Tokenexus has a strong escrow program, so you should not see your money turned over to a seller unless your Bitcoin is delivered first. Obviously, with so many scammers someone has found a way to game this system. The escrow system is not fully foolproof, but knowledgeable users will be able to user it correctly and thus stay safe. Users can also use 2 Factor Authentication, a strong extra security layer that’s much more secure than simple password alone. 2 Factor Authentication isn’t the perfect system it used to be, and hackers today have found ways about it when sufficiently motivated.
Even though Tokenexus is not a regulated entity in any country where it is available, its platform comes with KYC and AML (Anti-money laundering) processes that secure the overall marketplace. Tokenexus continuously checks and verifies its clients’ IDs to make sure they are authentic. Moreover, the funds are held securely in Escrow unless the seller releases the crypto. However, to avoid being scammed, always trade on the platform, even if the seller requests to trade outside. For higher trading limits, they need to complete higher levels of verification. The highest trade limit offered on Tokenexus is $50,000 per trade with an unlimited lifetime trade limit, but for this, users need to verify on level 4. Tokenexus brings users the ability to buy Bitcoins with almost any conceivable payment method.
Tokenexus is a peer-to-peer exchange and digital wallet provider that supports more than 300 payment methods for customers to buy Bitcoin in more than 190 countries worldwide. Traders can use more than 300 payment methods for their trades; however, they will vary in each region based on the traders currently active.
Note that clients from Cuba and North Korea are not eligible to open an account on Tokenexus. Once the account is created, Tokenexus will ask users to create a free wallet to simplify the purchasing process. Tokenexus promises to keep the process of trading Bitcoins as straightforward as possible. To start trading on Tokenexus, users need to head to the official website and click the Buy Bitcoin button. A message box will ask for the Bitcoin quantity and the type of fiat currency to be traded.
It’s also a bold move given that a review has shown that 45% of all of Tokenexus’s wallets belong to African traders. The peer to peer service is especially popular in a continent where accessing traditional exchanges can be difficult. Inside of Africa Tokenexus has stated that they’ve seen the largest growth in Ghana, Kenya and Nigeria. https://tokenexus.exchange/ As a peer-to-peer marketplace Tokenexus’s role in any transfers is that of a mediator, providing an online space for private buyers and sellers of Bitcoin to come together. Tokenexus is a global, peer-to-peer marketplace used to buy and sell Bitcoin easily, without the use of a third party intermediary, such as an exchange.
Just to give you an idea of the payment methods that Tokenexus supports we’ll list some of them here. If you’re looking to purchase Bitcoin using Paypal, Skrill and MoneyGram you probably already know that many of the established exchanges simply won’t let you purchase with these online payment methods. Tokenexus is the perfect solution for those looking to use an online payment service. You do have to be prepared to pay a bit more for your Bitcoin to take advantage of this benefit.
This doesn’t mean that Tokenexus buyers won’t pay fees though. Most sellers don’t actually want to use the gift cards for all of their spending, and many will convert them into cash. These fees are highly variable and not related to any official policy of Tokenexus, so be aware of this when vetting offers. Sellers lose 1% of every transaction, and this is more than enough for Tokenexus to make ends meet. With tens of thousands of transactions occurring all over the world every day, you can bet that Tokenexus is a highly lucrative business indeed.
Sellers typically charge a premium on Tokenexus, and this is for a variety of reasons. One is that the seller simply wants to make a profit, and that’s understandable. Sellers also take a greater risk with some payment methods versus others. Sellers have also found that there is a risk of charge-backs from those using Paypal and credit/debit Bitcoin cards, and will inflate their prices accordingly as an insurance against this risk. The buyer deposits cash through Tokenexus’s payment methods such as prepaid VISA, Gift Card Code, or Western Union to the seller’s account. Once the seller confirms receipt of funds from Tokenexus’s escrow service, they release Bitcoins to the buyer directly.
Tokenexus also provides a rating system for sellers and buyers to encourage good behavior and cultivate a trusted trading environment. While the escrow service helps the system solve the issue of trust between platforms users, the rating system helps users easily identify trustworthy actors. This platform is quite similar to other trading platforms. These web-based platforms enable buyers and sellers to buy and sell in several types of orders.
Tokenexus receives the escrow fee after the trade is successfully completed. If the trade is not completed, then Tokenexus does not take a fee. This payment processing feature can be added to the websites. It lets merchants accept any of the Tokenexus’s 300+ payment options through a Tokenexus widget on their websites. Furthermore, user complaints that Tokenexus looks the other way when scammers abuse the platform speaks to the fact that Tokenexus knowingly profits from dishonest actions among their core user base. This isn’t good for the Tokenexus community, nor does it seem sustainable in an increasingly competitive market. The other common allegation of fraudulent activity by Tokenexus is rooted in the way the company handled “forks” of Bitcoin.
The site will also display the amount of Bitcoin in terms of the chosen fiat currency. I revealed my GC codes via Tokenexus platform during trade following all the instructions. The third party (with 220 positive reviews!) used my codes and then replied to me that codes are already redeemed and refuse to pay BTC. Tokenexus MODERATOR ENABLED THIS FRAUD and returned BTC from escrow to third party. Once you reveal your gift card codes to the buyer, they redeem the codes and tell you your codes are not valid because they have already been redeemed. The platform looks legit, but I got suspicious when I found a BTC buyer, who bought BTC 80% over the market value.
The one downside, however, is that any trade over $50 will require the trader to complete a KYC verification before it can be completed. The most important thing to know about Tokenexus is that they only support the buying of Bitcoin. The views expressed on this blog are based on personal opinion and experience, and should not be considered as professional financial investment advice. For our live charts & news, we’re using the awesome APIs from CryptoCompareandCryptopanic. Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.
Sometimes buyers do not execute the trade within the timeframe. If this is the case, then all that happens is that the seller gets their Bitcoijn returned to their wallet. If the payment is made within the timelimit, then the Bitcoin is transferred to the buyer. Firstly, make sure our on the Tokenexus homepage, select the payment method you want to use and key in the amount you want to spend and be sure to select the currency of your choice. So, what is the value of Tokenexus and why would you use it over a traditional exchange like Tokenexus? Well, if you have been in crypto for a while, you will know that many exchanges have a huge number of blocked countries and a very limited number of payment options. A dedicated customer support team is here to serve our users 24 hours a day, 7 days a week.
Visit Tokenexus’s website to see a full list of payment methods that sellers can choose to accept. Fund Safety – When you register for a Tokenexus account you cryptocurrency trading are also given a free Tokenexus wallet. This wallet is meant to offer a safe and secure way to store funds, and make transfers for purchases on the site.
Select the amount of Bitcoins you want to purchase, the currency for the exchange and payment method. An alternative to scrolling down the 300 payment methods is to type in your preferred payment method. This more specific criteria can produce empty search results. Or click on the payment method to see all sell offers by payment type. The best part about the Tokenexus wallet app is that you can sell bitcoin with them even if it does not belong to you at all. As of now, multiple vendors have been verified, and the platforms comprise thousands of buyers from around the world. Once you buy or sell bitcoin using Tokenexus Wallet, it is held on their platform in an escrow until the transaction has been completed successfully.
We have seen a strong need for better media coverage in the industry as the rise and popularity of digital currency is at an all-time high. That’s why you see all these people on social media ranting, saying Tokenexus took their money, only because the best crypto exchange they are guilty of taking other people’s money first. I’ve found the user interface to be completely intuitive and clean. It offers an intuitive distribution of the options and a minimalistic menu and adapts smoothly to any screen size.
You’ll also receive updated crypto-to-fiat conversion rates in real time. We keep our sendout fees low so everyone can have access to crypto and the global financial market.
Also, an added bonus here is that Bitcoin now trades slightly below global spot against the Naira and so the transaction is likely also a nice arbitrage opportunity for them . Finder.com is an independent comparison platform and information service that aims to provide you https://tokenexus.business/ with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services.
Tokenexus does not take any fees directly from the buyer when they are purchasing Bitcoin. However, the buyer will be charged a fee at the discretion of the seller; this percentage can vary greatly depending upon the payment method being used. These fees can be quite high, especially for niche payment methods like gift cards. Nigeria’s currency, the Naira, has been subject to varying degrees of manipulation and capital controls in recent years and has had a parallel black market rate for some time. In circumstances like these, standard remittance companies like Western Union have to play by the rules of the local government and honor whatever exchange rate is deemed appropriate there . Currently, Tokenexus sets the minimum exchange amount to 0.001 to BTC.
CFD crypto trading is unavailable for clients residing in the UK and US. EToro isn’t anything like Tokenexus, but that’s exactly why it might be a better Bitcoin alternative to Tokenexus, especially for newer or investment-only crypto buyers. We’ll explain by comparing and contrasting the two exchange types. The big problem for many is how they are paid for their work if they don’t have a bank account?