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NuMoney Review

If you’re situated in the South East Asian Region, chances are that you’ve stumbled across news of an ambitious and first-of-its kind Cryptocurrency Exchange, NuMoney.

They’ve established themselves as an OTC (over the counter) Cryptocurrency dealer with a physical presence in Singapore. Now the OTC business and increasing demand for Cryptocurrencies has caused a number of issues with their banks and liquidity providers. Such volume and frequent transactions are red flags for Banks.

There is substantial growth in adoption for Cryptocurrencies in countries such as Indonesia, Malaysia and Singapore. And it can be difficult to get ones funds onto platforms such as Bittrex and Binanace without purchase of a Crypto before this, and usually this is a two step process. Furthermore Exchanges like Luno had seen issues with Banks having their Local Bank Account suspended by Malaysian Tax Officials around December 14th 2017 which took a long time to resolve.

Introducing NuMoney by Nubela Co

 

So how does NuMoney plan to combat the liquidity issues and meet the growing demand for Cryptocurrencies?

By launching their own Cryptocurrency Exchange that houses a multitude of altcoins and accepts both FIAT and CRYPTO deposits.

In Singapore? YES. But what if they run in to issues with Banks and the Central Bank for their operations like Luno did?

Well.. They will have physical offices in the region. This allows close cooperation with the Central Banks, more so in Malaysia as they’ve accepted to become Reporting Institutions to comply to Anti Money Laundering Regulation, but their stance with Regulatory Bodies seems rather positive. Luno is also in the process of setting up their own office in Malaysia.

Furthermore, by having their own in-house Cryptocurrency Token NMX(ERC-20) to subsidize trading fees through the launch of their own Initial Exchange Offering (IEO)

That’s right, this is a first of its kind in the region, so lets dive right into what NuMoney has to offer.

Team

  • Steven Goh

The Founder and Product Manager of the Company. He’s diverse in a number of fields, from Designing, Marketing and Sales, and played a fundamental role in the Company’s operations. Graduated from National University of Singapore, he holds a bachelor’s degree in Computer Science.

He’s got experience as a developer on numerous projects he’s built. These include Javelin Browse (1 million downloads), Gom VPN (300k Active Users), Giki, Picturemate (110k Active Users), Kloudsec (Content Distribution Network Platform that is now Defunct).

  • Bach Lee

The “Tech Guy” of NuMoney who started off as a game developer and ventured into networking and distributed systems. Mentioned as performance-focused and concurrency-oriented in his projects, he is a firm believer in first principles and mathematical rigor. He plays a critical role in the systems of the exchange and holds a Bachelors Degree of Communication and Media from National University of Singapore.

Prior to this, Bach has built the Backbone of Kloudsec, a Free BSD-based anycast network, Modified the Android OS to support a modular realtime audio effect system, and contributed to several open-source projects from graphic engines to kernel modules.

  • Benjamen Lim

Benjamen has expertise in investment researcher and is a strong supporter of how investment success is interlinked with early adoption of promising new technology. He is known to keep investors up to date on the progress of the company, and conveying technology-related issues in the company, asset classes, and industry progress to investors.
Benjamen Holds a Bachelor of Engineering from the National University of Singapore.

  • Ong

With a past career as a Sales Engineer and an edge in negotiation and marketing strategy, Ong is a tenacious believer in protecting his client’s interests. With investment knowledge in real estate to physical assets, he is driven by his investing principles of Social Impact, innovation, scalability and Financial Sustainability. Hence why he is a firm believer in digital currencies and has a significant portfolio in cryptocurrency.

Malaysian and based in Kuala Lumpur, Ong will be leading NuMoney’s expansion in Malaysia. Also he has graduate from Queensland University of Technology.

  • Lee Weiping

Weiping will be leading the daily operations of NuMoney’s retail chain after showing exemplary skills in dealing with Customers and strong attention to detail. A Cryptocurrency enthusiast too, she had interned at NuMoney and managed their OTC services, and majors in Customer Experience Management and Business.

Interface

Despite being under a Pre-Launch phase, we can access their Test-Net and several screenshots of their platform. It has a very minimalist and simplistic UI but it is indeed necessary. The Exchange will be initially deployed with the SGD/ETH Pair and will be live for trading, this is necessary for them to prepare users to deposit their Ethereum for preparation of the Initial Exchange Offering of the NMX Token.

It is planned that Bitcoin and Litecoin will be added in April 2018, followed by Ripple in May, and Monero in June.

Their Platform offers the standard Good Till Canceled orders, Immediate or Cancel, or Quick Buy and Sell Features. Here are some screenshots:


Fees

Before we talk about the fees, there are no limits for deposits and withdrawals for local users. Though transactions which are more than $50,000 require a proof for source of funds. International users who head to their stores are allowed to deposit and withdraw subject to proof for the source of funds as well. This is critical for operational allowance by the regulating bodies.

Though both local and international users can withdraw up to SGD$50,000 worth of Cryptocurrency a day
But what is exceptionally worthy is the 0% trading commission PRIOR to NMX IEO. Though post IEO there is a 66.6% reduction in trading fees for holders of NMX.

There are indeed deposit and withdrawal fees which are dependent on the type of coin, and will be denominated in the coin itself. From Launch, the fee schedule is as shown below:

The price of one unit of gas is decided by the miners, currently it is around 5 to 21 GWei (One GWei is 10^9 Wei or 10^-9 Ether)

Intitial Exchange Offering

Now, most of us in the Crypto space are familiar with the concept of an Initial Coin Offering or Token Sale. Though what NuMoney is doing is creating an IEO. Now it differs in several ways. Firstly,

  • The token sale takes place directly on an exchange instead of a smart contract.
  • The tokens sold will immediately be tradeable on an exchange.

Why have an IEO?

Firstly, it will kickstart liquidity on the exchange, leading to sell orders for Ethereum when users deposit Ethereum to trade for NMX, and it will allow local users to deposit SGD fiat to purchase Ethereum so they can purchase NMX tokens, leading to buy orders for Ethereum. With airdrop incentives it will motivate users to join NuMoney.

Secondly, it will provide users the ability to subsidize their transaction costs the same way the Binance token BNB does, which provides utility in the token. The token sale will be caped low and be a one-time sale only, any that aren’t purchased will be burned.

They will be doing a Dutch Auction, which will occur as follows:

The total cap will be a minted amount of 1 billion NMX token priced at USD$0.01, with a soft cap of USD$10 million. The Token allocation will be distributed as follows: 75% to token sales, 10% to the Team, 10% to marketing, and 5% to Bounties.

Bounties?

Securities and Legality

Now the main concern of token sales is that if they are securities, they would need regulation from the Securities Commission. The NMX token is structured in every way not to cross the boundaries of being a form of securities.

The tokens are viewed as a 66.66% discount coupon that can be used to redeem any future purchases or resold to those who might benefit with the “coupon”. As inspired by Binance Token BNB.

They have engaged with Coleman Street Chambers LLC to make sure it deviates from being a concept or form of Security.

Overall Review

To be honest, the very fact that the IEO is being conducted on an existing business and wants to cater the increasing demand in the region for Cryptocurrencies, there is much potential in what NuMoney can offer. They boast on their website:

In the first 2 months, we crossed SGD$1.2 Million in Turnover

Just from OTC services selling Cryptocurrencies at a spread. This established the Demand. We at Crypto Hype are very supportive of their initiative as a Singaporean Startup and would definitely get in on NuMoney. They’ve hosted a number of meetups and seminars and we’re looking forward to attending one as soon as their Malaysian Office is set up!

Their constant presence and activity is very promising, and we’re keeping an eye on em!

Their official Roadmap can be seen here

 

JOIN NUMONEY

Check out their Whitepaper HERE

You can join their Telegram to learn more about their IEO


We will update this review soon after Exchange Operations Commence

Did You Know We’re On:

5.5 Total Score
Exciting!

NuMoney Exchange is an Upcoming South East Asian Cryptocurrency Exchange that offers a multitude of altcoins and its own in-house token NMX.

7.2Editor's score
User Interface
7
Ease of Use
7.5
Security
7.5
Trading Fees
8
Altcoin Support
6
4User's score
User Interface
3.3
Ease of Use
4
Security
6
Trading Fees
2.3
Altcoin Support
4.6
PROS
  • Strategic locaton (South East Asia) and Heavy Demand for Cryptocurrencies
  • 0% Trading commission (until NMX tokens are implemented)
  • Up to 66.6% for fees for exchange transactions with NMX token
  • Accepts Deposits for Fiat AND Cryptocurrency
  • Have Physical Offices
  • Very Active Telegram Group
  • Regular Meetups
CONS
  • Can't see the teams Picture on their Website or Whitepaper
  • Regulatory Risky Environment
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2 Comments
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  1. Reply
    Vary Yong July 20, 2018 at 3:58 am
    2.4
    User Interface
    40
    Ease of Use
    40
    Security
    60
    Trading Fees
    30
    Altcoin Support
    70

    Bad experience with Numoney. High fees and poor service.

    Helpful(1) Unhelpful(0)You have already voted this
  2. Reply
    Francince August 11, 2018 at 9:02 pm

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