Noones is promising Paxful traders a ‘no love lost’ platform to continue trading their tokens and digital assets.
As you may have heard, the Paxful marketplace is shutting down due to legal and regulatory issues.
In the last few hours, traders have been busy withdrawing all the tokens and digital assets they could legally withdraw from their Paxful wallets.
But one question remains, where do they go now?
This is even more relevant for Nigerian traders who have only but a few options when it comes to p2p trading.
For the record, there are over one million Nigerian users who use Paxful and swear by its efficiency.
But Noones seems to be positioning as the new platform that will take over Paxful and other failing coin trading platforms.
Noones: A Paxful Clone?
If you’re a Paxful user, you could have read the shutdown notice on the splash page when you log into your Paxful account.
In that notice, users were advised to withdraw their funds and safely migrate to other platforms.
A few platforms were suggested, but Noones seems to be on top of the list.
Many users are already giving their feedback on the Noones.com website and how they were able to login with their Paxful details.
I wanted to confirm that, so I tried to login to Noones with my Paxful login details.
Lo and behold, I was able to successfully login to Noones using my Paxful email address and password.
Interestingly, all my profile details, verifications, and feedback replicated those on the Paxful platform.
So, Noones definitely has some form of affiliation with Paxful. Probably, Paxful CEO, Ray Youssef is building a platform to fall back on after Paxful’s demise.
Is Noones A Legit Trading Platform?
Noones seems like a new digital trading platform, so there is little info about them anywhere.
But looking at the whole scenario such as their links with Paxful user data, and Paxful CEO referring Paxful users to migrate to Noones, it looks like a Paxful clone.
If we then use Paxful’s reputation as a yardstick to evaluate the legitimacy of Noones, then it might just be the next Paxful, and therefore a legit platform.
But this is not just a choice between white and black.
Many questions still linger about whether it is the right move for digital coin traders to migrate to the Noones platform.
Is it too early to hop on to Noones?
Is the Noones platform well-positioned and equipped to continue the good legacy that Paxful has built over the years?
Or is just another sidepiece looking to capitalize on Paxful’s demise?
Would Noones be able to stand the test of time and create its own reputation going forward?
Noones Platform and Legalities
One of the main reasons why Paxful is shutting down is because the CEO, Ray Youssef and a co-founder are currently engrossed in a legal battle after the former was axed from the company.
This has led to the company losing its top staff and engineers, leaving Paxful in a barebone state.
Now, there would be legitimate questions that might arise about what rights Noones has to acquire Paxful users’ data.
What if it was a case of data breach or data theft for Noones to acquire Paxful users’ data?
What if Noones gets dragged into the ongoing legal tussle between the Paxful co-founders and thereby loses its legitimacy?
What if Noones becomes another case of a company shutting down overnight due to legal complications?
These are questions that need immediate answers.
What I Like About Noones
The coolest thing about Noones is the ease of onboarding, followed by good security features.
If you’re a Paxful user, migrating to Noones would be a breeze. All you have to do is just login like you would on Paxful.
And you don’t even have to do any 2FA the first time as it’s disabled by default. Once you login to Noones the first time, you can then set up 2FA via the security menu.
On the security feature, it seems like a replica of Paxful. Very seamless, robust and reasonable. The only difference is the page color!
What I Dislike About Noones
My only grouse with Noones is its link with Paxful, and ironically, that seems to be one of its biggest advantages.
With a reputation as a Paxful clone, we only wish that the Paxful debacle ends well. Else, it would rub off badly on Noones and may adversely affect how users perceive the platform.
Well, I can only hope this becomes a non-issue as time goes by.
Should You Trade With Noones?
Personally, for now, I’ll be happy on the sidelines.
It is necessary to be cautious before using Noones, as it seems to be linked with Paxful, a company currently facing legal issues in the U.S.
Even though I’ve been notified by a few traders on Paxful to move over to Noones and continue trading with them, I still need some time to observe the situation.
So, even though the Noones platform looks good, and is an option that I’ll be willing to use for trading, I won’t be using it in the immediate future.
Maybe when the air clears on whatever legal issues Paxful is facing, and I hope it’s as soon as possible.
Conclusion
Even though I have my personal reasons why I might not want to use Noones for now, the platform is largely active and buzzing with new users trading on it.
In fact, many of the large traders on Paxful have already migrated to Noones and have carried their trading customers along.
So, if you want to buy, sell, or trade any digital asset, you can take a look at Noones and see for yourself if it’s a good fit for you.
The ball is in your court.