Nominex offers 3 ways to reduce trading fees. Let's take a close look at each of them.
1. Reduced commissions for trading volume
This method involves increasing the trading volume and holding a certain amount of NMX tokens. The size of the commission depends on these two factors.
Algorithm for calculating levels
Levels are determined based on 30-day trading volume (in USDT) and NMX token balance.
At 00:00 (UTC) every day, your trading volume for the past 30-day period and the current balance of NMX tokens are estimated. Your level and corresponding maker/taker commissions are updated one hour later.
On the page https://nominex.io/fees/, the table shows all levels and the corresponding commission for each level.
Your trading volume for the last 30 days is 9.5M USDT and you have 1400 NMX on your balance. In this case, your Taker commission will be 0.09%, and Maker's commission will be 0.07%.
Taker Commission - Taker commission is charged when your order matches another existing order in the order book.
Maker commission - Maker commission is charged at the moment when the user has placed an order to buy or sell, and which at the time of placing has not matched with other existing orders.
2. Reduced fees when paying with NMX tokens
This method includes the ability to lower your commission if you are an NMX token holder in your account and have enabled the option to pay commissions with an NMX token. Commissions in this case will be automatically deducted from your NMX balance.
When using NMX to pay transaction fees for the first year, there is a 50% discount on the fees.
You can use NMX to pay commissions as follows:
Step 1. Go to the page: https://nominex.io/fees/
Step 2. On the right, click on the window 50%
Step 3. Turn on the toggle switch opposite "Use NMX to pay fees"
3. Reduced fees for NMX holders or for providing liquidity
With this method, in order to reduce the commission for trading, you need to become a liquidity provider (that is, place 2 currencies in the liquidity pool in a 50:50 ratio - USDT and NMX).
The amount of the discount will depend on your farming level, that is, on the number of funds deposited in the NMX farming liquidity pools.
Discounts on trading commissions corresponding to farming levels.
What are liquidity pools? Read here
How to become a liquidity provider? Read here
You put a total of 1,100 USDT into the liquidity pool. This is in line with the VIP farming level, which in turn gives a 20% discount on trade commissions.
Adding up discounts on trading commissions
The Nominex trading commission reduction model allows you to add up all discounts and receive a larger discount.
A trader has a trading volume of 20,000,000 USDT for the last 30 days and has 2000 NMX in his account, then it corresponds to the following level of trading volume:
20 000 000
That is, his commission, taking into account the discount for the trading volume, will be 0.08%.
The base standard commission is 0.1% (the amount that is withheld immediately at the time of order execution)
0.08% is received from 0.1% by applying a 20% discount to 0.1%, that is, a discount for trading volume is 20%.
Let's take the size of this discount for X.
Let's suppose he pays the commission in NMX tokens.
Then the additional discount will be 50%.
Let's take this value of the discount for Y.
At the same time, he has a VIP farming level (there is a total of 1000+ USDT in the liquidity pools):
That is, for his level of farming, he receives an additional 20% discount. Let's take this value as Z.
Then we get the following calculation (if the commission is paid with the NMX token):
Base commission 0.1%.
If a person made a trading volume of 100,000 USDT, then we immediately deducted a standard commission of 0.1% = 100 USDT from him.
Also, we immediately wrote off the commission in NMX tokens, taking into account all discounts:
100 USDT - X - Y - Z = 100 USDT - 20% - 50% - 20% = 32 USDT = 16 NMX, if the price of the NMX token = 2 USDT.
Then, at the end of the trading day, we return the base commission:
100 USDT = 50 NMX.
Thus, taking into account the payment of the commission with NMX tokens and taking into account all the discounts, the person paid 32 USDT or 16 NMX commissions instead of 100 USDT.
Discount on trading commissions through the cashback mechanism
All the above reductions in trading commissions are implemented through the cashback mechanism, which is described in detail in a separate article: https://support.nominex.io/en-us/article/199-daily-cashback-with-nmx
If you still have questions or suggestions for improvement, feel free to write to us in the support chat or email email@example.com