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Review Of Coincola, Nigeria's New Btc/gift Cards Exchange

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, Apr 25, 2019.

  1. Prezzy

    Prezzy Leader Protector

    The only constant in life is change and the sayings seems set to be proven right once more as a relatively new marketplace for gift cards exchange storms the Paxful-dominated market in the name of CoinCola! Paxful saw the Nigerian market available for gift cards owners and dusted it up for many people who never knew that their gift cards could amount to anything much. However, they seem to be operating on rusty terms as new OTC marketplace, coincola has brought some innovation into the space.

    I learnt about Paxful quite early and witnessed their rise to fame in Nigeria up to the point where they started getting some bad reviews like in the case where they were accused of defrauding some Nigerians of their Bitcoins just recently. In the light of such bitter complaints from loyal customers , the Nigerian gift cars market appears ready to welcome another marketplace who has promises of better services. This does not in any way deter the fact that the market will generally always tend towards better and more quality services. In this article, I'll do a comprehensive review of CoinCola and also compare the new platform to Paxful on the basis of the basic elements / requirements of a Cryptocurrency exchange that serves the Nigerian market .

    What is Coincola?

    CoinCola is an exchange platform where you can buy and sell Bitcoins in Nigeria using various payment options which includes different types of gift cards. Coincola accepts different types of assets and commodities on their platform however the ones that are in high demand remains Bitcoin and Gift cards.
    CoinCola is a Chinese company and they deployed their services in the region at first. However, they claim to have customers in at least a hundred countries with Nigeria being one of their new and key targets for expansion of their services.

    CoinCola has also been in the news for partnering with Dash to take cryptocurrency to the unbanked in Venezuela as shared by news website coinpath.

    CoinCola's Fees

    Before we dive into the full features of CoinCola ,let's have a look at what they charge on their platform during transactions between buyer and seller. In this case, fees refers only to OTC deals.
    Transaction fees is paid by the seller on coincola and it is pegged at 0.7% of the value of transaction (in dollars .

    How coincola's fees compares with other exchanges in Nigeria

    On this note, CoinCola has a better offer than Paxful which collects 1% on every transaction from the seller.

    Also, Localbitcoins.com charges 1% as transaction fee.

    For the withdrawal fees, coincola charges 0.0005btc

    Also, coincola gives you the ability to send bitcoin to other users of the website free of charge as long as the accumulated transfer amount is less than 0.5btc for the given month.

    Lastly, Coincola has an unusual feature which is the trading exchange. I know that sounds confusing so I'll tell you what it simply means. It means a way of exchanging btc for other altcoins that have been listed such as Ethereum. They charge 0.2% as fee here which I will rate 3 out of 5 stars given that we have cheaper trading fees on dedicated exchanges.

    So, generally coincola is balanced in terms of fees and actually performs better than Paxful by difference of 0.3%. Is that too small / insignificant?
    Please let me know what you think below with the comment box (make sure you are logged in!)

    Pros of using Coincola
    • Lower fees
    • Opportunity to become one of the leading traders in this early stage
    • Presence of a crypto exchange within the platform
    • Ability to store your funds in usdt(tether) and not just in your coincola wallet alone (more on that later)
    • Faster response from customer support due to less work load
    • Ability to trade BTC with many payment options including gift cards, PayPal, etc.
    • Access to the world financial market
    Cons
    • Less abundance of traders which equals more margin for trading
    Storing $BTC in coincola website that doesn't lose value!


    If you use Paxful or other exchanges , then you should be familiar with the situation where the bitcoin in your wallet begins to lose value due to a dip in the price of btc but there's very little that you can do.
    This is not the case on coincola thanks to the provisions of an exchange where you can buy stable coins like USD Tether which maintains its value at $1 always. This way, you can keep your funds on the website and come back months later to realize the same amount of money you left there.
    I think this provision is going to be tremendously useful especially during the dip and also for those users who also engage in Bitcoins / altcoins trading because they now have an all in one platform!

    How to get free Bitcoins from CoinCola now

    As part of their promotional strategy, coincola has made it possible for users who want to use their platform to benefit from a free Bitcoin promo that's currently ongoing. Here's how to get it:

    1. Promotion is only valid to users who have not done ANY OTC trade before.
    2. Users will receive a ONE TIME bonus of 0.0001 BTC instantly if an OTC trade of 0.001 BTC or more is conducted before the voucher expired.
    3. The bonus will be sent to OTC wallet only. You can check the balance via Wallet -> OTC Account -> BTC -> History.
    4. Campaign period: 25 March 2019 to 15 May 2019 HKT.
    More on that here: FREE BTC GIFT, 1ST TRADE BONUS, LIMITED TIME

    You can also make money on Coincola by referring active Traders

    Perhaps you don't trade but you know people who do. You can also make key from their activities by inviting them to the platform with your unique referral link which you can find on coincola after registering.
    When they register and perform trades, you can earn a commission from their transactions. Coincola doesn't state how long this will happen before it stops if it will actually stop.

    Also, there's a well advertised provision for you to earn 1000 naira for referring one person whereas the person you referred will get 700 naira! So, there is indeed enough bonuses to go round!

    Cryptocurrency / Altcoins available for trading on Coincola
    • Btc
    • ETH
    • XRP
    • BCH
    • LTC
    • GUSD
    • USDT
    Available payment options

    • PayPal
    • Western union
    • Bank transfer
    • Payeer
    • ITunes gift card
    • Amazon gift card
    • Alipay
    • Wechat pay
    • Paytm
    • Kakao pay
    • MoneyGram
    • AdvCash
    • Others
    So there's an abundance of items that you can freely trade for bitcoin on coincola.

    Other Important details about Trading on coincola

    1. Minimum transfers. $10 minimum, but may vary by seller.

    2. Maximum transfers
    . Varies by seller.

    3. Delivery speed. A few Minutes or longer, depending on payment method and dealers

    4. Available currencies. Over a hundred currencies of different countries which can be sent through bank transfer

    5. Fees. No fee for buyers; 0.7% of transaction for sellers.

    6. Customer service. Email and 24/7 live chat support are available on the website.

    What about the url : www.coincola.app

    I discovered the website as well but after studying it, I realized that it's the Chinese version of CoinCola possibly targeted for Chinese users on the platform. Hence coincola.com is the English version of the same website.

    How to get Coincola trading voucher (limited time)
    After you must have registered, visit this page: https://www.coincola.com/acts/new-user-coupons

    You will get 0.0001 Btc For 0.001 BTC or up in OTC trade by clicking the big yellow button that says 'claim'.

    How to create an account on Coincola

    It's actually pretty simple. Just follow the steps below to do so.
    Note: you can register with your phone number or your email address. In any case, you'll receive a verification code.

    Step 1: Click here to Register on Coincola

    Step 2: Chose to register with either your phone number or email address.
    Input your correct details and a verification code will be sent to you.
    You need this code to complete your registration.

    Step 3: Type in the verification code from your email or phone's message inbox and click on 'sign up'.

    Upon successful registration, you'll get a pop-up that says *registered account success*

    From here ,you can proceed to do enhanced verification for your account by linking your ID card. Although you can trade without doing so, there's a limit.

    Security

    These exchanges are some people's entire business! Security is of high priority for many traders. Coincola has done some justice in this aspect as well. I didn't carry out any technical tests but the platform supports Google authentication, email and mobile number authentications as well as a secure pin which is required for withdrawals.

    The Coincola application for Android & iOS offers you smooth experience
    I have tested the Android app and I think it's cool. No doubt the iOS app will be better even.
    You can download the app from Google play store or Apple store.

    Selling gift cards on Coincola: How to place sell orders

    If you have been into trading on other platforms, this will not be a problem for you . However, I'll walk you through the process In a few concise steps below.

    Step 1: Sign into your account on coincola
    Step 2: Visit the OTC tab (or click here: Buy bitcoin online | CoinCola )
    Step 3: Locate & Click advertise on the left column

    sell on coincola.png-Review Of Coincola, Nigeria's New Btc/gift Cards Exchange
    If you are using the app, click on OTC (bottom) and then click the '+' icon at the top right.

    Then click on the 'Post an ad' option that appears in the drop down menu.

    In the next page, you have a lot of options to fill out.

    1. Trade type
    *Select advert type:
    What type of advertisement do you want to create? Generally you have two options:
    1. Online sell
    2. Online buy
    2. Location: This should be Nigeria in your case.

    3. Currency: Chose Nigerian naira

    4. Margin: Choose a value between -50.00 to 50.00. The trade price is equal to reference price * (1 + margin).

    This margin is a bit tricky actually. The profits you make depends on what you type into this box because it sets the difference between your own price and that of the standard price of Bitcoin.
    For example, if you are buying, you want to buy below the market price of bitcoin so you'll have to set your margin to a negative value like (-3%).
    You can play around with the numbers to see what it results.

    Note: if you set your price far from the market price, you'll probably sell or buy to/from no one!
    Also, if you want to sell, you should set your margin avoid 0% so you can make profit.

    5. Price: This gives you the price of BTC in whatever currency you choose. The trade price will be updated every 10 minutes based on the reference price and margin rate.

    6. Minimum price: Set a minimum price to avoid falling below a specific price point. If your trade price falls below the minimum price you set, the displayed trade price will remain at the minimum price.

    7. Minimum transaction limit
    : Minimum amount per trade
    If you don't wanna deal anything below, 20,000 naira, this is where to indicate it. Just type the smallest amount you want to be dealing here!

    8. Maximum transaction limit:Maximum amount per trade

    9. Payment methods: Select up to a maximum of three payment methods.
    We already discussed the payment methods above.

    This is how you exchange your Bitcoins for naira or gift cards on Coincola.

    Assuming you want to sell your gift cards here, you should first of all select the "buy btc" option above and then select "gift cards" here. This means that you are buying BTC with gift cards!
    It's that simple. But if you encounter any problems in the process of setting up a trade, you can comment below so I can personally assist you to get it right.

    10. Terms of trade:
    Enter your trading terms here for buyers to review before placing an order. You can now spell out your rules. Don't forget to be kind and say what is within the confines of sane trading.

    We have successfully gone over most of the major things about Coincola. If you have a question, all you need to do is ask below!
    Also, I'll be making subsequent articles which I may share here or in a different thread. Video guidelines will also be made available soon!
     
    Last edited: May 12, 2019
    gbolahan and D-termined like this.
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  3. PeterCola

    PeterCola Jackobian

    Please let me know if you have any questions.
    We are here to help you!
     
    Prezzy likes this.
  4. D-termined

    D-termined TEAM LEADER Protector

    This is awesome, I will try coincola soon..
     
    Prezzy likes this.
  5. Prezzy

    Prezzy Leader Protector

  6. Systems

    Systems Active

  7. Prezzy

    Prezzy Leader Protector

    Thanks man. I hope you have registered
     
  8. Systems

    Systems Active

    I'll consider it. I've left crypto for "real" or physical cash.
     
    Prezzy likes this.
  9. Prezzy

    Prezzy Leader Protector

    Please make a return bro.
    It's urgent
     
  10. Systems

    Systems Active

    I can't find good reasons for that. I decided to quit; the Scams online are getting higher.
     
    Prezzy likes this.
  11. Prezzy

    Prezzy Leader Protector

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