EXCHANGE

Newdex.io Exchange Review: Is Newdex Scam or Legit Exchange?

Newdex Exchange Review

6.3

CURRENCY VERITY

6.0/10

CUSTOMER FEEDBACK

6.5/10

CUSTOMER SUPPORT

7.0/10

DESIGN

5.5/10

Pros

  • Highly Secured
  • Trustworthy

Cons

  • No Live Chat Option
  • High Fees

About Newdex.io

Newdex.io is the world’s largest EOS based Decentralized Exchange, which is developed and operated by Newdex Inc. With free flow of digital assets as mission, Newdex continues to explore the “multi-chain and cross-chain” decentralized trading model. Upholding the characteristics of safe, fast and transparent, Newdex is devoted to creating a new-generation digital assets trading platform, opening a new era of decentralized trading. 

Founded on August 8, 2018, Newdex Exchange was launched on EOS firstly and has supported EOS side chains such as BOS, TELOS, FIBOS, MEETONE, ENU, WAX and LYNX. Newdex has become the largest EOS based Decentralized Exchange. In August 2019, in addition to running on EOS, Newdex has also launched TRON based Decentralized Exchange united with TRON official, ranking top 5 among TRON based Decentralized Exchanges.

Since then, Newdex has deployed “multi-chain and cross-chain” decentralized trading platform successfully. Newdex is born for decentralized trading, which will explore new form of decentralized trading extensively in the future, energize major blockchains, and strive to become the infrastructure of blockchain industry.

ExchangeDetails
Exchange NameNewdex.io
Exchange TypeCryptocurrency
Withdraw Fee0.0006 BTC
Deposit FeeFree
Taker Fee0.2%
Maker Fee0.2%
Support24/7
 Top CountryIndia
Website Homepage

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

Newdex Trading fees

Newdex Exchange one thing they can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.

The global industry average taker fee has for a long time been 0.25% of the value of the order. Today, we see a shift towards even lower industry averages. Many new exchanges now charge 0.15% or 0.10% instead.

At Newdex, both takers and makers pay 0.20%. This fee is in line with industry average.

Newdex Withdrawal fees

What about the withdrawal fees then? Withdrawal fees vary dependent upon which crypto asset you are withdrawing, but they are normally a fixed amout of the relevant crypto asset, and not percentage based as the trading fees. The industry average BTC-withdrawal fee is 0.0006 BTC according to Cryptowisser.com’s empirical studies.

Here, at Newdex, you only pay the gas fees. On the date of last updating this review (29 December 2020), the gas fee for a standard ETH-transaction was roughly USD 5.07 USD (which corresponded to 0.007 ETH at the time). This is a competitive withdrawal fee system.

Deposit Methods

Newdex does not – like all (or at least close to all) other DEXs – accept any deposits of fiat currency. This means that crypto investors without any previous holding of crypto assets can’t trade at this trading platform. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency.

Rate Standard

The Newdex-EOS service charges are as follows:

  • Recharge: no need to recharge
  • Withdrawal: no withdrawal
  • Maker Trading: 0.2% Transaction Fee
  • Taker Trading: 0.2% Transaction Fee
  •  Professional users (project parties or institutions with monthly transactions of no less than 100,000 EOS) can apply for fee discount via Support: 
  • VIP members can enjoy transaction fee discount. Different VIP levels have different discount rates, please check for the details:
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Project Characteristics

Data on chain, Open and Transparent

Use blockchain technology to realize that order information can be checked on chain. Relevant transaction data is transparent, tamper-proof and real-time checkable to avoid the internal manipulation of Exchange;

Trustworthy, Highly Secured

Newdex has no access to user’s private key and the users retain full control over their funds, which avoid the risk of asset-stolen, misappropriation of assets, and capital flight, effectively protecting the security of user’s assets;

Convenient Trading, Receiving in Real Time

Newdex Exchange Trading account is decentralized with no registration, no deposit, no withdrawal and receiving assets in real time upon completion of transactions, providing users with convenient operating experience;

Focus on Liquidity, Various Activities

Support free flow of various tokens and list tokens in time, so that token assets in user account can be quickly realized; organize various activities to enrich lives of users.

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