LIMASSOL, Cyprus, May 26, 2021 (GLOBE NEWSWIRE) -- Recently, NICOEX NICO Exchange, owned by "Mount Nico Corp Ltd.", announces its significant progress in its services on the crypto-currency platform. In the first few months of 2021 the value of Bitcoin doubles and Ethereum leaps by 4 times the market is expecting new crypto-currency and opportunities to emerge in excitement. NICOEX NICO Exchange successfully seized this good opportunity.
NICOEX NICO Exchange will become one of the new shining stars in the field of leveraged crypto-currency trading. In this article they are pitching two professional crypto-currency platform NICO exchange against FTX. Both exchanges provide similar functions and share the same target group of traders so a direct duel is inevitable. Without further ado, let's dive in!
NICO VS FTX: General information
NICO Exchange http://nico.exchange is a trading platform owned by MOUNT NICO CORP LTD. NICOEX NICO Exchange has been in operation for three years and licenced in four countries: The United Kingdom, France, Spain, and Cyprus. NICO Exchange strives to accelerate the process of internationalization, aiming to become a world class digital asset management platform in the coming two years to provide more efficient and high quality services to their valued users. The company is located in Cyprus.
FTX is a crypto-currency exchange located in the British Virgin Islands. The platform only offers two crypto-currency derivative trading pairs: BTC/USD, XRP/USD, EOS/USD and ETH/USD.
NICO VS FTX: Trading cost
NICO Exchange offers very competitive fees. As a smart investor people will find trading cost almost negligible compared to the potential huge profits. Currently, the perpetual fee for professional account holder (and some futures) is -0.025% and for regular account holder 0.075%. Therefore, professional account holders may enjoy some rebate in their transaction. People can read more about the trading fees in the following link.
In FTX, the trading fee for purchasers is 0.075%, while trading fee for manufacturers is -0.025%, which is basically identical to NICO. This means that manufacturers will get paid to trade. Suppose people are the manufacturer of a deal buying crypto-currency for USD1,000 instead of paying USD1,000 people only need to pay $997.50. This is indeed a very competitive feature.
FTX also charges a withdrawal fee of 0.0005 BTC. This is quite competitive because it is 40% lower than the average BTC withdrawal fee (0.0008 BTC) in the global industry average.
NICO has no restrictions on deposits and withdrawals. It is completely unrestricted.
For Bitcoin, there are no restrictions either.
Deposit and withdrawal method
NICO focus on crypto-currency transaction so Bitcoin can be used for all deposits and withdrawals. Deposits and withdrawals are free, which is always very pleasant. After the transaction is completed, there is no need to bear any hidden costs (except Bitcoin network fees).
The speed is 3 times faster than the Google Chrome browser, and privacy is even multiple times higher-check "Brave browser"
Bitcoin is the only recognized crypto-currency, so all deposits can only be made in BTC or ETH
NICO Exchange is a registered company in the Republic of Seychelles but its services are available worldwide. As the website contains the nature of crypto-currency, the exchange will not restrict access at any location. Please be aware that local laws may affect users' access to services and this is beyond control of the company.
Except for the United States and the following restricted countries/regions: Quebec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, China (Mainland, Hong Kong and Macao), FTX can be used anywhere in the world
NICO supports the following crypto-currencies:
Ripple Token (XRP)
EOS token (EOS)
Note: In NICO exchange, Bitcoin is shown as XBT. (The universal transaction code 'BTC' violates ISO 4217. According to international standard, it corresponds to the Bhutan currency. Therefore, NICO Exchange use XBT as the transaction code).
FTX offers four main coins: BTC, ETH, XRP and EOS.
In general, NICO's customer support seems to be one of the most knowledgeable experts in the market. Their team is well mannered and courteous and they speak fluent English. They strive to cater to the evolving need of the market and endeavour to reduce the stress of their customers.
Customer support is delivered via email tickets and that support even reach out to social media messages. NICO Exchange has a great website full of useful information and features. They also provide a knowledge base which allows transactions to be executed seamlessly and helps educate users in complex transaction scenarios.
FTX has a 24/7 real-time chat function with staff speaking multiple languages. FTX is also active on most well known social media platforms. This includes Facebook, Instagram, Telegram and Reddit.
Creditability and reputation
Currently, NICO Exchange is not legally regulated in any jurisdiction making their reputation in the community paramount. Their team is well known and active on social media platform so people will know who is responsible when fraud occurs. However, the lack of official regulation is a big disadvantage and it presents a huge risk especially if people plan to trade large sum of crypto-currency on margin.
FTX has 2 years of operation history, but there have been no major incidents or negative news. Apart from the CEO, FTX's management team also comprises of experienced professionals in the field of foreign exchange, investment and block chain technology, including former employees of Morgan Stanley and Tencent. In crypto-currency terms, although it is far from the standard of traditional financial institutions, it is still trustworthy and reputable.
NICO Exchange has remarkable platform security. The exchange utilizes a multi-signature deposit and withdrawal solution that is controlled by NICO partners. NICO Exchange also uses Amazon Web Services to protect servers by text messages, two-factor authentication and hardware token.
Their system contains email notifications and PGP crypto-currency is used in all communications. All withdrawals are manually inspected by employees and executed only once daily to minimize risk of hacker attack (funds are stored in cold storage).
FTX deposits most tokens in a multi-signature cold wallet with only three withdrawal cycles daily. As the industry expects, FTX comes with an option that utilizes two-factor authentication (2FA) and email notification for significant operations on the platform (login, withdrawal, transaction and so on).
NICO Exchange supports margin trading for all crypto-currencies shown on the platform. It also supports futures and derivatives (swaps). On NICO, some users can take advantage of up to 100x leverage in certain contracts. NICO also provides binary series contracts, which are forecast-based contracts that can be settled only at either 0 or 100. Two types of margin trading are supported: segregated margin and cross margin. The former allows users to preset the amount of currency in the wallet to keep their positions after placing an order. The latter stipulates that all funds in the user's wallet can be used to maintain order positions therefore extra caution shall be excerised.
For BTC and ETH pairs, people can trade with 100x leverage on FTX, while people can trade with 25x leverage for EOS and XRP. It is allegedly reported that their matching engine can reach up to 100,000 TPS (transactions per second), which is certainly an impressive and amazing prospect paving a wonderful future for users who is interested in leveraged trading.
Pros and cons
Provides many advanced features and functions
Not suitable for beginners
Limited asset protection
In terms of cost-FTX simulates the cost structure of NICO, therefore they share basically the same cost model.
In terms of customer support: similar quality, both are of paramount importance.
Overall reputation: NICO is well known and therefore has the initiative advantage. FTX has done a good job in duplicating NICO but they need to provide some additional features if they want to replace the existing system. They have embarked on a good path with a first-class matching algorithm, which has an upper hand over NICO.
If people don't like these two exchange platforms, there are alternative platforms listed here: Cex.io, Binance, PrimeXBT, PrimeBit, Deribit. Since February 2020, Coinbase Pro has announced that they will also enter the field of margin trading.
If people want to compare NICO with other exchanges, please check out the guide where compare NICO with Binance.
Risk reminder and disclaimer
Crypto-currency is a high risk investment, investors shall exercise caution and note the associated risk. NICO Exchange must not be held responsible for any consequence arising from any investment decision and action.
NICO Exchange platform retains the rights of interpretation to all the content above. Terms and conditions may vary and change due to policy change in the rapid changing market. Should people have any enquiry, please do not hesitate to contact the online customer service in the official website.
Company: Mount Nico Corp Ltd.
Contact: Panikos Kaiserlidis
Telephone: +357 24 020 200
Address: Agiou Athanasiou, 66 Toumazis Linopetra Building 4102, Limassol, Cyprus
SOURCE: Mount Nico Corp Ltd.