NEGEXC stands for the Next Generation Exchange Crypto, a platform which, as the marketing message puts it, gives priority to the operational security and user-friendliness. The project team consists entirely of the Indonesian experts in the spheres of cryptocurrency trading, web development, and marketing.
Right now, NEGEXC is executing the first phase of its 3-phase public sale of NGX tokens, which will be one of the main tradable currencies on the platform.
The NEGEXC team has outlined five major problems inherent to the vast majority of contemporary cryptocurrency exchanges: the lack of robustness against all types of cyber attacks; the inadequately unresponsive and slow customer service; the extortionate trading and withdrawal fees; the exchange servers that often go to downtime right in the middle of a heated trading session; the trading interface that is too complicated and confusing for the nascent traders.
Evidently, NEGEXC will tackle all of these issues in accordance with their abilities, however, they chose not to go into deep particulars regarding these solutions in the whitepaper, having confined themselves to a more generic description of the platform's capabilities.
NEGEXC decided that the best way to assure the attack resistance of the exchange is to keep up to 70% of operational funds in the multiple cold wallets and make users go through the 2-factor authentication procedure when attempting to log into the trading account, depositing/withdrawing funds, or making alterations to the personal information.
As for the support service, NEGEXC assures that they will put together a competent team that will cater to the needs of users in a prompt fashion. Although the compilers of the whitepaper failed to provide further insight on how such superiority of service level is going to be achieved.
Speaking of trading fees, NEGEXC claims to introduce the same flat fee of 0.15% for takers and makers with the option to cut this fee in half should the trader opt to pay it in NGX, a similar mechanism that has been applied on Binance and many other up-and-coming crypto exchanges. Moreover, the platform will also impose the withdrawal and listing fees, as well as some ‘other’ fees, the specifics of which have not been disclosed yet.
At the initial stages of the NEGEXC exchange launch, the trading pairs will include the Indonesian Rupiah (IDR), Bitcoin, USD Tether, and NGX, a rather limited choice even for a fledgling platform. Other features include the affiliate program which provides for acquiring 10% of profits obtained from the transaction fees which the referral pays to the platform.
Lastly, NEGEXC is to introduce a chatroom where all platform members will get a chance to communicate and share their trading experiences, offer some advice, and lodge complaints.
The first phase of the public sale of NGX will conclude on June 30. The price of 1 NGX at that stage is 0.0000071 ETH with a minimum investment of $100. Phase 2 of ICO will take place in the period from July 1 until July 31 with the price of the token being predetermined at 0.0000083 ETH. The final stage will be held throughout the month of August with NGX being offered at a price of 0.00001 ETH per token and no minimum investment threshold. The list of restricted areas includes the United States and China.
|Start||June 1, 2019|
|End||August 31, 2019|
Judging from what I have read, Negexc is rather a crypto exchange of the past generation. Maybe news and trends travel slowly to Indonesia, or wherever these people are, but guys at Negexc need to wake up to reality. You can't impress anyone now with discounted trading fees and cold wallets as a form of custody for trading funds. I don't really want to keep on particularizing all their flaws. It's not worth my time.
In my book, Negexc would surely be labeled as a scam or an outrageously negligent project. Sorry guys, but your whitepaper and the way you present your idea is just pathetic. In what way are you the “Next Generation of Crypto”? Well, maybe if no one has ever heard of crypto exchanges among your audience before, then you could be called that - otherwise, please do something to appear at least a tiny bit more presentable or change your marketing message to something like “Just your ordinary crypto exchange. Created for hillbillies”.
If that is the next generation of crypto exchange, then I am a Queen of England. Seriously, that is the most simplistic and crude whitepaper I have seen lately. This is more like school children having fun, but definitely not a serious startup. I don’t know, maybe that is the way they do things in Asia, but from where I look at it, NEGEXC is just a laughing stock, not a real cryptocurrency project. They could have hired a decent writer to compile the whitepaper, at least, to bury the mediocrity under properly structured sentences.
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