Bitcoin Forum

Nova's history, and a gift for our friends!

Dear Nova Exchange friends,

We hope you will find this email interesting. We will try to describe our history as an exchange, where we are standing right now, and where we are heading. At the end of this email, we will also provide a gift to all of you who has shown great support for our exchange.

Nova has been operating since 2016.
In the fall of 2017 Nova exploded in popularity and went from spot 200+ on CoinmarketCap to #46. However, with great power, comes great responsibility.
The previous Nova team was quite small, and lacking the resources to keep up with compliance issues. The owner at the time was also worried about getting hacked. They decided to shut down the exchange in a controlled fashion. This shut-down was announced in December 2017.

Noticing the potential, the present owner, Goobit Group AB decided to acquire Nova Exchange. Goobit Group is Swedish, and so are most of the staff, although Goobit has staff all over the globe.
Goobit AB officially took ownership of Nova Exchange in May 2018, and the exchange was relaunched on 3 December 2018.
Since then, progress has been moving steadily, as we aim first and foremost for customer security, compliance and scalability. This is how we differ from other exchanges:

1. Nova has a custom built accounting system, which took quite some time to build. This system is up to Stock Exchange standards.

2. Nova has a balance surveillance team operating around the clock, every day of the year. Combined with the accounting, this means that your funds are safe.

3. All users have gone through a KYC (Know Your Customer) process. This keeps Nova compliant with rules and procedures, and protects both Nova and our customers from scammers, pumpers and dumpers, and other malicious threats. We want clean and healthy trading. Our goal is to provide a platform for just that, not only now, but also in the long run.

4. All coins that are listed are running on separate servers. This means that if one coin is malicious the worst outcome is that we will lose some of the funds for that single coin. We've seen that many exchanges have lost balance of many coins due to not following this procedure. This is not a risk for the Nova platform. Our top priority is always security.

5. Another common risk factor is Ether, and coins based on the Ethereum ecosystem. As much as we love Ethereum and find it an innovative project, with smart contracts and many other innovate features, it is difficult to work with.

Many attacks on exchanges have been through Ether based coins. To improve security, Nova decided to delist all Ether based coins last fall and have spent most of last year rewriting our Ethereum integration. This work is soon to be completed, and we hope to once again be a home to Ethereum based coins within a few months.

6. Nova stores 97% of all funds in cold storage, and on top of that, there is a dedicated team that moves funds when necessary. This way, if Nova would ever be compromised, an attacker will never be able to steal more than a few percent of all funds.

7. Nova is located in Sweden, a member of the European Union. Legislation protecting the consumer is tough here so all traders enjoy exceptionally high consumer protection.

8. Goobit Group, the owner of Nova exchange, also own and operate multiple other crypto enterprises. Our flagship product is BTCX (bt.cx). BTCX have been providing Europeans a quick and easy way to buy and sell Bitcoin since the beginning of 2012. We believe we are one of the most experienced crypto companies currently in business.

9. The world of crypto has been somewhat of a "Wild West" where funds can go missing without consequences. This will eventually attract lawmakers, and regulations will follow. Our insight into how other exchanges operate makes us convinced that most major exchanges will have problems adapting. We strive to be compliant right from the start. This means KYC processes and verifications, but also legal and technical due diligence of the coins we list.

This is our story, and we are grateful to be standing where we are standing today, being able to offer a great service to both friends and traders.

We believe that the season of alt-coins will be around the corner which is why we want to make it even easier to trade. Nova Exchange, on behalf of Goobit Group AB, is going to refund 100% of all trading fees until the last day of August. Every Monday, starting from the 22nd of July, all through August 2019, we will refund the last weeks trading fees.

That is, effectively, 0% trading fee for all our friends out there.

Regards
Goobit Group
http://www.goobit.se/
https://bt.cx/
https://novaexchange.com/
   

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What about  you delisted your own coin Novapoint that cause lost money of all loyal clients?

Novapoints was delisted in November, before the official relaunch under new management. If you go to https://novaexchange.com/news/ and search for its ticker, NPOINT, you see it in a post from Nov 22nd.

 ???

https://i.imgur.com/Wb4eWvb.png


this makes it clear to anyone that who delisted the currency that @vampirus is talking about, was the new owners. I am not aware of the story, but I would like to hear the new owners answer on this subject, later I will do more research to understand this story better

Welcome NovaExchange!

I've tried a couple of times to verify but have been encountering issues.

Send email to support@novaexchange.com with the error message. That's the best way to contact support and get help

Maybe due to regulations and local law! Nova is a regulated exchange and many things changed since relaunch ( New management)

There seems to be some kind of confusion here regarding NPOINT.

First off, there are many coins on Nova Exchange that have "Nova" in their name. These are not affiliated with Nova Exchange.

The coin called "NPOINT" was, during 2016 and 2017, given out freely as a kind of reward point system by the old management of Nova Exchange.
After the shutdown announcement in the fall of 2017 no more NPOINTS was given out and trades on NPOINT markets died down, and prices dipped down to very near zero.

In May of 2018, when the management of Nova was taken over by the Goobit Group, all mentionings of NPOINT had been removed from the site.
NPOINT have never in any way been affiliated to the new Nova Exchange, from May 2018 and onwards.

NPOINT was however still listed on Nova Exchange, just as any other altcoin.
After careful consideration, it was however decided that NPOINT should be delisted, as there was always a risk that customers would believe it had some affiliation with Nova Exchange.
One of the things we did take into consideration while making this decision was the trade volumes of NPOINT. Since May 2018 the trade volumes had averaged less than 12 dollars per day across all NPOINT markets.
The delisting happened in November, before the relaunch on December 3rd.

Nevertheless, we do want to make things right. If there is anyone out there that bought NPOINT in May 2018 or later, and did that thinking that NPOINT was in some way affiliated with Nova Exchange during that time, we urge them to contact our customer support by sending an email (or PM on the bitcoin talk forums).

The best thing to do is to contact our support team via support@novaexchange.com, they will help and assist you with the verification session :)

Very good position, we take all advantages from old exchange but not take any obligations.

Can you remove the nova personal phone and identity verification ? It is ridiculous to verify these.

Best to get used to KYC/AML policies if you want to use a legitimate exchange. Nearly all legit exchanges now, or will soon, require verification.

Nova has them, they just don't work properly.  ::)

Hmm, our verification works as it's supposed to... We had on occasion some stuck sessions that required us to manually unstuck them (during 2019, 33 users only, 2018 we can not really count as then we were not really operating).
The KYC (we are talking about KYC and not the AML), is split in 2 things:

a: ID verification
b: Address verification

The process (at least ours) in overall looks something like this:
 
PART A ID VERIFICATION
1: A User "X" is verifying himself by starting the verification session through our platform.
2: User is either
 2a. verified -> All good he verified his ID automatically (this takes from 5min to 2 hours)->  jumps to step 5.

 2b. not passed verification -> he is declined and failed the verification.
  2b1. Our compliance officer will check WHY this user was not accepted via the verification system, and will
  2b2. *reset the user's session so the user can try again* or he can manually accept him if everything looks alright. If the user is not accepted, then ->
  2b3 Customer support will contact the user and explain to him what is required to pass the session or will give him some tips that will help him.

4. User will have to try again step 2 until he is approved.

PART B ADDRESS VERIFICATION
5. If the user was approved and has verified his ID, he will then need to fill in the address verification (upload a utility bill).
 5a.verified -> All good he verified his address automatically (this takes from 5min to 2 hours) ->  jumps to step 6.

 5b. not passed address verification -> he is declined and failed the verification.
  5b1. Our compliance officer will check WHY this user was not accepted via the verification system, and will
  5b2. *reset the user's session so the user can try again* or he can manually accept him if everything looks alright. If the user is not accepted, then ->
  5b3 Customer support will contact the user and explain to him what is required to pass the session or will give him some tips that will help him.

6. User is able to withdraw, trade and deposit.

Hope this clarified the issues, but if you have further questions, do not hesitate to ask us, however keep in mind that we will not and can not disclose personal data online, so any questions that you have for your personal account (what is the status of the verification for example), you must send an email to our support team.
 

Just share my experienced on Nova exchange when I was selling my token there.

First, very fast of verifying your personal identity such as ID verification.
But I was annoyed on utility bill verification which is I don't have just because the receipt of the utility bill of my parent's named. Good thing my school registration receipt has been acceptable. The last is very impressive to me, they had a quick withdrawal processing.

Kudos to Nova exchange staff.

That's all good in theory, but out here in the real world I am unable to get your verification program to work.

Hi, sorry that it took me a while to reply...

Verification should really take not much time - on average, the automatic verification should take less than an hour or 2.... If not, most probably it failed, and the most failing cases are these:

1: You might presented the wrong document
2: or a print of it and not the original
3: or maybe there was a mismatch of the data you have filled on your Nova account and the data you are presenting on the verification (in this case you will need to update the data on Nova to match what you are presenting).

If you still are facing issues though, feel free to drop your Nova username and I will see what has happened and will check if we can verify you manually :)

Keep in mind, you should never send documents on emails or social media ( we have users sending us their passport with Twitter for example)... This should REALLY NEVER be done, as we are "isolating" the data with a 3rd party service VERIFF for best security.

Glad to hear that it went alright and you are accepted buddy :)

Keep in mind that Nova Exchange will refund on a weekly basis, all trading fees for the whole month of August :)

Happy trading and best luck to you and everyone ;)

No.


No again.


No yet again.

---

I am required to use my mobile phone yet when I do so, the VERIFF does not work on my mobile phone.

Because this has taken quite a while already, the "token" is now expired and does not seem to want to issue a new one.

Ok, this is because we keep sessions for 7 days, after that we kill them and users must contact us again. Can I ask you to send us an email, or let me know what is the username and I will check your status and try to help you asap?

I am sorry for such unexpected delays btw... There are some things that get stuck from time to time and we need to do manual resets.
I have done so for stuck all manual sessions that were expired, and your account should have been stuck there... I expect that your account should be back to normal now.

No reply from support for more than two weeks!
What's going on? :-\

Hey All.

With the closure of Nova, should any project need an exchange for feel free to put in a listing request with Altmarkets and We'll drop the listing fee for you https://altmarkets.io/listing-guide

I have been repetedly unable to verify myself on Nova exchange and now this:

Well, with correct document I was verified in 30 minutes.

NOt sure why people are tripping out? One who is tripping about KYC must need an assistant to read English and them understand the terms & conditions which was published an year or more ago.

2019-09-26 09:00 - Nova Controlled Shutdown

https://novaexchange.com/news/

Dear Nova Trader

The Board of Directors of the parent company has decided to set a new course for Nova and reshape the value offer into a new crypto trading experience.
This means that on Monday, October 7, trading on Nova Exchange will cease and close. At the same time the Nova API will be deactivated.
The Nova Exchange terms & conditions are terminated. New terms & conditions are announced and will come into effect automatically 30 days from today's date (September 26, 2019)

The most important part of this message is this:
1. This is purely a Business Decision.
2. There has been no hack.
3. There has been no fraud.
4. There has not been any wrongdoing of any kind whatsoever.
5. Nova Exchange will not assume responsibility for swaps or forks starting from today onwards.

Goobit Group, that owns Nova, also operates the well known Swedish bitcoin exchange service BTCX. Starting from 2012, our team is among the best and the most experienced in the world in dealing with crypto assets. Now, even if we can’t disclose our exciting plans today, we can tell you that Nova, in some form, will enrich and play a key role in shaping the crypto future for the masses, however not in the shape and form that you know today.

What happens now?

Obviously you, as a trader, are encouraged to withdraw your funds as soon as possible. Our team stands ready to help you get a smooth withdrawal process, however, the rules regarding identification (KYC), as stated in the terms of service that you have accepted when opening your account, must, and will, stand.

No identification - No withdrawal.
It is as simple as that. Even though trading will close, we must comply with the law, and make sure that all funds end up with its rightful owner.

The Nova platform will be open for regular withdrawals for one month after this announcement; that is until October 25 at 23:59 (CEST). After that date there will be additional fees charged, and we can’t guarantee at what rate we can accommodate your requests. It might take up to 30 days, depending on the load. So please make your withdrawals at your earliest convenience and DO NOT deposit more funds in the now obsolete addresses that you have used in the past.

The Nova Team is very proud and grateful to have been of service to you and we are thrilled to come back with the new products we're currently building.

That doesn't sound accurate. According to this thread (https://bitcointalk.org/index.php?topic=5114517.msg49928310#msg49928310), customers still didn't need to verify as of late February.

I assume people are tripping out because KYC is required to withdraw and some people can't get verified after months of trying (https://bitcointalk.org/index.php?topic=5164576.msg52564992#msg52564992).

Correct - under novaexchange's own terms on their website, a user can register and view the trading floor, (but not trade) by providing user name and email address, you can trade / upload crypto but not withdraw with a time-frame of twelve months from registration to complete the registration process.  Something a few of us have been unable to complete and therefore our crypto is being taken from us.  There are additional tiers to the the KYC process dependant on how much trade and or withdrawls a user does in a given period.

There are at least two emails that have been sent by nova to customers, unlike the website which has kept quiet about it, the email says (and I kid you not)



Given they are dragging the chains to confirm people, until wouldn't you know it? You have to pay an aditional fee to withdraw your coins...

Please support this [FLAG] against Novaexhange.com https://bitcointalk.org/index.php?topic=5187827.0

@Nova Exchange, Exit scam confirmed? No funds until we give up our data to you? I think the affected users should start a public case against Nova.

You mean like with Coinmarkets?  ;D

I don't understand why if the site closes, I have to be forced to complete the KYC to get my funds.

i read in my account "Our top objective is to provide secure crypto trading for you."

but if you close...  ;D

Looks like a good guidelines. I have been searching for something like this. I would like to exchange some of my BTC coins. Looking for something with a professional behaviour itself. I found some other exchanger just trying to compare the price with other websites https://all-stocks.net Got this one a while ago. Looks like reliable and trustworthy.  

Well, at least the administrators of this exchange did not play tragedy of theft of funds by hackers, as did on Cryptopia and Cryptsy. Now only one exchange is afloat for trading, depositing and withdrawing funds for me... And that exchange doesn't have KYC :)

No, I recently withdraw all my coins in the Nova exchange. And until now I can still access the exchange site and few of my shitcoins were there. But they had extremely warned that they are going to close on October 7 but I don't know why until now I can access the site.
Therefore, I can confirm that there's no exit scam happen, upon my withdrawal it takes the same process of time. More or less 30 minutes and that is very quick.

I even don't know much about nova exchange. But I heard a little bit more about the site your talking about. This is good enough and help traders to buy/sell different coins whatever they need or want. I will take a closer look on it. Thank you!

i agree with you , nova exchange has stopped service and already people managed to withdraw their money , but there is some exchange owner of site and administrators they justify to their users that the site has been hacked and therefore .coins of Investor remain or stuck on the site for months if not years