Bitcoin Forum

Mintcoin was recently added to Nova Exchange.  After seeing their official thread (https://bitcointalk.org/index.php?topic=1440340.0 (https://bitcointalk.org/index.php?topic=1440340.0)) I am a bit concerned about previous customer interactions.  Unfortunately it appears that the official thread is locked(?) so I'm starting a new community thread to try and understand the current Nova Exchange situation.  Are you owed funds?  Are you able to clarify a history of events in objective terms?  I'm interested in hearing from you.  Post your experiences here and let's get the discussion started.  :)

I received your pm and decided to post here.
Nova still owne me some coins. I messaged them for a refund but they never gave me a response I nevwr wanted to get involve in this exchange at any cost. I personally would not recommend anyone to use this exchange as they once never took responsibility with their words.

Thanks for your post jacee.  :)

I've received a response from Nova in regards to the confusion surrounding their exchange and the creation of this thread. 

I've asked them to allow me to post that response here in op or post their own response within this thread.

What is the response? What do you recommend?

I am still engaging them thru Twitter to try and find a reasonable path forward before listing the exchange on mintymintcoin.com.

I've been told that this message was posted after the hack which occurred on May 4th, 2016:

novaexchange.com/message (http://novaexchange.com/message)

When the site re-launched on June 4th, 2016, an additional message was posted:

novaexchange.com/notice (http://novaexchange.com/notice)

Coins are still owed to users and there should be no reason that they cannot be dealt with directly and in a timely manner.

Another important link may show a level of accountability:

https://www.scryptpool.com/novaexchange

I'm trying to make some trades in a BTC market, but it isn't updating the books or my balance (yet it shows my correct balance in wallets page).

Anyone else having this problem?  Something going on that I missed, updates/news-wise?  Thanks in advance :)

The exchange seems kind of schizophrenic. The time to send coins there is extremely long, when you could have sent coins to any other exchange, made a trade, transferred the BTC to your wallet, Nova often is still confirming due to the added confirmations it requires.

The Npoint wallet will not synch past 18th December. But there appears to be some funds moved to new accounts, and some staking from a few older accounts till last week.

The spread looks a bit odd, with coinbase at 34 on the rich list.

So is the wallet broken, in which case it can be fixed, or dumped, and a new one made. It would not be a big coin swap.

Could David, perhaps, confirm what is going on, as there are suddenly a series of big sells, that are replaced when they are sold.

It is a an issue that deserves an explanation, as either someone has a lot of NPoints on the exchange, or the exchange has a lot of NPOINTS on the exchange, but it is impossible to know which, given he wallet has stopped.

Will it not synch because it is broken, or because there is nobody to synch it externally given they lack funds to stake?

If the first, it is nova-style clone, and they are pretty easy to make.

Currently nothing can leave or come in, and no explanation is given, and someone or more is able to monopolize a market, which resembles profiteering.

I'm also wondering about the exchange. Original thread quietly locked, even though the exchange seems to be alive? Why would there be no (open) official thread for an active exchange?

It was pointed out in June 2016 that the terms and conditions were ripped off from Cryptopia. Looks like nothing has changed:

https://novaexchange.com/terms_and_conditions/
https://www.cryptopia.co.nz/Home/Terms

https://bitcointalk.org/index.php?topic=1440340.msg15212035#msg15212035

Ok this is just getting ridiculous now, NovaExchange was originally charging for Vote List Addition coins 0.04 BTC which was fine, then they decided to increase it recently to 0.09BTC which was a bit shocking to myself and other individuals just to get onto a Vote List, now they have gone batshit crazy upping the Coin Vote List Addition Fee to 0.2 BTC ..... Really WTF !

They are just Greedy and Shady Bastards especially ripping off the T&C's from Cryptopia ! 0.2 Bitcoin equals = 859.60 USD just to get onto a Vote List ::)

Oh wow, Nova copied it word for word, including our disclaimer for the Marketplace that they don't even have.

lulz

novaex website is down? ???

Is this text in the T&C new? I guess it's just to cover themselves in the event of something going wrong, but it does sound kind of arbitrary.

BETA Notice

Novaexchange is currently in BETA mode in production mode until further notice. The BETA tag will be removed once all known bugs are fixed and no new bugs encountered for a period of 3 weeks. While BETA tag applies things can go wrong and Novaexchange will in timely matter help the user to restore (if any) digital currencies. A trade that has gone wrong can be reversed during 48 hours of the timestamp of the trade and only as long as the currency remain on Novaexchange, once withdrawn or 48 hours has passed that transaction cannot be reversed.


So all trades are final........ unless the counterparty still has funds in their account. :)

From Spain and Italy it seems... just try 2 proxy 1 in the netherlands other in US located and running perfectly. DNS trouble?

novaexchange.com: "We are currently doing maintenance on our registration tool and will currently not accept any new users".
 >:(

I got the same problem since 2 days. There's something strange about all this...

wonder why they locked official thread?

Did some research, spoke with people in their trollbox, and others people behind that place. It doesn't looks good at all.
Major concern is that they blocking withdrawals by not sending email to confirm transaction.
Mods in trolbox as the answer telling to look in explorer, but there is no tx as transaction is not made - so nothing to find there, are they stupid or they try make others...?
they also telling to cancel transaction, and try again - but this way not helping, you can do it 100x if you like to  lol

auto respond email from their support is coming in 1 second, so emails from there can be send and received... just not the one you need to withdrawal funds.
at the moment their support didn't respond yet, so case is stuck.

after all, mods in their trollbox said , "this is not moderators case..", so they won't help you

I thing we should clarify the situation.

there is also tweet, if anyone willing to say and add something on there: https://twitter.com/farelka9/status/904425557160587269 (https://twitter.com/farelka9/status/904425557160587269)

So, if their trade engine screws up and incorrectly matches orders, causing you to lose money and someone else to gain money..... they won't compensate you if the other person withdrew the funds?

That's scary. I don't usually bother reading T&Cs on these small altcoin exchanges, so thanks for pointing this out.


I was looking into which altcoin exchanges to use.... I'll definitely be staying away from Nova. Any other exchanges you can recommend for non-KYC altcoin exchanges?

that is not the only thing scary! think about a withdrawal of 0.0395 BTC that needs to go manual! so they need to pull from cold storage? no funds? insolvency?
with this small of a amount and it needs manual? yes this is scary!
smells like CRYPTSY ALL OVER AGAIN

 https://i.imgur.com/TqolzJL.png

I am still not able to register, it's only me or are they refusing new clients? It's almost  a week now...

It's not only you. I logged on to my account and asked the mods in trollbox about this registration issue and they mentioned that they are having some technical difficulties on new sign up. Nothing else you could do but to wait, they said it will be resolved soon. (Clueless how soon it is though)

I saw this too: https://bitcointalk.org/index.php?topic=2150239.0

You should probably take this as a sign not to register. Look up-thread. It's not clear when, but Nova changed their terms to state that they are in "beta" mode. They openly state that orders might be mismatched, and if the counter party who profits from mismatched orders is able to withdraw the funds from the exchange, you can't recover them. I've never seen terms like this from an exchange before. It's mind-blowing.

And to boot, they have wallets in maintenance for days and weeks on end, and are doing manual withdrawals for a few bitcents! Stay the hell away from this place if you want to keep your money.

Just noticed it's now 1 BTC to get listed immediately, with a 35% fee (ie only 65% refund) if they can't add it for some reason.

It was 0.9 BTC in July.

So that's a $4500 USD fee to get your coin added... and they keep $1575 if it's rejected.

They'll probably make more profit by listing some coins, than with trading fees...

You would think that prices would go down as BTC value rises, not up. Do other exchanges charge this much?  :o

I cannot log in with my nova account? Are there problems? It will be better if problems arise post something in twitter, facebook and maybe here too.

Yeah. I can't log in either. I keep getting a 400 bad request.

Is that what you get?

I can login right now but when I try to make some bid the site just freeze on "please wait.." and the bid never confirmed. Also in the right side,  the markets not show any pair.
Let's wait a while, server problems it seems, but I have to say that the last days aren't the best ones for Nova (extended downtimes, erased entire bookorders ecc..).

This is posted on the news page:


News
2017-09-08 20:46 - We have to block IP-ranges
We are still under attack and this time it is the login page that we can't disable. Instead we have blocked some IP-ranges where most of the attacks are coming from.
2017-09-08 20:31 - Registration page disabled for the weekend
We have disabled registration page now to free up resources since we are under constant attack. During next week we will hopefully be able to release a new registration function that will be resistant against this type of attack.

I managed to log on after about 6 attempts

Unfortunately, it really seems like they don't have sufficient resources to withstand constant attacks, which is a very basic requirement for any functional exchange.

It also makes me worry about their security; how much funds/effort are going towards penetration testing? Probably not much, if they can't even keep a functioning registration page up. Be careful sending any funds here!

I can not login either i hope they will recover soon i have a lot of coin there :)

Until now? Seems that this issue occurs in random users because I logged on without any problems yesterday and today. Yesterday some users on trollbox talked about log in difficulty as well, waited for several hours before getting in. I hope they could fix all the issues soon and don't affect balances.

To be fair, a DDoS is hardly the sign of a sophisticated hax0r.

But yeah, try not to keep your funds on an exchange unless absolutely necessary.

("....but I don't have a wallet!" is not a sufficiently good reason.)

Weekend is over and I still cannot register.  :( I hope they will fix the issue in following hours. It is hurting especially the coins listed exclusively on Nova due to lower volume.

the same, always show me the error:

We are currently doing maintenance on our registration tool and will currently not accept any new users. Welcome back later!

just contacted them via twitter// 

no update on their news page yet....

I am having very difficult time with an Exchange, named NOVA exchange. Read my experience below. If my issue is solved, I will let everyone know. I will continuously update my experience with NOVA exchange. If anyone has any idea can help me, please me know.

https://bitcointalk.org/index.php?topic=2170753.0

Why you should be very careful before using NOVAexchange?

The NOVAexchange daily withdrawal limitation is only US$2000. When you submit the withdrawal limitation application to them, they don't give you any feedback.

I and my friend submitted application over 1 week, no feedback, no email reply. NOTHING. We lost a lot of opportunity for buying other coins without withdrawn permission from NOVA.

Should I recommend others use NOVA exchange? NO!

I have been using nova exchange for the last few months and I haven't experienced any problems with them. I deposited bitcoin easily and bought a few coins successfully and even sent some other coins there which were deposited and shown in my account quickly so I would say my experience with them has been good but as the other members have had an issue with them I should be careful while trading there in the future.

NOVA EXCHANGE IS TERRIBLE - DON'T USE!

About 5 days ago I transferred $500 worth of ETH to buy BRO so I could setup a masternode. I checked reviews on Nova, couldn't find anything recently bad with them.  I looked at eth and bro wallets inside nova, everything is marked as All Ok!

but its not.  I can't withdraw my bro. I make a withdraw request, it says success and then to click on the confirmation email. But no confirmation email every comes! (not to spam, promotions folder, etc).  I get the 2fa emails right away no prob but I can't withdraw my funds.

Shady as F**   I won't be using this exchange again.     Customer service is non existent.   F*ers!

Registration still closed! WTF?

NOVA IS A SCAM EXCHANGE, DON'T USE

Registrations are now open and login works smoothly as well. Problem solved for now.

Great news, but take this as an opportunity to remove your funds from the site. I would recommend that people do not register at this time. The past two weeks have shown that Nova is completely incompetent at securing a cryptocurrency exchange on a basic level.

Shutting down registrations for 2 weeks and mass IP bans in response to DOS and intrusion attempts? I believe withdrawals are still being manually processed, and many people haven't been able to withdraw for days/weeks. And that note about the "beta" status of their exchange in the terms..... everything about this screams "get out while you can!" :-\

Ahh I see yet another "hack" attempt on Nova.... ::)

DYOR and you will see they have been hacked before and lost users funds due to their incompetency with running an exchange.

I agree I would not leave my coins in Novaexchange for longer period of time than necessary. If they really still depend on manual withdrawals, it is awful. 

 from Novaexchange


Intimation of closure of Novaexchange
Kindly note "Novaexchange" will have new owners and management effective April 2018, with major upgrades to the exchange to better handle scaling, stability and security.
For better management and security of customer funds we have decided to close down Novaexchange so that the users can withdraw all their funds with no participation/responsibility of action of the new management.

Preliminary plan:
2017-10-30 This information goes public, user registration closes, addcoin page closes, disabling deposits of ETC and ETH
2017-11-30 Deposits disabled for ALL coins, all users get level 3 verified account level
2017-12-15 ONE last deposit scan to take care of deposits made after 2017-11-30
2018-01-31 Email reminder to all registered users
2018-02-28 Trading engine stops, dice game stops, API stops
2018-03-31 Login stop, website replaced with information
2018-04-15 Support closes, all Novaexchange user data removed

Remaining user balances that has not been withdrawn before 2018-04-01 will be considered a donation and is not refundable.

I've read it too. Here's the link for reference if ever anyone wants to check it from the site https://novaexchange.com/news/ , Email was sent as well to NovaExchange registered users. I hope all members will be aware of the news, everyone has a lot of time to transfer all the coins.

https://i.imgur.com/PVIHLUX.png

thats horrible news. its my favorite exchange :-\

i really wish they would do something to stay in business. maybe raise the trading fee or collect a monthly member fee. i would gladly pay.

so sad right now but hopefully they will turn it around somehow

why so hard to access novaexchange ?

let us withdrawal our coin !

The people who paid 1 BTC to get their coin listed on nova are surely going to be pissed.  :-X

Seems strange to completely wind down a business, especially staging the shutdown over several months, in order to hand it over to new management. It's going to kill off a lot of goodwill.

One wonders whether there are liabilities the new owners want no part of, so for legal reasons they're only purchasing the assets of an officially closed company...

hm very bad news :( i really liked novaexchange and i really would love to buy some deep onions after the price drop and it was the only site listing them. I really hope they fix the login problem fast. Maybe its just a server overload after the email information...

I hope they will re-open after a short period as stated in their communication, but this closure is pissing me too... I don't understand why they can't simply remain open and do the upgrades

Wonder how many coins are going to be 'orphaned' by the closure. I've been working through the list and there's a lot of obscure coins that seem to exist solely for the purposes of trading on nova.

Pay 1 BTC to get your new cloned coin listed on Nova
???
Profit!

i keep wondering about that too. Maybe they already got some Problems with the authorities which they chose to not communicate to the public? Smells fishy anyway :(

Novaexchange will have new owners and management effective April 2018, it's not closure of Novaexchange just change of owners and management. by the way what is the site similar to Novaexchange?

I'm trying to come up with a logical explanation for this, and I'm coming up empty. Why would the new management company even bother buying these assets? The user base will have left the exchange and withdrawn all assets. Trading will be dead and one cannot reasonably expect it to return after a complete wind-down.

There is better order matching code (even open-sourced), so they are basically just paying for the database. They're probably better off just buying the leaked Bitcointalk or BTC-E databases, IMO. :P

Disabling deposits for 4.5 months and ceasing trading for 1.5 of those months seems pretty close to a 'closure' to me. Definitely not a smooth changeover.

Without wanting to sound like a scab...

What other exchanges are there which are similar to Nova? Those which have a variety of obscure and unusual coins.

I spent a lot of time getting the Nova API working with my private mining pool, then two weeks later they announced the closure.  :-X

Just a quick warning that the estimated BTC value on the balances page will probably be way off, especially if it's an obscure coin with large spread and relatively little trading.

I just sold off about 10 different currencies, using an API system that calculates the best sequence of pairs to use for maximum profit...

Value estimated by Nova before sale: 0.0350
Actual value after sale: 0.0017

Actual value was one twentieth the estimated value.

With no further update on the plans by new owners I shall assume that the staged shutdown will proceed as planned, which means customers have approximately one week before all deposits are disabled. So if you have an obscure Nova-only coin that you're holding, deposit it now.

Deposits are now disabled. They will not show up as pending, and will not be credited to your account as the network confirms them.

According to the news, there will be one final deposit sweep on 15th December to catch any pending deposits. Any further deposits after that date will not be credited.

Talking to myself here, I guess...

The final deposit sweep has been done, so if you accidentally deposited funds on or after 30th November, they should show in your account at Nova now.

Don't attempt any further deposits as they are unlikely to work (the news page says any deposits after that date will be considered a donation to Nova)

The news page says it "may" be continuing in February 2018, but for now, assume the exchange is closing. They would have lost a ton of goodwill by half shutting down for a few months anyway.