NuMoney Exchange FAQ

All about NuMoney Coin (NMX)

When will NMX be credited into my account?

NuMoney Coin (NMX) will be credited six months after our public sale, which will be held on the 3rd August 2018, and ends on 28th September 2018. Specifically, it will be credited on 1st April 2019.

For more information on the NMX token, please read our whitepaper here.

KYC documents

Things to Note

When uploading documents

  • Please upload an English document if possible
  • Documents that are not in English might be rejected or might take a longer time to verify
  • Ensure that the documents are legitimate, official and up to date
  • Ensure that the FULL document is uploaded and they are not cropped in any way
  • Make sure documents are clear and not blurred
  • Please refrain from using the camera's flashlight as it might block out words on your documents

When filling in personal particulars

  • Please translate details to English alphabets
  • type in your FULL home address when filling in personal details

Front back of ID card/ passport

  • Please upload your national ID card or passport, front and back.
  • Do note that we do not accept driving license/ student card as a proof of identity.

Proof of address

  • Please upload phone/utility bills or banks statements.
  • Do note that we do not accept driving license/ ID card/ passports as proof of address.
  • Deposit/withdrawal receipts or confirmation of account from banks are not accepted.
  • Name(of ID card/ passport holder), current address and recent date (last 3 months) should be on the document.

Selfie

  • Your selfie should include your national ID card/ passport that you are going to upload with AND the word "NuMoney" and today's date written on a piece of paper.
  • National ID/ Passport details and the information on the piece of paper should be seen clearly
  • Date should be in the format of DD/MM/YYYY

Documents will be rejected if it fails to meet our requirements stated above.

Frequently Asked Questions

Does NuMoney Exchange only operate during business hours?

NuMoney Exchange operates 24/7, meaning you will be able to trade any time in the day.
However, Deposits, Withdrawals and Verifcations are only processed during office hours (1000 - 1800 hrs)

 

What is the minimum amount to withdrawal/deposit at the physical office or bank transfer

Minimum deposit at the physical office is SGD 50.
No minimum amount to deposit via bank transfer.

No minimum amount to withdraw at the physical office.
Minimum amount to withdraw via bank transfer is SGD 1,000.

Once the total FIAT deposit exceeds SGD 50,000, users are required to provide Proof of Source of Funds.

 

How long does it take to deposit money to NuMoney Exchange?

Maximum of 2 Working Days.
Most Bank Deposits take less than 2 hours during office hours.
Cash deposits at the physical office are immediate.

 

Why do I need to get verified?

Due to Anti Money Laundering (AML) and Know Your Client (KYC) Laws in Singapore, we have to verify your identity before allowing FIAT withdrawals.
However, users are allowed to deposit FIAT or ETH to start trading before getting verified. Verification is only needed for Cryptocurrency and FIAT withdrawals.



Why is there a deposit fee?

A small amount of GAS is required to move the funds to our hot wallet. Therefore if you deposit 1 ETH in your wallet, a small amount will be deducted.



How does the quick Buy/Sell function work?

It takes the rate from our OTC rate calculator and places a buy/sell order on the exchange based on that rate. This function is for users who do not want to go through the fuss of placing a limit order on the exchange. Note that the prices for OTC rate calculator vary with volume, the lower the amount transacted, the higher the price.

 

Can Foreigners cash out at NuMoney Exchange?

Foreigners are encouraged to cash out at NuMoney Exchange! It brings in Liquidity to the shores of Singapore. Note that the identity of foreigners and the source of the cryptocurrencies has to be verified by NuMoney before the transaction can take place.
https://numoney.store/sg/post/foreigners-cash-out-tax-free


Participation in the IEO 
Participation in the Token Sale will not be available to a person (citizen or resident, tax or otherwise)
and any company or association or body of persons, corporate or unincorporated, of the following
jurisdictions:
(i) the United States of America;

 

Does NuMoney set prices?

NuMoney exchange is an Order-Book exchange where buyers and sellers can come to buy or sell cryptocurrency with FIAT.  NuMoney Exchange does not choose prices to buy/sell cryptocurrency. NuMoney exchange matches buyers and sellers through the exchange platform, thus the price is decided by the users. 
 

I have ETH to sell, how do I sell if there is low liquidity? 

There is a huge buy-side demand on the exchange. Sellers are encouraged to put up their sell orders at their preferred rates on the exchange. If the rates are decent, your sell orders should be filled in no time. 

Blockchain Confirmation

For Ethereum, the number of blockchains confirmation is 24.

For Bitcoin, the number of blockchains confirmation is 6.

Guide to security at NuMoney Exchange

This guide explains how we keep your coins and cash safe and secure

While this guide is by no means exhaustive, we hope to paint a story for you demonstrating the fact that NuMoney takes security seriously.

Our mantra with security goes by: "Not even once."

Guiding Principles behind our security strategy

So how do we avoid getting hacked or robbed? We came up with three basic principles which we apply wholly to our business — both operationally and technically.

Don't trust anyone, including ourselves.

Ideally, the easiest way you can hack NuMoney exchange is to join us as a staff, gain insights and learn of critical moments by which funds or coins are exposed. 

Which is why we avoid localizing trust on any individual staff, or even external vendors/services.

Compartmentalize everything!

Compartmentalise everything, and you confine vulnerabilities. For example, we don't share passwords. So if one password is leaked, the entire system is not compromised.

Add redundancy to everything!

Backup everything, automatically. No one should be dispensable at NuMoney. There must be redundancy for every service and everyone at NuMoney.

How we are securing our technical infrastructure

- Every service is sandboxed

Every service in the exchange is sandboxed with strict permissions. 

Even if an intruder manages to escalate himself into a single service, without write-permissions, he/she is not able to modify the service in any way.

- Cloud servers

We use a mix of both cloud servers and self-hosted servers for our exchange. For sensitive services, we self-host our servers (with physical access) to avoid a class of CPU/memory vulnerabilities such as Spectrum from being exploited by hosting neighbors or even datacenter staff.

- Hot and cold wallet

In the worst-case scenario by which we do get hacked, we want to reduce the total possible coins that we can lose. This is why we employ hot/cold wallet storage. The balance in the hot wallet allows our users to withdraw coins immediately, while the bulk of the coins is stored in cold storage with the private keys backed up physically. 

- (Not using) External services

This goes hand-in-hand with our principle not to trust anyone. This is why we avoid external dependencies as best as we can. For example, we host our own Ethereum blockchain node instead of relying on others as it is a source of truth, and we do not want to outsource that and add additional risk to our exchange.

- Firewall

Our servers are not publicly accessible due to firewalls. In fact, they are not even privately accessible to each other unless they are supposed to.

How we secure our operations

- Eliminating the risk of bank shutdowns (in Singapore)

(This is pertinent to our operations in Singapore)

Historically, local banks have shut down bank accounts of cryptocurrency exchanges even if the regulations make it legal for cryptocurrency exchanges to exist. We do not expect our bank accounts to stay open, but we are ready.

We have employed

  • Cash vault services
  • Cash escort services

in preparation for regressing to cash-only services should bank transfer facilities be taken away from us.

- Sharding operations globally

We understand that local regulations can kill our business anytime, without much repeal options on our end. To combat this, NuMoney is deployed not as a Singaporean cryptocurrency exchange, but a global Exchange with local operations in as many countries as we can.

This means that should the operations in one country be shut down, NuMoney as an exchange and business will survive.

- Defending against physical intrusion at our global offices

Surveillance cameras guard our offices, and our offices are located in buildings with physical security teams.

- Reducing regulatory risks

To reduce regulatory risks, we embrace clear and exhaustive regulations, for which we will abide strictly and beyond. For example, NuMoney Malaysia (NuMex Sdn Bhd) is registered with Bank Negara as a registered cryptocurrency exchange in Malaysia.

- Sharding responsibilities

Every action at NuMoney, such as crediting of fiat into an account, involves a double confirmation from senior staff.

- We do not practice fractional reserves

We refuse to gamble with your money. We earn wholly through fees and our OTC operations, and never by taking risks with your money.
 

How do I sync my device's system clock?

How to sync system clock on Android devices

  1. Tap Settings to open the Settings menu.
  2. Tap Date & Time.
  3. Tap Automatic.
  4. If this option is turned off, check that the correct Date, Time and Time Zone are selected.

How to sync system clock on iPhone/iPad/iPod devices

  1. Go to the iPhone Settings App. (your phone settings area)
  2. Select General
  3. Select Date & Time
  4. Enable Set Automatically
  5. If its already enabled, disable it, wait a few seconds and re-enable

Syncing system clock on Windows 10 computers

  1. Right click at the time on taskbar
  2. Click on the Adjust time and date option in the menu
  3. Click to check "Adjust time automatically"

For older versions of windows, do use the guide at this link.

Still does not work?

  1. Disable the option to "Set time automatically"
  2. Manually set the time backwards
  3. Re-enable the option to "Set time automatically"

 

Syncing system clock on Mac OS computers

  1. Choose Apple menu > System Preferences, then click Date & Time.
  2. Click Date & Time, then set the date and time automatically.
    1. Automatically: Select “Set date and time automatically,” then choose the network time server for your region.
  3. Click Time Zone, then set the time zone automatically or manually.

    1. Automatically: Select “Set time zone automatically using current location.”

For more information, check out the official help at this link.