NuMoney Exchange

Instant verifications

Not being able to use the cryptocurrency account you just signed up for is a huge source of annoyance, and this issue plagues all cryptocurrency exchanges. But not with NuMoney exchange.

As a local user for which NuMoney Exchange has a physical office/store in your vicinity, you can open an account, deposit fiat in-store and begin trading instantly.

As an international user, you can deposit cryptocurrencies and trade immediately. You can also verify your account concurrently. Withdrawals are enabled right after accounts are verified.

Alt-coin support

There is a huge market of other cryptocurrency coins beyond Bitcoin. And we will like to support that without requiring you, the user, to make an extra hop of withdrawing a major coin such as Bitcoin to a 3rd party exchange such as Binance or Bittrex.

NuMoney Exchange will thus support alt-coins enthusiastically. In fact, the very first coin that we will be launching with is Ethereum, instead of Bitcoin.

Since day 1, the wallet module in our exchange has been planned in our codebase to be easily integrable. A diverse set of alt-coin markets will be a significant feature of NuMoney Exchange.

Local and international users

Local users refer to users who live in the city and country by which a NuMoney customer-care center is physically located at.

International users refer to users who reside in places beyond the cities where our physical stores are located at.

Cash deposits and withdrawals

For a local user, cash deposits and withdrawals are to be done in-store at NuMoney's office or our retail customer-care location. This is also where all the account verifications (KYC/AML) are done.

Before the end of Q1 2018, we expect to have 2 NuMoney locations in Singapore, and at least 1 location in Kuala Lumpur, Malaysia.

As cash deposits and withdrawals could only be done in person at our physical stores, international users can only do so if they are travelling to locations where NuMoney stores are located at.

Account limits

Fiat limits

For local users, there are no limits for deposits and withdrawals. However, transactions more than $50,000 require a proof for source of funds.

International users who make their way to our physical stores are allowed to deposit and withdrawals, but is subject to approval. Approval will be predicated on the proof for the source of funds.

Cryptocurrency limits

Both local and international users can withdraw up to S$50,000 worth of cryptocurrency a day.

GraphQL API for developers

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The original founding team of NuMoney Exchange is comprised entirely of software engineers.

This is why developers will be a first-class citizen on NuMoney Exchange. We highly encourage developers to build bots to arbitrage or algorithmically-trade on our exchange.

On launch, our API will be fully-featured and fully documented.

As with any public API, our GraphQL API protects against excessive or abusive calls to NuMoney Exchange servers. APIs will be rate-limited.

Customer care and support

Email support

As with every exchange, email support is offered universally. The downside to email support is that it is asynchronous and each email reply (with good exchanges) will take at least 1 business day. And most solutions are not resolved in the first response.

NuMoney Exchange will provide email support. However, we do not find this sufficient, and this thus brings us to the next point.

Chat widget

Chat widgets are a superior form of support compared to email support because each query gets a dedicated staff synchronously addressing the issue until it is resolved. Chat widgets will be the default and preferred form of customer support for NuMoney Exchange.

Direct dial

For local users, we offer a direct dial for customer support.

Scaling customer support

It is easy to promise methods of customer support. But the core concern for any user is scaling support with user-growth.

However, user growth is unpredictable, and there will always be a lag-time in catching up any form of growth.

This is why we will adopt a capitalistic approach to customer support. Not all users are made equal. Some trade more than others. Corporate users have higher support needs than regular users.

As such, we intend to launch a prioritization scheme by which high priority users who pay a support-premium whether through trade-volume or a premium-fee will have their support tickets prioritized.

Customer Support prioritization will be added to NuMoney Exchange post-launch.

Physical store for customer care

NuMoney, the Bitcoin Shop will be the brand of the regional retail chain that will serve as customer care centres for NuMoney Exchange.

At our customer care centres, users can

  1. Open an exchange account
  2. Deposit or withdraw fiat currency
  3. Make buy or sell orders
  4. Purchase hardware wallets

The very first customer care center for NuMoney Exchange will be at our HQ in Singapore. Thereafter, we will be expanding NuMoney care centers to the following locations/regions:

  • Raffles Place, Singapore
  • Kuala Lumpur, Malaysia
  • Penang, Malaysia
  • Jakarta, Indonesia

Security

Security is the number one concern for us, especially so since NuMoney is founded by a core team comprised of programmers. We do not intend to be hacked, not even once.

Our security measures are as follows:

  1. No private keys will be stored on the cloud
  2. A hot and cold wallet storage
  3. No public network interfaces beyond what is necessary
  4. Mandatory 2FA
  5. Cloudflare DDoS protection

Unfortunately, the above measures are not fool-proof, and there will always be bugs to be exploited. Therefore, on top of these internal security measures, we will also have a bug bounty programme open to the public.

Fee schedule

Trading commission

Trading commision will be 0% until NMX tokens (for fee discounts) are implemented. NuMoney will instead make money from our OTC trades.

Deposit and withdrawal fees

For every coin, there will be a pre-determined deposit and withdrawal fee. The fee is dependent on the type coin, and will be denominated in the coin itself. This is the fee schedule for the coins that we will be launching with:

Coin Deposit Fee Withdrawal Fee
Ethereum 10 gwei 10 gwei
NMX token 10 gwei 10 gwei

Roadmap

Estimated date of launch Task Notes
February 2018 Launch Testnet NuMoney Exchange that works with Ropsen testnet This exchange will be deployed for testing purposes and will be open to public. The coins traded will be Ropsen testnet coins instead of production Ethereum coins.
April 2018 Launch NuMoney Exchange This exchange will be deployed with SGD/ETH pair, and will be live for trading. Users can begin depositing their Ethereum in preparation for the Initial Exchange Offering of NMX token.
April 2018 IEO launch  
May 2018 Bitcoin and Litecoin added to NuMoney Exchange  
June 2018 Ripple added to NuMoney Exchange  
July 2018 Monero added to NuMoney Exchange