Crypto Basics Cryptocurrency User Guide

How to Safely Buy Bitcoin in Nigeria

August 8, 2019

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How to Safely Buy Bitcoin in Nigeria

Bitcoin popularity has surged in Nigeria in the past five years following the crypto boom that made many rich in 2017.  This has led to more Nigerians embarking on Bitcoin trading and holding as a source of investments.

The relatively new trend of bitcoin within the country has many fallen into the arms of fake exchanges and scam sites. Ths sites tend to cart away with users money after an order has been placed for a certain amount of Bitcoin.

Furthermore, the most popular Bitcoin exchange site in Nigerian Paxful has been riddled with a lot of negative press in recent years. There have been complaints from customers about the number of scam traders on the platform.

This has led to questions by many Nigerians about which exchange is the safest and user-friendly for Nigerians. CoinCola OTC Bitcoin trading platform would be the answer. 

The following are the security features utilised by CoinCola:

Military Grade Security Protocols

CoinCola uses some of the latest military-grade protocol algorithms on their platform which secures customers information from hacks. This security algorithm also ensures that all transactions performed on the platform are done in a safe and secure environment.

Face ID Recognition System

CoinCola Face ID Recognition System makes it unique from its competitors as this measure drastically reduces the number of scam traders on its platform. Every new member on the platform has to verify their identities as part of the KYC compliance.

This process involves users inputting details about their identity information to be used. You would also be required to a picture of your identity card. After which you would be required to go through a facial recognition photo as part of the records.

This feature ensures sanctity on the platform as scam traders can be easily traced via their information recorded on the platform.

Cold Storage

CoinCola has cold storage features on its platform that ensures that customers bitcoins are not stolen should incase a breach in security occurs. This, in tandem with top-notch encryption and SSL certification, ensures the safety of trader’s funds.

CoinCola also periodically updates its platform to integrate the latest security algorithms that are required to protect users data.

Escrow System

CoinCola uses an escrow system to protect both buyers and sellers. For example, if you want to buy Bitcoin from a seller. Your funds would be deposited in an escrow system. When the seller sends the bitcoin, and you have confirmed the transactions, then the funds can be released from escrow.

The Buyer can confirm transactions before sending money while the seller can settle for dispute if the buyer reneges on a deal.

There are also other multifaceted security protocols used by CoinCola, such as sending a security code to your email as part of the logging process. With this, the owner of the account is certainly the one that logs into the system.

How To Purchase Bitcoin on CoinCola

In this section, we would be explaining how to Buy Bitcoin on CoinCola using a step by step procedure.

Step 1: Create a Free Account On CoinCola

The registration page above contains the relevant information that you need to register on the platform. You can decide to register with your mobile device or via Email, but the Email option is the most popular form as you would be sent an email code which you would use to confirm your account.

Step 2: Click On the Wallet Menu within the HomePage

After Registration, you would be redirected to the main page which is filled with a different menu. Click on the wallet.  You would be redirected to the wallet section where you would get your account details.

Step 3: Click on OTC Menu

The OTC Menu contains a lot of features such as Sell, Buy, Gift Card Trade, Create and Offer, My Orders, My Offers and Trust User.

Then, you hit the Buy feature, you will see a list of sellers that are willing to sell their Bitcoin. 

Buy Bitcoin with Naira on CoinCola

The Buy Bitcoin in Nigeria Page

Find the seller whose trading terms including price, payment methods,etc. suit you most, and click the BUY BTC button.  

Check Today’s Bitcoin Price in Naira and Get Your First Bitcoin on CoinCola.