When it comes to trading with crypto platforms, people thread with caution. This is because the scams out there are more than the legit platforms.
Are you wondering if Nicehash is one of the scam?
The reviews of Nicehash seem to place them in a positive light. But, this doesn’t negate that you throw your caution to the winds.
Actually, Nicehash has been around since 2014. They’ve faced their fair share of challenges but have surfaced stronger.
There are lots of beautiful reviews by users of the Nicehash platform which makes us believe it is legit. Regardless, we will leave you to decide.
Meanwhile, the table of content is right below.
Table of contents
What is Nicehash?
Nicehash is a crypto platform and marketplace for mining, buying, trading hash power, and crypto exchange. You can buy computing power and sell and even trade popular cryptocurrencies.
Generally, you mine cryptocurrency, buy hash power, and exchange cryptocurrency.
Recently, Nicehash and its app have re-enabled Ethereum and ERC-20 token wallet deposits and withdrawals.
Having known what Nicehash is all about, who are the faces behind Nicehash?
The company Nicehash started operations in 2014.
Interestingly, it is owned by Marko Kobal and Matjaz Skorjanc. It has gone on to become one of the biggest crypto-mining hash power-house in the world.
The saying that obstacles reveal the character of a man is especially true in Nicehash. They have successfully bounced back after hackers stole $63 million worth of bitcoin from the company. Customers were repaid using a repayment plan.
Although they had to make some changes like relieving the former CEO Marko Kobal of his duties, everything seems in order now.
In addition, operations was enlarged to include a crypto exchange plan.
Why the NiceHash App?
Nicehash has about four applications that users can download.
There is the NiceHash Miner, NHOS Flash Tool, NiceHash OS, and NiceHash Bot used for buying hash power.
Besides these NiceHash apps, there is also a mobile app. It is a management app for your account and activities.
This NiceHash mobile app has five main sections. We will outline them briefly.
With the Rig Manager, you can manage the mining rigs and check the mining status.
The wallet is where you deposit and withdraw cryptocurrency. Feel comfortable using the wallet on your mobile as no data is stored on your phone.
Likewise, the Hashpower marketplace is where you can check hash power orders, place new orders, and manage and cancel orders.
Notification and User profile is the last important feature on the Nicehash app.
Even with all these features, the review of the Nicehash app is dehumanizing. However, it received a 3.9 star.
Nicehash Minning
At Nicehash mining marketplace, sellers and buyers of hashing power meet.
This typically works this way.
A buyer will select the cryptocurrency he wants to mine, set the price he will pay, and place an order.
This order will then be forwarded to all the Nicehash miners, even ASICs.
You’ll be paid for the service from the pool when you fulfill the buyers’ order.
Nicehash mining has the best mining software that is easy to use. The payout is as low as 0.001BTC.
If you use NiceHash as a miner, it will pay all your mining earnings to your Bitcoin (BTC) wallet.
Nicehash Login
New users of Nicehash require little information to signup and log in.
All that you need is an email address and a password.
After login, you receive a wallet that is in bitcoin that you can trade with.
You also get multiple crypto wallets accepting or supporting over 40 currencies.
How to Make Money Using Nicehash App
If you are expecting a get-rich-quick scheme, Nicehash is not for you. Just like every crypto platform, you make money by trading all the options on the platform.
You can make money by buying power on Nicehash, but it requires effort. It is not a get-rich-quick scheme.
Miners receive payment in bitcoin for every valid share by pay per share.
It is necessary to note that buyers of hash power define the price you receive, not Nicehash. Nicehash gives you a platform to earn.
Another way to make money is by using cryptocurrency exchange.
How Can I Withdraw from Nicehash Wallet?
There has to be a mode of withdrawal from a wallet and Nicehash has several ways. Users who reviewed Nicehash have never complained that these methods went sour.
- To BTC Wallet: From your BTC wallet, you can withdraw to another valid BTC address. You’ll pay a withdrawal fee.
- To Coinbase Account: To use this method, you need a Coinbase email address. This transaction is instant and has no fees.
- Another Nicehash Wallet: This has a service fee.
- Withdrawal to Payeer – You can withdraw to a Payeer account. A withdrawal fee is applied.
According to the Nicehash website, any withdrawals you send to the wrong address are usually irreversible.
Read Also: World-Ventures-Reviews: Is It Scam or Legit
Can I Use NiceHash As a Newbie?
Of course! Nicehash uses an automated mining system that both new users and experienced users can use.
Even the new exchange platform has a simple view for new users and advanced users.
As a newbie who doesn’t understand the mining marketplace, using Nicehash is very important. Why? Because Nicehash automatically switches miners to the best algorithms.
Infact, one of the Nicehash reviews agrees it is best for people new to crypto mining.
Nicehash Review- Is Nice hash scam or legit
To properly answer this question, we will give the Nicehash review from users and some platforms that will show if Nicehash is legit or a scam. They are shown below.
#1 Review by Muhammad M.
What do you like best?
The thing I like the most was the ease of use factor of NiceHash, it was very easy to use as compared to other mining software. Review collected by and hosted on G2.com.
What do you dislike?
The thing that I disliked was that I was getting the output reward in bitcoin only. I would like it if it also added other cryptocurrencies as an output reward.
#2 Review by Eric Plapp
“All my friends have used Nicehash for years, made a decent bit of money with it. Obviously, people think they will “get rich quick” which is not the case. You will get paid what you put into it.
If you have one machine, you will not make much. Friends usually have at least 7 ASIC Antminers or video cards to at least make it worth doing (income varies from about $250 to $150 USD each month or $2,500.00 a year from one S9 Antminer and 2 GTX 1080 and an RTX2080 Super).
It’s a fun hobby!!” From Trustpilot
Our Verdict
After going through the company’s profile and how the 2017 fraud case was handled, we can say that Nice hash is a company of great reputation.
Some misconduct may be hidden under outrageous fees charged for every whim. What however remains true is that users receive their money.
Our major concern is in the fees attached. You get charged for depositing bitcoin and for withdrawing. Every basic money-making activity has a corresponding service charge.
Well, to maintain the system without some fraudulent acts, the users have to pay in some sort.
If you are comfortable with all these, why not open an account with Nicehash. It is easy, free, and user-friendly. Nicehash is legit and not a scam.
Conclusion
Nicehash is a genuine crypto marketplace. Although it is genuine, it may lose funds because of your error in the platform’s usage. Many users who have had this complaint said they recovered their funds through some recovery agency.
Actually, I cannot authenticate any of those recovery platforms. However, the important thing is that the funds were recovered.
Besides a payout fee and lots of transaction fees, Nicehash is not a get-rich scheme. You’ll need a lot of effort and time to achieve a substantial payout.
In conclusion, Nicehash is a legit platform and not a scam site. This is the outcome of our Nicehash review.
Recommendation
