NestEx Crypto Exchange - in BETA

[EarnOnVictor]

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.

Don't think exchanges prefer arbitrage to binary options for their clients, they gain nothing from it but the clients gain from it. And this arbitrage of a thing, though legal, exchanges/brokers can still use it as an excuse to confiscate your money if detected. However, the binary option gives the platforms more challenges than gains as clients gain more than necessary. That is why you only see fraudulent binary options platforms everywhere that refuse to pay their customers. The well-regulated and reputable ones/brokers I know later stopped the service. This means it's not earning for them as expected.

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.

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
If you do have something you'd like to share on the ideas/offers front would certainly be nice to hear!

Since I've not tried your service, which seems to be in its prelaunch stage, I can't comment further.

By the way, I was actually referring to the exchanges like Binance and the like. Upon viewing your platform again, I can see yours is a simple version. I hope you are true to those promises/conditions.

[nestex_one]

Since I've not tried your service, which seems to be in its prelaunch stage, I can't comment further.

By the way, I was actually referring to the exchanges like Binance and the like. Upon viewing your platform again, I can see yours is a simple version. I hope you are true to those promises/conditions.

Yes ours is indeed simpler. As I'd mentioned in the OP we're just getting started, and we came here for inputs from the community.

So most of the complexities and expansiveness that Binance or Coinbase or Kraken have would not be present in our setup at this time. I won't say that the conditions are set in stone as that would be untruthful, but that's what we do want to achieve.

For sure as a newcomer we are trying to offer something to our clients that current exchanges cannot or will not do (like the relatively low fees), and maybe avoid some things that other exchanges are leaning heavily on (like maybe the strong focus some of them have on derivatives).

We will try our absolute best to remain true to the promises / conditions as mentioned in this thread.

[bias]

So, how it goes with your exchanger? Any updates, on any aspect? IMO it will be good for all to hear how the whole procedure is going, especially now that crypto rising and the general feeling is positive.

[nestex_one]

So, how it goes with your exchanger? Any updates, on any aspect? IMO it will be good for all to hear how the whole procedure is going, especially now that crypto rising and the general feeling is positive.

Hi bias, thanks for asking!

We have the following things going on currently:
1. Servers and nodes for BTC, LTC, DOGE. Working on getting the ETH node running (prysm causing us some pain, so we're delayed a bit on that front, we have requested assistance from a contractor who's done this in the past so maybe will get resolved this week)

2. Wallet dashboard/Deposit/Withdrawal/Transaction history/Login/Logout functions. This includes triggering withdrawals on-chain and receiving deposits on the chain. Working on the margin and reputation aspect (this is what I'm working on right now)

3. We received a 50 Bitcoin conditional pledge from an investor in Panama, while I can't disclose all of the conditions they want us to be based in their country. It's not a bad deal as we'll get substantial liquidity, however as always this is for our lawyer to dig into

4. Crypto Swaps function is completed, pending Q/A. Binary trading is nearly completed (users can view the chart, switch currencies / timeframes, enable/disable indicators and place up/down orders which are then sent to the liquidity provider). The pending part of binary trading relates to point #2 above and of course Q/A would be needed thereafter

5. 2 Factor Authentication via TOTP, Email and Telegram are in the works. TOTP is mostly done, email is done but telegram is pending.

6. We contracted a cybersecurity firm to perform 'Penetration testing' of the server. We are using cloudflare for ddos protection etc but it is important for the server and web application itself to be bulletproof

7. Still looking for a good android+ios developer who can work with us to bring the existing web-based features to mobile. Taking our time with this until the other points get done.

For now that's the update! Thanks again for following us, it means a lot!!

[bias]

We have the following things going on currently:
1. Servers and nodes for BTC, LTC, DOGE. Working on getting the ETH node running (prysm causing us some pain, so we're delayed a bit on that front, we have requested assistance from a contractor who's done this in the past so maybe will get resolved this week)

2. Wallet dashboard/Deposit/Withdrawal/Transaction history/Login/Logout functions. This includes triggering withdrawals on-chain and receiving deposits on the chain. Working on the margin and reputation aspect (this is what I'm working on right now)

3. We received a 50 Bitcoin conditional pledge from an investor in Panama, while I can't disclose all of the conditions they want us to be based in their country. It's not a bad deal as we'll get substantial liquidity, however as always this is for our lawyer to dig into

4. Crypto Swaps function is completed, pending Q/A. Binary trading is nearly completed (users can view the chart, switch currencies / timeframes, enable/disable indicators and place up/down orders which are then sent to the liquidity provider). The pending part of binary trading relates to point #2 above and of course Q/A would be needed thereafter

5. 2 Factor Authentication via TOTP, Email and Telegram are in the works. TOTP is mostly done, email is done but telegram is pending.

6. We contracted a cybersecurity firm to perform 'Penetration testing' of the server. We are using cloudflare for ddos protection etc but it is important for the server and web application itself to be bulletproof

7. Still looking for a good android+ios developer who can work with us to bring the existing web-based features to mobile. Taking our time with this until the other points get done.

All of the parameters that you post sound very good and steady steps. The 3rd though needs indeed a dig-in investigation but I believe that since it was already among the options that you had as a team, things will be easier. Thinking positive is always better.
For the 5th, I want to ask why the use of Telegram? Yes, I understand that is fast and easy but it will be difficult in terms of security and verification among the exchanger and the client. Many bad incidents occur in it and for that, a lot of people don't use it.

For now that's the update! Thanks again for following us, it means a lot!!

I wish I had the technical skills and help you out more. Following your progress can be beneficial to me as a possible client, so keep up! 👍

[nestex_one]

The 3rd though needs indeed a dig-in investigation but I believe that since it was already among the options that you had as a team, things will be easier. Thinking positive is always better.

Yes, but the thing here is since our lawyer is already looking into it I guess we can relax. It just means that our incorporation dates will get pushed back because it'll all take time, right.

For the 5th, I want to ask why the use of Telegram? Yes, I understand that is fast and easy but it will be difficult in terms of security and verification among the exchanger and the client. Many bad incidents occur in it and for that, a lot of people don't use it.

One of our co-founders has been pushing for this, but you are right we have received negative feedback about using telegram. We have a call this wednesday again and we'll try to work through this and finalize, since 2FA will be very important for us I think.

[bias]

The 3rd though needs indeed a dig-in investigation but I believe that since it was already among the options that you had as a team, things will be easier. Thinking positive is always better.

Yes, but the thing here is since our lawyer is already looking into it I guess we can relax. It just means that our incorporation dates will get pushed back because it'll all take time, right.

It's more than certain that dates will be postponed, especially in Panama... They aren't considered a fast-track procedures country.

One of our co-founders has been pushing for this, but you are right we have received negative feedback about using telegram. We have a call this wednesday again and we'll try to work through this and finalize, since 2FA will be very important for us I think.

2FA is important to and for everybody and for sure there are better apps safer than TG. However, you can have it as a news feeder (only crypto or general economics) to your members or as a prediction channel.

[nestex_one]

The 3rd though needs indeed a dig-in investigation but I believe that since it was already among the options that you had as a team, things will be easier. Thinking positive is always better.

Yes, but the thing here is since our lawyer is already looking into it I guess we can relax. It just means that our incorporation dates will get pushed back because it'll all take time, right.

It's more than certain that dates will be postponed, especially in Panama... They aren't considered a fast-track procedures country.

One of our co-founders has been pushing for this, but you are right we have received negative feedback about using telegram. We have a call this wednesday again and we'll try to work through this and finalize, since 2FA will be very important for us I think.

2FA is important to and for everybody and for sure there are better apps safer than TG. However, you can have it as a news feeder (only crypto or general economics) to your members or as a prediction channel.

I was honestly excited to get us ready for 17th Jan since that was our initially planned launch date. Although most of our exchange program is ready we have so many delays due to the legalese, QA and penetration testing so we can't launch.... It's just a personal gripe, truthfully it's really great to know that we can rest easy at night with the lawyers and testers handling that part of things.

2FA - understood. We decided in the call that we'll do this the same way binance does: Email + 2FA TOTP. We're getting that updated into our documentation.

[bias]

I was honestly excited to get us ready for 17th Jan since that was our initially planned launch date. Although most of our exchange program is ready we have so many delays due to the legalese, QA and penetration testing so we can't launch.... It's just a personal gripe, truthfully it's really great to know that we can rest easy at night with the lawyers and testers handling that part of things.

Indeed it's easier saying it than doing it but it's inevitable. So as you said, as long as you have the right persons doing the necessities, launch day will come.

2FA - understood. We decided in the call that we'll do this the same way binance does: Email + 2FA TOTP. We're getting that updated into our documentation.

Good call👍

[nestex_one]

Sharing an update!

https://trade.nestex.one/



Current Stage: INTERNAL QA TESTING
But you can see the site and a bunch of pages; just can't signup/login


What's ready right now:
1. Home page
2. Some informational pages
 - https://trade.nestex.one/proof-of-reserves (the reserves are actual)
 - https://trade.nestex.one/proof-of-safety (the details shown are actual)
3. Trading and market liquidity pool functions
 - example - https://trade.nestex.one/spot/ADA (without a market maker; simply follows the existing market)
 - example - https://trade.nestex.one/spot/BTC (with a market maker; tries to maintain the price but also takes influence from the existing market)
 NOTE: this is TEST data and will be wiped later before actual transactions begin
4. Deposits are integrated for all UTXO currencies and in-process for all EVM currencies
5. Withdrawals are integrated for all UTXO currencies (but testing is in process). Not started integrations for EVM.

To begin with we plan to support all the currencies listed on the Fees page - https://trade.nestex.one/fees
(yea sorry about that but the 'our assets' page is undergoing a design review just now)



(note: this list may change and does not reflect an absolute commitment)

Our lawyer confirms the legalese is at the final stages. Talks with Moonpay and Onramper coming up in the next week or so.

This has been quite a process! As the tech lead I can say this only for the technology side - I'm sure the other aspects that I'm not personally looking at would have been incredibly tedious as well.

Personally I look forward to going live with this. Thanks everyone for the support!

As always we look forward to inputs, constructive criticism is also very much welcome.

[bias]

Nice to see good progress and a very good update!
Well, the first thing that I can say is that you put more coins than 4-5. What drives your team to go for a different strategy regarding listing? Because some of them are surprisingly on your list. Like Time, TLS, BONC or HBAR...
The second thing is regarding the fees. Do these prices stand from now or is it just for showing how the final site will be? Because 20 USDT fees aren't nearly to "low fees" term. Neither 10 DOGE nor 0.01 LTC.

[nestex_one]

Nice to see good progress and a very good update!
Well, the first thing that I can say is that you put more coins than 4-5. What drives your team to go for a different strategy regarding listing? Because some of them are surprisingly on your list. Like Time, TLS, BONC or HBAR...
The second thing is regarding the fees. Do these prices stand from now or is it just for showing how the final site will be? Because 20 USDT fees aren't nearly to "low fees" term. Neither 10 DOGE nor 0.01 LTC.

Number of coins: We're adding coins as we test them and activate the corresponding wallets. I have a limited budget for testing so I'm testing with some coins and then moving the $ around to others. We will have at the very least the major 5-6 coins and USDC/USDT tokens across all chains.

Coins like TLS, BONC, etc: Our founders like PoW coins, even smallcap ones and want to encourage those. There's also PEP, SHIC, FLOP, etc planned. They will be activated soon

Fees: We've been trying to identify a reasonable benchmark for the fees. For now most of the figures are placeholders and we will revise the fees as we go along.

Some of the fees are copied as-is from our liquidity provider considering the case we may need to 'pay out' withdrawals from there.

Since our Exchange fees are basically zero (the 0.2% fees are paid to the liquidity provider, which for 90% of the known scenarios is not the exchange), the only place we actually stand to generate revenue is withdrawals... But I don't think we want to loot our users. The fees will be revised for sure

[bias]

Number of coins: We're adding coins as we test them and activate the corresponding wallets. I have a limited budget for testing so I'm testing with some coins and then moving the $ around to others. We will have at the very least the major 5-6 coins and USDC/USDT tokens across all chains.

Coins like TLS, BONC, etc: Our founders like PoW coins, even smallcap ones and want to encourage those. There's also PEP, SHIC, FLOP, etc planned. They will be activated soon

Well, the market is full of them, and is always good for people to have options for trading them. Idk though if it's sustainable to have so many markets available/ open with such "coins".

Fees: We've been trying to identify a reasonable benchmark for the fees. For now most of the figures are placeholders and we will revise the fees as we go along.

Some of the fees are copied as-is from our liquidity provider considering the case we may need to 'pay out' withdrawals from there.

Since our Exchange fees are basically zero (the 0.2% fees are paid to the liquidity provider, which for 90% of the known scenarios is not the exchange), the only place we actually stand to generate revenue is withdrawals... But I don't think we want to loot our users. The fees will be revised for sure

This isn't completely accurate. Eg. If you raise a bit the trading fee percentage (from 0.2 to 0.25), then your revenue will be bigger and better. Especially, in crowded markets like BTC-USDT. Personally, I prefer to pay a small percentage more on trading fees than big withdrawal fees. But that's me.

[nestex_one]

Well, the market is full of them, and is always good for people to have options for trading them. Idk though if it's sustainable to have so many markets available/ open with such "coins".

Would the sustainability not depend on the coin creators themselves? For example if they are not willing to put in liquidity in the early stages, investors/speculators may not be attracted to the coin. As an exchange would it not be a positive thing for us if every coin creator wishes to list with us?

This isn't completely accurate. Eg. If you raise a bit the trading fee percentage (from 0.2 to 0.25), then your revenue will be bigger and better. Especially, in crowded markets like BTC-USDT. Personally, I prefer to pay a small percentage more on trading fees than big withdrawal fees. But that's me.

I will share this feedback with the founders. We had not considered raising the trading fee since we were told 0.2% is benchmark.....

Btw we are super close to the Beta launch. I expect 15th or so we will be live. The excitement in our office is palpable!

[bias]

Would the sustainability not depend on the coin creators themselves? For example if they are not willing to put in liquidity in the early stages, investors/speculators may not be attracted to the coin. As an exchange would it not be a positive thing for us if every coin creator wishes to list with us?

Every coin creator wants his coin listed everywhere, but that's not the point. The point is that you, as an exchanger, will have to have an open slot/ place/ wallet/ in your system for every single one. I don't have the tech skills that you have but I imagine that this will be a lot "heavier" than having fewer coins.

Btw we are super close to the Beta launch. I expect 15th or so we will be live. The excitement in our office is palpable!

That's indeed very good news for all. Waiting to see it and trade on it...

[nestex_one]

Every coin creator wants his coin listed everywhere, but that's not the point. The point is that you, as an exchanger, will have to have an open slot/ place/ wallet/ in your system for every single one. I don't have the tech skills that you have but I imagine that this will be a lot "heavier" than having fewer coins.

You are indeed right, holding wallets for multiple coins can be a tedious task. Also given that servers have certain resource consumption there would be a minimum cost for the exchange to 'hold' each currency.

Currently our infra would be able to handle about 50 EVM-type currencies (along with their relevant tokens), 50 higher-value UTXO currencies like BTC / LTC / DOGE (including their relevant tokens like BRC-20 and DRC-20). Smaller value UTXOs we estimate we can work with upto 1000 cryptos with the current infra budgets we have available.

Naturally we hope to make some $$ as well so we can increase these capacities

Btw we are super close to the Beta launch. I expect 15th or so we will be live. The excitement in our office is palpable!

That's indeed very good news for all. Waiting to see it and trade on it...

And the pre-Beta is live at https://trade.nestex.one - feel free to signup and try it out! I've invited a few friends and coin owners to signup and take the test drive.

You can experiment with everything and don't worry even incase something breaks, DM me and I'll ensure you're back up and running in no time.

We have realtime replication of all data already in place, in addition to hourly snapshots of our VMs. Wallets are backed up daily and we have daily backup audits already in place.

[bias]

And the pre-Beta is live at https://trade.nestex.one - feel free to signup and try it out! I've invited a few friends and coin owners to signup and take the test drive.

You can experiment with everything and don't worry even incase something breaks, DM me and I'll ensure you're back up and running in no time.

We have realtime replication of all data already in place, in addition to hourly snapshots of our VMs. Wallets are backed up daily and we have daily backup audits already in place.

And I'm in! Well, I signed up yesterday, but the site had some issues with some pages, at least on my end. So I tried again today, and everything went smoothly.
At first glance, it looks good in general. I will check it out better in the upcoming days., but I'm missing a way to change the markets in the Trade section/ page without going to the Home page first. However, this is a Beta version, so I guess some things will be changed/ fixed.

[nestex_one]

And the pre-Beta is live at https://trade.nestex.one - feel free to signup and try it out! I've invited a few friends and coin owners to signup and take the test drive.

You can experiment with everything and don't worry even incase something breaks, DM me and I'll ensure you're back up and running in no time.

We have realtime replication of all data already in place, in addition to hourly snapshots of our VMs. Wallets are backed up daily and we have daily backup audits already in place.

And I'm in! Well, I signed up yesterday, but the site had some issues with some pages, at least on my end. So I tried again today, and everything went smoothly.
At first glance, it looks good in general. I will check it out better in the upcoming days., but I'm missing a way to change the markets in the Trade section/ page without going to the Home page first. However, this is a Beta version, so I guess some things will be changed/ fixed.

If the issues continue please feel free to share here or DM me! I'm here to help out. I'm also super-active on discord and telegram so happy to connect if anyone requires assistance.

Changing markets from the trade section is indeed in our 'essential for main launch' list

Since you've mentioned it I will bump up the priority of that feature. I usually like to have a big bucket list and prioritize features on user request.

[bias]

If the issues continue please feel free to share here or DM me! I'm here to help out. I'm also super-active on discord and telegram so happy to connect if anyone requires assistance.

So far so good, no problems. If I need anything or something get's "wrong", I let you know, thanks.

Changing markets from the trade section is indeed in our 'essential for main launch' list

Since you've mentioned it I will bump up the priority of that feature. I usually like to have a big bucket list and prioritize features on user request.

IMO this feature is something basic for traders. We want to be able to change markets as fast as possible. And it will be great to be able to listen and act accordingly to your client's needs.

[nestex_one]

If the issues continue please feel free to share here or DM me! I'm here to help out. I'm also super-active on discord and telegram so happy to connect if anyone requires assistance.

So far so good, no problems. If I need anything or something get's "wrong", I let you know, thanks.

Changing markets from the trade section is indeed in our 'essential for main launch' list

Since you've mentioned it I will bump up the priority of that feature. I usually like to have a big bucket list and prioritize features on user request.

IMO this feature is something basic for traders. We want to be able to change markets as fast as possible. And it will be great to be able to listen and act accordingly to your client's needs.

Quick market switching is done! It has a search option and a dropdown.