How to Buy Bitcoin with Naira
Here’s your step-by-step guide to buy Bitcoin with Niara using CoinCola’s OTC trading platform.
Cryptocurrencies are turning out to be a good investment option for Nigerians to park their money with the constant devaluation of the local currency Naira. The Nigerian citizens can buy Bitcoin through any cryptocurrency exchanges or over-the-counter (OTC) trading platforms.
The OTC platforms are getting popular with time as they offer peer-to-peer cryptocurrency trading facilities without involving the exchanges. In such a case, the OTC platform itself acts as an escrow and charges a nominal fee for its services in comparison to the crypto exchanges.
LocalBitcoins was the first OTC crypto trading platform. But due to its high fee, other alternatives like CoinCola are getting popular, especially in Nigeria.
CoinCola – A Fast-Growing OTC Bitcoin Trading Platform
CoinCola is a Hong Kong-based OTC trading platform that offers peer-to-peer crypto trading facility by directly connecting the buyers and sellers on its platform.
CoinCola supports OTC trading for a multitude of cryptocurrencies like BTC,ETH,USDT,LTC and BCH. In addition to crypto-to-crypto trading, the platform facilitates several other ways for users to purchase their cryptocurrencies. This includes buy/sell Bitcoin with FIAT and local currencies like EUR, GBP, USD, CNY, JPY, etc.
Today we will go through a step-by-step process on how to buy Bitcoin using Nigerian Naira on the CoinCola platform.
A Step-by-Step Guide to Buy Bitcoin With Naira
The first and the foremost thing to begin buying Bitcoins on CoinCola is to signup to the platform by adding your credentials like username, email-ID, and password. After this, you need to complete the verification process.
Note that to ensure the safety and security of its users from online scams, CoinCola makes it mandatory for users to complete their KYC before they can proceed ahead with crypto trading.
There are two ways on CoinCola to buy Bitcoin with Naira.
- Login to your CoinCola account and click on OTC -> BTC -> BUY. Here you will be presented with different seller options.
- Chose the seller of your choice from whom you want to buy Bitcoin, and click “BUY BTC”.
- Enter the amount of Bitcoin BTC you want to buy. Before going further, you need to understand the seller’s information like trade limit, payment method, and time of payment. Before placing the order you can also contact the seller. If the seller is online, you can proceed and confirm your buy Bitcoin order.
The seller info page
- You can also give the bank account number to the seller from where you will pay the fiat Niara.
- Upon placing the order, you will see the “release payment” option to release the payment to the Bitcoin seller.
The payment status page
- Once you have confirmed sending the payment, the seller will release the Bitcoin. Note that the transfer of Bitcoin takes place through CoinCola’s ESCROW. One can also check the History Records to see if the cryptocurrencies you bought have been transferred to your account. Upon finishing the trade, you can give feedback to the seller.
- Congratulations on purchasing your Bitcoin!
The video tutorial of the first buying method
- Click the “Create an offer” to buy Bitcoin and wait for the seller to sell his/her BTC token.
The “Create Buy Offer” page
- Once you click “Create an offer” button, you will be navigated to the Post offer page.
- Choose the “Post Fiat Offer” and click “Next”.
- Select the “BUY” option, select the cryptocurrency and country like Nigeria, choose the payment method like the bank transfer.
- Choose the ‘minimum’ and ‘maximum’ transaction limit to set the range of the buying order. Also, set the margin as per the price you want.
- Enter your terms of trade and leave a message to the seller. It is recommended that you choose the option “verified traders only” or “trusted users only”.
- Click on “Create an Offer” to create your Bitcoin buying offer on CoinCola.
The video tutorial of the second buying method
Note that in addition to buying Bitcoin with Naira, CoinCola also allows users to purchase Bitcoin using popular gift cards and other payment platforms.