Nova Exchange is closed.

[asyakashi]

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

[jmigdlc99]

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

It's probably because operating an exchange is not profitable anymore. With the decline in crypto interest and activity because of all the scams, there are much fewer people who trade online now and so the trading fees that used to keep the exchange afloat, no longer exists. Given these, the exchange operators have probably been in negative earnings because they have to pay for and maintain servers, developers, and support specialists.

So like they said, it's purely a business decision.

[ecnalubma]

No luck for Nova Exchange they have recently relaunched the exchange few months ago due to change in management but surpringly now they have to closed. It seems that new exchanges are killing the old ones.

[Mahanton]

On what they had announced

"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."

They are closing for some changes? or totally close its doors? Lucky if they do came back.

[btc_angela]

Just sad to hear that another exchanges is going to shutdown because obviously, there is no money to be make in this market because of the bear market. But I'm sure someone will step up again. It's good though, I mean we have some sort of cleansing, those who are going to be left are the strong hands, similar to what we traders experience, just saying.

[Rodeo02]

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

Not a warning but those exchange feel the pain of bearmarket. I dont know why ,there are many new exchange our coming out despite of the continues bear market . Most of them will be close also if they dont get enough volume and daily earnings .

[d3nz]

Nova exchange once a great exchange (for me) since trading on their platforms are in realtime and a lot of volume too. They already closed down their exchange before and they came back also helping some other tokens got listed on cryptopia after they have been hacked.

And it looks like they cannot keep up it other exchanges and maybe lakc of traders are coming on their website.

[NathanJB]

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

Nova exchange is not growing anymore. They appear stagnant. They lost footing when the influx of new and aggressive exchanges came out. If my memory serves me right, it was already closed before and assumed by a different company or owner. I am not sure but I was a Nova Exchange user in the past and I received an email that it will close or do a major renovation, or rebranding, or something like that. And then it resumed operation. But it still lacks aggressive marketing just like what other exchanges are doing. That must be its last breath already.

[asyakashi]

~snip~
They are closing for some changes? or totally close its doors? Lucky if they do came back.

I'm not sure, the same thing was said by coinexchange.
He said he would back after the bear market left.
this is just their way of communication to avoid disappointment.

~snip~
not a warning but those exchange feel the pain of bearmarket.

For me it is a warning to avoid trading in low volume exchanges.
except hit and run.

[carter34]

The closing down of some exchanges is expected because they have bunch of shit coins in their market, those shits are not traded. So, no transactions, no fees and then no money to service the business. No money coming in to service the activities of the exchange including salaries.
I'm not surprised that coin exchange too has announced to shutdown before December 1st.
The stronger in business are left to carry on. This is better than to have bunch of exchange accepting shit projects.

[MURONDI]

Nova Exchange is less popular among traders, I have an account there but rarely open it,trade there is very quiet, maybe that's the cause,
then what about traders whose funds are still stored there, can make a withdrawal?

[Fesatmas]

Why do old exchanges continue to close such as cryptopia, coinexchange and the new nova exchange, what is the reason for the lack of users or teams that are no longer solid? but new exchanges continue to evolve but users are few and they last long.

[adroitful_one]

Why do old exchanges continue to close such as cryptopia, coinexchange and the new nova exchange, what is the reason for the lack of users or teams that are no longer solid? but new exchanges continue to evolve but users are few and they last long.

Cryptopia closed down because they got hacked. The others however, I think the issue was too many coin wallets. If you have 10,000 coins listed, you have to pay for servers to keep those wallets going. If no one is trading them after a while, they're not worth keeping them going. Both Coinexchange and Novaexchange had a bunch of coins you've never even heard of with absolutely no volume on them that they had to pay to keep going. They both should have removed coins that were under a certain amount of volume and I think they would have been fine.

[electronicash]

there might be some other exchange that will close after nova. they are small exchanges though, kinda like the liquid exchange that sprung out and then decide to sell out.
could this be an exit to give way the newly exchange they created?  an exchange releasing their own native coin is the trend so its possible that they already have created a new one. there are tons of them created last year and this year as well, one of those newly created could be owned by them. this is just my suspicion.

[spadormie]

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

Not exactly a warning in trading activities in general. It's all about the novaexchange closing, not a decline in trading activities.

The only reason I'm seeing in here is their profit on their business. It probably isn't enough to support their running business.

[Experia]

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

There are lots of exchange will follow due to the market situation there are lots of exchanges in the market but few are using it for their daily transactions or the marketcap of coins on their exchange cant sustain the daily operation of an exchange and also traders are trading on well known exchange that is why those small exchanges will lead to closure.

[ableh]

Based on Coindesk's article there are only 5% of traders who traded daily since falling of the price of bitcoin in 2017, and the rest prefer to hold long-term. Logically, if new exchanges continue to be launched, but the number of traders has not increased, it's no wonder that many exchanges are currently closed. On the other hand, currently most fresh traders prefer to trade in exchange with a high level of liquidity, because it is faster to get profits.

[BitHodler]

Logically, if new exchanges continue to be launched, but the number of traders has not increased, it's no wonder that many exchanges are currently closed.

There are cycles of price growth where people tend to sign up to an exchange to get starting. 2018 was a horrible year overall, where 2019 started off much better, but it seems that we're going back to much lower levels.

It costs a lot to keep an exchange running, and without sufficient income the reserves they have will run out usually in 6-12 months. It's sad to see exchanges close their doors, but something impossible to avoid.

On the other hand, currently most fresh traders prefer to trade in exchange with a high level of liquidity, because it is faster to get profits.

That explains why a lot exchanges are inflating their volumes through wash trading to get people to sign up. If they didn't do that, people would flow into Binance, Coinbase and so on.

[abel1337]

Based on Coindesk's article there are only 5% of traders who traded daily since falling of the price of bitcoin in 2017, and the rest prefer to hold long-term. Logically, if new exchanges continue to be launched, but the number of traders has not increased, it's no wonder that many exchanges are currently closed. On the other hand, currently most fresh traders prefer to trade in exchange with a high level of liquidity, because it is faster to get profits.

More traders chose to trade into bigger exchanges, As you said it has a high level of liquidity that makes other exchanges lose its customers. One of the factors that the new/low traffic exchanges attract a new customer is their listing of coins that other exchanges don't have and the promotion they give to their customers. Somehow old experienced traders trust big exchanges for the great services they provide and the familiarity that the big exchanges gave to them.

[micalith]

Well, I think it is not a warning for the people. Consider it a bad-managed company and surely they failed to move on. This is normal in crypto as well as traditional company system. If you don't have skilled people and PR, you are doomed to fail. There will be more like this one. Check cryptopia, they didn't have a solid system and they got hacked and closed.