BuyCoins review (is BuyCoins legit?)
Buycoins review. Ever since the rise of bitcoin and other popular cryptocurrency, exchanges were one can buy or sell cryptocurrency have had a rapid increase in number.
Some of these exchanges let you buy cryptocurrency directly from them or provides a platform were you can trade cryptocurrency safely with other people.
There are local and foreign exchanges, the local exchanges are probably more comfortable for some users, since you can make payment in your local fiat currency.
In this blog post, am going to be writing about a local cryptocurrency exchange in Nigeria known as BuyCoins.
This post is going to tell you all you will need to know about this platform and if it is a trusted exchange to trade cryptocurrency on.
Make sure you read till the end, let’s get into then…
BuyCoins is a cryptocurrency exchange that was formerly called bitkoin Africa, it was launched in 2017 and rebranded to BuyCoins Africa in 2018.
Headed in Lagos, Nigeria, BuyCoins was founded by Timi Ajiboye and some other software developers.
BuyCoins allows its users to buy and sell cryptocurrency like bitcoin, ethereum and litecoin on the platform, you can either buy directly from BuyCoins or from other users on the platform.
BuyCoins is a peer to peer exchange, this means that BuyCoins brings together sellers of cryptocurrency and buyers of cryptocurrency while acting as the middleman by providing an escrow system were users can trade safely.
It provides secure wallets services for all its supported cryptocurrency, this means that you won’t need to use external wallets to complete your transactions and also BuyCoins wallets provides seamless payment methods.
BuyCoins supported currencies
There are numerous amounts of cryptocurrency in the world today, the below listed cryptocurrencies are the ones you can trade on BuyCoins:
BuyCoins supported countries
For now, BuyCoins only supports one country:
BuyCoins Peer to Peer exchange (P2P)
On BuyCoins, you can trade with other users by creating buy orders or sell orders. Although you can still buy cryptocurrency directly from BuyCoins, it is primarily a peer to peer exchange where cryptocurrency sellers meet with cryptocurrency buyers to trade safely via a BuyCoins escrow system.
For example, if you have bitcoin for sale, you can create a sell offer and a buyer who is willing to buy at your rate will contact you and trade with you via the escrow system and vice versa.
BuyCoins wallet services
BuyCoins offers wallet services for its supported cryptocurrency i.e. BuyCoins offers a secure wallet for bitcoin, ethereum and litecoin.
BuyCoins payment methods
The payment methods available on BuyCoins are:
- Bank transfer
The reason that most people prefer local exchanges is that you can easily make payment with your local fiat currency.
- 0% fees apply when you use the peer to peer marketplace.
- 0% fees apply when you buy directly from the platform.
This network fees only applies when you leave the BuyCoins wallet to use an external wallet address.
This is the fees that BuyCoins charge when you withdraw cryptocurrency to your bank account. The charge is 500 naira flat.
There are two methods to deposit on BuyCoins, bank transfer or paystack.
- Bank transfer is free
- Paystack charges 1.5% + 50 naira.
BuyCoins Credit sell
On BuyCoins, users can borrow cryptocurrency and pay back in bitcoin within 6 hours. There are however some conditions you will need to know about credit sell.
- You can only sell as long as you have available credit
- The maximum amount you can sell is called your credit line, and it is determined by BuyCoins.
- You are to payback within 6 hours after borrowing.
- You have to send in BTC to your BuyCoins wallet to offset the debt.
- If you have not paid after 6 hours, you will be charged a penalty fee of 0.5% of the owed amount.
- If you have not paid back after 24 hours, your account will be restricted.
- Credit sell is only available to high volume traders who have been trading on BuyCoins for a long time.
Coinlock NGTN (Nigerian naira token)
You can earn NGNT by locking any amount you choose for a specific period of time that you will choose and earn interest when the due date reaches.
Locked assets cannot be withdrawn until the maturity date, so you should not lock what you have plans for later.
1 month (8 or 10% interest per annum)
3 months (10 or 12% interest per annum)
6 months (12% or 14% interest per annum)
How to buy cryptocurrency on BuyCoins
If you want to buy cryptocurrency directly on BuyCoins, you can do that by following the below processes:
- Create an account on BuyCoins and if you already have an account, you will need to sign in.
- Click on the BuyCoins icon on the dashboard or click on the MENU icon then select the option that says “Buy & sell coins”.
- Select the cryptocurrency and the amount that you wish to buy i.e. select the cryptocurrency you want, the amount that you wish to buy and click “Review details”, you need to have a naira token to be able to buy cryptocurrency.
- Review the details of your transaction to confirm it, after reviewing the details, click on BUY.
Your order will be processed and your wallet will be credited as soon as it is processed. Easy right?
How to sell cryptocurrency on BuyCoins
- If you already have a BuyCoins account, you can sign in with your details. If you don’t have an account, click the link that says “Create an Account”.
- Once you’re signed in, click on the “Sell Coins” icon on the dashboard, or click on the menu icon then select the option that says “Buy & Sell Coins”.
- Click on the “Sell” tab, select the cryptocurrency you wish to sell, enter the amount, and click review details.
- Confirm the details and click “Sell”
- Your order will be processed and your NGNT Account will be credited as soon as it is completed. Your order will reflect in the completed tab of ‘My Orders’.
BuyCoins referral program
When you register on BuyCoins, you are given a referral link with which you can share on facebook, WhatsApp, twitter etc.
Any of your friend who clicks on your link, signs up and trades will be rewarded 1000NGN worth of bitcoin together with you.
BuyCoins customer care
If you want to reach the BuyCoins customer service for one reason or another, you can do so via the following channels:
Phone number: +234 908 748 2440
Is BuyCoins legit?
BuyCoins is a legit platform to trade cryptocurrency, and if you are looking for a trusted peer to peer exchange in Nigeria, then look no farther than BuyCoins.
Don’t just take our word for it, do your own research on the platform and if you feel comfortable using them, then you can give them a try.
Other exchanges to buy and sell cryptocurrency
Luno formerly known as bitx is a cryptocurrency exchange where you can buy bitcoin, ethereum and bitcoin cash. Although some people have complained about luno’s charges, it is a very good platform to buy bitcoin.
You can read my full luno review
Coinbase is a foreign exchange where you can buy bitcoin from, coinbase is one of the biggest cryptocurrency exchange in the world. With coinbase you can buy bitcoin using any of the available payment methods.
You can read my full coinbase review
Naira4dollar is a local Nigerian exchange where you can buy bitcoin safely. Naira4dollar is one of the oldest exchange in Nigeria and has fulfilled a lot of orders.
With naira4dollar, you can buy bitcoin safely in Nigeria using any of the available local payment methods that is accepted.
You can read my full naira4dollar review
Remitano is owned by Babylon solutions limited, a Seychelles based company, it is a cryptocurrency exchange that was founded in 2014.
Remitano allows sellers to list their crypto assets for sale. When a buyer requests to buy a crypto asset, the seller transfers the crypto asset to remitano’s wallet.
When the buyer has paid the agreed amount to the seller. Remitano remits the locked coin to the buyer
Read my full remitano review.
I hope with this post, you now understand all about BuyCoins and if it is a legit platform or not. If you have questions, you can ask them below in the comments section and I will do my best to answer the ones I can.
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Thank you for reading.
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