Why I don't use exchange even if I want to

Exchange
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#1

Hi guys,

I want to just share my point why I don’t use exchange today. The thing is I wanted to sell my LINK and sending it through Nash channels, but it will cost me around 30$ and sending it to another exchange for ex. Coinbase will cost around 5$. Well I can say neither is fine for me. But I will send it to Coinbase to sell.
I know it is because ETH gas fees are high these days, but this experience is really bad for me.
Overall I think Nash channels are not great UX experience for users in app. I will be satisfied only when it is fee free and instant, but it is something developers should solve if they can.

Last week my friend ask me to help him join crypto world (a lot of people joining now when BTC is mooning :smiley: ).
But to point he asked me where is the best to start when he want to deposit and buy some crypto. He wanted to start just with 50€ to try and play around before invest more. Well I told him the best for you to start will be Coinbase or Binance, but take a look on Nash too and told him an advantages of it (how it is secured etc…).
He picked Coinbase, but I did not really ask him why, because I also believed it will be better to him start there…
One thing are that Nash channels and the other is how Nash looks in my eyes in term of UI. Okay I get it UI have pretty colors, pretty illustrations everything is pretty and modern, but really I feel it is targeting to people under 20. It is not look professional at all to me and I’m really sorry for that. Maybe it is only my feeling don’t know, but it is discouraging me from using Nash.

Just wanted to share my experience and opinion. I wish Nash the best and hope it will be great some day as I’m here from ICO and staking, so it is in my interest.

Sorry for my english, have a great day!!

2 Likes
#2

Thanks for sharing the feedback regarding the exchange.

Could I follow up on a point?

Since it seems you were recommending someone more for an initial investment / fiat ramp service, I’m curious why you recommended Binance or Coinbase over Nash Cash.

Nash Cash offers 0% fees in addition to the security. Is the issue that your friend would then have to trade USDC for BTC on the exchange?

1 Like
#4

A few things for you to consider when deciding which exchange to use next time:

  • The fee for depositing to the channel is the maximum fee, the actual fee is usually about half of that.
  • If you are buying with euro, you can use the 0% fee NashCash as fiat ramp and get usdc directly in the channels so you can prevent blockchain fees completely.
  • Coinbase has higher trading fees, so if you trade more often or large amounts it might actually be more expensive despite lower fee to deposit.
  • Once your funds are in the channels you can trade as much as you like and just keep them in there. There’s no need to withdraw them to personal account unless you want to move them to an external address.
3 Likes
#5

Not a fan of strong wording. ‘Useless’? I bought btc and eth via Nash after using nashcash. That means I paid 0% fees for Fiat ramp, paid 0% for my maker buys and I can now trade unlimited times for 0% fees if I want to.
I am not aware of a better place for this.
While Nash isnt perfect yet, the channels are far away from being ‘useless’

1 Like
#6

I’m a Nash investor and have been since ICO. Always check in and keep tabs on how things are going.

As a trader, I personally use Binance. I often consider using Nash, but:
(1) too many transfer fees (on ETH)
(2) not enough liquidity
(3) not enough exciting pairs
(4) no margin trading (I love flipping between various pairs on margin)
(5) unavailable in certain locations
(6) Higher fees than CEX
(*7) I’m KYC’ed but maybe KYC is a barrier to entry for others

If I can’t find what I want, then I go to Uniswap.

I onboarded some older family members into crypto and helped them get exposure to bitcoin. We also used Binance because it’s easy for them (also I’m not sure Nash fiat ramps are available here).

Hope this feedback helps.

3 Likes
#8

I read your comments and sorry to say it, You would like NASH to become a casino platform that will never happen.

  1. I have very good capital and I find it real nice to trade both BTC and ETH.
  2. NASH is my wallet same fees would apply were you move funds around from electrum to other exchange back to electrum for example.
  3. I ALLWAY refer (without referral) people to NASH.
  4. too many transaction fees? keep funs inside the channel.
  5. not enough liquidity: there’s enough liquidity for any average and above trader.
  6. 0% maker 0.25% taker are high? I don’t think so.

What amazes me the most both of you who refer people to other places, than complain about liquidity. Sorry to say but it’s a shame.

I say thank you NASH for not becoming a $hit coin casino. thanks to you I got back to trading and actually made A LOT since the start of the first liquidity mining competition until now.

5 Likes
#10

ETH/BTC market does looks off. it’s the weekend anyway, current volume is 1M with no competition or LM.

#11

I think it’s helpful to neither be fanboy nor being dramatic when crticizing. It just triggers people and gets us divided.
But, fair enough.
You are right I mainly use Nash for ‘recurring purchases and accumulate Bitcoin’ (same for eth). It’s almost perfect for this usecase in my opinion.
I also still use other exchanges for part of my trading (mainly because of liquidity) and I am looking forward to the day to be completly switched to Nash.
To end this for me, I do already recommend Nash to friends, but I describe the specific case. (Btc&eth, smaller buys and sells, fiat ramp and smaller trades with assets not leaving the channels)

#12

Nash Cash is totally fine 0% fees are really great. Correct me if I’m wrong you get USDC in Nash Channels? Did not really try it yet. If so it is good. But what if I want to buy something what is not on exchange or has really low volume to buy? He would need to transfer from Nash Channels to wallet and from wallet to another exchange and it would cost me more than 35$… it is a lot. Okay I would say this technology things takes time to make it perfect so I can understand it.

The bigger problem I see in UI… that landing page is joke for me :confused: I don’t believe a word you presenting there, even if I know they are true. You have technology, you have security but please sell it better. If I told someone go check Nash, it is secured than ledger wallet… do you think they believed me or better believed you?

I remember you wanted Nash to be used by all people no matter age. Not teenagers who the most have no money.

#13

Your funds are always on the blockchain and safe.There are no fees in the state channel, only when onboarding/unloading from the state channel. I see this as a premium that is paid for your funds being safe and non-custodial.

There is enough liquidity for nearly all pairs. If you are trading large amounts this may be a problem but I somewhat doubt that since you are complaining about a few dollars of blockchain fees.

True, but that doesn’t stop you from using existing services.

True, but that doesn’t stop you from using existing services.

True, but that doesn’t stop YOU from using existing services.

It’s like saying that a car with 5* safety rating is more expensive than the one with 3* safety rating. Yes it is, but Nash fees are competitive, it’s not like your trades are not profitable due to the difference in fees.

True, it is a barrier for many. But if you would explain to your contacts the benefits of regulatory compliance and self custody I’m certain this would not be a common deal breaker. The most ardent critics of KYC are actually very experienced crypto folks that dream of a lawless and anonymous money system that is never reaching mainstream adoption.

If Nash doesn’t have a coin you are interested in trading then trading that coin elsewhere is perfectly reasonable.

Nearly every crypto project is heavily dependent on its community. Many projects would not have survived without the strong support of their communities. You have invested in Nash (Nex) but you have shown zero support for the actual product. You make excuses for not using it even though there are parts of the project that are perfectly usable for you. You should promote and educate people about some unique features that Nash offers instead of focusing on things that are lacking.

I am not some crazy fanboy, there are things that should be improved and some are lacking but these are being worked on. Nash has plenty to offer even today; there are several USPs, community based bots, the (upcoming) trading competition, Nash Link, all of which are interesting for different audiences. If you want to contribute, make sure you translate those to your contacts.

3 Likes
#14

I have to disagree with your opinion on the UI and landing page. I like the design a lot, and I’m neither a teenager or a boomer.

What’s your opinion on the mobile app then?

#15

Don’t get me wrong… I’m saying it is pretty and modern, but does not targeting right group of people who finding serious and trustworthy platform. In other words it is not soldable.
Mobile app now looks better, but still… it has that feeling.

And the biggest joke in term of UI and everything is Nash League this is total disappointment for me…sorry there is almost everything wrong

#16

Would you care to list just a few reasons for this criticism? Thanks

1 Like
#17

many have criticized the font, for example. looking too old for the existing one. In general, I have found my peace and would say it combined old with new. if you compare nash.io with https://www.kraken.com/, for example, you may understand. nash.io isn’t that bad. the binance yellow / black is nothing new (but it works, proven again).

on the subject:
nash.io is great for long-term investments. sepa direct debit procedure to buy btc monthly etc pp … It is a shame that something like sepa direct debit btc VS life insurance 2% is not expanded

#18

Feedback is important, generally I think that if you take time to provide some feedback: even if it is in strong wording you care at some level. Otherwise you would just sell and leave. So thank you Chris for hearing him out, I think everybody here should.

A lot of my friends have a Nash account and we love:

  1. Fast matching engine / bots
  2. Non custodial / safe
  3. Legal
  4. the app

But there also a few thing where I have to agree with l0st0 and unfortunately why some of my friends are not using Nash:

  1. Fees (we are in NL so no nash cash)
  2. The missing of some top pairings.
  3. buggy webinterface

1 and 2 being the dealbreakers.

regarding 1: i was trying to think of solutions but i can only come up with hedging or things bordering on custodial solutions so I’m really curious about the possibilities here.
regarding 2: Matter of time or maybe not to important depending on the overall vision.
regarding 3: I’m sure this is just a matter of time.

2 Likes
#19

Okay sure I give just few things that annoying me the most… let’s assume that Nash created this competition to increase volume, get new customers and probably show people that we are serious platform and choise for trading. Yesterday I showed Nash League site to my wife and asked her how she feel about it. (she don’t know what crypto is) told me that it looks like some weird, dubious competition.

But let’s get to reasons. The first and the biggest that blue background and combination with other colors. Weird pink shape on right… like what is that anyway? If they added it just only to make site more interesting than I can say well done. Also I don’t like them on landing page even there are blue. The second place have big yellow gold svg cup, I would probably use this one when I will be creating some competition for kids, I’m sure they would like it. And the best with this cup is that under it is heading $1 MILION IN PRICES. I will end this with illustration of levitate woman with ETH and guy with BTC in hand… just bad and under that svg king person. The only normal and serious think I can stand is grid with informations.

But to be really honest I don’t like this competition at all. Squads and people with nicknames competing in volume? We are in some game? Don’t know about you but I don’t feel serious about it at all.

I know it may looks like I’m just giving trash on Nash but I really have this feeling and for me it is disappointment.

#20

Very subjective criticisms… It’s hard to understand what it is that you do not like. Is it the general webpage design or do you just hate the entire idea of doing these competitions? :man_shrugging:

#21

For me the most important points why I do not use nash cash but kraken right now is:

  • with my german bank account at Fidor Bank: Instant bank transfer to kraken. My € get funded there in minutes not days. Back from kraken to my bank account as well. (0% fee but withdrawal fee later)
  • I live in switzerland: If I want to send swiss francs to nash cash I have costs for the CHF to EUR conversion. Sending to kraken is feeless as well because they support CHF deposits.

As far as I know nash bank account is in Liechtenstein right? So you could easily support CHF sendings as well.
This might also be a benefit because there is no good Exchange right now (beside kraken) for swiss.

Edit:
Forgot one point. The Nash Cash limits for personal accounts are way too low.
90k per YEAR at nash in comparison to 100k per DAY at kraken

1 Like
#22

Yes, just sharing my view and feeling about this. If you don’t have problem with UI at all it is fine. But me personally see this like big minus for Nash.

I think both, I don’t like the idea and also don’t understand design.

#23

Nash uses Maerki Baumann as bank…it is a Swiss bank, so at least theoretically it could be an extremely beneficial set up for Swiss users.