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BuyCoins Africa

REVIEW: Buy and sell cryptocurrencies in a very stress-free and more flexible way with BuyCoins

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Buy bitcoin, Ethereum, USDC.

Cryptocurrency is attracting the attention of a swarm of Africans, as more Africans clamour for a decentralized financial system and, of course, a more financially lucrative future. The race to a crypto-powered future has just begun and the continent is already gearing up to propel the development of as many sustainable and innovative products as possible, in a bid to support the vision of a crypto-powered future. The territory of African finance is already being emblazoned with such crypto-oriented innovations that seek to uphold this vision.

Amid this crypto frenzy is Buycoins, a cryptocurrency app launched in 2017 as Bitkoin Africa, before rebranding as Buycoins in 2018.  The mission of Buycoins is pretty straightforward— it enables anyone to buy and sell cryptocurrency— Bitcoin, Litecoin, Ethereum, USDC and NGNT — instantly. With BuyCoins, you no longer have to search for someone who is interested in buying or selling cryptocurrencies. You can buy and sell on the app, instantly, without hassles. The app is available on Android, iOS and desktop. 

How exactly does the BuyCoins app work, and What does it entail?

BuyCoins provides a stress-free means of buying and selling cryptocurrencies instantly. The Buy & Sell feature on the app allows users to do this. Through the feature, any BuyCoins user can directly purchase cryptocurrencies by making a bank transfer or using their Visa/MasterCard, without a transaction fee. A user only needs to select the coin they want to purchase and simply pay with their card.

Buycoins dashboard

The proposition of BuyCoins does not end at just the provision of a platform for instant trading of cryptocurrencies, it pushes the limits of what’s possible with cryptocurrency exchange apps, through a blend of uniquely exciting features. 

Buying and selling cryptocurrencies is a lot easier and more flexible with Buycoins. The app incorporates a limit order feature that allows cryptocurrency traders to set a preferred price at which cryptocurrencies will be automatically bought or sold. The transaction will proceed only when the price of the cryptocurrency reaches the user’s stipulated price. Once a user sets the price they are willing to trade at and the amount of coins they want to trade, the coins will become escrowed until the market price reaches the price set by the user.

If a user, for example, sets a preferred price of N2,800,000 for 1 BTC, an order will be placed automatically once the price of 1 BTC on BuyCoins reaches that amount.

Buycoins trader order

In addition to the instant trading of cryptocurrencies, Buycoins also supports peer-to-peer cryptocurrency transactions on its platform. This is only available to verified BuyCoins accounts that are logged in.

If you are willing to sell cryptocurrency, all that needs to be done is for you to post a sell trade ad. This lets other people know that you are willing to sell cryptocurrency. When a buyer signifies interest in the trade, your coins are released to the buyer only after a confirmation of payment. Before payment is confirmed, the coins are held in escrow. This is put in place to create trust between the buyer and the seller.

BuyCoins trade ads

The problem with a trade ad is that traders may experience trade losses due to the volatile prices of cryptocurrencies, since cryptocurrency rates fluctuate over time. To effectively tackle this issue, BuyCoins implements a dynamic pricing system. “Dynamic Pricing is a feature that enables users to create trade ads at rates that change depending on a drop or spike in the general price of cryptocurrency. With dynamic pricing, we pull cryptocurrency prices from Bitstamp in USD, and multiply it with the Naira exchange rate you will manually set,” the company’s website says. 

For specific users who trade high volumes of cryptocurrencies on BuyCoins, a credit line feature is available to optimize their trading experience. Via a credit line, qualified users can sell more BTC than they currently have in their account, in instant trades. 

For peer-to-peer trades, qualified users can buy and sell BTC worth more than they have in their account, through their credit line. The maximum amount a user can buy or sell is determined by BuyCoins, and it is called the user’s credit line. 

Users have a 6-hour period to pay back their debt. Failure to pay back their debt before the payment deadline will result in the restriction of the user from withdrawing Naira or sending out BTC. The credit line of the users will be increased as their trading activity increases. 

The offerings of BuyCoins are not limited to buying and selling cryptocurrencies alone. Via a Coin Lock feature, BuyCoins users can lock up any amount of NGNT or USDC for a specified time and earn interest on it after the specified time has elapsed. 

BuyCoins USDC Coin lock

BuyCoins is, undoubtedly, one of the best African platforms for trading cryptocurrency. Through an integration of carefully-knitted innovative features, the platform has eliminated a lot of the challenges associated with cryptocurrency trading in Africa. In the journey to a crypto-powered future in Africa, BuyCoins occupies a pivotal position, steering the wheel to that future, through its innovative and disruptive offerings.

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Binance

Nigerian Crypto Traders Explore Alternatives After CBN Ban To Remain Africa’s No 1 In P2P

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Nigeria

After the Central Bank of Nigeria released a circular instructing the banks to play no role in crypto trading and investing, there has been a frenzy on social media. 

While enthusiasts and traders largely condemned the actions of the CBN, most are assured that the new directive will not impede crypto activity in the country. Veteran traders took to twitter and other social media platforms to dispel any form of panic among holders and other traders. 

Interestingly, after the circular was released, bitcoin peer-to-peer trading increased dramatically in the country. Nigeria already holds a top spot in the world, when it comes to crypto adoption. Bitcoin has become a viable alternative to the country’s weakening Naira. 

Barely a week after the directive by the Central Bank, Usefultips revealed that peer-to-peer lending of bitcoin, surged by 15%. 

Nigeria leads Africa by a whopping $7.5 million in peer-to-peer lending. Kenya, which was closest, came in second at $2.86 million while South Africa comes in third with a transactional peer-to-peer value of $2.38 million. 

Nigeria’s population, which is dominated by tech savvy youths, has proved that the new CBN directive will not deter crypto usage in the country. The news seems to have sparked a wave of interest in crypto usage and trading. 

Alternatives To Fiat Deposit And Withdrawal

Moments after the CBN directive made rounds in the news, exchanges disabled fiat deposits and withdrawals of naira. This made buying directly from exchanges and withdrawing crypto equivalents into naira bank accounts impossible. 

While some expressed their fears over the new development, some simply decided to turn to peer-to-peer. Those who needed to turn crypto into fiat simply sold to those who needed to turn fiat into crypto.

This method however, makes newbie crypto users and traders susceptible to crypto scams. In light of this susceptibility, some exchanges have provided services that protect users and make peer-to-peer easier.

PaxFul P2P Marketplace

When it comes to peer-to-peer trade in Africa, Paxful is at the forefront. The exchange overtook LocalBitcoins in June last year to become the biggest peer-to-peer marketplace in the world.

A quarter of Paxful’s users are made up of Nigerians, they also constitute the company’s second largest bitcoin market.

As the biggest peer-to-peer trading platform in the world, it is certain that Paxful will have no troubles catering to customers who have to turn to p2p following CBN’s new directive.

Binance P2P Escrow Service

While peer-to-peer trading might seem like a simple alternative to bank deposits and withdrawal of crypto, parties involved in the exchange  might not always hold up their end of the deal.

Binance’s escrow service reduces the risk associated with peer-to-peer transactions. An escrow service ensures fair trade between two parties. It ensures that both parties are adequately compensated after a trade has been made. An escrow is a trusted third party that holds on to funds until the buyer and seller are satisfied with the transaction.

In Binance’s escrow service, once the buyer places an order, the seller’s cryptocurrency is automatically deposited into the escrow wallet. The crypto will be sent to the buyer once the transaction has been completed. 

The escrow service follows clear and easy steps. Once an order has been placed, buyer and seller will begin to communicate. The buyer proceeds to pay once an agreement has been made. Seeing the payment confirmation, the seller releases the crypto to the buyer

In cases where either party acts unfairly, the escrow service withholds the crypto and sends it to the rightful owner after enough investigation. Buyers are implored to have screenshots of their conversations with sellers, including payment receipts. 

BuyCoins NGNT Token

Stablecoins are cryptocurrencies without the volatility of cryptocurrencies. This is because they’re pegged to the value of a particular fiat cryptocurrency. A stablecoin pegged to the dollar will have the same value as the dollar. 

NGNT is a stablecoin pegged to the naira. Consequently, one NGNT equals 1 naira. NGNT extends the advantages of blockchain and digital currencies to the naira. It is fully collateralized by USDC, the leading dollar stable coin. 

NGNT was created by BuyCoins Africa. Announced in Q1 of 2020, the coin is now supported by Paxful, BuyCoins and Busha.

NGNT avails traders of the need of using digital fiat to purchase cryptocurrencies, they also escape the volatility associated with converting fiat to cryptocurrencies, as the NGNT is pegged to the naira.

Bundle’s First Mobile Peer-to-peer

Binance-backed crypto exchange, Bundle, is looking to build the first mobile peer-to-peer platform. 

Yele Badamosi, Bundle CEO, revealed on Twitter, that the exchange is “working with partners to integrate our alternative channels to fund and withdraw from your cash wallets…

We will work on creating a mobile-first Peer-to-Peer (P2P) platform that will allow you to swap assets with other Bundlers quickly, securely, and simply.”The mobile peer-to-peer will be a remarkable innovation in the crypto space. Positive results are imminent if Bundle integrates the platform. 

With a policy highly intolerant of scams, crypto users new to  p2p can carry out all transactions with peace of mind.

Nigeria is constantly proving that cryptocurrencies and blockchain is in fact made for Africa. With levels of transactions recorded in the country amid the apex bank’s ban, it’s safe to say there’s nothing that can stop crypto adoption in Africa.

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