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?
I don’t do much trading these days but where possible I will use Nash. As they add more options and products to compete, my use of other exchanges will get lower and lower.
I’m guessing a lot of current and future Nex holders will think the same. It will help the exchange volume wise as well as benefit holders and stakers.
Personally, having BTC, fiat pairs and eventually the Nex token trading on the exchange would be enough for me.
Having as many chains as possible will be important for the exchange and some will be able to be implemented very quickly which is good to know. USDT while its volume and marketcap dwarfs the others will also be a priority for some
If Nash supports the token that I am interested in trading, I’ll use Nash over any alternatives.
I have no doubt that the user experience/fees will be very attractive, but predominantly I’d just like to support the team. I have followed the work done by these guys/CoZ since the AntShares days, and they have been genuinely inspirational. Capable, insightful and grounded. Can’t ask for much more in a messy, fledgeling industry like blockchain.
I don’t do a lot of trading really, only to buy specific tokens I want to hodl.
For me personally, the biggest things are fiat to crypto on ramps. I am investing in crypto through dca (dollar cost averaging) so buying direct crypto via debit/credit card is my number one need. Even easier if I can exchange the token I buy direct into other tokens I want on the same exchange.
If Nash allows me to do this, they will immediately become my number one exchange.
Additionally as a token holder, I will try to do as many of my trades as possible on Nash to maximize my dividends. I will be encouraging all those I personally know in crypto to do the same as it’s beneficial to me (plus it should be a superior product).
if nex goes live I will increase my neo stock. I will buy ethereum on coinbase with fiat, then send them to the nash exchange and then stock up my neo with ethereum.
Ideally you would be able to buy ETH with fiat right on Nash. Or even Neo.
Right now my process to buy NEO is way too convoluted: Buy BTC from exchange direct from debit/credit card, send to another exchange that has BTC/NEO pair, make trade, withdraw from exchange to my wallet. The whole process is not only time consuming, but costly with fees both on the purchase, the transfers/withdrawals and the trade itself from BTC to NEO.
@Yevin Yet to find out but would imagine that the third party fiat gateway fees will be quite high or at least much higher than others. On Coinbase you can deposit GBP with no fee, withdrawals are only £1 and 0% maker fees on coinbase pro.
Some will prefer to use current exchanges to at least get fiat in and out until maybe Nash offers a similar service of their own in future.
My thoughts are: My coins/tokens private keys are held on a hardware wallet. It would take significant convincing to store it any other way. I would need to look very closely at how robust the Nash security is. It will take some convincing. As mentioned NEX presentations in the past, the user is the weak link in the security.
The thing about hardware wallet is that the user can be almost completely hopeless/careless and as long as they have the 24 words on the card to restore their hardware wallet written down and out of sight, then its just about impossible to steal their funds, no matter how careless they are with storing the hardware wallet. Its almost impossible to lose funds due to a phishing attack (I believe). If Nash can match that level of security then it would be my preference over storing coins/token on a hardware wallet and and send/receiving to/from Binance to trade when needed.
Lastly, obviously the number of trading pairs is crucial. The reason being is that many people buy/store BTC, ETH, LTC, EOS etc and maybe 1-2 other small/tiny cap tokens for a project they care a lot about. For me for example, its NULS. Great project. but its barely a top 100 coin - and its available on Binance. Binance is always reliable to have anybodys/everybody’s favourite small cap project coin/token - many of these users (including myself) dont use Binance to trade, but funnel in via BTC to go off and buy a few grand of their favourite coin/project. Maximum trading pairs of good quality projects would obviously benefit Nash, and will obviously take time.
The difficultly for me is, as a community member I want to do my part and pull people in to use the Nash Exchange. I have an initial list of 15-20 people Ill recommend it to and a range of groups and forums (where Im well enough known to enable me to recommend Nash to people without sounding like a shill). The question is, how many trading pairs should they have before I start to do this? People are only going to listen to me once and Im reluctant to do this until BTC and a few more are trading. However, once more big ones are on there I can start recommending Nash as small caps will follow eventually. My plan is to use and familiarise myself with the exchange at launch, but will likely hold off from pulling more people in until some more of the top ten/twenty are trading.
I’ve thought about that too. It seems it won’t take long for BTC if it’s not ready at launch but first impressions are very important for some.
For us already sold on the project, there could be close to ten of the top 20 chains on the exchange after maybe two or three months, if going by what was said at the event. Very promising.
@CryptoUK1 This is true, but it all depends on 1) where the individual is globally and 2) what the partner in that region is charging. I’m in The Bahamas, so I don’t get access to Coinbase. My options are places like Bitstamp, Coinmama or CEX etc. All of them taking a lot in fees so not ideal, but it’s all I have.
So the question will be…how do the fiat partnerships in my region compare to the other options in my region?
Each person will have to answer that for themselves and do whatever makes the most sense, but I can totally understand that you’ve got a good option there with Coinbase so it would take a lot more to get you to use a different service as an on-ramp.
Yea of course. May not be ideal for some but could be just what some people in other regions are looking for like you said. I’m not that familiar with the situation outside of the UK and some parts of Europe
I have read messages/comments from various founders that Nash exchange will be a, no compromises exchange. It’s a DEX, that performe/operates/looks like a CEX (but better). Basically users shouldn’t be able to tell they are using a DEX. I have read about all the advantages Nash will have over most/all other exchanges and it’s obviously impressive.
What I am interested to know is, what aspects/feature of Nash are expected not to perform as well as market leading CEXs like Coinbase and Binance (other than transaction speed which we are all aware will be a fraction slower). What will be the niggles and pinch points of using Nash over other best in class CEXs? I’m not referring to aspects that will improve over time (like more trading pairs will be added over time) but aspects that will persist for the long term. Any input would be great. Thank you
Yes, Nash will be my primary exchange, especially for fiat-crypto buying/selling.
Like others have mentioned, there are smaller cap coins I own/trade (ERC20 and NEP5) that are not available on Nash at launch, and I hope down the road the teams will apply and get listed.
Sounds like the following are key factors for everyone:
My greatest concern is the anonymity of the platform, and the need for a KYC above 1000$ daily trading (correct me if I’m wrong on that). As a DEX you should be able to take advantage of the privacy offered by some blockchains, and I don’t know how my informations will be handled by Nash, and the fact that they want to be compliant with regulation doesn’t give me much confidence…
My expectation from the Nash exchange is that the non cusdodial and decentralised nature of the exchange will solve many of the biggest problems facing centralised exchanges, and it’s for these reasons they built the DEX, not so much as a means to enable users to dodge KYC.
My impression was that user anonymity was not what they were aiming for. But quite the opposite. Rather they were trying to lead the way with KYC/AML/regulatory compliance and transparency.
Well that’s my biggest problem with the exchange personally, but it is certainly the best way to attract big investors and maximised the volume. But I also foresee crypto investment as becoming some kind of activism way to protest against the corrupt financial system that we have today. I’m French, and I swear that if there is a way to evade taxes for the greater number, we will do, just like we illegally download moves with torrents today (with only about 100 fines in 7 years). Because when a minister of economy, Jérôme Cahuzac, lie shamelessly to the people saying that he doesn’t own any bank account in Switzerland, and he is prosecuted months after for fiscal evasion and we find out he had a bank account in Switzerland… But anyway, I will not try to evade taxes, but privacy and data management is still a necessity, even if they will give all our data to our tyrannic governments.
I hope Nex will be my primary exchange. I use now Binance and Kraken (Kraken for Fiat, Binance for buying Neo)
I don’t need many small-caps.
What would hook me: Being able to DCA into stuff.
It’s difficult to always think about buying BTC. If I can automate this process (send weekly/monthly money to the Nex-account, and if the nex-account has sufficient funds, it buys always at a set time for a set amount until a (funds are empty) or b (amount x has been reached) or c (amout x has been spent).
I want it to be that easy. Make it easy for me to set up and you will have recurring fees every week, 52 times a year.
Ps. Hi @Edge, nice to see you in this community as well.
