Distinguishing factors NEX vs Binance (with FIAT gateway and DEX)

(The Ron) #1

As we could see, Binance launched their FIAT gateway before launch of Neonexchange.

What if Binance also launch their DEX earlier than launch of Neonexchange?

Then 2 big distinguishing factors are gone in that scenario to my opinion.

Or am I now too pessimistic? I must say, first time since being NEX holder it worries me a little…

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(Nex Hodl) #2

hope we go live before binance dex is out!! Very important imo!

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(Alex) #3

I believed NEX is looking to integrate with known and trusted partners from customer point of view. That is a big difference imao… (not entirely sure how NEX envisions it tho…)

I wrote this before in other topic:

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(Alex) #4

I would not be too worried. Binance won’t bring much new users into cryprospace with those value propositions imao. (Coinbase already serves EUR/GDP users and fiat ramps…)
Binance needs to adapt and bring new products to market to keep up, stay alive and trending… We haven’t even started yet !

What I heared is that NEX is interested in serving those users who never have or never dared to buy crypto / digital assets… Thats a whole new pool we’re looking to fish in… Also the reason why user experience is such a big deal for us.

“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.”
– Bill Gates

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(Peter) #5

Not to worry; We can’t be shaking in fear at the first sign of competition. Nex has set aim for a number of things that could differentiate itself from binance:

  • Payment services
  • Securities trading
  • Margin trading
  • Index fund
  • Mutual Beneficial Partnerships with banking, remittance companies and other liquidity providers
  • NEX is a registered security offering up to 75% of exchange fee revenue as dividends, meaning a more incentivised community to organically market the product/service.
  • Stronger DEV and UX team

In the chance that Binance decides to chase all the same things that NEX has, remember that the trading volume for securities, is enormous and the introduction of blockchain technology will allow for the natural evolution of these markets. NEX and any other project setting up for tokenised asset trading will benefit from this.

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(Lennystyles) #6

NEX has a high chance of succeeding but they do have their work cut out for them. Nothing comes easy. They are disrupting a market with a product which is highly needed.
First to have Fiat integration almost globally goes to Binance, as you mentioned.
That significantly impacts Coinbase and sorts since that was their unique selling point.
I do believe DEX’es can co-exist, but if Binance launches their DEX first, with their existing user base it will be difficult to take a bit of their market share unless NEX’s product is significantly superior.
I do understand that NEX’s vision is to build a lot more than an exchange, but those products were originally scheduled later on 2019/2020.
So if first mover advantage is lost on fiat and launching the DEX, I’m really curious what other moves they have up their sleeves other than a better UI? I think, we’ll be up for a surprise. In a positive way!
I guess the wait is almost over. 18th of Jan lets go :wink: !

(Yoruba Angel) #7

I dont think it matters if the platform goes live before Binance DEX, what matter most is the product, is the product solid enough to compete with Binance and other top exchanges? Launching an exchange is a tough business especially considering countless number of exchanges that launches every day. NEX has to have very attractive features aside the security to attract users and more importantly frequent traders from other big exchanges. To me, I keep most of my opinion about NEX until the product launch.

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(Justus) #8

I personally don’t see NEX competing with Binance mid-term. Not without margin trading and a grown number of token/coins. It will take time when this is the goal.

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(CryptoUK1) #9

@JustUS I agree that it will be difficult for a good while at least. Especially like for like crypto trading. Margin trading like you said and the potential of security tokens could maybe help Nex close the gap to the volume Binance are doing by then.

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(Jump Around) #10

Agreed, but to make significant ROI on each token will not take Binance level volumes.

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(EC) #11

Sure, but I think most people want to stake, not flip; so it will take significant volume in order to get a meaningful monthly staking reward for those with 1000 NEX.

(FCC) #12

We are different companies with different values and missions. Of course they will use the profits from operations to buy their way into the future, we will work to educate how we are different from both technological and values aspects.

I will not lose sleep if we launch something better, before or after their DEX is online. With a better product all we need is people to try.

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(Nashrimpy) #13

The volume increases automatically when we as the community stake all of our NEX. Because this reduces the circulating supply and the price per NEX increases. This will create popularity and fomo for NEX and all people will buy NEX tokens through the Neon Exchange.
That’s good for the volume and the success of the exchange.

(Guardian Circle) #14

Correct answer. This kind of sobriety is one reason I have high hopes for NEX. We’ve seen the result of this method of execution – NEON Wallet – once before. It works very well. I remain bullish on NEX, Binance or no.

(Yoruba Angel) #15

volume increases if NEX is trading on a high volume exchange. dont forget NEX wont be trading for a while, meaning you wont get a top exchange to trade it.

(Trust Yourselves ) #16

Yes neon wallet is good for current crypto users. But does it appeal to the lay people from first usage? I’m not quite sure

(Xen) #17

To be honest, there’s nothing to worry about honestly. Because Binance Chain/Binance DEX doesn’t have the superior tech of NEX and probably has alot of limited functionalities/features (though take it with a grain of salt as I’m only guessing/speculating). Timing is everything, regardless of the possibilities & outcome, NEX always have the upper hand.

Reference: https://www.bloomberg.com/news/articles/2018-03-13/crypto-exchange-binance-launches-decentralized-trading-network

"Zhao said he expects to launch (Binance Chain) this year. The bitcoin billionaire said the decentralized exchange, which needs more computing power for many computers to verify and record trades, will be slower and have higher fees than the centralized platform.

Binance Chain will be attractive for those who value anonymity and security more than speed and liquidity, he said."

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(Guardian Circle) #18

In my opinion, the mobile Lynx EOS wallet is the best stab at a consumer wallet to date. It holds your hand, so to speak, the best. But even THAT is not simple enough for most. And to be fair, you probably need an in-wallet exchange that includes fiat on and off ramps to make it truly work.

NEON is the best anyone can do on a desktop, given the state of the underlying blockchain tech (i.e., we’re still forced to use crypto wallet addresses – it’s like we have to use the internet without URL’s, we have to enter IP addresses of websites).