Today I will be reviewing Instantgold.ng – an exchange that helps you to buy e-currency and cryptocurrency with the Nigerian Naira.
Instantgold.ng is an e-currency service provider that offers users the opportunity to easily buy and sell digital currencies.
In today’s review, I will be discussing Instantgold.ng, the services it offers users, its supported currencies, including the payment methods it accepts.
Instantgold Review Summary
Instantgold.ng is a subsidiary of StraightHold Global Links LTD. A legally registered company concerned with the provision of security services for E-commerce sites but later expanded to include more services.
In this post, I am going to discuss how Instantgold.ng operates and its pros and cons. Enjoy
To carry you along in this review, here is what I will cover.
- Company Overview.
- Instantgold Services.
- Available Digital Currencies.
- Transaction Fees and Limits.
- Supported Countries.
- Customer Care Services.
- Frequently Asked Questions.
- Conclusion.
Without further ado, let’s get down to business.
1. Company Overview
InstantGoldNg is an e-currency service provider located in Nigeria with offices in Ikeja, Lagos State, and Ibadan. It specializes in the buying and selling of digital currencies like Bitcoin, Ethereum, Perfect Money, Web Money, PayPal, etc.
Instantgold.ng is one of Nigeria’s oldest digital currency exchanges. This is because it was launched far back in 2007 and has since served a wide variety of organizations and individuals.
The major benefit we see on this platform and a couple of other Nigerian exchanges is the fact that it accepts basic payment methods like local bank deposits, ATM transfers, etc.
Also read: Top 9 e-currency exchanges in Nigeria
2. Instantgold.ng Services
Instantgold.ng offers only one service i.e. Buy and Sell e-currencies. Customers can access this service from their respective dashboards. It is a Broker exchange like Blockvila and Alphabits.
· Buy and Sell
This is a section where users can easily purchase and sell their desired digital currencies. Users can buy and sell e-currencies like Perfect Money, Web Money, PayPal, etc, and cryptocurrencies like Bitcoin and Ethereum.
3. Available Digital Currencies
The following digital currencies are available for purchase on Instantgold. ng (as at the time of writing).
Cryptocurrencies
E – Currencies
- Perfect Money
- WebMoney (You can Buy WebMoney in InstantGoldNg But Sell at its sister exchange)
- PayPal
- Payeer
- AdvCash
Fiat Currency
- Nigerian Naira (NGN)
Payment Methods
- Bank Transfer
- ATM Transfer
- Internet/Mobile Transfer
4. Transaction Fees and Limits
Transaction fees on Instantgold.ng vary from currency to currency and from time to time. You can see the transaction fees on its home page, they are not stated but you can calculate it from the displayed rate.
For example, at the time of writing this article, InstantGold buys bitcoin at the rate of N350 for $1 worth of Bitcoin and sells at N365/$1 worth of bitcoin. The exchange rate for Naira to Dollar is N360/$1. Thus they make N10 and N5 on purchase and sales respectively.
All unverified accounts on Instantgold.ng are placed under limits. They are limited to a $1,000 transaction per day. Whereas users with verified accounts are not placed under limits. This means that they can purchase any amount of E-currency daily.
To get your account profile verified, you will need to;
- Upload any Government-Issued ID card (either an international Passport, Driver’s License, National ID card or Permanent Voters card)
- Upload a Proof of Residency (either: Utility bill, Bank statement, etc.)
The verification process will take a maximum of 48 hours after you have successfully uploaded the required documents. However, if you are not verified within this time frame, Instantgold.ng advises you to contact its customer support.
5. Supported Countries
Instantgold.ng is available to Nigerians only. So if you’re not a Nigerian, you might want to try other alternative exchanges such as Remitano, and Luno.
6. Customer Care Services
Instantgold takes customer service seriously and has created a variety of channels to attend to their customers’ demands. Their service agents can be reached via Livechat (present on the Instantgold.ng website), WhatsApp, Phone call, and Email.
However, reports have it that a majority of Instantgold customer service agents are mean and abusive. They don’t seem capable of resisting the urge to insult and abuse customers at the slightest provocation. This is least expected from a company that has been in operation for over 12 years.
However, this is not the case from interacting with its support team since 2014. The customer service from my experience is super professional.
The Popular Nairaland InstantGold Scam Post.
You can find aggrieved customer pouring their anger at Instantgold.ng for alleged maltreatment, transaction delay and abuse in major forums like Nairaland, etc.
On NairaLand, I found an incident of an Israeli exchanger called “megaexchange”. He claimed to have deposited money into Instantgold.ng account for service. Instantgold.ng received the money and refused to fulfil the customer’s order. When the customer tried to explain, his account was removed from the instantgold.ng website. An excerpt from his argument can be found below.
When I first saw this, what I did was to check the amount in contention. And I found out it was $264… Then I said to myself, why will a company that has been operating for over 12 years decide to tarnish its reputation for just $264?
I checked further and discovered Instantgold’s side of the story.
According to Instantgold, “megaexchange” used their service in questionable ways in the past. He sold some E-currencies to Instantgold.ng providing different Nigerian account numbers belonging to different individuals. Instantgold.ng fulfilled his order and paid the amounts into the various Nigerian account numbers he provided.
However, they sensed something fishy and decided to discontinue working with him. They asked him to stop using their service (this move is quite commendable due to the nature of insecurity in our country today).
Who knows if this guy might be financing an illegal armed group in the country? Maybe he might be sponsoring something dangerous via E-currencies while keeping his identity a secret.
Instant gold.ng will be held accountable should the transactions made through them be detected by authorities.
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According to Instantgold.ng, the Israeli persisted in using their services despite their appeal to him to stop. The Israeli opened different accounts with false identities to circumvent the system. Instantgold.ng discovered it and blocked all these pseudo accounts.
He went further to send funds into Instantgold.ng account without placing an order on their website. He was probably hoping to lay a complaint afterwards and have the funds deposited into a Nigerian account. But Instantgold.ng detected this as well. They asked him a few details about the Instantgold.ng account he used to fund the money. He responded by providing the wrong details to an nonexistent account.
In the end, Instantgold.ng withheld his funds, probably to deter him from persisting in his quest. He responded by going on a posting spree on virtually all Nigerian forums, in a bid to defame Instantgold.
In the end, Instantgold.ng decided to refund the money in the same e-currency he sent it (OkPay).
Note: InstantGold no longer offers OKPay exchange.
While that whole squabble caused a stir and can still be found on Nairaland to date – the question remains, “who was wrong?”
Instantgold for not reporting his transactions to the authorities for fear of being held culpable or the unknown Israeli for acting against Instantgold.ng terms of service?
Whatever the case may be, that episode will tarnish the Instantgold image. But should that stop Nigerians from patronizing them? I think not. It is because Instantgold.ng is not a virtual company, and it has been operating for over 12 years. They have physical offices across the country, pay tax and are legally registered.
7. Frequently Asked Questions
You can see a few questions on Instantgold.ng platform such as:
To register in Instantgoldng, all you have to do is:
– Visit Instantgold.ng
– Click on “SIGN UP”
– Fill in the short registration form
– Check your E-mail for a verification mail (You can also check your “promotion” folder/spam folder if you use a Gmail account)
– Follow the link in the verification mail
– Log into your Instantgold account
And that’s it.
To buy E-currency on Instantgold, you have to create an account and verify your account. After creating an account and logging into your dashboard:
– Click on “BUY CURRENCY”, located at the right-hand side of your dashboard
– Fill in the desired amount for the currency you wish to buy.
– Choose the currency you wish to buy (what you want your money converted to)
– Choose your preferred payment method
– Click on “PROCEED”
– A payment invoice with details on how to make payment will be generated. Copy down the transaction reference number and instantgold.ng account details.
– Make payment into the account, as instructed. Using your reference number as the sender ID.
– After making the payment following the instructions outlined on the invoice. – – Click on “CONFIRM” or click on the “CANCEL” button if you wish to terminate the transaction.
– You will receive a confirmation mail in your mailbox.
– For payment using a bank deposit, include your name and reference number in the space for “SENDERS NAME” on your deposit slip. You should apply the same details when using Mobile transfer for payment.
The reverse is the case with when selling E-currency on Instantgold.ng
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8. Conclusion
Instantgold.ng, by my assessment, is a trusted and credible exchange. They seem to have a huge customer base, hence the reason for their ability to survive this long in a market that I consider very uneasy.
Like every organization, they have challenges of their own and areas they need to improve upon as can be seen in the pros and cons (see product rating).
All things being equal, Instantgold.ng is a pretty decent platform. You can take legal action against Instantgold.ng when you pay for their service and don’t get what you paid for as and when due.
I am certain that in this review, we have now learned 5 things to note about Instantgold.ng like,
- The services it provides,
- The digital currencies that are available on its exchange,
- Its transaction fees and limits,
- Currencies it supports,
- The referral program it offers and many more.
Now I’d like to hear from you, so tell me in the comment section comment below,
Do you have an account with Instantgold.ng?
What do you think this exchange should improve on?
What e-currencies and cryptocurrencies do you feel this exchange should include?
Well, that’s all we have for you in this review and I hope you derived value.
If you enjoyed reading this Instantgold.ng review and will like more like it, don’t hesitate to hit the share button below.
And please leave your opinions in the comment section as well.
Thanks!
Useful Links
- Twitter: https://twitter.com/InstantGoldng
- Facebook: https://www.facebook.com/InstantGoldng
Please, can you teach me how to withdraw (Sale my E-currency)?
Hello Joseph,
Sorry about your experience.
Do reach out to the customer support via the Live Chat on the home page or through the numbers listed on this page.
I have some dollars stuck in my instant gold account, I have been trying on several occasions to withdraw, but I always have the transactions closed after some days. I really need help on how to withdraw my money..
Yes Instantgold.ng is legitimate.
Sometimes the so called developed nations like to play over us. What the so called Israeli exchanger did with InstantGold.ng is what no Nigerians can do to them. If we do that, they will confiscate our money for breaking their rules but still, InstantGold.ng return the money and also gave a clear side of their own stories.
I have actually known Instant Gold Nigeria for over a decade now, from the time they had their office in Cocoa House Ibadan. Then, I use them to fund our LR accounts and also Liteforex account for our traders and investors.
In those days when forex was booming, as a forex account manager, Instant Gold Nigeria remained our company’s dependable companion to get cash in Naira and to covert to e-currency. We were able to withdraw average of N50,000,000 each week for our investors without hassle. So I doubt if such a big company will ever want to eat the poor guy from Israel $264.
What a very nice write-up, I was aware of the israeli vs InstantGold too. I think that Israeli is a crook and very stupid. Instantgold.ng is a very reputable exchanger – Uchenna from Abuja
That is true Uchenna. I have transacted with Instantgoldng for over 5 years now to know that they are legit.