NBX Review: Should You Trade on Norway’s Top Crypto Exchange?

In this NBX review, you will learn everything you need to know about Norway’s new crypto exchange.

Introducing NBX

NBX (Norwegian Block Exchange) is a digital asset exchange that offers top-notch crypto trading services. The platform has its headquarters in Norway and is on its way to becoming the preferred provider of cryptocurrency services in the Nordic region. It also has two other offices situated in Halifax (Canada) and Riga (Latvia).

NBX is new to the game of crypto trading as it was only launched in April 2020. However, the platform already has over 7,000 customers with an average daily growth of about 10 customers. What’s more, it has already established itself as a go-to exchange in Norway.

A User-Friendly Platform

The interface on NBX’s website is user-friendly and simple enough for beginners to understand. The platform was designed using advanced technologies that make it easy to use while creating room for future expansion.

It doesn’t take long for users to get acquainted with the site and navigate it with ease. The main dashboard shows the current available balance of the user and the price chart in the latest 24 hours. It also has separate sectors that show visual illustrations of the user’s order history and assets. Other features on the site include a regularly updated library as well as a page that answers frequently asked questions.

Reasonable Fees

The fees for trading on NBX are very fair. The deposit fee is zero, whether it’s in fiat currency or cryptocurrency. The only charges on the platform are for withdrawal or trading activities.

Withdrawal fees depend on the minimum amount and the token while trading has a fixed rate of 0.5% for each successful order.

Supports Leading Cryptoassets

Currently, NBX supports Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and the Norwegian Krone coin (NOK). There are also five trading pairs on the platform which are BTC/USDC, ETH/USDC, ETH/BTC, BTC/NOK, and ETH/NOK.

Additionally, NBX is launching an integrated cashback program called CashPoint. CashPoints will be awarded to users for every transaction made. These CashPoints can be accumulated and used to pay for flight tickets, extra luggage fees, and other expenses from the Norwegian Air Shuttle.

Privacy & Security

The platform says it prioritizes maintaining superior security protocols on the exchange. Security features the platform has include:

• Complying with crypto trading regulations
• Its disclosure and privacy policies reiterate user’s that user’s personal data are protected
• Doesn’t store user’s information on its central database except for certain reasons such as customer experience improvement or criminal offence prevention
• Claims that it updates its database about breached information and stolen passwords (if it happens) from time to time
• It guides users on how to use the strongest passwords to maximally secure their accounts
• Uses 2-factor authentication to protect user’s accounts. Before anyone can even start trading on the platform, it is compulsory to set up the 2-factor authentication as well as verify the account.

Ease of registration

The registration process on NBX is straightforward. Both Norwegian and non-Norwegian customers are allowed to join the platform so registration is not restricted at all.

Only users that are 18 years and above are permitted to trade on the platform. If you meet this requirement, all you need to register is to input an email address and choose a password.

After some minutes, you’ll receive an email to verify the new account. As stated earlier, NBX uses 2-factor authentication so you’ll have to set that up as well before you can begin trading.

The Bottom Line

Although NBX still has a considerable way to go before it can compete successfully with other major global exchanges, it seems to be taking major steps in that direction.

The major drawback is the limited number of supported coins and fiat currencies. NBX already stated that it has plans to sort out this issue so its platform will be able to accommodate more international customers.

All in all, NBX looks like a good platform for anyone who decides to trade on it.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.