NitroEx – In-depth Analysis of the Crypto Exchange

NitroEx is a less-known crypto exchange as well as a provider offering a unique token and automated trading bot. Although not as popular as some other bigger exchanges, NitroEx managed to gather some loyal clients but not without controversy.

Namely, the company got on the bad side of its home country’s financial market regulator. This begs the question of whether the exchange is legit. Read our NitroEx Review to find out all you need to know about the platform.  

Legal Info: Is NitroEx Regulated?

Nitro Software Technologies Ltd is headquartered in Malta. However, the Maltese Financial Services Authority (MFSA) issued a warning against this entity on October 27, 2022. 

“The MFSA wishes to alert the public that NitroEx/ Nitro Software Technologies Ltd is NOT licensed or otherwise authorised by the MFSA to provide any VFA services or other financial services,” the regulator stressed. 

Since Malta belongs to the European Economic Area (EEA), the MFSA enforces common regulations of the European Securities and Markets Authority (ESMA), issuing a MiFID passport to all licensed entities. 

One of the key benefits clients have with MiFID providers is a compensation contract worth up to 20,000 EUR in case something goes wrong, plus protection for the financial ombudsman. 

Since NitroEx is unregulated, the exchange cannot be considered safe. Therefore, we recommend you trade firms that are licensed to operate under the jurisdiction of top-tier financial market authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc. 

Trader Reviews – Sharing Experiences

There aren’t many NitroEx reviews. The earliest ones we found on revain.org are not that great. Back in 2021, traders outlined key issues the exchange had with volume, liquidity, lack of transparency, etc. But the recent feedback on bittrust.org is pretty positive.   

Traders seem generally satisfied with the platform’s services. However, that does not imply that issues cannot arise while trading and buying/selling cryptocurrencies on this exchange. 

In case you want to recover the funds you invested in the NitroEx platform, feel free to contact us for help. Read more about how we solve these cases in our MB Coalition review.    

Who Are NitroEx’s Users?

According to godaddy.com/whois, the Nitroex.io website domain was created on February 18, 2020. Since then, the crypto exchange has mainly been accepting clients who reside in the following countries:

• United States;
• Germany;
• Australia;
• Turkiye.

To reiterate, NitroEx is not eligible to operate in the EEA due to the lack of a MiFID passport, i.e. valid license. That means that Germany is essentially off-limits.

The US and Australia are entirely different jurisdictions with heavy regulations. We have already stressed the fact that if you invest money in this platform, you cannot count on regulatory help or compensation so be cautious.

Available Trading Platform and NitroBot

The exchange can be accessed via a web platform designed for the straightforward purchase and sale of digital assets. It is based on TradingView for spot cryptocurrency trading and features a wide selection of popular coins.

Although the platform is exclusively browser-based, NitroEx also offers an app for Android and iOS mobile devices, which provides traders with additional convenience and the option to trade on the go.  

Furthermore, the company’s NitroBot allows you to automate your trading, manage your portfolio, and use sophisticated trading tools when you connect to your NitroEx account.

Novices may find the online trading terminal easy to comprehend but trading volatile assets such as cryptocurrencies is extremely risky per se, which is why you’ll need all the tools you can get to ensure you’re on track. We thus recommend providers that support recognized third-party software such as MT4 or MT5. 

Fee Structure

When it comes to trading fees, i.e. maker and taker fees, NitroEx outlined the commissions for each coin in a table on the website. Here are examples of the most popular coins:

• BTC/USDT:
  • Minimum Order Size: 0.0001 BTC;
  • Trading Fee for Buying: 0.025%;
  • Trading Fee for Selling: 0.03%;

• ETH/USDT:
  • Minimum Order Size: 0.0001 ETH;
  • Trading Fee for Buying: 0.025%;
  • Trading Fee for Selling: 0.03%;

• LTC/ETH:
  • Minimum Order Size: 0.001 LTC;
  • Trading Fee for Buying: 0.01%;
  • Trading Fee for Selling: 0.012%; etc.

According to the website, the deposits are free of charge while withdrawals come with a certain fee. For instance, we have the following:

• Bitcoin (BTC):
  • Deposit Fees: No Charge;
  • Withdrawal Fees: 0.0005 BTC;
  • Minimum Withdraw Limit: 0.001 BTC;

• Ethereum (ETH):
  • Deposit Fees: No Charge;
  • Withdrawal Fees: 0.006 ETH;
  • Minimum Withdraw Limit: 0.02 ETH; etc.

NTX NitroEx

Nitro Software Technologies launched the NitroEx coin (NTX) about a year ago. The exchange raised 3,700,000 USD through an ICO and secured an additional 2,400,000 USD in equity.

NTX was listed on the exchange, offering users the opportunity to trade this cryptocurrency. Additionally, specific price details for NTX on the exchange’s website indicate a current price of 0.0000493 USD.

Per the isthiscoinascam.com data from October 25 this year, NTX had a market cap of 583,184 USD and a 24-hour trading volume of 10,588 USD. The price was 0.0000530 USD.

Deposit and Withdrawal Process

NitroEx listed three main payment methods that can be used for buying crypto and withdrawing funds:

• Credit/debit cards (MasterCard, VISA);
• Bank transfers;

In case you’re having issues withdrawing your money from the exchange, you should get familiar with the chargeback process.

A chargeback is the reversal of MasterCard and VISA credit/debit card transactions. It can be requested at the issuing bank within 540 days. For bank transfers, you can request a recall to reverse the transaction.

Key Information To Consider About NitroEx

To sum up our review, NitroEx is an unregulated Maltese crypto exchange that has been active for about three years. In the meantime, this firm has received positive feedback from clients.

Although the exchange has received considerable positive feedback, it doesn’t mean that it’s completely safe and secure. Given the warning from the MFSA, it may turn out to be a hoax just like Bitmarket-Trader. Should you experience any issues, be sure to let us know.

If you cannot withdraw your funds from the NitroEx exchange on your own, we offer our professional services and assistance. Book your free consultation with Scam Brokers Reviews today!

Book a free consultation with us and start the chargeback process.

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