I have been thinking about what components Nash would need in order for me to use it as my main exchange. I have probably used somewhere between 15 and 20 exchanges over the two years I have been dabbling in crypto, however in the last 6 months I have only used; Coinbase, Binance, BitMEX, Bitfinex and Kucoin.
Now here are the reasons;
- Coinbase is my go to for fiat deposits, I can deposit fiat using a bank account which has always been credited within two hours. I doubt Nash will be able to rival this anytime soon therefore it isn’t something I personally need, although I understand it’s importance to Nash.
- Binance is my go to for alts, as they have most notable alts listed with good liquidity. I am not too concerned about Nash listing as many but I hope in the future, alts with the greatest volume are listed.
- BitMEX is currently my go to for trading, the leverage option is attractive although I plan to use it less often (believe no/less leverage with better fund management ie. stop losses and a fiat option is a better alternative, however I don’t trade enough and not experienced enough to migrate yet).
- Bitfinex I don’t usually use, but used to short Neo as I wasn’t sure where else this could be done.
- Kucoin I don’t usually use, but used to trade an alt which isn’t available on Binance.
My portfolio is currently held on;
- Binance (59%) – when I liquidated my alts ~10 months ago, I did so to USDT and Binance was the place to do so. Kept it there as Binance seems pretty secure, although looking forward to Nash so I don’t need to rely on trusting an exchange #TrustYourselves
- Neon Wallet (27%) –
- Coinbase (10%) – holding fiat here, hoping to move USDT from Binance to USDC or fiat on Coinbase, although USDC on Nash will be another option soon
- BitMEX (4%) – active trading
In order for Nash to be my main exchange, it needs to;
- Rival Coinbase’s security, the decentralised factor is a great advantage and I am aware 2FA and other means of authentication will be used. Therefore, I am happy this will meet the needs of most.
However, fiat held on Coinbase is insured and Binance DEX will support hardware wallets from day one. I would be happy holding assets on Nash, but hopefully one day hardware wallets are also supported.
- Have a range of pairs, the four most important to me personally are BTC, USDC, ETH and NEX. I know USDC and ETH will be available from launch but one of my biggest concerns is that to my knowledge, the team are still looking into ways to include the BTC market. Also, in order to list NEX there are licences to be required which unfortunately can take a very long.
- As well as; Great UI/UX which I am sure the team will produce. Attractive fees, which I believe we do have. Good liquidity, which Ethan says will be ‘enormous’. Trading view charts, haven’t heard anything about this but most exchanges do, I am sure the team have thought about this? And stop losses, which I believed will be introduced at launch, correct me if I am wrong? Other than this, the only other thing which would be nice, but not a necessity is margin trading which I believe has been mentioned but isn’t a priority.
Now that’s me, what are your thoughts? Also, what would you need to see on Nash for you to use it as your only or main exchange?