NestEx Crypto Exchange - in BETA

[nestex_one]

I wanted generic feedback on binary. Binance for example doesn't have it and maybe some others don't either. Not clear why that is.

Maybe because binary trading is high-risk trading with specific characteristics and it can be considered as "gambling trading". You will either win a lot or lose everything but not like arbitrage. Probably, this is the main reason, why exchanges don't enter the process of introducing binary. Arbitrage is more convenient for them, they earn more and their clients don't get destroyed for a single mistake. Also, I don't know if there are additional laws and financial requirements for any exchanger that wants to add binary trading. I guess though that as an exchanger, you will probably need more money reserves in case of a customer's big win.

Trading with crypto anyways is considered high risk right? I haven't tried binary myself but I saw a video and it looks like it's pretty easy to get started with. I'll note your feedback and raise it at our next team huddle... probably on the 24th, so maybe some of us will be drunk... so maybe the next 'sober' team meet.

I'm missing the context for 'big win' when it comes to binary. I will look this up, since in trading if I understand right the profit/loss is dependent on the variance between the opening and closing positions. Unless there's crazy market movements I don't see that that would happen?

Thanks again for the input! Here's to a fantastic happy holiday season for all 🎄🎅🥳

[Potato Chips]

Trading with crypto anyways is considered high risk right? I haven't tried binary myself but I saw a video and it looks like it's pretty easy to get started with. I'll note your feedback and raise it at our next team huddle... probably on the 24th, so maybe some of us will be drunk... so maybe the next 'sober' team meet.

The risk levels are still different though. For instance, binary options is so much more risky than spot market. I would agree that it's basically just gambling. We've had gambling platforms develop a similar concept, too. and there's definitely a market for this if you ever launch it. I would make note of the risk level though.

]Here's to a fantastic happy holiday season for all 🎄🎅🥳

Happy holidays to you too! and to everyone else 🍻

[bias]

Trading with crypto anyways is considered high risk right? I haven't tried binary myself but I saw a video and it looks like it's pretty easy to get started with.
I'm missing the context for 'big win' when it comes to binary. I will look this up, since in trading if I understand right the profit/loss is dependent on the variance between the opening and closing positions. Unless there's crazy market movements I don't see that that would happen?

Yes, crypto trading it's a high risk due to the volatility. However, we talk about a specific trading type. In binary trading, you bet on the specific outcome of an event. Meaning the date, the price, even the hour (in some cases). You choose correct, then you win and you get a fixed payout amount. If not, you lose. The winning percentage is 60 to 95%, which makes it very profitable. But remember that this isn't spot/ arbitrage trading that you can change your orders. In binary, you put it and that's it. No changes, no edits, nothing. Either you win or you lose, thus gambling with very high odds!
So, yes, it's simple but it's probably the most risky "trading" type in an already high-risk market.

Thanks again for the input! Here's to a fantastic happy holiday season for all 🎄🎅🥳

Happy holiday indeed!

[nestex_one]

Your lawyer seems good, congrats on your choice. Maybe I can use his services as well...👍

I asked the lawyer for his contact info (nicely, ok?) and he told me to far cough. In exactly those words. Sorry bout that...

Yes, crypto trading it's a high risk due to the volatility. However, we talk about a specific trading type. In binary trading, you bet on the specific outcome of an event. Meaning the date, the price, even the hour (in some cases). You choose correct, then you win and you get a fixed payout amount. If not, you lose. The winning percentage is 60 to 95%, which makes it very profitable. But remember that this isn't spot/ arbitrage trading that you can change your orders. In binary, you put it and that's it. No changes, no edits, nothing. Either you win or you lose, thus gambling with very high odds!
So, yes, it's simple but it's probably the most risky "trading" type in an already high-risk market.

Everyone else is more or less sozzled, and its not even christmas eve. I don't drink so I'll check out binarium, nadex and iqoption. Not putting any money tho since they say there's free demo options.

[bias]

Your lawyer seems good, congrats on your choice. Maybe I can use his services as well...👍

I asked the lawyer for his contact info (nicely, ok?) and he told me to far cough. In exactly those words. Sorry bout that...

No problem at all, thank you for remembering it and asking. I hope that you cough indeed far and... close to his face... Happy New Year and hopefully will see your project launching soon.

[nestex_one]

No problem at all, thank you for remembering it and asking. I hope that you cough indeed far and... close to his face... Happy New Year and hopefully will see your project launching soon.

I've not met him F2F though (different countries). But I hear after covid it's ok to sue someone who coughs on you, so not the best thing to do there 

Happy 2025.

SNEAK PREVIEWs.

Some annoying legalese:


Spot trading interface (there are no trades currently, and yes we're using binance for liquidity currently - but tie-ups with other liquidity providers in process). Our wallet integrations are taking quite some time to check and work on, so we MAY delay the spot exchange launch until we have that completely secured.


Binary interface.
- Notice the "RISK" option on the right panel, this lets you decide how much of the trade value you're willing to risk, and the reward will accordingly change.
- Notice also on the top-right hand corner the 'Reputation' stars, this indicates how much leeway a user has to risk higher amounts. Reputation impacts trade values, deposit amounts and withdrawal amounts


The 'DEMO' version of both the Binary and Spot are in testing. We are weighing pros / cons of releasing the Demo to the public before actually releasing the working version.

Mobile versions are not done yet! Not been able to close out on a reliable app dev who can handle klines / tradingview charts properly. (On that note if anyone here can, please DM me)

Anonymity:
1. Logins can either use a 'username' and passwords
2. or use MetaMask (We're not supporting Tron/Sol so currently those wallets are not available)
3. Actively supporting Tor / VPN users even in our T&C. No ToS rejections for withdrawals / deposits based on the endpoint IP

[bias]

Binary interface.
- Notice the "RISK" option on the right panel, this lets you decide how much of the trade value you're willing to risk, and the reward will accordingly change.
- Notice also on the top-right hand corner the 'Reputation' stars, this indicates how much leeway a user has to risk higher amounts. Reputation impacts trade values, deposit amounts and withdrawal amounts

Firstly, I can say that the "Binary" option looks good and for that alone, you already "get" a client! Plus, I like the background of the mountains. It gives a different tone to the classic and monotonous chart background of exchangers.
The "RISK" button is mandatory, perhaps adding the corresponding percentage of each reward depending on the amount would be a nice touch.
About the "Reputation" stars, it looks like some kind of Tier/ VIP system but at the same time, and since will affect also the permitted trade amount, sounds like a Margin/ Leverage system as well. Do I understand it correctly or I'm missing something in the translation?

Anonymity:
1. Logins can either use a 'username' and passwords

I imagine that 2FA options are also in mind for an extra layer of security.

3. Actively supporting Tor / VPN users even in our T&C. No ToS rejections for withdrawals / deposits based on the endpoint IP

Plus 1 to that!

[nestex_one]

The "RISK" button is mandatory, perhaps adding the corresponding percentage of each reward depending on the amount would be a nice touch.

The "lowest" end of the risk range risks less of the trade value (not 100%) and the highest end of the risk range risks 100% but for higher returns.

Here's the current calculation (not necessarily finalized, we may tweak it in future)

risklevel = RANGE(10,85); // min/max based on user selection
winamt = betamt * (100 + risklevel) / 100;
lossamt = betamt * (15 + risklevel) / 100;

About the "Reputation" stars, it looks like some kind of Tier/ VIP system but at the same time, and since will affect also the permitted trade amount, sounds like a Margin/ Leverage system as well. Do I understand it correctly or I'm missing something in the translation?

Reputation: Specifically this allows those with higher reputation to risk more, win more, lose more, deposit more and withdraw more. Does that make sense? Naturally a 'newbie' with less reputation / proof of success will be allowed to risk less (and naturally the win would be proportionally less), deposit less, withdraw less.

VIP system: No it's not, but there is a separate VIP system planned that is not part of the current version. It's a Phase 3-4 type thing.

Leverage: No we don't have leverage. Well at least not in the current version. We will do Spot and Staking before we work on that one.

Margin: There is but it's not related to the reputation piece. It's an 'asset protection' margin where in case you lose big you are given a time window to replenish the funds instead of directly liquidating crypto. I didn't mention this because that screen is not ready and that screenshot will explain a lot better than my sloppy verbiage can....

I imagine that 2FA options are also in mind for an extra layer of security.

Yes there is username+password+Authy 2FA or wallet+Authy 2FA as well. I missed saying that 😅
Not doing email based 2FA presently, since communication info (like emails or mobile numbers) are usually linked with the concept of 'KYC'.

[joniboini]

Yes there is username+password+Authy 2FA or wallet+Authy 2FA as well. I missed saying that 😅
Not doing email based 2FA presently, since communication info (like emails or mobile numbers) are usually linked with the concept of 'KYC'.

I assume people can use other OTP apps like FreeOTP or Google Authenticator to replace Authy? Restricting the choice of 2FA apps might discourage others from trying the exchange. Not to mention Authy is not the best app, especially if you care about privacy, ease of backup, etc. I'm moving to other apps because of those reasons.

[nestex_one]

Yes there is username+password+Authy 2FA or wallet+Authy 2FA as well. I missed saying that 😅
Not doing email based 2FA presently, since communication info (like emails or mobile numbers) are usually linked with the concept of 'KYC'.

I assume people can use other OTP apps like FreeOTP or Google Authenticator to replace Authy? Restricting the choice of 2FA apps might discourage others from trying the exchange. Not to mention Authy is not the best app, especially if you care about privacy, ease of backup, etc. I'm moving to other apps because of those reasons.

Yes there's actually no restriction. They all use a common TOTP mechanism - for example I use google auth on my phone and the same key works in the Authenticator.CC browser extension in chrome.

Personally I need to function across multiple devices (2 phones, laptop, desktop, virtual workspace) and a backup drive - I like my auth codes to be synced across. So I use multiple TOTP softwares and our TOTP mechanism follows the standard so it simply works in all of them.

(For those who want to know how it works, check out this very informative article - https://cavalloj.medium.com/totp-secret-extraction-from-qr-codes-ee097b4c687f  )

[bias]

Reputation: Specifically this allows those with higher reputation to risk more, win more, lose more, deposit more and withdraw more. Does that make sense? Naturally a 'newbie' with less reputation / proof of success will be allowed to risk less (and naturally the win would be proportionally less), deposit less, withdraw less.

Make sense, but some. Because you can't know how much money/ funds have a newbie that joins your exchanger. Why cut off the possibility for anyone to trade any amount there? We are not talking about a trading contest, a lot of people don't trade or want to be dragged into this. Yes, for sure you have to have limits in order not to get blown away from a client's win. I just say that I don't need to prove how good a trader I am to place an order.

Leverage: No we don't have leverage. Well at least not in the current version. We will do Spot and Staking before we work on that one.

And Binary...

Margin: It's an 'asset protection' margin where in case you lose big you are given a time window to replenish the funds instead of directly liquidating crypto.

Hmm, that sounds nice. Maybe an alarm type of signal a bit earlier will be nice as well. Sometimes isn't easy to transfer funds and replenish anything, even if you want to.

[nestex_one]

Make sense, but some. Because you can't know how much money/ funds have a newbie that joins your exchanger. Why cut off the possibility for anyone to trade any amount there? We are not talking about a trading contest, a lot of people don't trade or want to be dragged into this. Yes, for sure you have to have limits in order not to get blown away from a client's win. I just say that I don't need to prove how good a trader I am to place an order.

This is only for binary. For spot the user can move any amount they have on hand. Also simple 1:1 on the fly conversion would not have these limitations.

I didn't write 'convert' as a separate feature because it's kinda part of/an extension of the wallet.

And Binary...

Indeed

Hmm, that sounds nice. Maybe an alarm type of signal a bit earlier will be nice as well. Sometimes isn't easy to transfer funds and replenish anything, even if you want to.

We can give users some time after the fact as well. For example if they get a margin of $40,000 against 0.5BTC, and blow (suppose $20000) on a bad binary trade - their BTC remains lien with us until they replenish the margin funds. The user may transfer in that amount via any crypto (within our list) - within a timespan of 1 week after the event. Since we hold the asset against it we can maybe be a bit lenient in this regard? Would that be safe?

Optionally they can choose to liquidate immediately and receive a clean margin based on current holdings - but we think most often what'll happen is people will use other cryptos to fill the gap and retain the BTC.

[bias]

This is only for binary. For spot the user can move any amount they have on hand. Also simple 1:1 on the fly conversion would not have these limitations.

Ok, I thought it was for all the types of trading. Now sounds much better.

We can give users some time after the fact as well. For example if they get a margin of $40,000 against 0.5BTC, and blow (suppose $20000) on a bad binary trade - their BTC remains lien with us until they replenish the margin funds. The user may transfer in that amount via any crypto (within our list) - within a timespan of 1 week after the event. Since we hold the asset against it we can maybe be a bit lenient in this regard? Would that be safe?

Yes, it's a nice and favorable move from the exchanger to its traders/ clients and I can't see any reason why not to be safe. After all the exchanger will get the funds since the trader lost his bet and it can do them whatever it wants.

Optionally they can choose to liquidate immediately and receive a clean margin based on current holdings - but we think most often what'll happen is people will use other cryptos to fill the gap and retain the BTC.

Most likely it will go as your team thinks, I believe though that this depends on the coins that the exchanger has available. Of course, most people want to keep BTC but others might don't even trade with it for the same reason. In any case, you will get more and far better stats for this matter when your exchanger goes live.

[nestex_one]

We (founders) are in a bit of a disagreement about which coins to support. Weighing pros and cons. Can we get advice from the community please

• BTC+USDT as the main, and only 3 currencies - BTC, ETH, USDT. With 3 pairs to match. Fairly solid triangle. I am in this boat, I feel we should keep it minimal and only expand it in a big way once we have maybe 100 or 500 users or suchlike.
• BTC+USDT as the main but on ETH support the whole range of currencies. Basically ETH + a large number of popular ERC-20 coins. In my opinion this has it's appeal, but will it help us or harm us? We dont have support staff and I'll be the one spending time on dev + support until our investors pay-in (which is scheduled for March)
• Support BTC + ETH/ERC-20 + TRON/TRC-20 + BSC/BEP-20 and keep it as insanely wide as possible. I felt this is a bad idea because we'll be spending good $ on server resources and we may end up with a large number of coins with negligible trades (but it will block up our liquidity on the bigger coins since we still need to have liquidity pools for each pair)

I strongly think the first option is the safest for us. Start small, and we can pace ourselves after some successes.

[EarnOnVictor]

Hi everyone,

We're a startup aiming to setup a crypto exchange that doesn't force users to gamble. Also we'd like to be maybe a bit more transparent about what we do and how we function, so there's genuine trust with our users (sort of taking ideas from the open source movement).

I can see you are trying to showcase a platform and it is always coming as an angel when you guys are starting afresh. Well, I don't have any issues with that, what I have issues with is not living up to the expectations of the existing market, let alone beating it. Any new exchange should be able to come up with new ideas and offers that will outshine the existing ones. Unfortunately, I hardly see any, it's just the same extorting ways of the existing market. My needed competition should start from a very low fees, it's only then that I can know a new exchange is serious.

[nestex_one]

Hi everyone,

We're a startup aiming to setup a crypto exchange that doesn't force users to gamble. Also we'd like to be maybe a bit more transparent about what we do and how we function, so there's genuine trust with our users (sort of taking ideas from the open source movement).

I can see you are trying to showcase a platform and it is always coming as an angel when you guys are starting afresh. Well, I don't have any issues with that, what I have issues with is not living up to the expectations of the existing market, let alone beating it. Any new exchange should be able to come up with new ideas and offers that will outshine the existing ones. Unfortunately, I hardly see any, it's just the same extorting ways of the existing market. My needed competition should start from a very low fees, it's only then that I can know a new exchange is serious.

Hi, thanks for the inputs!

Can you clarify what you mean by 'low fees'? We have
- zero deposit fees
- withdrawal fees = 20% of network fee (so cheaper for cheaper nets)
- zero 'convert' fees
- zero buy fees on spot
- 0.05% sell fees on spot

Lower than that - maybe even all zero fees - may be fine to start with, but after an initial period we would be forced to raise it eventually. What do you have in mind - would love to have your inputs.

Also you mention 'new ideas and offers', I admit we have intentionally held back on that front because we need to get the base working. If you do have something you'd like to share on the ideas/offers front would certainly be nice to hear!

[bias]

We (founders) are in a bit of a disagreement about which coins to support. Weighing pros and cons. Can we get advice from the community please

• BTC+USDT as the main, and only 3 currencies - BTC, ETH, USDT. With 3 pairs to match. Fairly solid triangle. I am in this boat, I feel we should keep it minimal and only expand it in a big way once we have maybe 100 or 500 users or suchlike.
• BTC+USDT as the main but on ETH support the whole range of currencies. Basically ETH + a large number of popular ERC-20 coins. In my opinion this has it's appeal, but will it help us or harm us? We dont have support staff and I'll be the one spending time on dev + support until our investors pay-in (which is scheduled for March)
• Support BTC + ETH/ERC-20 + TRON/TRC-20 + BSC/BEP-20 and keep it as insanely wide as possible. I felt this is a bad idea because we'll be spending good $ on server resources and we may end up with a large number of coins with negligible trades (but it will block up our liquidity on the bigger coins since we still need to have liquidity pools for each pair)

I strongly think the first option is the safest for us. Start small, and we can pace ourselves after some successes.

As long as there is no extra support for you, the first option is the only option. Doing everything won't help. However, you can add 2-3 more coins than the main two. Since ETH will already exist, I think it will be easier to add those from this chain. IMO though, it would be better these 2-3 additional coins to be different from the ETH chain, with high volume, and cheaper than the main two. This move will bring more and different audiences/ clients.

[nestex_one]

IMO though, it would be better these 2-3 additional coins to be different from the ETH chain, with high volume, and cheaper than the main two. This move will bring more and different audiences/ clients.

Got it. Any recommendations?

Maybe one of these based on coinmarketap
BNB/BSC
XRP (bit iffy on this though)
Solana (bit iffy on this, too)
DOGE
Cardano


Or privacy coins like XMR

Our development process currently uses USDT as the 'base' and BTC + ETH in addition to that

This is the dashboard view

(with corrections. LTP values are not realtime, they're from a local test db that will later be coordinated/synced with market prices)

[bias]

BNB/BSC
XRP (bit iffy on this though)
Solana (bit iffy on this, too)
DOGE
Cardano

Every coin has a different "behavior" and usage for an exchanger—present or future. For example, if you are planning to integrate "Staking", SOL, ADA, and XRP would be good additions. Then there is the personal taste and opinion for any coin. Eg. I don't like to support CEX's coins or you don't like "useless"/ crappy ones.
So I won't say the unbiased and purely objective opinion but my subjective opinion, without any bad intentions for any of the following coins. Of course, other members will have a different opinion, so don't misunderstand me and no harsh feelings.

BNB/BSC--> Strong option but considered from the expensive ones. Not though for my trading likes.
XRP (bit iffy on this though)--> I get the iffy issue even if I trade it. It's a cheap option but can be added at later stages.
Solana (bit iffy on this, too)--> Same as the above and expensive.
DOGE--> For me this can be one of the 2-3 ones and no matter if you like it or not, we have to admit that its support is very very big.
Cardano--> I would say that has the same iffy problem as the above but it's cheaper and can be the "pioneer" for the rest of the "same" type.

Or privacy coins like XMR

Even if I would love to see another exchanger adding XMR instead of de-listing it, I know that is a difficult coin. So I probably leave it for later stages.

[nestex_one]

Then I guess doge is the way to go. One of the main reasons I liked this was because we already have a bitcoin node and doge nodes are equally easy to host.

btc, doge, ltc are easy to develop around since the RPC protocol is mostly common - and my code base already has full programatic integration for BTC (tho on Testnet)

Eth nodes had me tearing my hair out with geth and prysm installations, build failing or some totally random issue that needs me to downgrade python and what not - it was mind boggling.

I will probably use nownodes for ETH other nodes - they have XRP, SOL and other such, so it should save time.