Instantcoins: sell bitcoin in
Latest release: 1.0.6 ( 5th April 2021 ) đ Last analysed 1st April 2022 . Can't send or receive bitcoins Not updated in a whileHelp spread awareness for build reproducibility
Please help us spread the word discussing the risks of centralized custodians with Instantcoins: sell bitcoin in via their Twitter!
Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.
The Analysis ¶
App Description
Sell & Buy Bitcoins, Ethereums, USDT, Litecoin, and Perfect Money securely with Instantcoins! We are the best platform to exchange cryptocurrencies in Nigeria. Instantcoins is duly registered at the Corporate Affairs Commission (CAC), making us the safest, fastest and all-around best application for selling, buying bitcoin and other crypto currencies for individuals and institutions who are based in Nigeria.
Google Play Critical Reviews
Life Good
â ââââ August 4, 2021
Iâm having issue, I havenât receive my money since yesterday and this is the second time Iâm facing this issue. I send Bitcoin 2 times same wallet and I was credit for 1 up till now I havenât received any credit alert from them, now I try to sell Bitcoin yesterday being 3th up till now I havenât receive any money from instantcoin so painful đđđ
Onoriode udoma
â â â ââ November 16, 2020
The app is quite good but there is no option to send bitcoin to an external wallet. It will be awesome if this option is added.
The Site
Terms and Conditions
It is the customerâs responsibility to ensure the correct wallet address has been used, failure to do so is wholly to the loss of the customer and we cannot be held responsible for any loss to the customer resulting from this, or any loss to any third party as a consequence of the inaccuracy.
The App
We downloaded the app and we were not able to find the buy function. Selling Bitcoin involves inputting: Bank Name, Account Number and Account Name. Once the bitcoin gets sold, the Naira is supposedly credited to the userâs bank account automatically
Note: The process for buying bitcoin is detailed in a third-party article but not on the site itself. It can be seen in globaltechedu.com. Furthermore, many of the options or buttons pointed out in the article no longer exist in the app itself. Buying bitcoins using this app, entails inputting a third-party wallet.
Users can input their bank account details via the profile page.
When selling Bitcoins you can choose from Paxful, Bitcoins, LTC and PM. We were not able to fully access these features, but the formâs tooltip describes the process as:
You will be redirected to your paxful wallet to complete the trade, once on paxful.com make sure you are logged in, just click on âsend bitcoin nowâ and you will be redirected back here and your bitcoin will be converted instantly.
Contact
Instantcoinsâ twitter profile has protected tweets. Its Facebook account is also limited.
Verdict
As of October 25, 2021, the buy bitcoin feature seems to have disappeared from the app. This can previously be seen from their video app demo on youtube.
Judging from the limited available information we have, the app automatically converts bitcoin send from an external wallet to fiat and deposits it to the userâs bank account. Since we cannot locate the âBuy Bitcoinâ function on the android app and on the web interface, it would seem feasible to assume that this has been disabled.
Until further information is available, this app has not advertised features with the ability to send or receive bitcoins. Furthermore, the automatic conversion of bitcoin to Naira, directly deposited to the userâs bank accounts means the conversion is automatically done on the back-end.
Our verdict for this app is it cannot send or receive bitcoins.
(dg)
Verdict Explained
The product can't send or receive BTC.
As part of our Methodology, we ask:
Can it send and receive bitcoins?
If the answer is "no", we mark it as "Can't send or receive bitcoins".If it is for holding BTC but you canât actually send or receive them with this product then it doesnât function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you âcash outâ.
All products in this category are custodial and thus funds are at the mercy of the provider.
But we also ask:
Was the product updated during the last year?
If the answer is "no", we mark it as "Not updated in a while".Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that donât get updated in a year are probably not well maintained.
This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.
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