High volatility makes it impossible for Nash to obtain a somewhat stable quote. There are some possible improvements that are being worked on.
I saw it was available again real soon after my post.
For me this is a very serious problem because every time this happens the customers go elsewhere. Will it be corrected quickly? Or is this still a peculiarity of Nash.
Last Saturday I convinced one of my friends to create an account with Nash and do the KYC. On Sunday he bought 2000€ worth BTC and sent funds to NeonExchangeAG bank account.
From Monday evening until now Tuesday morning , BTC purchases on Nash are unavailable. What should I say to my friend?. Will he receive their btc at the original rate exchange offered on Sunday?. Will he be offered another rate for 15 minutes. But if he is not looking at his mobile every hour and he miss the message, will he be offered again and again a new rate exchange?. On the top of this now seems BTC /USDA’s trade is not available, then their euros will be converted to usdc when reaching his wallet?
BTC purchases being unavailable are a somewhat different matter (Nash team is working on improving availability in unstable market conditions btw).
As for the rate, here’s how it works:
Let’s say your friend bought 1 BTC at $40k€. When Nash receives his funds:
- if BTC rate is now $20k€/BTC, he will automatically receive 2 BTC instead of 1 (he is thus protected: note that Nash could have chosen to only give him 1 BTC)
- if BTC rate is now $60k€/BTC, he will be asked to reconfirm the new rate. If he agrees, he will receive 0.66 BTC. Note that the value of the token credited to his account will be worth exactly what he paid for at the moment he confirms the new rate, so he will not have lost money. This can be frustrating if he tried to buy the dip, but note that 1/ it would have been the same with any other exchange, CEX included 2/ the best practice for buying the dip is to keep USDC handy.
Lastly I want to mention that Nash is still working on improving the selection of banks compatible with instant purchases, which should help regarding the above.
@Oldsport , Marc thanks for your reply.
Btc purchase on Nash is now available again.
During this morning,funds have been cleared and my friend has received another quotation in order to confirm his BTC purchase he made Sunday night and he has accepted the new rate exchange 2.7% above Sunday’s rate, so he has received his BTC.
As you suggested Going forward I have recommended him to buy USDC from € and once he has USDC to buy BTC. In any case I need to work out what is more convenient due to fees transferring usdc to Nash channel and back bitcoin from Nash channel to his wallet because he wants BTC just to hodl.Maybe taking the rate exchange risk is not bad as It can work in both directions.
My only question is what would it happen if he would decided not to accept the new rate exchange offered by Nash today?. Would Nash send their € back to his bank account?.Would Nash do convert their € into USDC at their rate? Or would Nash do continue sending him rate exchange proposals until he accepts one of them?.
I am currently using Revolut in order to buy BTC on Nash and It works very well completing the purchase instantaneously and getting your rate exchange proposed. I do agree with you the more banks Nash get on board the better experience we will have.
Just to mention I have received the 5 NEX reward lol!
If the new rate is declined, Nash sends back the full amount of euros, no penalty fee
Thanks , good to know.