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 |
Benefits and Drawbacks
Trading with this exchange comes with its own positives and negatives. The table below mentions them side-by-side:
Benefits | Drawbacks |
Large Selection of Cryptocurrencies | Unresponsive Support |
Fee Discount for High-Volume Traders | No Future Trading |
High Level of Security | - |
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 | Buy/Sell | Maker | Taker |
VIP0 | 0.25% | 0.25% | 0.5% |
VIP1 | 0.21% | 0.21% | 0.5% |
VIP2 | 0.19% | 0.2% | 0.5% |
VIP3 | 0.17% | 0.19% | 0.48% |
VIP4 | 0.15% | 0.17% | 0.46% |
VIP5 | 0.12% | 0.15% | 0.43% |
VIP6 | 0.1% | 0.12% | 0.39% |
VIP7 | 0.08% | 0.08% | 0.35% |
VIP8 | 0.05% | 0.05% | 0.3% |
VIP9 | 0.03% | 0.03% | 0.2% |
VIP10 | 0.015% | 0.015% | 0.1% |
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
Getting started with NovaDAX is quick and secure. Just follow these three steps to create and verify your account.
#1 Create Your Account
Go to the NovaDax official website and click “Sign Up.” Then, select your country, enter your email, and set a strong password. After all, enter the verification code sent to your inbox and agree to the terms to activate your account.
#2 Complete Your Profile
Log in and fill out your personal details, including full name, date of birth, and contact information within your account settings.
#3 Verify Your Identity
By accessing your Profile, go to the KYC/Verification section and upload a government-issued ID and, if required, proof of address.
Note: Verification is only available in supported countries, so check your eligibility before proceeding.
Trading Terminal Applications and Software
NovaDAX enables access to its platform via web and mobile applications (Android & iOS). The platform has integrated the chart offered by Trading View, a popular trading website for technical analysis, and offers the same drawing tools, objects, and indicators found on the mentioned website.
Access the NovaDAX terminal via the links below:
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.
NovaDax Features
Let's check the availability of the advanced features in the platform:
Staking | Yes |
Yield Farming | No |
Social Trading | No |
Liquidity Pool | No |
Crypto Cards | No |
Customer Support Channels and Schedule
NovaDAX offers 3 methods for reaching the customer support team. Contact Information:
- Ticket: Submittable on the website
- Email: suporte@novadax.com
- Live Chat: Accessible via the website
Unfortunately, the company does not provide any data regarding the support department's working hours.
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.
NovaDAX Exchange Restricted Countries
This company has restricted its services to select countries in the world because of international regulations, local laws, or other reasons. While no explicit list is available, these countries are banned based on our investigations:
- Iran
- North Korea
- Cuba
- Afghanistan
- Libya
- Lebanon
- United States
- Iraq
- And more
NovaDax Comparison Table
Let's take a look at the NovaDax features in comparison with other platforms; NovaDax Comparison:
Features | NovaDax Exchange | Bitget Exchange | MEXC Exchange | BingX Exchange |
Number of Assets | 635+ | 10000+ | 2800+ | 800+ |
Maximum Leverage | 1:1 | 1:125 | 1:200 | 1:125 |
Minimum Deposit | 0.0005 BTC | $15 | $1 | $1 |
Spot Maker Fee | From 0.0150% | 0.10% | 0.05% | 0.005% - 0.1% |
Spot Taker Fee | From 0.1000% | 0.10% | 0.05% | 0.02% - 0.1% |
Mandatory KYC | Yes | Yes | Yes | Yes |
Futures Trading | No | Yes | Yes | Yes |
Mobile Application | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | Yes | Yes |
Staking | Yes | Yes | Yes | Yes |
Copy Trading | No | Yes | Yes | Yes |
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".