Nominex Exchange Review: How To Trade And Earn NMX Token For Free

In this review, we’ll take a look at a relatively new yet fantastic crypto exchange, Nominex.

Nominex was co-founded by Pavel Shkitin in 2019.

Whether you’re a newbie or a seasoned trader, this exchange provides a seamless trading experience at a cheap cost.

 

Awesomely, it offers various unique features, like DeFi functionality, which allows you to earn the NXM token as a passive income.

If you are ready to learn how to trade and earn on Nominex, then join me as I walk you through this review!


Post Summary

This is what I will cover:

  1. Nominex Exchange Review
  2. Features Of Nominex Exchange
  3. Products And Services
  4. NMX Token Review
  5. How To Yield Farm On Nominex Exchange
  6. Supported Currencies And Countries
  7. Fees And Payment Methods
  8. Limits And Verification Requirements
  9. Customer Support And Public Opinion
  10. Frequently Asked Questions
  11. Conclusion

Let’s get started!


Nominex Exchange Review

Nominex Exchange Review

Nominex is a Seychelles-based cryptocurrency exchange.

It was founded in 2019, and Pavel Shktin is the company’s co-founder and current CEO.

This exchange is one of the nascent crypto industries that aims to bring bitcoin into the mainstream.

It features one of the most user-friendly trading interfaces, allowing anyone to trade cryptos with ease.

Nominex offers minimal trade costs and allows for both on-ramp and crypto-to-crypto exchange.

Aside from a seamless trading experience, Nominex offers a variety of wonderfully unique features in which users may partake in for bonuses.

Furthermore, this exchange aspires to be a game-changer in the crypto exchange industry.

It does so by integrating DeFi and Yield farming, which pays users a whopping APY.

Nominex has a 99.99% uptime guarantee and is developed using the most up-to-date technology and security standards.

Additionally, you don’t have to go through a herculean KYC to trade on this exchange!

Continue reading to find out more about Nominex!

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Features Of Nominex Exchange

  • Great UI
  • A host of cryptocurrencies
  • Plethora of services
  • Yield Farming
  • Buy crypto with fiat
  • No KYC for < 3 BTC withdrawals per day
  • Low to Zero fees
  • 60+ crypto pairs
  • DeFi protocol
  • Bonuses
  • Native token
  • Advanced Security
  • Mobile app for Android

Scroll down and read about Nominex’s products and services.


Products And Services

The available products on Nominex include:

1. Buy Crypto

This will bring you to Nominex’s brokerage service.

You can buy/sell about 8 cryptos with 5 fiat currencies using your Visa or Mastercard.

2. Markets

This shows all of the exchange’s 60+ trading pairs, which are mostly traded against BTC, ETH, USDT, and USDC.

3. Trade & Earn

You will find the following integrated services:

Exchange

It is a simple trade room where you use a Spot trading strategy to exchange your crypto asset for another.

Say you want to exchange your DOGE for SHIBA.

It has a trading view integration, an order book, and three different types of orders:

  • Limit
  • Spot Limit
  • Scaled

Referral Program

This lets you earn bonuses and fee discounts through staking and referrals.

It has five affiliate levels:

  1. PARTNER – 100 USDT
  2. PRO – 300 USDT
  3. VIP – 1000 USDT
  4. ELITE – 5,000 USDT
  5. MAX – 10,000 USDT

To upgrade to any level, you have to stake the required amount of USDT as shown above to a liquidity pool.

Then, stake back the LP tokens that you have received to earn specified bonuses.

Interestingly, every user who hits the “MAX” referral level receives a 100% fee reduction.

Note that all Nominex affiliate partners are also compensated in the same way.

Discount Cards

You can buy the “Discount Cards” to get your transaction fees reduced.

Currently, in July 2021, Nominex provides a maximum discount card of 20%.

Tournaments

Here you can enter a trade competition for a chance to win a prize pool.

You can either use the “Real arena” or the “Demo arena” to participate.

The “demo arena” is basically used for practice and you do not participate with your money.

However, the “Real arena” involves real money and you must have completed a 24hrs volume trade of 500 USDT.

At the end of the tournament, the prize pool is distributed to the top 30 participants with the highest trading volume. Read more here.

DeFi NMX

This section highlights the DeFi products available on Nominex where you can earn NMX tokens (more about this later).

You will find the following products beneath this:

  • My NMX: This shows the NMX price chart, all of your NMX bonuses, the amount of NMX you’ve spent on fees, and a “Swap” feature to exchange USDT for NMX on PancakeSwap.
  • Liquidity Pool: Here you earn NMX-LP tokens by adding liquidity to NMX-USDT pool on PancakeSwap.
  • Personal Farming: This product allows you to earn more NMX tokens by staking your liquidity pool tokens.
  • Team Farming: If you “Team Farm”, you have a better chance of earning more NMX tokens from your referrals who have staked their LP tokens. This works in a binary tree model.

4. Wallet

Nominex, like every other crypto exchange, provides an exchange wallet where you can deposit, hold, and withdraw your cryptos.

There are 3 distinct types of wallets on Nominex, and this screenshot shows what each one is used for.

5. Demo Trading

Along with other appealing features, it is also one of the few crypto exchanges that allow you to practice trading before investing with real money.

6. Cryptotrading Camp

If you’re new to Bitcoin, this exchange offers simple but professional free online courses that will help you get started with your crypto trading.

7. Welcome Bonus

Nominex offers a $50 dollar bonus to new users who deposit a minimum of 100 USDT to their wallet.

The welcome bonus is stored in your “Trust Account” wallet and can only be used for trading (you can’t withdraw it).

Also, it is only valid for a period of 30 days.

We’ve talked a lot about the NMX token, so let’s take a closer look at it in the next section.

Scroll down!

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NMX Token Review

NMX token is the utility token integrated into the Nominex exchange and was launched in 2020.

Although NMX was formally created as an ERC-20 token, it now has a version of the BEP-20 token that runs on the Binance Smart chain network as of 2021.

NMX has a total supply of 200 million tokens.

However, it has a distribution procedure that will take 72 years to complete.

100 million NXM were sold for $0.10 to investors at the IEO.

The rest of the token supply will be distributed as bonuses to users for a period of 72 years from its launch date.

This is possible because it integrates a DeFi capability, allowing users to earn its token through a yield farming model.

NMX has the following functionalities:

  • 50% discount in trade fees
  • Staking
  • Yield farm bonuses
  • Incentives to Hodlers
  • Reward Affiliate partners

As of July 15, 2021, up to 10,000 NMX is distributed to Nominex users every day, with 500% going to yield farming.

However, this may decrease with time.

The NMX token is available for purchase on the Nominex and PancakeSwap exchanges.

Let’s dive into how to farm the NMX token on the Nominex exchange.


How To Yield Farm on Nominex Exchange

This 13(+) minutes video will walk you through how to farm the NMX token directly on the Nominex exchange.

  • Create a Nominex account. I explained how to do so in the FAQ section
  • On your dashboard, go to “DeFi NMX” and click on ‘My NMX”
  • Click on “Liquidity pools” then go ahead to stake your USTD and the NMX token into liquidity pool.
  • Enter the amount of USDT you wish to stake, and the amount of NMX token you’ll need to stake will be shown. Then, click on ‘Connect Wallet”

There are two wallets supported, “Metamask” and “Walletconnect”. Whichever you choose, make sure it is connected to the BSC network.

Remember to also fund your account with BNB, you will need it to pay for transaction fee.

  • When your transaction is approved, you will begin earning LP tokens, which will be shown on your screen. The LP token will be stored in the wallet you have connected.

Furthermore, you can earn more NMX tokens by staking your LP tokens. To do this:

  • Click on “Personal Farming”.
  • You will find a staking form on the left-hand side of your screen. Enter the number of LP tokens you wish to stake and then click “Approve” and “Stake.”

When you have confirmed your transaction from your wallet, a receipt will display showing the amount of NMX you have earned.

You can “Claim NMX” or “Reinvest NMX” whenever you want by clicking on the appropriate button.

There is another way to yield farm and it is called “Team Farming”.

  • Click on “Team farm” you will find your referral link. Copy and share it with your friends.

Following this, we’ll go over the currencies and payment methods that this exchange accepts.

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Supported Currencies And Countries

Supported Currencies

Cryptocurrencies

Nominex supports over 20 cryptos with more than  60 trade pairs as of July 14, 2021.

The following cryptos are supported:

  • REV, EXMR, BNB, STM, YFI3, ZRX, DOGE, BAT, LINK, TFB
  • BAND,YFI, LEND, TRYB, STMX, USDC, AAVE, ETH, OMG
  • COMP, UNI, BTC, LTC, ZEC, XRP, BCH, DASH,
  • XMR,USDT, TRX, NMX

Fiat

  • USD
  • GBP
  • EUR
  • RUB
  • TRY
  • UAH

Supported Countries

Although Nominex is a global exchange, it does not allow the following countries to use its exchange platform.

  • Iran, Iraq, Sudan, South Sudan, Syria, North Korea
  • Republic of Seychelles, Bermuda, Cuba, Crimea
  • Democratic Republic of Congo, Zimbabwe, USA
  • United States Minor Outlying Islands, Puerto Rico
  • American Samoa, Guam, Northern Mariana Island
  • TheUS Virgin Islands (St. Croix, St. John and St. Thomas

This exchange’s fees and payment methods will be detailed next. 

Continue to read!


Fees And Payment Methods

Fees

  1. Trading Fees: This fee is calculated based on your 30days volume trades, NMX holdings and if you pay with NMX token:

Have a look!

  • When calculated by your 30days volume trade and NMX holdings:
Nominex Exchange Fee
  • If you pay using NMX tokens, this is what your trading fee will look like.
LevelNMX MakerNMX Taker
Level 00.05%0.05%
Level 10.045%0.05%
Level 20.040%0.05%
Level 30.035%0.045%
Level 40.030%0.040%
Level 50.025%0.035%
Level 60.020%0.030%
Level 70.015%0.025%
Level 80.010%0.020%

Note:

Your trading fee is deducted from your NMX account balance by default.

Also, as the year progresses, your NMX discount rate capabilities will decrease, regardless of your level.

This is because the 50% fee reduction when using NMX for transaction fees is only valid for the first year of using the exchange.

Below is a breakdown of the NMX discount rate and how it works:

  • 1st year: 50%
  • 2nd year: 30%
  • 3rd year: 20%
  • 4th year: 15%
  • 5th year: 10%

Lastly, you can also get a discount on fees by purchasing Nominex “Discount Cards”.

2. Deposit and Withdrawal fees

This varies depending on the cryptocurrency that you want to deposit or withdraw.

Meanwhile, the fee connected with each coin can be found here.

3. Buy Crypto

This transaction has no fee attached to it.

However, Nominex will process your payment through a payment channel that may charge you a fee.

Payment Methods

  • Cryptocurrencies
  • Visa/Mastercards

Scroll down to continue reading!


Limits And Verification Requirements

Limits

Deposit Limit Minimum Deposit
This is dependent on the cryptocurrency
you want to deposit.
Click here to view
Maximum Deposit
None
Withdrawal Limit Minimum Withdrawal
Click here to view
Maximum Withdrawal
This is dependent on your verification level.
Level 0: up to 3BTC
Level 1: up to 100BTC
Level 2: Any amount of your choice

Note: You will not be able to make withdrawals if you have not activated or used your welcome bonus. Further details can be found here.

Verification Requirements

On Nominex, we have 3 levels of verifications, so have a look at the table.

Level 0Level 1Level 2
Email– Full Name
– Date of birth
– Country of
Citizenship/ incorporation
– Government-issued
ID document
e.g. Passport, ID card
Driver’s License, Residence Permit‌

– Selfie with the ID document
All the requirements for
Level 1 and 2, then,
Contact support / Video interview

Note:

  • You must go through Level 1 verification, if you want to buy crypto with fiat via the “Buy Crypto” menu.
  • This is because payment process is handled by a third-party rather than Nominex.
  • You must also enable 2FA to complete your verification.

Next, we’ll look at Nominex’s customer service.

Let’s dive in!

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Customer Support And Public Opinion

Customer service at Nominex is excellent.

And, users’ questions are answered within 5 to 10 minutes. That’s superb!

These are the ways to get in touch with Nominex:

  • Live Chat: Click the support button in the bottom right corner of dashboard UI to start a live chat session.
  • Telegram: https://t.me/nominex_announcements
  • Twitter: https://twitter.com/NominexExchange
  • Facebook: https://www.facebook.com/Nominex
  • Linkedin: https://www.linkedin.com/company/14863255
  • Email: [email protected]

On Trustpilot, Nominex has a 4.6-star rating, with many customers hailing it as one of the best and most profitable crypto exchanges. You can take a look here.

This is impressive! It indicates that the exchange is doing an excellent job and is also trustworthy.

Scroll down to the FAQ section!


Frequently Asked Questions

1. How do I start using Nominex?

You’ll be able to do that with the help of these simple steps!
1. On the Nominex website, choose “Get Started.”

2. Following that, a “Sign-up” form will display on your screen. Fill out the form and click “Create an account.”


3. A verification email with a link to your dashboard will be sent to you.

You may now start using Nominex by clicking on it!

2. How can I deposit Nominex?

Follow these steps:
1. Go to your dashboard and choose “Wallet,” then “Main account” from the drop-down menu.

2. After you’ve found the cryptocurrency you want to deposit, click “Deposit.”

3. On your screen, you’ll see a “QR code” and a “Deposit address.”

Send the coin to the address by scanning the Qr code or pasting the address to the wallet you wish to send from.

3. How do I withdraw my funds from Nominex?

This is the how-to step you need to follow:

1. Select “Withdrawal” from your “Main Account Balance.”

2. Fill out the withdrawal form, and you’ll see your transaction fee and total withdrawal amount. Then click “Withdraw”.

Soon after, your coins will be sent to your wallet.

4. Should I invest in NMX tokens?

NMX is a token that has performed exceptionally well, and the following are some of the reasons you should consider buying it:
– It surged 600% (from $0.1 to $0.7) when it first launched on the PancakeSwap DEx.
– The total amount of liquidity in the NMX-USDT pool has surpassed $14 million.
– The price of NMX has continued to rise, with Coingecko showing a 22.8% increase in 30 days (current as of July 7, 2021)
-It has a 5611.69% ROI according to Coinmarketcap. (current as of July 7, 2021)
– NMX can be found on the DeFi aggregator tools like Dappradar. This gives some credibility to the coin.
– Furthermore, the coin has some wonderful use cases as well.

Moreover, it has a long-term distribution scheme, this shows that the coin has potentials and is not unlikely to die off any time soon, like other scam coins.

Please keep in mind that I’ve simply curated this as a resource to help you make your investing decision.
As a result, you need to do some own investigation before investing.

5. Is Nominex a legit crypto exchange?

Yes Nominex is legit and serious with business and I will briefly tell you why I said so:
– Nominex has a known founder
– Impressively, it has an excellent rating on Trustpilot. This shows that users are having a wonderful experience using this exchange.
– It has not scammed anyone and has not been hacked as well
– The exchange records a growing 24hr volume trade of $15,667,130.20 on Coinmarketcap.
– Also, like the BNB token, this exchange has a profitable DeFi token.
– The customer support channel is very responsive and helpful.

You can get more information about the legitimacy of this exchange by conducting your personal research.


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Ps: If you want to learn how to trade cryptocurrencies profitably, we developed a perfect course to help you master Cryptocurrency Trading.

Go to www.ctmastery.com to enroll.

You can also join our Telegram community at https://t.me/ctmastery for more information.


Conclusion

Nominex is a unique exchange with a variety of enticing features.

It provides the most impressive strategy to keep newbies and pro traders bound in the crypto realm.

And they’ve done it straightforwardly: You make passive money while trading.

This is where I will end this article.

But what is your view about this exchange?

Do you still have a question about Nominex?

Do you have any NMX tokens in your possession right now?

Is the coin worth holding if you have great hopes for it?

Drop your comment in the box below.

Remember to click the share buttons. Cheers!


Other Related Articles:

Nominex

8.5

Ease Of Use

8.0/10

Customer Support

8.0/10

Security

8.0/10

Uptime

10.0/10

Pros

  • Mulitple bonuses in crypto
  • Multiple cryptocurrencies
  • Low fees

Cons

  • Restricts some countries
  • No support for futures trading

Paschaline Anagor

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