Today I will be talking about Buycoins Africa, a cryptocurrency exchange platform. There comes a time when Nigerians need to have a means of trading cryptocurrency without being ripped off.
Before Buycoins exist, other platforms were leading, but one question most people ask is
is BuyCoins Safe to Trade Bitcoins?
What is BuyCoins Africa?
BuyCoins is a Cryptocurrency platform that is primarily made for Nigerians. It is located in Lagos, Nigeria, and owned by Timi Ajiboye and a team of 9 Developers.
Buycoins Was launched and operated as beta software in the year 2017 and previously known as Bitkoin Africa.
It gains momentum ever since they moved from beta with the help of their reward program, which let beta users earn N1,000 for referring new members. I was not a beta tester, but I benefited from the program.
Three years down the line, and today Buycoins is doing quite well in the bitcoin exchange world.
We have such platforms as
- Luno Coins
- Coinbase and many more like it
Let us see why you should start using Buycoins as Nigerian instead of other platforms, you may know.
BuyCoins Africa Features and Benefits
Here, I will be discussing why buycoins is worth your shot, my shot was worth it, and I don’t know about you.
- Buycoins Encourages a Very Strong Security
- Supports Multiple Coins
- Instant Withdraw/Deposit
- Transactions Alerts
- Instant Buying and Selling of Crypto Coins.
BuyCoins Africa Products and Services
If you sign up with Buycoins, the following products are what you will get and be able to use as an approved user.
- Multiple Wallets
- P2p exchange
- Coinlock NGNT
- Mobile App
Immediately you create an account with buycoins; you are entitled to over five wallets, which allows you to receive and send in different cryptocurrencies Nigerian Naira included.
This is a product on Buycoins that allows you to trade bitcoins successfully without being scammed. The P2P Exchange works in such a way that all transactions are escrowed automatically and not the seller, or the buyer has issues with a third-party escrow.
How to Trade with BuyCoins P2P Exchange Product.
First, it depends if you are buying or selling; however, the same steps are the same for both sides.
How To Sell Bitcoins on BuyCoins Africa
- To sell your bitcoins, login to your Buycoins account and navigate to Trade P2P.
- Click on Find Trade Ads and choose a buyer to sell your bitcoins.
- Price can be adjusted to see who is available to buy the quantity you have in your wallet.
Kindly note this, to sell bitcoins on Buycoins Africa, you must have balance in your bitcoin wallet account available to trade.
Also, each seller has a limit to how much bitcoins they can buy, if you are unable to trade because the trade button doesn’t appear. Choose another buyer from the list.
How to Buy Bitcoins On BuyCoins Africa
- To Buy Bitcoin on Buycoins Africa, top up your NGNT account with more or the exact amount you want to trade and navigate to the trading tab.
- Select a seller from the list and start trading.
- If you can’t find someone to buy the quantity you want, all you have to do is change the price range, and a seller will appear.
Coin locks NGNT is a way for you to invest and earn interest within a time range. You can lock in the desired amount in the coin locks NGNT and withdraw it when it has accrued enough interest.
During the locking period, you won’t be able to access your funds until the exact date set to withdraw your money is ready.
Buycoins want you to be able to save money with their platform, just like having a piggvest account.
BuyCoins Africa Mobile App
BuyCoins Launched their mobile app, which helps you manage your cryptocurrencies anytime and anywhere you want to use them.
The buycoins app comes with an extra security layer allowing you to protect your funds by integrating fingerprint security options.
With the Buycoins Mobile App, you can perform all the tasks that are done on the web.
Buycoins is only supported in Nigeria as of the moment, and I think they will expand to other African countries as time goes on.
But for now, they are doing the very best they can do for Nigerians by being fair and justifiable with their excellent works.
Buycoins Supported Currencies
Buycoins supports four currencies at the moment, and we expect them to add more coins because they are gradually doing so. For now, they focus on the main currencies that lead to the blockchain world.
These are the currencies you can use to receive or send payments using Buycoins Africa.
- USD Coin
- Fiat (NGNT)
All of these currencies can be converted to the Fiat currency available, which is Naira. You can convert each of these coins by selling or saving them.
What Payment Methods Does BuyCoins Support?
There is three-way you can add money to your buycoins NGNT Wallet, and they are:
- Direct Bank Deposit (Using Assigned Provides Account Number)
- Card Payment
- NGNT Transfers
The Payout Method is via the account that you link while completing the KYC Verification process. All the requested withdrawals will be sent to the account connected.
BuyCoins Transaction Fees.
Almost all transactions being done with Buycoins Africa are free except for bitcoin exchange. Their fees vary.
|Cryptocurrency||Receiving Fee||Sending Fees||Naira Equivalent|
|Bitcoin||Free||0.000082 BTC||293 Niara|
|Litecoin||Free||0.000022 LTC||0.39 Naira|
|Etharium||Free||0.0012 Etha||112 Naira|
|USD Coins||Free||0.25 USDC||97 Naira|
Kindly note that the rates above are recorded during the time I was writing this article and may change at the time you are reading the article.
Make sure you check your fees before sending them.
KYC Verification Requirements.
The KYC is required for you to upgrade your account and be able to trade using the P2P trade option. It also allows you to withdraw or trade any amount you want.
The requirements needed by Buycoins Africa include the following details.
- Bank Account
- Phone Number
- BVN Number or Valid Government issued ID card
With all the listed documents or requirements above, your account will be verified so you can enjoy all the features available.
At the time of using Buycoins, I never encountered an issue; everything went smoothly. Nothing went wrong that I needed to contact them for any assistance.
According to users who had issues at the beta stage of Buycoins, it was said that they had the best response rate using the chat support.
Well, if all transactions can go smoothly, there is a high possibility for their support systems to be fast.
You can view their help center for more support details and contact points.
Advantages of Using BuyCoins Africa.
- Good security system
- The app is available to use on the Go
- Fewer fees compared to other platforms
- It is easy to use web and Application
- One can receive and store unlimited funds.
Disadvantages of Using Buycoins Africa
- Only users from Nigeria can use the platform.
Do you have any questions you want to ask? Use the comments section below, and I will respond as soon as possible.
Watch My Review Video: How to Buy and Sell bitcoins on Buycoins Africa.
I hope this post was helpful enough to help you understand that buycoins Africa is not a scam or fraud platform as it stands. I have been using them for some months now and All I can say is, I enjoyed seamless transactions at good rates.
But if you think there is a better platform that does magic than BuyCoins Africa, let me know via the comments section.
I will personally love to get my hands on it.