Is NovaDAX a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether NovaDAX is a good crypto exchange to start trading with. In this article you will learn whether NovaDAX is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker NovaDAX
The Brazilian NovaDAX exchange offers a fast exchange service for cryptocurrency-to-cryptocurrency and cryptocurrency-to-fiat exchange and OTC trading. Bitcoin (₿), Ethereum (Ξ), Tether (₮), OMG, EOS, other popular cryptocurrencies, and coins are traded on the site. Among fiats, you can find the Brazilian real (BRL) and euro. They can be used to replenish the account, trade (only BRL), and also exchange them for cryptocurrency. Investment decisions are represented by classic staking. There is a referral program with fixed payments in reals. The platform has implemented innovative proprietary solutions such as Bottrex and Vector, to automate trading and make it safer. The exchange uses the TradingView browser terminal and offers a mobile application. Standard commissions are market average but can be reduced to 0.21%/0.07% for taker/maker due to the point system.
| 💰 Account currency: | Cryptocurrencies, fiat currencies |
| 🚀 Minimum deposit: | ₿0.0005 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat currencies |
| 💹 Margin Call / Stop Out: | No |
NovaDAX Pros and Cons
👍 Advantages of trading with NovaDAX:
•a lot of cryptocurrencies and coins;
•it is possible to deposit in fiat in different ways, including bank cards;
•minimum deposit ₿0.0005, fees can be reduced due to the point system.
•there are special discounts and bonuses;
•passive earnings are represented by staking, there is a referral program, API, and bot trading;
•the exchange doesn’t set restrictions on trading strategies, limits on deposits/withdrawals are higher than the market average;
•high level of security, cloud storage, cold storage of users’ funds;
•prompt technical support that operates 24/7.
👎 Disadvantages of NovaDAX:
•no demo accounts, advanced training, or special solutions for novice traders;
•Some services and functions are not available for residents of other countries (not Brazil).
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for NovaDAX Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. NovaDAX offers traders the following conditions.
| 💻 Trading platform: | In browser - TradingView |
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, fiat currencies |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | ₿0.0005 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat currencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | n/a |
| ⭐ Trading features: | All popular cryptocurrencies, BRL, quick exchange service, exchange and OTC trading, internal points system with the possibility of reducing commission fees, modern level of data and funds protection |
| 🎁 Contests and bonuses: | There are bonuses (welcome, rebates, and trading volumes) |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of NovaDAX commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
The NovaDAX cryptocurrency exchange charges commission fees for all trading operations. The amount of the fee doesn’t depend on the asset or the trading volume (as is the case for most other cryptocurrency exchanges). The size of the commission is influenced only by the user's status in the system. This status is determined by the number of points that are given for actions of two types, such as the trading operations and payments using an exchange card.
Points are awarded for all trading operations in crypto-to-crypto and crypto-to-fiat pairs at the rate of 1 BRL = 1 point. The card brings in points at 10% of the amount of the purchase paid. The novice user gets 3,000 points as a welcome bonus after registration and verification.
Commissions depends on points, as follows:
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0-2,999 points – 0.5%/0.3% for taker/maker;
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3,000-9,999 points – 0.4%/0.2% for taker/maker;
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10,000-4,999,999 points - 0.3%/0.1% for taker/maker;
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from 5,000,000 points - 0.21%/0.07% for taker/maker.
Please note that only points accumulated in the last 30 days shall be taken into account. Increasing the client's status with points also provides a discount for the exchange service and reduces the commission for withdrawing funds.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | up to 0.5% per application | Yes |
Investment programs of NovaDAX
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. NovaDAX offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
NovaDAX allows its clients to passively earn by investing in cryptocurrency. The investment system is presented in a classic staking format with a deposit and annual interest. The website has a regularly updated pool of official partners. These partners need investments to develop their blockchain projects. You also can lend cryptocurrency to its partners, receiving in return interest on the loaned deposit.
Investment programs are divided into two categories: fixed or flexible. If the deposit is fixed, the investor cannot withdraw it before the specified period expires. If the deposit is flexible, the investor can withdraw it at any time, but in this case, the interest payments are reduced.
The second category of programs is daily and long-term programs. Daily programs involve deposits for a day. At the time of the return of the deposit the next day (before noon or after noon) the investor gets the earned interest as well.
Long-term deposits are the most profitable in terms of interest rates. The average rate is 4% per annum. The period of the deposit and the asset differ depending on the program selected. All active programs are available in the "Investments" section of the personal account. It also displays the estimated income, terms of active programs, and other information, as well as options, including an interface for making deposits and withdrawals.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
NovaDAX’s affiliate programs
NovaDAX has implemented a standard referral program with fixed payments. The exchange client can earn money from invited users. To do this, find a referral link in your personal account and publish it on any site. Each user who follows your link and registers on the cryptocurrency exchange will become your referral.
The referral gets10 BRL (Brazilian reals) and brings the same amount to you. To get a referral bonus, the referral has to fulfill one condition: replenish the amount of over 100 BRL within 30 days from the date of registration. The bonus is one-time only, and in the future, the user remains your referral but doesn’t bring you any profit.
The program is single-level, that is, you don’t get bonuses for users who were invited by your referrals. Only verified users who have confirmed their data can participate in the program. No further action is required.
Conclusion. Is NovaDAX good for beginners?
The NovaDAX cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, NovaDAX could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.