What is NovaDAX?
NovaDAX, established in 2018, is a cryptocurrency exchange based in Brazil. This review provides insights into its key features, trading volume, and supported users.
Trading Volume Overview
As of December 2, 2021, NovaDAX reported a 24-hour trading volume of USD 13.4 million. While this represents a decent volume, it falls short of industry giants.
User Restrictions
NovaDAX exclusively caters to Brazilian investors or foreigners possessing a CPF (Brazilian Tax ID). Non-Brazilian investors are advised to explore alternative exchanges through tools like Exchange Finder.
NovaDAX Trading View
Different exchanges offer distinct trading views, and choosing the right one is subjective. NovaDAX's trading view typically includes an order book, price chart, and order history. Users are encouraged to evaluate the trading view to ensure it aligns with their preferences.
Trading Fees Structure
NovaDAX employs a fee structure distinguishing between makers and takers. Takers, responsible for executing existing orders, are charged a 0.25% fee, slightly above the global industry average. Makers, who provide liquidity, enjoy a discounted fee of 0.15%, below the industry average. Notably, South American trading fees tend to be higher compared to global standards. Users can further reduce fees by redeeming Novawards based on their NovaDAX points.
Withdrawal Fees
NovaDAX imposes a withdrawal fee of 0.0005 BTC for BTC withdrawals, which is slightly below the industry average of 0.0006 BTC. Users are encouraged to verify withdrawal fees for other cryptocurrencies on the platform.
Deposit Methods
NovaDAX supports wire transfers as a deposit method, excluding credit card deposits. Additionally, wire transfers are limited to BRL deposits. Users seeking alternatives, such as credit card deposits or wire transfers in different fiat currencies, are advised to explore available options using tools like Exchange Finder.
In summary, NovaDAX offers a tailored experience for Brazilian investors, presenting specific advantages and limitations. Users should carefully consider their preferences and requirements before engaging with the platform.
What are the trading fees on NovaDAX?
NovaDAX employs a fee structure distinguishing between makers and takers. Takers, responsible for executing existing orders, are charged a 0.25% fee, slightly above the global industry average. Makers, who provide liquidity, enjoy a discounted fee of 0.15%, below the industry average. Notably, South American trading fees tend to be higher compared to global standards. Users can further reduce fees by redeeming Novawards based on their NovaDAX points.
Does NovaDAX offer leverage trading?
NovaDAX does not currently offer margin trading or leverage options.
