In the crowded world of crypto, it is imperative to keep abreast of the pros and cons of every promising platform or cryptocurrency comes by.
This helps you make an informed choice and take decisions aligned with your objectives in the crypto market.
If you have been thinking about Cryptonex lately, look no further, because a comprehensive guide of pros and cons of Cryptonex is finally here.
Before we list them out, let’s take a quick look at what Cryptonex is, in the first place.
What is Cryptonex?
There are a multitudes of cryptocurrency exchanges and wallet services in the market but it really helps to have one where you can trade using a significant number of fiat varieties and many crypto coins without any hassle.
Cryptonex is an exchange that makes it possible, working the magic of Blockchain Technology. The bridge cryptocurrency here is their native crypto coin of the same name, bearing the ticker symbol CXN.
In this article, we have a look at all things good and bad about the platform and its coin.
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Pros of Cryptonex
Starting off on a positive note, the following is a short list of the key advantages Cryptonex has to offer to you:
1. Ease of Exchange
Using the CNX Coin, an user can trade in several different kinds of fiat and cryptocurrencies instantly. Although still now it has been known to work with just Bitcoin and Ethereum, it is expected to add more coins to its stable soon. It allows you to buy cryptocurrencies using a variety of media such as debit cards, credit cards and more.
2. Low Transaction Fees
The ease and convenience of using this exchange is multiplied several times when you consider its transaction fee structure. Despite offering smooth, hassle-free transactions, Cryptonex goes really easy on your pocket. Unlike platforms that charge a pretty penny for their services, Cryptonex only charges a negligible 0.1% or 0.2% of the transaction value.
3. Availability of Peer-to-peer Services
Cryptonex platform offers you P2P services where you can easily establish contacts with other buyers and sellers using the platform and the CNX coin and take selling and buying decisions accordingly.
5. Ease of Use
The Cryptonex platform and its coin are both incredibly simple to use. Not only is the interface user-friendly and neat, but is also available in the form of both web and mobile versions. Both Android and iOS users can download the mobile app to enjoy its services.
6. Profit Potential
Cryptonex, in addition to being really pocket-friendly in terms of transaction fees, also allows users to make a profit out of the platform. They can earn by investing in CNX Coins as well as by mining them, using their Proof of Stake consensus algorithm.
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Cons of Cryptonex
As all good things come with a catch, so does Cryptonex. Let’s have a look at the cons of this platform and cryptocurrency.
1. Lack of Credibility
Well-known names in the crypto world like Ethereum, are usually backed by a strong team of competent developers who are extremely active in the crypto world. However, that is not the case. The exact specifics of the team behind Cryptonex is cloaked in anonymity, which takes away from its credibility.
2. Lack of Popularity
Cryptonex is not known well enough among the crypto enthusiasts, which is why adoption remains at low levels. Although they do seem to be rising, increasing popularity and driving adoption is an important consideration that should be considered by the people behind Cryptonex.
3. Minimum Withdrawal Limit
Although transaction fees are rather low, the fact that the platform has a minimum withdrawal limit, causes an issue for users when they want to take their funds out of the platform.
4. Lack of Features Like Margin Trading
The platform does not have features like margin trading or trading on crypto CFDs. The lack of such utilized trading options makes it a less attractive option for users.
5. Few Pairings Available
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