Bitkoin Africa review (is it a trusted exchange?)

UPDATE: Bitcoin Africa is now buycoins africa

Bitkoin africa review

With the growth of cryptocurrencies, there is also an ever increasing number of platforms where one can buy and sell cryptocurrency, some are trusted and some are not.

Bitkoin africa review

Bitkoin africa is a peer to peer cryptocurrency trading platform where users can sell and buy cryptocurrencies like bitcoin, ethereum, litecoin and bitcoin cash from other users, it is currently based in lagos.

The difference between peer to peer exchanges and direct exchanges is that, peer to peer exchanges usually connects a buyer with someone that is willing to sell at that rate.

The exchange itself is just like a meeting place for the buyer and seller. Whereas in direct exchanges, you buy from the exchange and also sell to them.

This Bitkoin africa review is aimed at providing all you need to know about the bitkoin africa platform, i am going to be writing about

i. The supported cryptocurrencies
ii. How to create a verified bitkoin africa account.
iii. How to sell a cryptocurrency on bitkoin africa
iv. How to buy a cryptocurrency on bitkoin africa.
v. The accepted payment methods and also vi. Bitkoin africa’s transaction fees.

Lets get into it.

Bitkoin africa’s supported digital assets

As at the time of writing this article, bitkoin africa’s available digital assets are bitcoin, litecoin, ethereum and bitcoin cash.

Trading on bitkoin africa

The users of bitkoin africa can buy or sell cyptocurrency by creating or responding to “trade postings”.

Trade postings are advertisements created by users to let others know they are willing to buy or sell cryptocurrency.

When a user creates a trade posting, they stipulate how much they are willing to buy/sell, and deposit the maximum amount in escrow.

The trade posting then appears on bitkoin africa’s trading page for other users to interact with.

All cryptocurrency traded on the bitkoin africa site are hosted in the in-house cryptocurrency wallet.

Each bitkoin africa account comes with a cryptocurrency wallet that enables users store, receive and send cryptocurrency.

One of the advantage of this platform is that buyers and sellers don’t need to communicate with each other, this is because the seller has already deposited the cryptocurrency they intend to sell with bitkoin africa.

This means that as a buyer, you only need to interact directly with bitkoin africa.

How to create a verified bitkoin africa account

To begin buying and selling cryptocurrency on this platform, you will need to register and verify your account.

On the bitkoin africa homepage, click on “register” on the navigation bar, you will be asked to enter certain inputs like your “email”, “phone number”, “password”, a link will be sent to your email address to confirm it.

After confirming your email address, you will need to verify your phone number and also provide your bank verification number.

Bitkoin africa transaction fees

Users of the bitkoin Africa platform are charged 0.5% on any successful trade, this value obviously varies with the current exchange rate.

How to buy cryptocurrency on bitkoin africa

Step 1: Go to the bitkoin africa trading page:

You can get there from the homepage or by clicking the “buy/sell” link at the top right of the navigation bar.

From there select the “Buy” option, select the cryptocurrency you wish to buy, type in how much you’d like to buy, then click “search”.

Step 2: Select your preferred seller

Choose who you’d like to buy cryptocurrency from. The search results page will show sellers, the rate at which they are willing to sell, the minimum and maximum amounts they are willing to sell.

Select the seller you think has the most profitable offer & click the “buy” button on the row with their details.

Step 3: Review and confirm

Cryptocurrency transactions are irreversible, so you should carefully review your transaction before confirming it.

Step 4: Buy instantly

How to sell cryptocurrency on bitkoin africa

Step 1: Go to the bitkoin africa trading page:

You can get there from the homepage or by clicking the “buy/sell” link at the top right of the navigation bar. From there select the “Sell” option.

Step 2: Select your preferred buyer

Choose who you’d like to sell cryptocurrency to.

Step 3: Review and confirm

Cryptocurrency transactions are irreversible, so you should carefully review your transaction before confirming it.

Step 4: Click on sell, and wait for your bank alert.

Accepted payment methods

One of the benefits of using local exchanges, is the ease of payments available.

Bitkoin africa accepts 2 payment methods:

1. Pay with card
2. Pay with bank account for ( Access bank, diamond bank, fidelity bank, first city monument, gt bank, zenith bank)

Customer service

Customer service is very important when one is dealing on cryptocurrencies, Bitkoin africa’s customer care can be reached at +234 909 150 0528.

They are also active on twitter and facebook.

Are they trusted?

This platform is fairly new, it has the potential to scale alot further in the future, i have not really found any complaints about their service which is always good.

The advice that is usually given to anyone buying and selling cryptocurrencies, is to never leave your assets on exchanges, you should always store them in a wallet.

Alternatives to Bitkoin Africa

One of the advantages of using these local exchanges, is the comfort of payment, some other good alternatives to Bitkoin Africa are:

i. Ngexchanger
ii. Nairaex
iii. Jostpay
iv. Instantgold Nigeria
v. Naira4dollar

Conclusion

Bitkoin africa is still a very new exchange and as such, it’s user base is still very small, but I think it has potential to scale to greater heights in the future.

For someone like me and a whole lot of other people, i prefer the direct exchanges, but if bitkoin africa’s user base grows, there will be very competitive rates, which will be very attractive to a lot of people.

I hope you have enjoyed reading my bitkoin Africa review, Thank you for reading and please share your thoughts below.

Have you used bitkoin africa’s platform before? If you have, share your experience below and also very good alternatives to this platform that you have personally used before.

Read my post on the best exchanges to buy and sell bitcoin in Nigeria 

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