Nominex: A Hybrid Exchange With Unique Mechanics!

An Introduction To Nominex Token

Nominex is the first hybrid exchange with DeFi mechanics introduced in September 2019. It allows crypto traders to trade digital assets widely and instantly from Bitcoin to many other cryptocurrencies. Bringing the superb crypto trading experience to newcomers and experts, Nominex offers users direct access to cryptocurrencies and implements a unique mechanic to bridge DeFi yield farming with a centralised exchange. Nominex is the first centralised exchange that distributes its native token, the NMX, through the DeFi staking/ farming mechanic and can be used for fee payment, applying staking, affiliate packages, and more. 

Nominex Platform Key Features

Nominex platform, which is a combination of CeFi and DeFi, consists of various features, including API, Demo Trading, Supporting Cryptocurrencies, Trading Fees, Trading Tournaments, Nominex affiliate Program, and Nomiswap. Let’s elaborate on them in the following.

Nominex API

With Nominex, you can create your own API keys for various purposes, such as: 

● Portfolio tracking services

● Trading bots usage

● Any non-interfering 3rd party software.

Nominex Demo Trading

With the Nominex demo trading account, you can learn and practice your trading in a risk-free environment. In simple words, the Demo feature is a copy of the Nominex exchange with its advanced tools and enjoyable interface. It doesn't require any deposits or funds and allows users to simulate real trading with only one difference. Instead of real money, your demo account is automatically funded with a "fake" or "virtual" balance.

Nominex Supported Currencies

You can start trading with all the assets supported by Nominex, including BTC, LTC, BCH, DASH, ZEC, XRP, USDT, USDC, ETH, etc.

Nominex Trading Fees

Your tariff levels are determined based on the trading volume and NMX balance. Trading fees are distributed between makers and takers on the platform. Each person who adds order to the order book is known as a maker, and takers are the ones who take an existing order from the order book, and there are 10% fees for both of them. However, you can lower your trading fees if you have a 30-day trading volume exceeding certain levels.

Nominex Trading Tournaments

Nominex allows users to participate in daily tournaments, and winners actually receive real USDT on their real exchange balances. You don't need to deposit any amount of money, you will automatically get 10000 USDT on a DEMO account for each new tournament, and then you will be compared by your 24-hour trading volume or ROI.

Nominex Affiliate Program

The Nominex exchange comprises a referral program that allows users to invite new traders with a referral link, earn real cash, and expand the Nominex community. As a result, the users obtain eight kinds of bonuses.

Nomiswap DEX

Nomiswap DEX, the first decentralised exchange platform on the market with a binary referral system, is a part of the Nominex ecosystem and backed by it.

Rewards for farming activities are only applicable to Nomiswap because farming and staking work only on Nomiswap.

Nominex on Binance Brokerage Program

Nominex is a member of the Binance brokerage program, which is a brokerage program from the Binance and offers users several opportunities, including:

• 0% fees when trading on Binance through Nominex
• No KYC up to 3 BTC
• 2000% income from NMX farming

Nominex (NMX) Token Use Cases

Nominex is the first centralised exchange to launch utility staking successfully, and NMX is its internal DeFi token and consists of various distribution mechanics related to DeFi yield farming techniques. If you start farming NMX, you temporarily send NMX and USDT to a particular smart contract and receive a reward in new NMX tokens. In addition, if you are an NMX holder, you obviously can use your tokens in various ways, including:

• Additional tier-based trading fee discounts (i.e., if you pay your fees with the native NMX on Nominex, you will get a 50% discount.) 
• Participation in daily giveaways
• Additional daily tournaments winning rewards
• Bring a part of the affiliate program service features

Nominex (NMX) Token Financial Analysis

NMX token is the #509th largest cryptocurrency by market cap with a circulating supply of 36 Million NMX coins, a total supply of 36 Million, and a max supply of 200 Million NMX. The current price of each NMX token on May 5, 2022, is about $1.6, which is %80 lower than its highest level when NMX was traded at $8 on Apr 12, 2021. It is also %65 higher than its lower price when each NMX's price was about $0.99 on Dec 28, 2021. You wouldn't be happy now if you invested in the NMX token last year since the token is down to almost -%65 over the previous year.

Should I Invest In NMX Token?

Nominex is a centralised cryptocurrency platform that provides high transaction speed and lucrative referral programs and has introduced various practical features since its launch. However, there are several shortcomings of which you would be better aware before investing. The Nominex exchange supports a limited range of cryptocurrencies, and the liquidity score of the NMX token is 1%, which is absolutely low and causes spikes and volatility in price and reasonably makes the project a hard trade. Also, decreasing in price by 65% over the past year proves that it hasn't performed well, while similar projects had 8% growth over the past year.

Bottom Line

Put it all together, we have reviewed the ins and outs of Nominex and its token NMX, but you need to do your own research, and this article is not to be considered an endorsement or investment advice. Here at Cryptologi.st, we do our best to provide educational content as simple as possible and try to help you invest with confidence in the top 1500 coins.