Instacoins.Ng is a Nigerian cryptocurrency that allows users to buy Bitcoin (BTC) and Ethereum (ETH) in Nigeria.
In this article, we review the exchange and provide a how-to guide.
Instacoins.Ng runs from Lagos, Nigeria, and is registered under the Corporate Affairs Commission (CAC). The platform offers an instant cryptocurrency exchange that allows you to trade using your regular bitcoin wallet, perfect money, and Paxful account.
According to data on the exchange’s homepage, Instacoins.Ng has processed over 432 thousand transactions so far.
Cryptocurrencies supported by Instantcoins:
FIAT currencies supported by Instantcoins:
- Nigerian Naira (NGN)
Supported African countries: Nigeria
Payment methods accepted:
- Bank Transfer
- Perfect Money
Based on marketing and user reviews of the platform, the major feature of the exchange is the speed of transactions.
Unlike similar exchanges, Instantcoins operates automatically and is open every time of the day. Another interesting feature is the extremely low sell limit. The current sell limit on Instantcoins is $1, which is well below the usual $10 or $20 on many exchanges.
How To Purchase Bitcoin on Instantcoins
To buy bitcoin on Insatncoins, you will have to sign up at insantcoin.ng/signup. You are required to provide your name, phone number, email, and create a password.
After, you will have to verify your account before you buy or sell bitcoin—more about that in the KYC/AML section below.
Finally, you can purchase your bitcoin. Navigate to the “Buy coins” tab on the exchange. Select the currency you want to buy, enter the amount in USD and enter your bitcoin wallet address.
Click on the “Buy Coins” button to complete your purchase.
Paxful Wallet Integration
The instant exchange platform has integrated Paxful wallets to enable seamless transactions for users who are already familiar with the P2P marketplace.
All trades from Paxful wallets on Instantcoins attracts no extra fees for life. To trade with your bitcoin on Paxful, you will be directed to paxful.com where you would be instructed to confirm the amount of bitcoin you wish to sell.
This integration comes in handy considering how most traders begin from peer-to-peer exchanges, and this allows them to enjoy Instancoins. Ng’s swift transactions while using an interface they are already used to.
Instancoins.Ng KYC/AML Requirements
Instantcoins.Ng requires you to verify your identity before buying coins on the site. This is because of the compliance requirements of financial platforms by regulators.
To verify your identity on Instacoins, you will have to provide the following:
- Bank verification number (BVN).
- Your phone number.
- Proof of identity: A valid passport, driver’s license, or any other Nigerian government-issued photo ID card (Voter’s, National, and Residence card).
- Proof of address: Utility bill.
- Selfie: Finally, you will have to take a clear photo with your face while holding up the proof of identity and a piece of paper that says “Buying coins on instantcoins.ng” alongside the date and your signature.
The platform adopts the currency rate system to charge user fees. This means that buying bitcoin on Instantcoins attracts no direct costs; instead, the exchange rate of dollar to naira may be slightly higher to cover fees.
For instance, at the time of writing this review, 1 dollar is worth about 390 naira, while Instancoins prices the naira slightly above 400 naira.
The Instancoins.Ng team provides excellent customer service. They are very active on social media platforms like Instagram, What’s App, and Twitter.
During this review, I had instant customer support from the team on Instagram anytime I had a question or ran into some issues.
You can also contact the support team via email and receive a response as soon as possible.
If you are looking for a site to complete a quick cryptocurrency exchange in Nigeria, you should consider Instantcoins.Ng.
At the time of writing this review, there have been no reports of hacks or stolen funds on the platform as the team takes security seriously.
The platform doesn’t hold your coins or funds at any period. Instead, you transfer only what you want to sell when you want to.
Combining the speed of transactions and active customer support, Instantcoins present a good case as a go-to exchange.