18 Apr From OTC to Exchange: NuMoney
Late last year, we wrote about how NuMoney was set up as an Over-the-Counter (OTC) place for people to purchase cryptocurrencies. As they saw an increase in customers and a growing demand, on April 6, 2018, NuMoney launched their NuMoney Exchange (https://numoney.exchange/) online as Singapore’s first fiat-crypto, order-book exchange.
Here is a step-by-step guide on how to trade on NuMoney Exchange.
1. Register an account
Once your email has been verified, you can start trading on the exchange by depositing SGD or ETH. You do not have to do any other verification to use the exchange, but do note that VERIFICATION IS NEEDED FOR SGD WITHDRAWALS.
2. Verify your account
You will need to submit your KYC information manually for NuMoney to verify. Click on the account tab on the sidebar to view your verification status. Go to ‘Verify Account’ to submit all the necessary documents. The NuMoney verification is pretty swift, verification takes 1 business day.
After you have successfully done your KYC, you can do SGD withdrawals by withdrawing to your bank account or going down to NuMoney’s physical office at Once you have successfully uploaded all the needed documents and have been successfully verified. You can start to withdraw SGD from the exchange into your bank accounts or book an appointment to visit their physical office to withdraw in cash. Their office is located at: 6 Harper Road, Leong Huat Building, #02-07, Singapore 369674 (Beside Tai Seng MRT).
3. Depositing SGD into NuMoney Exchange
You can deposit your money into your NuMoney Exchange via two ways.
– Head down to their office at Tai Seng (address above) and deposit cash directly.
– Making a bank transfer.
To do a bank transfer, log into your account on the exchange. Access your ‘Wallet’ on the sidebar. Here, it will show you how much SGD and ETH you have. Click on ‘deposit’ for Singapore Dollars.
There will be a pop-up window to show you the bank account you are supposed to transfer to. These details will also be emailed to you. Take note of the UNIQUE transaction/memo note in your transaction details when doing the transfer. (For those of you who have deposited money into other exchanges such as Gemini before, you should be familiar with this step).
NuMoney states that a bank deposit will be processed within 1 business day. You will also receive an email once the funds have been successfully deposited into your NuMoney exchange wallet.
4. You are now ready to trade! 🙂
You can access the trading market by selecting ‘Market’ on the sidebar. For now, NuMoney only supports ETH/SGD pairing.
5. Withdrawal of SGD from NuMoney Exchange
To withdraw money, simply follow the same steps as Step 3 (Deposit), except this time, click the ‘Withdraw’ button instead.
As mentioned earlier, you can withdraw SGD from the exchange into your bank accounts or go down to NuMoney’s office physically to withdraw cash. For bank transfer, you would need to link your bank account to the NuMoney exchange on the verification page. Do note that there is a minimum amount of SGD 1,000 for bank transfer withdrawals. Funds will be deposited into your bank account in 5 working days. Good news: There are no withdrawals fee for now!
6. Contacting NuMoney
While you can contact NuMoney via their email at email@example.com, one of the most useful thing on the NuMoney Exchange would be the live chat at the bottom right of the screen. I tried it out and received a response almost immediately, so kudos to that!
Hope that you have found this guide to the NuMoney Exchange useful.
Here are my thoughts on the good and what can be improved.
• Easy to register for an account.
• Quick verification of KYC (1 business day).
• Free SGD withdrawals for now, but NuMoney Exchange may implement charges in future.
• Fast response when queries are asked via the live chat. Most exchanges are usually slow in responding to emails.
Can be improved:
• NuMoney Exchange only offers SGD/ETH now. More exchange pairs are definitely needed for them to gain further traction and a larger customer base.