About Awelex

last updated: 24-Aug-2019

The Problem

Cryptocurrency is all about being your own bank; taking charge of your financial security and transacting peer-to-peer without the need for intermediaries.

Being your own bank requires that you comply with security requirements needed to keep your funds safe. One of the most recommended ways to achieve this is to use a physical wallet.

However, in Nigeria, cryptocurrency exchanges offer wallet services to users on their platforms. This is not a complete service because users do not have access to their wallets’ private keys. This means that every fund in these exchanges is basically owned by the exchange.

The risky part of this is that a malicious exchange or a breach in server security may cause entrusted cryptocurrencies to be stolen.

Furthermore, these exchanges do not offer any form of insurance to users, which means that users’ funds are not safe — a subtle secret they try to hide.

Another aspect of the problem is the transaction fees they charge. Buying bitcoin in these exchanges is costly because you must pay withdrawal fees and deposit fees when you want to withdraw or deposit cryptocurrencies.

Additionally, if you want to send a bitcoin to Binance or Bitmex and you need to buy it, you first buy in these exchanges before sending the bitcoin to Binance or Bitmex, paying withdrawal fees in the process.

The same thing applies to selling cryptocurrencies; you have to first send them to these exchanges and pay deposit fees before selling to get naira into your bank account.

It’s a process completely designed to take from users.

The Solution

Here comes awelex.com to the rescue!

Awelex is designed as a naira-to-crypto on+off ramps non-custodial exchange.

It solves the security issue by ensuring that users’ funds are not stored in the exchange. Once an order is created and fulfilled, settlement transactions will commence almost immediately and everybody is happy.

The process of buying or selling at awelex.com is very simple.

To buy bitcoin, all you need to do is provide a bitcoin address where you want to receive the bitcoin and then make payment with your naira debit card. Once payment is confirmed, your bitcoin will be sent to the address you provided.

The same thing applies to selling cryptocurrencies. To sell bitcoin, just provide your bank account details and send the bitcoin to a unique address that the site will generate for your order. Once payment is confirmed, we will automatically send money to your bank account.

There are no deposit or withdrawal fees. What you see at the point of creating your order is what you’ll receive in the address provided or your bank account.

With Awelex, sending bitcoin to Binance, Bitmex, etc., is now straightforward. No more hassle, no more fees. Simply provide your deposit address and you’ll receive your bitcoin in the address.

Awelex is about encouraging crypto adoption, and we’ve only just begun.