NBX Review: Norway’s Leading Cryptocurrency Exchange
Norwegian Block Exchange (NBX) has established itself as a pioneer in digital coin trading and offers top tier crypto trading services. NBX has is one of the leading crypto exchanges in Norway, with a marketplace that empowers crypto selling and buying not only for Norwegian citizens but also for international investors.
NBX Overview
At present, NBX’s offices are located in 3 areas, which are Oslo (Norway), Halifax (Canada) and Riga (Latvia). NBX was launched with the aim to establish a speedy and reliable exchange that is able to help build the Norwegian crypto industry – and bring it closer to the international market.
In order to build a sustainable ecosystem, NBX focuses on security, compliance, and integrity. At the same time, NBX has made strides to connect cryptos with daily life.
To make crypto use a part of everyday spending NBX has successfully attached crypto trading with purchasing flight services thanks to a reward system. “Trade and Fly” is the slogan of NBX, which represents its accomplishments and its hopes to build customer loyalty over the longer term.
The Platform
NBX understands the demand for reliable crypto trading platforms and has continually worked to create a great exchange that is easy to use for both new and experienced investors.
Simple Registration
With a quick and non-restricted registration process, NBX welcomes both Norwegian customers as well as foreign traders. Opening a new account on NBX is super easy.
If you are 18 years or older, the platform only requires you to input an email address and password to sign up. After a few minutes, an email is sent to verify the new account, then it’s all done.
Users can then log in to discover tons of amazing features without any constraints.
To start trading, users will have to complete an additional step to verify their identity and set up 2-factor authentication. NBX likes 2FA because it helps its clients to have more safety for their accounts.
Supported Assets
NBX supports a number of world’s most popular coins, which are Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC) and the Norwegian Krone coin (NOK). Also, there are 5 available trading pairs, BTC/USDC, ETH/USDC, ETH/BTC, BTC/NOK and ETH/NOK.
Within this year NBX is planning to add other digital assets and fiat pairs, including SEK, DKK, GBP, EUR and USD. More options for trading is always a good thing, and NBX is working to create a fully-featured exchange.
Moreover, NBX is launching an integrated cashback program called CashPoint.
In this program, users can accumulate CashPoints for any transactions they make on NBX. Their CashPoints can be used to pay for connected online/offline services, such as purchasing flight tickets and baggage from Norwegian Air Shuttle.
NBX is offering a special deal this July and August, in which traders will earn 20% cashback on any trading fees. After August, users will receive 10% cashback when conducting a transaction on NBX.
Through those schemes, NBX is crafting a competent trading ecosystem for all members – more importantly, that ecosystem has been growing across Scandinavian regions with no signs of halting.
NBX Dashboard
NBX puts a strong emphasis on creating a simple, user-friendly and transparent interface. After logging in, users can easily get familiar with the sitemap and its content.
The main dashboard displays price charts in the latest 24 hours along with the current balance of the user’s account. Users can also find detailed statistics about each crypto market as well as info on their order history and all assets in their account, which are visually illustrated in separate sectors.
At the same time, NBX is constantly updating its coin-related library with NBX Guides, FAQ, knowledge base, and prompting members to join the NBX community on social networks. NBX is doing the best to establish a transparent environment for crypto traders to manage and exchange their funds.
NBX Trading & Fees
NBX hands traders the power to freely conduct their transactions on its platform. The exchange provides a simplified mechanism that is comprised of three components, Maker order, Taker order, and Market order.
Basically, Maker order refers to the act of offering an order available for sale, which will be open in the order book until a matched Taker order is placed and removes the existing Maker order. Meanwhile, Market order refers to an instant Maker or Taker order that allows to sell or purchase at the market price.
While Maker/Taker orders empower free trading, Market orders are an amazing tool to enable quick transactions. NBX also allows users to set up a limit order to better control the price and sold/purchased amount.
NBX also offers an extremely competitive fee scheme. All deposits, no matter in cryptocurrencies or fiat money, are completely free.
NBX only charges its users per withdrawal and for trading activity.
While withdrawal fee is varies based on the token and minimum amount, for trading, a fixed rate of 0.5% is charged upon each successfully placed order, which applies for both Maker and Taker. These fees are in-line with the industry and are very fair.
Privacy & Security
NBX puts its users’ privacy and security on top and also is fully compliant with existing regulations for crypto trading. It is also operating in some of the best jurisdictions globally, which is good to see.
In fact, NBX explicitly states its disclosure and privacy policies on its home website, in which NBX commits to treat users’ personal data as confidential information and do whatever is possible to keep it safe.
In practice, NBX gathers users’ information in a central database for internal purposes only, including individual verification and classification, customer experience improvement, trading processing, and criminal offense prevention.
NBX regularly updates database about breached information (if it were to happen) and compromised passwords, in order to make timely warnings to its users. At the same time, NBX publishes guidelines and articles to instruct members on how to set up the strongest passwords for maximum safety.
NBX’s Vision
NBX’s successes come from a solid plan and enormous effort in how that plan is implemented. With a firm base, NBX’s has a bright future as a leading block exchange in Norway and Scandinavia. Many traders would like to do business with Scandinavian businesses, due to the strong regulatory structure in the region.
Regulatory Compliance
NBX was founded and regulated under the strict management of the Norwegian Financial Supervision Authority. This helps clients to trust the exchange, and know that it is fully regulated in a top-tier market.
Unlike many crypto exchanges that may not have any sort of regulatory oversight, NBX is committed to delivering safe and transparent crypto trading services.
Technology
NBX’s developers applied advanced technologies to build the exchange so as to make it easy to use, and also clear the way for future expansion.
As a result, the NBX platform is capable of providing a simplified trading process adaptable to even non-tech investors, as well as integrating with external services such as CashPoint system, and also maintaining superior security protocols for the whole exchange.
Support & Collaborations
NBX has done well laying the groundwork for its integrated and scalable ecosystem thanks to the huge support and close relationships with a number of industrial players. In particular, NBX receives investments from large corporations such as Observatoriet Invest As, Sparebank Øst, Norwegian Air Shuttle ASA, and Dasha Group AS.
NBX is able to connect its exchange with other businesses, which could help the company find niche markets in the future.
The cooperation with Norwegian Air Shuttle is a typical example, in which NBX and the airline have successfully launched CashPoint reward system, which presents a mutual combination of cryptocurrencies and traveling.
The exchange is backed by deep professional expertise, as its founder, Mr. Bjorn Kjøs, is also the founder of Norwegian Airlines and Bank Norwegian. Holding the leader position in multiple key industries, Mr. Bjorn Kjøs clearly understands how to orientate NBX towards becoming a thriving and sustainable token exchange.
Not a lot of competition
At the moment, NBX does not have to face much competition in the Norwegian crypto trading sphere – there aren’t any direct rivals yet in Norway. In a wider sense, NBX is working to compete with Binance, Coinbase, Huobi, and Kraken as major international exchanges.
Therefore, there is a lot of domestic and regional room for NBX to expand. With its current pace, NBX will likely reach out of Norway and seize a considerable share of Scandinavian token exchange market demand over the coming years.
Community interaction
NBX really takes good care of its users by crafting a blog section that anyone can access. The exchange also prioritizes the cultivation of a stable community for crypto traders.
Up to now, NBX is available on several largest social networks, such as Facebook, Twitter, LinkedIn, Medium, and welcomes interested investors to join and exchange their stories.
You can join NBX’s social channels right now to discover more about the Norwegian exchange!
- Facebook. https://www.facebook.com/nbxcom/
- Twitter. https://twitter.com/nbxcom
- LinkedIn. https://www.linkedin.com/company/norwegian-block-exchange/
- Medium. https://medium.com/norwegian-block-exchange
The post NBX Review: Norway’s Leading Cryptocurrency Exchange appeared first on Blockonomi.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nicholas Say, @Khareem Sudlow