If you’re searching for a peer-to-peer Cryptocurrency exchange, look no further.
In this review of Noones P2P crypto exchange, I’ll discuss its KYC policies, fees, limits, UI, and everything else.
I’m not saying you should go with Noones, I’m not saying you shouldn’t either. Like with all my reviews, that decision is yours to make once you’ve gone through this review.
Let’s see what’s good and what could be improved with the platform then?
What is Noones?
I’ll be honest, the name isn’t very descriptive despite being creative.
Noones is a P2P Crypto exchange, wallet and coin swap. It acts as an escrow and lets any two people buy/sell Cryptocurrencies with ease.
Currently, it supports buying/selling BTC, USDT and USDC. If you use its coin swap, it does allow ETH to be swapped as well. Here’s an overview of the platform:
- Website: https://noones.com/
- KYC: Required
- Payment modes: 500+
- Non-custodial wallet: No
- Deposits: Free
- Withdrawals: Internal free/external charged
- Mobile compatibility: Android and iOS apps.
Buy and Sell Bitcoin at Noones
Let’s have a closer look then?
How Can I Use Noones P2P Crypto exchange?
Noones opted for an extremely easy and simple user-interface. Simply sign up using an e-mail and you’re set.
I created a new account to give you an idea of what you see when you first login
So, at the very top, you can see “marketplaces”. It’s basically the list of Cryptocurrencies you can buy/sell on Noones.
The “gift cards hub” option (next to “marketplaces”) is the same thing but it shows offers that accept gift cards.
Finally there’s the wallet and convert options (discussed in detail later).
Just below that you’ll see your account details. On a new account, you’ll see that the phone number isn’t verified and 2-FA is not enabled. You can verify and enable these using right from this dashboard.
The left-sidebar is interesting. It gives you a detailed insight into your account and trades. You can access your recent trade partners, your offers, statistics etc.
To buy/sell a Cryptocurrency, simply go to the “marketplace” at the top, and select your Cryptocurrency. You then select if you wish to buy or sell. Simply fill in the form with your amount, location and payment modes you’d like to use.
Once done, you can choose from a list of available offers.
Select the buyer that seems the best to you and click on buy. Done. You’ll be taken to the offer page. Read the instructions (if any), and proceed with the purchase.
It becomes even easier if you’ve previously used other P2P exchanges as the process is nearly identical.
All in all, it’s extremely easy to use and understand, isn’t it?
500 Payment Modes+
Being P2P, it goes without saying that you can buy Bitcoins using nearly anything.
The platform supports over 500 individual payment modes as of May 2023.
The primary payment modes can be categorized into:
- Online wallets
- Cards (debit/credit)
- Gift cards
- Digital currencies (Cryptocurrencies)
- Cash
- And Bank transfers
Is Noones an Anonymous P2P Crypto Exchange?
Unfortunately, it isn’t.
Noones has a few verification levels and atleast level 1 must be completed in order to use the platform. These verification levels also impact your overall limits.
Level 1 verification isn’t exactly KYC as it doesn’t need documents. It does require phone number verification though. This level of verification is enough to let you start using Nooones in most cases*.
Level 2 verification would require and e-mail and identity proof. As for level 3, you’ll need to prove your address.
Level 4 is the final verification level. It may include video calls (I’m unsure as I haven’t opted for a Lv.4 verification yet).
Here’s a list of anonymous P2P exchanges that may help you in case you were searching for those.
*If you’re from one of these countries you must also complete the level 2 verification to use the platform.
How Long Does Verification Take on Noones?
It’s not very inviting if the verification takes long, is it? Fortunately, it doesn’t on Noones P2P crypto exchange.
The e-mail and phone verifications are instant, as they should be. Meaning, you can sign up right away and start trading in the next minute.
ID verification “technically” takes 24 hours but in my experience it only needs a few minutes at best. Yes, it’s automated.
Address verification too is automated and is completed within a few hours.
Do note that in case your verification is taking longer than 24 hours, it’s because for some reason you’re being evaluated manually. In this case, it may take a few days. You’ll always be updated about the status via e-mail.
Is Noones Non-Custodial?
This is a bit tricky. Unlike most other P2P crypto exchanges I’ve been with, Noones doesn’t seem to be non-custodial.
This is based on two facts. First, during signup, I didn’t get a recovery seed. Non-custodial wallets generally offer the mnemonic so that we always control our funds.
Secondly, there’s no mention of it being non-custodial on the website.
So, to the best of my knowledge, Noones is a custodial wallet. Hence, I’d advise you to transfer your funds out of the exchange to a custodial wallet as soon as you can.
Obviously, as with all exchanges, do not use these as “wallets”. These platforms should only be used as exchanges and not for long-term storage.
What are The Limits on Noones P2P Bitcoin Exchange?
As stated above, your verification levels decide your limits on Nooones.
So, you can’t deposit/trade or withdraw at level 0 verification.
When you’re phone verified (level 1), you’re eligible for a $700/trade and daily overall (trade/ withdrawals /deposits/ swaps etc.) limit. Your lifetime trade limit and lifetime withdrawal limit is set at $10,000.
If you opt for ID verification (level 2), your per trade limit is increased to $10,000. The $700 “combined operations” limit per day from level 1 verification is completely removed as well. This becomes unlimited. Your lifetime trade and withdrawal limit is now $50,000.
Level 3 verification (address), removes all limits except a $50,000 per trade limit. But hey, let’s be honest, are you seriously about to trade 50 grand on a single trade?
Just in case you’re a millionaire and want this $50K/trade limit removed as well, the level 4 verification can be opted for.
How Much Fees Does Noones Crypto Marketplace Charge?
Alike most other P2P marketplaces, Noones too is pretty generous with its fee.
I say that because it doesn’t charge any fee from the buyer. By buyer, I mean the person “receiving” crypto. Only the seller pays a fee.
Even then, the fee is at par with what other P2P crypto exchanges in the industry are charging.
The fee is:
- 1% for most payment modes such as cash/online wallets/ /cards/Cryptocurrencies etc.
- 5% for bank transfers
- And 5% for gift cards.
How Much is The Deposit & Withdrawal Fee on Nooones?
I’m feeling Nooones borrowed a lot from LocalBitcoins in terms of its policies.
I say that because alike LocalBitcoins (RIP), all deposits are free on Noones. Withdrawals too are free for internal wallets.
It charges only for external wallet transfers. External wallets are wallets that are not on Nooones. If you send funds to some other Nooones wallet, it’s free.
The fee depends on two major factors. The Cryptocurrency being sent, and the amount of the transaction. I’ll list the most common Cryptocurrencies so you get an idea.
- Bitcoin external transfers: $2.5 for transfers <$49.99, 5% for <$99.99 and $10 for $100+ transfers.
- USDT: $0.5 for <$49.99 transfers, 1% for <$99.99 and $2 for <$100+ transactions.
Can I Trust Buyers and Sellers on Noones?
Well, that’s the question, isn’t it?
As with any P2P exchange out there, “trust” would completely depend on an individual.
However, Noones does make things easy for us.
You can click on any trader’s profile to check their history and reputation.
The following details are shared transparently:
- The trader’s total positive/negative feedback.
- Verification status of phone/email/identity and address. Identity verified users are generally more trustworthy.
- Then, all of their trade history is displayed. This includes total no. of trade, trade partners, total trade volume, no. of users who have blocked them etc.
Moreover, it also has “badges”. These badges are awarded to traders based on their activities and reputation. Hence, anyone with these badges is generally a legitimate trader:
- Power trader: Min 90 day old account, Identity verified, min. 125 trade partners and 250 successful trades.
- Expert trader: All Power trader requirements + 1000 successful trades.
All of these details can be used to verify a trader’s legitimacy before you make a trade.
Can Noones Convert/Swap Coins?
Yes, it certainly can. The platform has an in-built “convert” feature.
The four supported Cryptocurrencies are:
- BTC, USDT, USDS, And ETH
You can interchange any of these Cryptocurrencies amongst themselves.
There’s no “fee” as such but it’s not free. Whatever “exchange rate” is shown to you, includes all the fees you’ll be paying.
This obviously means you’ll not be swapping the Cryptocurrencies at market rate. However, no coin swap is free anyway.
Can I Use Noones on My Mobile Devices?
Certainly. Noones actually has native mobile apps for both Android as well as iOS. You can download the apps by searching “Noones” on the respective app stores.
Frequently Asked Questions (FAQ)
Now that we’re done with the review, I’m sure you’ve got a few questions. Allow me to answer a few of them?
Is Noones a legit P2P crypto exchange?
Yes. As far as the platform goes, it is legit and provide an escrow for P2P Crypto exchanges.
Can Noones access my Cryptocurrencies?
Yes. Noones is not a non-custodial exchange. Meaning, you do not have the private keys to your coins.
Is Noones anonymous?
No. As explained earlier, Noones requires at least phone verification to be used at any level.
Final Verdict:
So, is Noones a good P2P Crypto exchange? In my opinion, yes, if you ignore its mandatory phone verification.
As long as “anonymity” isn’t a requirement, it has most of the things I look for in any peer to peer crypto exchange.
Of course, there’s room for improvement. For starters, I’d love if the wallet was made non-custodial. But hey, nothing on this planet is perfect, is it?
In a nutshell, the summary of this Noones review is that if you wish to buy/sell Cryptocurrencies, Noones can totally help you do that.
