Crypto Exchange Review: Newdex

General Information

Newdex is a somewhat mysterious company founded in 2018. It’s a decentralized exchange, meaning it’s threading in relatively unexplored territory. It claims to be the first exchange of its kind, and the best, although the firm doesn’t provide any substance for the second statement. The Asian market seems to be the firm’s aim, as is apparent from the sub-par English translation. However, the inadequate translation seems to be the least concerning thing about the company.

Namely, Newdex seems to be shrouded in a veil of mystery. Despite it being around for three years, information about it is quite limited, with minimal user impressions. More formal outlets in the form of reviews and news are also few and far between, meaning its website is mostly the only reliable source. However, that’s when another issue pops up, in that even the site is quite conservative when it comes to informing users.

The secrecy makes it difficult to judge objectively, and the minimal press fuels the issue. On top of that, as decentralized exchanges are quite rare, standards for them are still somewhat vague. Even with that, we’ll try and paint a picture of Newdex so that potentially interested customers know what they should and shouldn’t do and expect.

Let us have a closer look at this crypto exchange in this Newdex  review.

Primary Features

As we said earlier in our Newdex review, most of its conditions remain hidden from non-users. That perhaps translates to users as well, but that’s a topic that we’ll go over a bit later. However, the part of its service that is clear is quite unorthodox and distinct from other exchanges. Naturally, that’s because Newdex is inherently different than a normal crypto exchange. Without delaying further, we’d like to present the features we thought were Nedex’s biggest advantages:

·        Newdex: Decentralized Exchange

While Newdex does come with its fair share of faults, as companies exploring a new market often do, it’s still a pioneer. Namely, decentralized exchanges have gained a bit of traction recently, and Newdex is the firm that arguably started the trend. As such, those eager to try out the new trading method might find Newdex the top solution. Decentralized exchanges (DEXs) also come with specific benefits, such as low or no withdrawals and accepting customers from any country.

·         Multiple Blockchains

Another one of Newdex’s crowning features is that it allows traders to choose which blockchain they wish to trade on. Each one seems to have a distinct set of coins and assumedly different executions. The blockchain you choose also determines which coin the currency you trade is put against. Currently, the exchange has options for TRON and EOS blockchains, and it’s unsure whether it intends to add new ones in the future.

·         Anonymity

Remaining entirely hidden is one of the primary advantages of using decentralized exchanges, such as Newdex. The servers are spread across the world, so you can even use potent VPNs to keep your IP safe. Additionally, it requires nearly no personal info, which is a significant plus for many crypto traders. Lastly, the spread servers offer a substantial amount of protection against hackers, upping the security rating. Even in the case of leaks, there’s no risk of your personal data getting out since the exchange doesn’t keep any.

Security

Security is sort of a mixed bag when it comes to all decentralized exchanges, including Newdex. By their nature, they’re very difficult to hack, and when something is challenging to do, it’s less appealing to potential criminals. As such, the likelihood of a successful cyberattack is quite low, meaning you won’t get your funds stolen. Additionally, the exchange lets you remain entirely anonymous, providing additional security on the personal information front. With that, the firm may leave the impression that it’s completely safe, but there’s still a ton of issues with it.

You see, all the advantages are unnegotiable, but they are also a double-edged sword of sorts. For example, while the exchange lets you remain anonymous, that also means you can’t get any protection from local authorities. On top of that, since Newdex is so difficult to get a hold of, there’s no accountability, meaning the exchange could simply rob you if it wanted. We’re not saying that Newdex will, but the fact that it can doesn’t sit well with us.

On top of that, there’s the fact that the firm has had very limited press in the West. Because of that, there are few customer impressions to go by, which makes it so we can’t determine how the firm acts in practice. There isn’t a clear indicator of malicious intent, but there’s nothing that rules it out either.

Fees & Conditions at Newdex

While Newdex’s status as a decentralized exchange separates it in many areas, it still seems to follow standard fee structures. Namely, the deposits are free, although they are only available in the form of crypto deposits. That means you’d need to have bought crypto at a starter exchange if you wanted to trade with Newdex. That’s somewhat of an uncommon occurrence these days, as most exchanges have started offering fiat funding. However, in Newdex’s case, it’s justifiable since it’s a DEX.

Once you start trading, the fees follow a maker-taker structure. At Newdex, the prices don’t shift depending on which position you take but remain constant. The costs come in at 0.2% per trade, placing it above the average brokerage but below industry leaders. Withdrawal charges are also standard, shifting depending on which currency you decide to withdraw. As far as the costs go, they’re still worse than with prominent companies, but not by a large margin.

The trading conditions are solid; the platform is competent and can access it via multiple outlets (smartphones, tablets, and computers). Furthermore, the coin selection is quite significant, but there’s also a problem with it. No matter which blockchain you use, a lot of standard coins are absent. That means only traders that enjoy exotics can get the full extent of the exchange’s service.

Newdex: Funding Methods

There’s not much to say about the funding methods at Newdex that we hadn’t said already. The exchange offers crypto to crypto deposits and withdrawals without any other options. Sadly, that doesn’t translate to lower fees for withdrawals. All in all, the funding is just what you’d expect from a decentralized exchange such as Newdex.

Currencies

Your opinion on the exchange’s quality will largely depend on whether you prefer quality or quantity. We mentioned earlier in our Nadex review that the firm is severely lacking in the first aspect. However, the quantity is definitely there, with it being nigh-impossible to count all the coins and pairs the exchange offers. Personally, we believe the lack of majors to be more harmful than the abundance of exotics is helpful.

Newdex Review: Conclusion

Newdex is a decentralized exchange, and that is its most significant advantage. The only question is whether its status does enough to warrant using it over standard crypto exchanges. When we look at the bigger picture, it doesn’t seem worth it; the security is looser, the charges are higher, and the conditions aren’t better. On top of that, in Newdex’s case, you’re missing out on the opportunity to trade on major cryptocurrencies.

All you get in return is a little bit of extra privacy. The fact that some exchanges offer similar levels of privacy without being decentralized drags Newdex further down. As-is, we simply can’t recommend using it over any of the prominent cryptocurrency exchanges.