Noones Review

Noones Review 2024: Is it a Scam or a Legit Exchange?

TL;DR

In this Noones exchange review, we’ll dive into the platform’s features, usability, pros, and cons. 

Noones stands out with its clean retro interface and supports 4 cryptocurrencies, including popular coins like Bitcoin and Ethereum.

It offers safety features like 2FA and passphrase, facilitating instant swapping of 3+ cryptocurrencies. Noones caters to users worldwide, enabling crypto purchases through local payment methods. 

While it’s user-friendly, the app needs more customer support and an effective dispute mechanism, which puts it behind competitors in these crucial aspects.

Noones Overview

What is Noones?

Noones stand out as a financial app that allows crypto traders to chat freely and facilitates peer-to-peer transactions—all while providing a secure wallet for your assets.

The app, led by Bitcoin entrepreneurs Nicholas Gregory (CEO of CommerceBlock) and Yusuf Nessary (co-founder of the Built With Bitcoin Foundation), is enthusiastic about the potential of peer-to-peer trading.

Since its inception in 2023, Noones has been on a mission to unlock the true potential of the Global South and eradicate economic disparities through Bitcoin.

The team envisions Noones as a tool to promote regional unity through seamless communication, payments, and a secure store of value. Unfortunately, regulatory restrictions prevent users in the United States and other countries on their blocked list from accessing the app.

What are the advantages of Noones?

Here are the advantages:

User-friendly & No-KYC

Noones is hands down one of the most user-friendly crypto exchanges out there. Setting up my account took me less than 2 minutes—I just used my e-mail, went through a quick verification, and was good to start trading.

The interface has this retro vibe (reminding me of Super Mario Bros) and is very easy. Everything you need, from limits to wallets and the latest updates, is neatly organized on the homepage. The app has a sleek dark mode for late-night crypto sessions.

Even though KYC does not need to use the platform, setting up a Noones wallet and increasing limits requires a quick phone number verification. We’ll dive into that in a bit!

Safety and Security

Noones exchange platform prioritizes user security with a range of protective features like: 

• Two-factor authentication
• Advanced Biometric Authentication
• Identity verification 
• Facial recognition

Adding another layer, you can set up PIN codes for enhanced protection, opt for transaction limits to secure your assets, and include a passphrase for additional defense. 

Seamless swaps

Currently, Noones supports four cryptocurrencies for swapping, including: 

• Bitcoin
• Ethereum
• USDC
• USDT

How to create an account with Noones?

Follow these steps to get started in just a few minutes:

4.5

Read our review

Tradable Coins

• 4

Fees

• 0.5% to 5%

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More details

Noones stands out for its user-friendly interface and quick registration. The P2P exchange allows you to buy 4 cryptocurrencies, including popular coins like Bitcoin and Ethereum, with 400+ different payment methods. Safety features like 2FA and passphrase add security, making it a safe choice for trading crypto from anywhere.

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  P2P exchange.

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  No KYC is required.

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  Hassle-free signup.

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  User-friendly interface.

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  Need for more effective customer support.

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  Potential scammers on exchange.

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  Limited dispute mechanism.

Step 1: Visit the website

Start by visiting Noone’s website and click the [Join Us] button to start with registrations. 

Step 2: Enter your E-Mail

Next up, enter your e-mail address and choose a strong password. When done, tap [Continue].

Step 3: Verify email

Then, you will receive a verification code on your registered mail. Enter that in the box and click [Continue].

Step 4: Choose a username 

Finally, pick a username for your Noones account and tap [Continue] to finish the process. 

Top Key Features

Let’s explore the features:

Noones P2P Marketplace

Noones P2P marketplace makes it accessible for everyone across the globe to buy and sell cryptocurrencies like Bitcoin and Ethereum. 

What’s great is you don’t need foreign bank accounts – all trades can happen with local payment methods like banks, e-wallets, and cash.

Unlike Noones’ Swap feature, the P2P trading does not support Ethereum. For that, you will have to use exchanges like Binance or Kraken.

To trade, I selected my token from the dropdown, entered the amount, picked a payment method, and within just four minutes, I had the new tokens in my crypto wallet.

Overall, the whole trading process felt secure, reminiscent of the P2P feature on platforms like KuCoin.

Crypto Swap Feature

Noones makes crypto conversions cost-effective with a 0.09% fee. Plus, the swap interface is intuitive and clean.

The process has no complications: just input the token, select a new one, and review the real-time exchange rate refresh every 14 seconds. 

On the downside, it currently allows you to convert 4 tokens only, including:

• Bitcoin
• Ethereum
• USDT
• USDC

And for the privacy buffs – the phone number verification (mandatory) might be a bit of a turn-off, but it’s all for security, right?

Payment methods

Noones gives you 400+ payment methods, including: 

• Bank transfers (ACH, wire transfers, etc.)
• Credit/debit cards
• Online Wallets (PayPal, Skrill, Neteller, etc.)
• Altcoins (Ethereum, Litecoin)

Not only that, but they also accept gift cards from popular places like Amazon, iTunes, and Visa. It’s like turning your unused gift cards into a ticket to the crypto party.

This makes it a more practical choice than platforms like Coinbase or Gemini, which limit your payment choices based on your location.

Fees and Costs

There are no charges for buying or receiving crypto, and a wallet-friendly fee structure to increase your earnings.

• Bank Transfers: 0.5%
• Credit/Debit Cards, Digital Currencies, Online Wallets: 1%
• Gift Cards selling: 5% fee

Plus, the rates for buying crypto from other users are flexible, depending on verification, payment method, currency pair, and order size. However, an escrow fee is temporarily held when selling, only deducted upon a successful trade. 

And the best part? If a trade doesn’t go through, Noones takes no fee, and the cryptocurrency is returned to the seller.

Who Should Use It?

Here is who we think should use it:

Paxful users

If you’re a Paxful user, transitioning to Noones is simple. My Paxful credentials, including my email and password, worked flawlessly on Noones, with all my verifications and profile details replicated. The process they’ve implemented for users is seamless, ensuring a 1:1 transition experience.

It was also suggested as a backup platform by Paxful to withdraw funds amidst the shutdown notice of the exchange in April 2023. There have also been speculations that Paxful’s CEO Ray Youssef might be behind Noones’ development.

New traders

For new traders, finding their way to buy crypto using traditional payment methods is always a hassle. That’s exactly what Noones addresses, as its P2P exchange allows you to buy or sell popular crypto coins using numerous local payment methods. 

Additionally, you don’t have to go through a lengthy KYC verification – simply a phone verification would do.

Drawbacks of Noones

Here are some drawbacks:

• Potential scammers: Many Noones users have raised concerns about encountering scammers on the P2P platform. The rise of fraudulent activities highlights the need for heightened security measures and increased user vigilance.

• Ineffective dispute mechanism: The dispute mechanism is key to any P2P exchange. Many users have had subpar experiences on Noones, with claims of funds mysteriously disappearing from wallets. 

• Limited support system: There needs to be more customer service on Noones. Although you get a live chat feature, it is less effective than you would expect, and there is surely a need for improvement. 

Noones Review: Our Verdict

From this Noones review, it’s clear that the platform brings a user-friendly vibe with its retro interface and speedy KYC registration. The perk of using local payment methods globally is a game-changer. 

Yet, the safety features like 2FA and passphrase give peace of mind. However, the buzz about scammers, dispute troubles, and a not-so-stellar customer support vibe is something to reckon with. 

As Noones evolves, fixing these glitches will be key to carving its spot in the crypto landscape and ensuring users get a reliable and secure crypto playground.