the platform's operations smoothly. The company's website has an SSL A+ certification. On the other hand, CoinGecko has given the exchange a 4/10 "Trust Score".