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.
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.
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.
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 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.