Oct 6, 2020 17:05 UTC
Oct 6, 2020 at 17:06 UTC
An Analysis Of The Newly Opened NeuronEx Exchange – Is It A Scam Or Not?
Today there are at least 339 cryptocurrency exchanges in existence. The majority of these are centralized platforms run by companies. The many problems of centralized exchanges like security are well documented, and these issues have led to the rise of decentralized exchanges, better known as P2P exchanges.
Some of the benefits of P2P exchanges include privacy, anonymity, many ways to deposit and withdraw funds, security, and being censorship-resistant. What began as platforms that support only one cryptocurrency which would be exchanged for local currencies has grown into platforms that support a plethora of crypto coins as the desire to offer users more control over their assets, and more options has grown.
This has led to the birth of platforms like NeuronEx, a platform that allows users to buy, sell and exchange crypto coins safely, quickly, and easily with its main focus being to facilitate and simplify the process of buying and selling cryptocurrencies making the process as safe and convenient as possible. The exchange is part of Neurochain’s payment system consisting of a fourth-generation blockchain, a decentralized wallet, a native token, and dCards. NeuronEx is built on the NeuroChain blockchain that aims to solve several issues that are holding decentralized platforms back, including low throughput, scalability, confirmation speeds, high fees, energy efficiency, and platform lock-in.
NeuroChain’s solution to these problems is a blockchain with transaction speeds of 1-3 seconds, with the ability to conduct over 100,000tx/s, which is 100% energy efficiency, and which accepts multiple assets.
Below we will take a look at how NeuronEx compares to other top decentralized exchanges. We will also analyze if the platform is a scam or not based on the following criteria; past hacks, security, transparency, and customer support.
Signing Up On The Platform
Signing up is quite easy and takes a few minutes. All that was required was setting up a username, adding a phone number, email address, first and last name, and setting a strong password.
Once signed in you will find an easy to use user interface. You can buy/sell coins by clicking on the buy/sell tab, and you will see the various options on offer that indicate the currency, amount limits, the transfer method, and special conditions set by the traders.
Security on this platform is quite similar to other P2P platforms like LocalBitcoins, Paxful, Bisq, and the rest. Transactions are protected through escrow, and users have the option of activating two-factor authentication to secure their accounts.
Compared to other P2P exchanges like LocalBitcoins, Paxful, and Bisq, NeuronEx supports more currencies. When the platform launches operations, users will have access to many coins, including BTC, ETH, LTC, XRP, EMC, DASH, and DOGE. The exchange promises to add to this impressive list by the middle of August after launching its decentralized Neuron Wallet by adding seven more coins, including EOS, BCH, BSV, EURT, USDT, CNHT, and XAUT. On the exchange users have access to over 200+ payment methods including debit/credit cards. Additionally, there is a Neuron dCard which serves as the first fiat cards with decentralized processing which means they are not controlled by anyone but the user. Reduced transaction fees of up to 70% compared to normal fiat cards like Visa and MasterCard.
Also there is the Neuron wallet which enables users to conduct fast transactions and cross border payments. Interestingly, through the wallet, users are able to bind currencies to bank cards.
This is an entirely new cryptocurrency exchange, so it hasn’t experienced any hacks yet. Hacking of p2p crypto exchanges is extremely rare, and if it happens, it’s hard for users to lose their funds as long as they have 2FA set up to protect their accounts.
A legit exchange shouldn’t have a problem sharing essential information like where it’s based, the team behind the platform, and any other relevant information. NeuronEx is based in Estonia and has been allowed to operate under license number #FVT000032. Also, its fees are quite competitive compared to other similar platforms and available for all to see. One advantage users have on this platform is they get a 50% discount on all fees if they choose to use the NRON coin. Also, new users get to trade on the platform for the first month at zero fees.
The team behind the platform is made up of seven highly experienced individuals with decades of experience in banking, business development, and building products. Maksim Berkorovainy is the chief blockchain architect. The rest included Sergei Popov, the chief visionary officer, Timur Akhmedzhanov, the CTO,, Customer Support
In case you find yourself stuck or in need of any help, customer support can be reached through your own chat embedded in in exchange. Their support is quite fast and responsive compared to a platform like LocalBitcoins, where filling a ticket can take 5 – 7 days before you get a response.
Privacy And Anonymity
The whole essence of cryptocurrencies is privacy, but growing regulations have made this impossible with imposed KYC and AML regulations among exchanges. P2P platforms came around to solve this problem, but lately, they have been forced to play along with regulators. Recently, LocalBitcoins admitted to giving up user information to authorities. Even though fighting crime is always cited as a reason why most platforms enforce these regulations, for crypto lovers who love privacy and conducting their business anonymously, they are left with very few options. Compared to centralized exchanges or P2P platforms like LocalBitcoins and Paxful, NeuronEx doesn’t ask for KYC and allows users to trade anonymously on the platform.
The platform has big plans for the future that will see it transform into a marketplace that connects cryptocurrencies and the fiat worlds. To achieve this goal, the exchange is considering its own blockchain complete with its own native coin, wallet, cross-border transaction service, crypto-cards, and API for partners. Also, the platform will add an agent network for people and businesses that will provide fiat liquidity to the network thus earning commissions in return. These agents will be rewarded with a third of the platform’s commissions.
After analyzing various aspects of this platform, we can confidently say its legitimate, with a transparent team, an operating licence is Estonia and plenty of coverage in the media.