Review on NowEx by jesus ruiz
NowEx, a new platform with many advantages
NowEx is a relatively new crypto derivatives exchange platform founded in Hong Kong and based in Singapore. Here you can trade perpetual contracts and other options on some of the major cryptocurrencies.
NowEx makes it easy for its users to register and allows them to start trading crypto derivatives immediately. The platform has no mandatory Know Your Customer (KYC) checks, but it also doesn't allow you to top up your account with fiat currencies, which means you must deposit cryptocurrencies.
Unfortunately, NowEx does not currently support alternative two-factor authentication methods such as Google Authenticator-based 2FA , which are considered more secure than SMS verification .
All of its perpetual contracts and options are denominated in Tether (USDT), which makes it easy to keep track of your account balances. Also, the platform offers leverage trading up to 200x, making it a good option for experienced users.
NowEx has its native NOW exchange token, also known as NowEx token. The total supply of NOW is 10,000,000, and 50% of the tokens were distributed through various airdrops. NOW tokens can be used for fare discounts and other benefits on the exchange.
NowEx only accepts deposits and withdrawals in Tether (USDT) and the exchange's native NOW cryptocurrency. All trades on the exchange are denominated in USDT, making it easy to track your gains and losses.
In my opinion, NowEx has a very good user interface, but it is best suited for experienced cryptocurrency traders who already know how to obtain Tether (USDT) cryptocurrency to fund their trades. In addition, the platform offers exceptionally high amounts of leverage, which are only recommended for more experienced traders.
NowEx also has a mobile app for iOS and Android. You can download it from its official page, although note that these apps are not on the official Apple Store or Google Play Store list, as you download them directly from the site.
NowEx has a simple and transparent fee structure, as there is no funding or nightly charges. Opening a position costs you only 0.08% per trade.
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Pros
- All contracts are denominated in USDT which makes it easy to track
- The platform has no mandatory KYC (Know Your Customer) checks
Cons
- No support for alternative two-factor authentication methods such as 2FA
