Ngexchanger is an E-currency provider based in Port Harcourt, Nigeria. It is a Subsidiary of Nyxel Integrated Services. An ICT company registered by the corporate affairs commission of Nigeria (CAC) with Registration Code BN 2491541.
Ngexchanger has been in operation for over 2 years and specialises in the buying, selling and exchange of digital currencies such as Bitcoin, Ethereum, Litecoin, ripple, Dash and other e-currencies such as perfect money… its consumer base comprises mostly of Nigerians who seek a convenient, reliable and secure platform where they can buy and sell digital currencies.
The major advantage to using Ngexchanger lies in the convenience users enjoy when buying digital currencies, it affords users the opportunity of buying cryptocurrencies through local payment methods such as ATM transfer, Bank deposits, and internet/mobile transfers. Making it possible for anyone to invest in cryptocurrencies no matter how little you know about them.
This review is aimed at providing you with all you need to know about Ngexchanger. The currencies available for purchase, the countries it supports, its buying and selling limits, accepted payment methods, Transaction fees, withdrawal fees, how much time it takes to deposit/withdraw funds, and a quick evaluation of its customer support service.
Let’s get started.
Available Digital Currencies?
The following digital currencies are available for purchase in the Ngexchanger platform (at the time of writing this article): Bitcoin, Perfect money, Ethereum, Bitcoin cash, Ethereum classic, Dashcoin, Ripple, Neo and Litecoin. However, you can purchase any cryptocurrency that is not listed all you need to do is to contact support.
Ngexchanger supports users from all over the world. However, to buy any currency from the exchange, users are expected to make payment into the company’s account and wait for their payments to be confirmed. If confirmed successfully their coins will be deposited into a wallet of their choice within a matter of minutes.
Furthermore, if your country does not support the transfer of funds to a Nigerian based account then Ngexchanger is not for you, however, you can try other alternative platforms such as Changelly, Remitano or BitkoinAfrica.
Getting Started With Ngexchanger
To buy and sell digital currencies using the Ngexchanger platform you will be required to create a user account. Creating a user account with Ngexchanger is easy and straightforward. To do this:
- Visit Ngexchanger
- Click on sign up
The sign-up page looks like this
- Fill the short registration form and click on submit
At this point, you will receive an email containing a confirmation link, open your email and click on the confirmation link. You will be redirected to the Login page where you can input your username and password… And you are in.
Ngexchanger has put certain policies in place to keep the platform secured from criminal elements such as fraudsters and ensuring it remains uninhabitable for terrorist and money launderers. Such policies like its Anti- Money Laundering (AML) policy, Customer Due Diligence (CDD) policy and Combating the Financing of Terrorism (CFT) policy, require that all unverified users be limited to buying and selling certain amounts of digital currencies.
Users with unverified accounts can buy a minimum of $20 and a maximum of $1000 per day, while those with verified accounts can buy and sell as much as they want daily with no limitations.
To verify your account you will need to upload a government issued ID card and a utility bill that clearly shows your name address. The ID card must show your name in full and your date of birth, the accepted means of identification include: National ID card, International passport, Driving License or permanent voters card while the accepted proof of residency includes: Electricity Bills, water bills and Bank statements amongst others.
The verification process takes between 24-48hrs after you successfully upload the required document, if after 48hrs you do not receive a reply from the Ngexchanger team, you are advised to contact support through mail.
Does Ngexchanger Offer Wallet Services?
Ngexchanger currently does not offer wallet services (at the time this article was written). However, the exchange has announced its intention to provide wallet services in the nearest future… this announcement can be found on their site:
“Dear Valued customer, we want to bring to your notice that Ngexchanger.com is working on providing Bitcoin and Ethereum wallet to our customers on our website.
This means that subscribers on our website can now generate bitcoin or ethereum address on our website and store their bitcoin and ethereum on our website. They can send and receive bitcoins or ethereum to their Ngexchanger.com address. Our I.T team is seriously working on providing this service and soon this will be implemented”
Presently, to buy digital currencies from Ngexchanger you will need to generate a wallet address elsewhere, and input the wallet address during the buying process. Ngexchanger will send the coins you purchase from their platform to the wallet address you provide immediately after your payment is received.
Buying Digital Currencies From Ngexchanger
Buying bitcoins and other digital currencies from Ngexchanger is relatively easy. First off, you will need to create an account with them as I explained earlier. After creating an account you will need to follow the steps below to buy your desired digital currency.
- Log into your Ngexchanger account
- click on BUY, on the left hand side of your dashboard
- Select your preferred digital currency by clicking on the BUY button next to it.
- Input the amount you are willing to buy
- Paste the wallet address you will like to receive the coins with.
- Click on At this point, a payment invoice will be generated with the transaction’s number, pay attention to the bank details and reference number that will be displayed. You can also find this in your email.
- Click on CONFIRM to save the transaction: (This is very important). Don’t go on to make payment without confirming the transaction.
- Go on to make payment using the format given to you.
- Log into your account and click on PAYMENT ALERT under ‘order details’ to notify Ngexchanger of your payment.
- Your coins will be sent to your wallet address when your payment is confirmed. It might take between 30mins to 24hrs depending on the amount of transactions the exchange has to fill at that time.
It is pertinent to note that Ngexchanger is a legal platform operating under its parent company (Nyxel Integrated Services) registered with the corporate affairs commission with registration Code BN 2491541, and as such can sue and be sued. You can rest assured that you will receive the value for your money else, file a lawsuit against them as a last resort, when other negotiations fail.
Format To Use When Making Payment On Ngexchanger
The speed of your transaction depends on certain factors which include how fast your bank processes your transaction and how clear and precise you input your payment details. The former is not in your power to control but the later you can control.
It is important that you state your Ngexchanger account details clearly in your payment teller when using Bank deposit. In the field labelled “NAME OF DEPOSITOR” write your first name and the transaction number given to you by Ngexchanger, for example if your name is Musa Nwankwo and your transaction number is 274024, write MUSA (274024) as depositor name in the bank teller.
When using electronic options like ATM transfer, state clearly your transaction number in the Remark/message/purpose/memo field provided, depending on your bank.
How to sell your digital currencies on Ngexchanger
To sell Bitcoins or any other digital currency on Ngexchanger you have to create a user account if you don’t have one already. Refer to the upper section of this article to learn how to create an account. After creating an account, here is what you have to do next:
- Log into your member area/dashboard
- Click on the SELL button located On the left hand side of your screen
- Click on the SELL button next to the currency you wish to sell.
- Input the amount of currency you wish to sell
- Write down your account details
- Click on PROCEED to generate a payment invoice, pay attention to the wallet address you are to send the coins to. It will be sent to your email as well.
- Click on CONFIRM to record/save the transaction: (this is very important) don’t proceed into transferring funds to their wallet without confirming the transaction
- Transfer the coins you wish to sell into the designated wallet address.
- Log into your account and click on SEND ALERT to notify them of your payment.
- You should receive the cash equivalent of your digital currency upon a successful confirmation of your transaction.
Exchange rates at Ngexchanger
Ngexchanger doesn’t generate exchange rates independently but synchronises with other exchanges to keep its rates updated. And since it doesn’t operate automatically like certain platforms like Luno, it has to fill orders manually as they come, for instance if I place an order at 8:00am and you place yours at 9:00am my order will have to filled before yours.
If at 8:00am 1 bitcoin was valued at 6million naira and at 10:00am its value rose to 20million naira. And you place your order at 8:00am when the value was 6million but due to congestion your order was delayed and filled at 10:00am when the value had risen to 20million, you will receive your bitcoin at its 10:00am value, which might be higher or lower than the value at the time you negotiated the transaction.
However, if the amount credited to your account is not what your expected, contact support through live chat in the bottom right corner of the website.
Ngexchanger does not charge any outright transaction fees; the only noticeable fee is the N50 Naira stamp duty charge it applies to every deposit. However, that doesn’t mean the exchange isn’t generating any revenue from the services it provides. Its rates are the major source of revenue, for instance, buying Ethereum valued at $100 will cost you N40,000 Naira (at the time this article was written) which is above the current dollar to naira exchange rate of $100 to N36,000.
The rates it charges, more than compensate for its lack of outright transaction fees.
Customer Support and User Review
Most exchanges experience difficulties in keeping up with their user demands and queries, that hasn’t been the case with Ngexchanger. The platform takes customer support seriously and sees it as an essential prerequisite to its all round success. Its customer support can be reached through email, livechat and social media (facebook and whatsapp), this ensures all users with issues are attended to within the shortest possible period of time.
Ngexchanger also seems to have a solid reputation in the local scene; it has a lot of positive star ratings on social media and forums with users expressing their gratitude for the nature of service they received from the exchange.
Ngexchanger has been trusted by many to get the Job done, however, the exchange is not flawless. It has pros as well as cons, and though it is currently working on fixing the cons, The prevalent cons are; Firstly, the exchange doesn’t run a wallet service, meaning its users have to receive their funds using third-party wallet addresses at additional cost from their wallet providers.
Secondly, the platform fills orders manually making it unattractive for experienced traders in the crypto world. Thirdly, their website does not have Financial Institution Level security, however, this shouldn’t cause any worries since they don’t actually store any funds on the sites, it is more like a gateway.
Besides the cons listed above, the platform is a decent choice for starters as well as the average Nigerian cryptocurrency enthusiast and is highly recommended by us at Nigeriabitcoincommunity.