For today’s review, I have Instantcoins under the spotlight.
Instantcoins is a cryptocurrency exchange that is based in Lagos, Nigeria.
It is a fully automated platform thus, there are no delays when you are carrying out a transaction.
In subsequent subheadings, you are going to find the full breakdown of how Instantcoins work, its services, fees, and other details.
Let’s get started already.
Instantcoins Review Outline
This section has the line-up of the subheadings that will be discussed.
It also has the links to their full details embedded for easy navigation.
The subheadings are as follows:
- Instantcoins Overview
- Features of Instantcoins
- Instantcoins Services
- Supported Currencies, Countries, and Payment Methods
- Fees, Limits, and Verification Requirements
- Customer Support and Public Opinion
- Frequently Asked Questions (FAQs)
Now that you have the list, let’s start up with the first subheading immediately.
Instantcoins is a broker cryptocurrency exchange that was launched in March 2020.
It was founded by Casmir Mbah Jr. and is based in Lagos, Nigeria. It is also registered with the CAC of Nigeria (RC 2737898)
Instantcoins is a fully automated platform. This simply means that no human effort is required for transactions to take place.
Because of this, transactions are super fast – completed in a matter of seconds!
This exchange was created out of the need to help individuals and institutions to buy/sell digital currencies with ease.
As of the time of this post (November 2020), Instantcoins has executed more than 400,000 trades.
Let’s see the features that Instantcoins possess that makes it stand out.
Features of Instantcoins
- Great user interface
- Instant funding
- Fully automated
- Instant transactions
- Mobile app
- Affiliate program
- Amazing market rates
- Unparalleled security
Here you have the features of the exchange.
The next subheading is one that discusses the exchange’s services.
Let’s go check it out.
Instantcoins provides 2 services (as of November 2020). They include:
- Buy Services
- Sell Services
Find details about these below.
1. Buy Digital Currencies
To buy digital currencies from Instantcoins, follow the following steps:
- Sign up with Instantcoins and verify your email
- Log in and click on ‘Buy Coins’ from the dashboard
- Choose the coin to buy
- Enter the amount you want to buy in USD and its equivalent in NGN will be displayed
- Enter your wallet address
- Click on ‘Buy Coins’
You will receive your coins automatically to your wallet after payment is confirmed.
2. Sell Digital Currencies
- Sign up with Instantcoins and verify your email
- Log in and click on Sell Coins’ from the dashboard
- Choose the coin to sell
- Enter the amount you want to sell in USD and its equivalent in NGN will be displayed
- Click on ‘Sell Coin’
- Copy the wallet address provided or scan the QR code to send the number of coins you want to sell
- You will automatically receive your funds in your bank account once the number of coins sent is confirmed
Moving on, let’s find out the supported currencies, countries, and payment methods.
Come with me to the next section.
Supported Currencies, Countries, and Payment Methods
- Perfect Money
- Paxful Bitcoin
- Perfect Money
- Nigerian Naira
You can access the platform from anywhere you are in the world provided that you have a Nigerian bank account.
- Bank Transfer
- Credit Card
- QR Code
In the next subheading, you will find information regarding the fees, limits, and verification requirements.
Fees, Limits, and Verification Requirements on Instantcoins
There is no fees for buying and selling as they are already embedded in the rates.
Limits and the Verification Requirements
Find information about that in the table below.
- Minimum purchase limit – 50 USD
- Minimum sell limit – 5 USD
- Proof of ID – International passport, driver’s license, Nigerian government-issued photo ID card (Voter’s card, National and Residence card, etc)
- Proof of address – Utility bill
- Selfie – A clear photo with your face while holding a paper that has ‘Buying coins on Instantcoins.ng’, today’s date, and your signature on it.
In the next subheading, you will see how the team at Instantcoins can be reached and the public opinion about the exchange.
Just scroll down.
Customer Support and Public Opinion
Instantcoin’s platform is very easy to use with instructions on what to do listed at every juncture.
For further inquiries, you can reach the team via the following channels:
- LiveChat (Replies in minutes)
- Email – [email protected]
- WhatsApp – +2349034173821
On its home page, you will find testimonials left by satisfied users on TrustPilot.
It has an Excellent score out of the 48 reviews. Most of these reviews commended the speed with which transactions are carried out.
There are complaints from users regarding the app on the app pages (here and here)
Most users complained of the app not functioning properly on their devices.
But the team has since responded to these complaints and proffered solutions where necessary.
Is the post getting too long? Don’t worry, I am rounding up already!
I just answered few FAQs about Instantcoins below. Let’s check them out.
Frequently Asked Questions (FAQs) About Instantcoins
To start up using this exchange, take the following steps:
1. Visit instantcoins.ng and fill in the required fields. Click on ‘Register’.
2. A verification message is sent to your email. Go to your email and click on ‘Verify Email’ or copy the URL into the search tab to verify your email.
3. Now you are registered. Log in to your account by providing your email address and password. Click ‘Sign In’.
This opens up to your dashboard. You can now go ahead and start up your transactions.
Very easy, right?
If you just want to sell off your coins, there is no need for KYC. Just sign up, click on ‘Sell Coins’, and sell your coins.
You will need to complete the KYC ONLY when you want to buy coins from Instantcoins and also when you want to create an Instantcoins Bank Account.
All trades are completed instantly and automatically by Instantcoins’ system.
When buying, your coins will be sent to the wallet you provided as soon as your payment is confirmed.
When selling, your bank account will be credited with your funds immediately the number of coins sent is confirmed.
So be sure to always provide the correct wallet address and bank account (If you will need to change your bank account, go to your profile).
Instantcoins will not be held responsible if your funds are sent to the wrong address or account.
No, not at all! There is only one Bitcoin.
Paxful BTC refers to when you want to trade Bitcoin from your Paxful wallet. In doing this, you will be charged zero fees.
To trade your Paxful BTC, you will be directed to paxful.com where you would be instructed to confirm the amount of Bitcoin you wish to sell. It will then be sent to the wallet provided by Instantcoins.
Yes, it is very safe to do that.
The BVN (Bank Verification Number) is a number that unifies the bank accounts of a user in Nigeria. It was introduced by the Nigerian Banks to protect customers from identity theft and fraud.
It is mandatory for anyone who wants to have a bank account and can be likened to the Social Security Number in the USA.
Instantcoins do not have access to any of your banking information. It only uses your BVN to confirm your first name and last name and to make sure you are who you say you are.
Though Instantcoins is an exchange that was just launched this year, it has been transparent in all its dealings.
It is registered with the CAC in Nigeria and on whois.com.
It has a known owner and for the few months it has been in operation, there has not been any news of it scamming anyone at all online.
However, always DYOR before making any solid investments in the crypto-verse.
This is the last subheading of today’s post. Hope you enjoyed reading this post?
Before I sign off, I will love to hear from you.
Have you used Instantcoins before? What was your experience?
What other coin will you want Instantcoins to list?
Judging from its performance so far, do you see Instantcoins ranking among the 10 top exchanges in Nigeria?
Do you have any questions about this exchange?
Leave me your answers and questions (if any) in the comment box below.
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