Nova Exchange Exchange Review

Nova Exchange offers more than 300 assets, including the very rare and new tokens. It's accessible globally except a few countries and it covers worldwide time-zones. It has around 40,000 users, and 10,000 of them are living in India. Due to European Union Legislation and security reasons, the exchange requires identity checks, so the users have to provide their valid identification documents like passports.

The exchange takes a commission from the trades which is changeable according to the asset type, the most common being the 0.2% fee which matches the industry standards. Making a deposit is free of charge, yet a holding fee for a little amount exists. The regular fee for the withdrawals is 0.0005 BTC. Usually, the waiting time is 15mins for withdrawals but if a user wants to withdraw a greater amount, then the transaction is processed manually. The level of strong identification sets the daily limits for withdrawal amounts.

Nova tries to help the victims of a cryptocurrency hack by fundraising campaigns. For instance, in June 2019, when Crytopia had been hacked, Nova said they'd list the tokens without any charge if they were listed in Crptopia before. That would eventually help Nova to increase its volume.

Before Nova got acquired by Goobit Group, it was hacked within the year it was founded, 2016, due to various reasons starting from lack of security to lack of man-power behind the maintenance. The waiting time to get a reply to emails was long and the platform was poorly demonstrative. However, Nova tried to establish a transparent relationship with its users to deal with rising inquiries after the hack.

Goobit Group, which is a Swedish cryptocurrency and digital asset company based in Sweden, acquired Nova in May 2018. In Sweden, one of the group's products, BTCX, has traded BTC to more than 50 000 customers. After the acquisition, Oskar Söderström became the new CEO. He had been working in the digital media industry for 15 years.