Reviews
03
Mar
nbx review

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NBX review

NBX (Norwegian Block Exchange) is a Norwegian cryptocurrency exchange. Opening a new NBX account can be done in a couple of minutes. You can deposit euros into your NBX account with a bank transfer.

The crypto selection of NBX includes eight popular coins. NBX charges a fee of 0.7% for crypto purchases. The exchange also has a separate OTC desk for larger deals. Cryptocurrencies purchased from NBX can also be transferred to your own crypto wallet. Norwegian Block Exchange doesn’t automatically send information about your trades to the tax authorities.

NBX has a credit card that pays cashback in bitcoins! You can also stake Cardano’s ADA token on NBX. Our team has had positive NBX experiences so far. Norwegian Block Exchange is a recommended service and very beginner-friendly.

General information about NBX

NBX (Norwegian Block Exchange) is a Norwegian cryptocurrency exchange. NBX was founded by Bjørn Kjos, who is also the founder of Norwegian Air Shuttle and Bank Norwegian.

Norwegian Block Exchange officially launched in 2020. The company was already founded two years earlier when the Norwegian Air Shuttle was investigating the use of cryptocurrencies as a means of payment. The exchange was carefully refined for nearly two years before opening its doors.

The headquarters of NBX is located in Oslo. Despite its short history, the exchange already has more than 16000 customers. NBX’s trading volume is more than one billion kroner annually.

Although it is a Norwegian crypto exchange, NBX is also open to international customers. The website is also translated into English, Swedish, and Danish. Non-Scandinavian customers can easily use the English language version.

The Norwegian Block Exchange is regulated and supervised by the Norwegian FSA, Finanstilsynet. Customer deposits are insured through the Ledger Vault service, and Moore Global audits NBX’s funds at regular intervals.

NBX registration and KYC

Opening a new NBX account can be done in a couple of minutes. Click on the link below to go directly to the registration form.

Open an NBX account here

The website should automatically appear in English if you are a non-Scandinavian user. If this is not the case for some reason, scroll to the bottom banner of the page and click English. Below is a picture of the registration form.

nbx registrationAccept the terms of use and fill in the form with your email address and password. Finally, click the Sign Up button. You will receive a confirmation e-mail in your inbox after a successful registration.

When you log in for the first time, NBX asks you to verify your identity and complete the KYC process.

nbx kyc

This is a standard process that must be carried out in crypto exchanges. It includes questions about your professional status and the source of your funds. Your identity is verified with a passport photo or Norwegian bank ID. The user account should be verified in about 15-30 minutes.

There is also a mobile app for NBX in the Google and Apple app stores. You should download that app after registration if you use the exchange mainly on a mobile device. NBX also works very well on a desktop browser.

How to deposit euros to NBX

You can deposit euros into your NBX account with a bank transfer. Before the deposit can be made, NBX asks you to enable two-factor authentication (2FA). You’ll need the Google Authenticator app on your phone for that.

Enabling 2FA takes place in exactly the same way as in other exchanges. After this, a deposit can be made. It is done by opening the main menu of the mobile app and clicking the Add Funds button.

nbx depositCryptocurrencies are also deposited from this page. Select Euro (EUR) as currency. After that, you will get an address for the SEPA deposit and a reference code on the screen. Copy the reference code into the message field of the transfer in your online bank.

SEPA transfers arrive in 1-2 banking days, but often within a few hours. A debit card cannot be used to make a deposit to a euro balance, but it can be used to directly buy the desired cryptocurrency. We do not recommend this method due to the high fees. SEPA bank transfers move fast these days making it the best deposit method.

Buying cryptocurrencies from NBX

The crypto selection of NBX includes eight popular coins. NBX offers the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Cache Gold (CGT)
  • Chainlink (LINK)
  • Polygon (MATIC)
  • Uniswap (UNI)
  • USD Coin (USDC)

In addition to fiat pairs, the exchange also offers three crypto trading pairs: BTC/ETH, BTC/USDC, and ETH/USDC.

NBX has a similar selection as other Scandinavian crypto exchanges. Purchases are done by clicking Markets from the main menu. Next, select the currency pair you want, for example, BTC / EUR if you want to buy bitcoins with euros.

The crypto exchange has the Charts page opened by default. Click the Trade tab in order to make a purchase.

nbx crypto purchaseNote that the Limit Order is selected by default. If you want to make a purchase with the current market price, change the type of purchase to Market Order.

NBX differs from some Scandinavian crypto services in a way that it is a real exchange. Coinmotion, for example, is more like a crypto broker from a technical point of view. You have a simple form to buy and sell crypto and there is a fixed price guaranteed. This makes it very easy for the consumer.

At NBX, trades are conducted at the price and liquidity that is available on the exchange. A crypto exchange is matching the orders of buyers and sellers. This can lead sometimes to a better or worse price than the global average.

Liquidity and Spread can be viewed from the Book tab. You can find the trading history and open trades in the Orders tab.

NBX fees

NBX charges a fee of 0.7% for crypto purchases. This is called the taker fee, which means that you pay a 0,7% fee when making a market order. If you offer liquidity to the exchange with a limit order, you only pay a 0,5% fee. This is called the maker fee.

The table below has information about NBX fees and other possible costs.

OperationFee
Account registration 0 €
Using the account 0 €
Bank deposit 0 €
Bank withdrawal 5 €
Trading fee (maker fee) 0,5 %
Debit / Credit card purchaseTrading fee (taker fee) 0,7 %
Debit / Credit card purchase 0,7 % + 4,5 % commission

The fees of the Norwegian Block Exchange are very competitive when compared to similar exchanges in Scandinavia. This is definitely one of the strengths of NBX.

A transaction fee is also paid when transferring cryptocurrencies out of NBX. The amount of this fee depends on the cryptocurrency used and network congestion. You will always see the charged fees when making the transaction.

Cardano (ADA) is by far the cheapest cryptocurrency to send of those in NBX’s selection.

The OTC desk of NBX

The exchange also has a separate OTC desk for larger deals. The OTC desk serves customers who want to make crypto purchases of more than EUR 50,000 (NOK 500,000). In trades of this size, the liquidity of the exchange can become an obstacle.

NBX’s OTC desk also offers a significantly wider selection of cryptocurrencies. Click on OTC in the main menu to see the coins available for purchase. You will find instructions for contacting the OTC desk.

Withdrawal of funds from NBX

Cryptocurrencies purchased from NBX can also be transferred to your own crypto wallet.

Although we consider Scandinavian crypto exchanges safe, it is good for every crypto investor to learn how to manage funds themselves. You can read about the different storage options from our in-depth crypto wallet beginner’s guide.

Cryptocurrencies are withdrawn from the service by selecting Funds from the main menu. Next, you will see a list of the cryptos in your account.

nbx withdrawal

Click on the three dots after the desired currency and then select Withdraw. Next, you will see a form where you can enter the address of your crypto wallet. Remember to always use copy-paste with cryptocurrency addresses to avoid mistakes.

The withdrawal of euros is also carried out from the same page. Fiat withdrawals can only be made to the same account from which you have also made a deposit. SEPA transfers normally appear in your account within 1-2 banking days, but often in a couple of hours.

NBX and taxes

Norwegian Block Exchange doesn’t automatically send information about your trades to the tax authorities. Each crypto investor must calculate the capital gains accumulated during the tax year and keep a record of the transactions.

We also recommend using separate crypto tax software. Calculating gains and losses will otherwise be difficult. Our recommendation is Divly. When ordering, use the code BITCOINKESKUS23 to get a 15 % discount! divly

Divly calculates the profits and losses for the tax year when you enter the necessary information into the program.

You can find the trading history in NBX by logging into the app with a desktop browser instead of the mobile app. Click on Orders from the main menu and download reports from either the Trade Activity or Annual report tabs.

NBX Visa credit card

NBX has a credit card that pays cashback in bitcoins! Initially, a loan of 20000 kroner (about 2000 euros) is available without interest for up to 45 days. The credit limit can rise up to 100000 kroner (about 10000 euros) eventually.

nbx credit cardAll major “crypto cards” are debit cards, which means that you first have to deposit fiat (EUR, USD, NOK, etc.) to the debit card before making purchases. However, the crypto card of NBX is a credit card instead.

The card has also another special feature that is attractive to crypto investors. NBX Visa pays cashback for your purchases in bitcoins! Cashback is available from 0.5% up to 4.0%. According to preliminary information, the level of cashback can be increased by trading or referring new customers. See the table below for detailed information.

LevelCashbackTrading volumeReferrals
Level 1 0.5 % - -
Level 2 1.0 % > 100K NOK > 15
Level 3 1.5 % > 200K NOK > 25
Level 4 2.0 % > 625K NOK > 75
Level 5 3.0 % > 1.75M NOK > 150
Level 6 4.0 % > 3.0M NOK > 200

The conditions are either or, i.e. a trading volume of more than 100K NOK or more than 15 referrals is sufficient for the 1.0% cashback. The trading volume is calculated over a period of 90 days. We will write the finalized and confirmed terms for this article when the cards are introduced in 2023.

Register your Bitcoin Visa card!

At the time of writing the article, it is possible to register yourself on the waiting list. Select Card from the main menu and enter your email address on the page. You will be among the first to receive information when the card is launched. NBX Visa is available to citizens of Norway, Sweden, Denmark, and Finland.

Cardano staking via NBX

You can also stake Cardano’s ADA token on NBX. Staking is not possible with other cryptocurrencies for the time being. Staking is done by clicking Staking from the main menu. The following page opens.

nbx cardano staking

Cardano staking is safe through the NBX exchange. In practice, you delegate your token to the NBX’s Cardano staking pool. ADA tokens don’t need to be locked for a certain period of time, so you can stop staking at any time. You also don’t have to worry about the so-called slashing penalty.

If you invest in Cardano through NBX and want to hold your ADA tokens there, it makes a lot of sense to stake them too. You will get around a four percent yield for your holdings without doing anything. Many crypto wallets also support Cardano staking if you prefer a self-custody option.

We have published s a comprehensive Cardano guide if you want to learn more about this cryptocurrency.

NBX experiences

Our team has had positive NBX experiences so far.  We have used NBX since the beginning of 2023 and found it a very easy-to-use and reliable exchange.

In our opinion, NBX has succeeded especially in the design of the mobile app. Its user interface is definitely one of the best even if considering all the crypto exchange apps on the market. Performing various functions is very easy and pleasant.

The weakness of NBX, like most Scandinavian exchanges, is the narrow selection of cryptocurrencies. The exchange can be recommended to a person who values ​​reliability and the strict regulations of Scandinavia instead of hundreds of different altcoins.

The Visa credit card is likely to be a big hit in 2023 thanks to Bitcoin cashback and credit of two thousand euros. We will also update this article with experiences from using the card when they start to accumulate.

Summary of the NBX review

Norwegian Block Exchange is a recommended service and very beginner-friendly. In terms of the user interface, it is one of the best crypto exchanges on the market. We like especially the clean and informative look of the NBX mobile app.

Many crypto investors today value security. NBX is regulated by the Norwegian Financial Supervisory Authority, which gives the exchange a stamp of trust & reliability.

NBX also has significantly lower fees than many similar exchanges. You typically have to pay 1 to 2 percent fees in exchanges that are suitable for beginners (Coinmotion, Bitpanda, Coinbase). NBX only charges 0.5 – 0.7% trading fees.

Cardano staking and the soon-to-be-released Visa card are also unique features that cannot be found on similar exchanges. The exchange part might be the weakness of NBX when we look at it from a beginner’s point of view. Buying cryptocurrency from an exchange can be awkward for beginners compared to a simple purchase form where you don’t have to worry about liquidity.

We recommend checking out the NBX exchange! Opening an account costs nothing. You can also register yourself on the waiting list for the Bitcoin Visa card completely free of charge.

Check out NBX now!

Twitter users should follow the official account @nbxcom. NBX also has its own Discord channel at discord. gg/nbx/. You can find customer service contact information via the website and mobile app. You’ll also find comprehensive information about the exchange in the support articles.

AboutBitcoin Team

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