NiceHash is a Slovenian platform for cryptocurrency mining and trading and the world’s largest hash power marketplace founded in 2014. The team of the platform strives to provide the best services and the highest level of security to their customers in 160+ countries. With the focus on sharing and a decentralized economy, they have created a whole plethora of next-generation tools and platforms for users’ maximum performance and profitability. On the whole, NiceHash plays an important role in the cryptocurrency ecosystem, indirectly enabling the creation of new coins and providing transaction verification on different blockchains.
NiceX (previously known as NiceHash) is a global fully-featured digital asset exchange integrated into the NiceHash platform and designed to make cryptocurrency trading accessible to everyone. Based in the British Virgin Islands, it supports buying and selling of 60+ cryptocurrencies. The features inherent to the platform include a user-friendly interface, 24/7 multilingual customer support, the Lightning network, EUR/BTC exchange, API interface, a VIP program, the Market Maker program, etc.
The focus on usability makes NiceX a good place for those who are just starting their journey in crypto trading as the exchange offers an easy-to-use Simple view for them. For experienced traders, the platform offers the NiceX Trade view that provides 9+ order types, unique trailing orders, and all the tools for advanced trading. Moreover, NiceX provides a trading engine and an API interface for bot trading. In addition, all traders can receive push notifications that contain updates about their activities on the exchange and important NiceHash news.
After registration, new users automatically get a secure cryptocurrency wallet, which they can fund with BTC, ETH, ERC-20 tokens, Monero (XMR), or Cardano (ADA). The tokens can be bought with 13 fiat currencies including EUR, USD, and AUD via credit cards, ApplePay, or SEPA transfers. In addition, NiceX supports the bitcoin Lightning network that allows sending and receiving BTC with low fees and fast confirmation.
The NiceX Market Maker program was launched to encourage professional liquidity providers to bring more liquidity to the exchange. Users with a trading volume of 1,000 BTC or more in the last 30 days on any exchange can join the program and benefit from exclusive fee rates, higher API limits, and dedicated customer support.
Users with a trading volume of 50 BTC or more in the last 30 days on any trading platform can join the VIP program having retained the same fee level that they had on other exchanges during the same period. After that, the commission level will be calculated with respect to their actual trading volume on NiceHash.
Users can manage their crypto wallets, account settings, and orders, as well as monitor their mining rigs and control their mining operations on the go with the NiceHash mobile application available for both iOS and Android. The application also supports Yubikey OTP devices, comes with a customizable home screen, provides algorithm stats, mining history reporting, and more.
NiceHash security measures
NiceHash implements various security measures to ensure its users' protection. To access an account, every user has to pass KYC verification and set up two-factor authentication. Also, the platform uses SSL/TLS encrypted connection to its services along with signed software and regularly conducts penetration testing. In addition, the mining platform only accepts miners signed by a Certificate Authority while wallets and private keys are secured with the help of the AES-256 encryption algorithm. Finally, withdrawals require email confirmations and are physically monitored 24/7.
On December 6, 2017, NiceHash fell a victim to Lazarus, a North Korean hacker group. The company reported that the hackers obtained a NiceHash employee’s credentials via a phishing email and stole 4,736 BTC from the NiceHash wallet. Eventually, the company has made a 100% refund to its users. Since then, the company has fully recovered from the security breach and has completely restructured and reinforced its security system.
Mining on NiceHash
To participate in mining, users need to select the cryptocurrency they want to mine, set the price they are ready to pay for it, and place their order. However, they do not mine themselves but simply buy hash power used to run and solve Proof-of-Work algorithms instead.
Those who buy the hash power can also participate in the NiceHash referral program, which allows earning a 5% commission of the company's revenue share plus additional mBTC for every order placed by their referrals.
NiceX has a very simple transaction fee structure. Once you reach a certain trading level that ranges from €1,000 to €100 billion, the fee decreases. Thus, makers pay 0.01% - 0.5% while takers are charged 0.03% - 0.5%. To reduce Bitcoin fees you need to establish a direct connection to a NiceHash Lightning Network node.
Deposits to the NiceHash wallet are subject to a fee, which depends on the deposited amount. However, EUR deposits and withdrawals are free. The minimum withdrawal amount and commission are determined by the type of token. For example, the minimum withdrawal amount for Ethereum is 0.0175 ETH with a fee of 0.0103 ETH while withdrawing 1 EOS will cost you 0.001 EOS.
Besides, the platform charges administrative fees for sending funds to the wrong address, rejected withdrawals, 2FA reset, account unlocking, etc. Hash power buyers must pay a non-refundable service fee of 0.00001 BTC per new order.
The NiceHash team
The platform’s founder Matjaž Škorjanc, CTO in the past, is now working as the Product Lead. His background as a full-stack developer makes him an expert programmer in computer science. Marco Tarman who started mining in 2012 before the first ASICs were released is a mining manager at NiceHash. Joe Downie is the CMO with experience in scaling management leading the marketing and PR departments. He is also a cyber security consultant at Sitnam Tech.
Other team members include Simon Halužan, the head of Customer Support, Denis Tomašević, the head of infrastructure and security, and Ziga Zupanec, a data engineer at NiceHash with 10 years of experience in the Internet industries.