Stephen GbolagadeIs Buycoins legit and is it the easiest crypto exchange app in Nigeria?
Maybe at a point while surfing the internet for the best apps to buy or sell your Bitcoin and other crypto assets in Nigeria, you came across Buycoins and you’re wondering if the platform is legit or scam.
And if it’s legit, how can you buy and sell easily on Buycoins?
In this blog post, I’m going to answer these questions.
Not just that, I will also show you how you can make money on Buycoins by simply doing small tasks.
If this is the first time you’re hearing the name “Buycoins”, you may want to know what the platform is all about, isn’t it? Okay, let me give you short overview about the company.
About Buycoins
Buycoins (or Buycoins.africa) is a crypto exchange platform in Nigeria where you can buy, sell, store and even trade some cryptocurrencies such as the famous Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and few others.
But Is Buycoins Legit or Scam?
Buycoins is 100% legit.
I’ve been using the platform for about 2 years and I can tell you that Buycoins is tested, and trusted.
Although before I got to know of Buycoins, I have been using Okex and Luno apps, but on getting to Buycoins, I have no choice than to fall in love with the platform.
What are the things that makes Buycoins stands out?
Pros of Buycoins: Why Should I Use Buycoins.Africa?
I’m going to make the points clear but simple. Below are the reasons why I’m using and vouching for Buycoins;
· Clean and Easy to Navigate Website & Apps
Buycoins.Africa did a great job on the user interface (UI) and users’ experience (UX) of their products (the mobile apps and website). Everything is simple, clean and direct.
To be honest, other competitors are doing great jobs on UI/UX but the simplicity of Buycoins is on point. If you’re new to Crypto of things, you won’t get lost as the platform is self-explanatory and simple to use.
· Easy ways of Funding Your Account
Funding your Buycoins account is very easy from day one, as you can send money from your bank account to your Buycoins generated account number (Providus).
But Remember that CBN ban banks in Nigeria against anything cryptocurrency. As a result of this ban, some exchange platforms who operates in Nigeria are faced with the issue of how their customers will be depositing funds in their account.
Fortunately, Buycoins is one of the first platforms that came with a solution. Now, you have multiple ways of funding account with Naira from your banks.
You can’t fund your account on some platform (like LUNO) till date because of that CBN ban, but that’s not the case on Buycoins.
· Withdrawal is easy too
Just like it was easy to fund your account with Naira, you can withdraw your money in Naira on Buycoins to your Nigeria’s bank account without falling for P2P scams which frequently happen on Binance, Okex etc.
· Customer Care Response is very Fast!
I once had issues on my account but I got them solved in the blink eyes just because of the fast customer care representative.
Till now, Kuda Bank is still ghosting me, I contacted them on Live chat, e-mail and Twitter, I’ve got no response.
Personally, I like a company who invests on their customer care team. That’s the reason I keep using JUMIA for shopping despite the frustration I’m personally facing with them.
RECOMMENDED: 5 Ways to Make Money on JUMIA
And because of fast and patient customer care support, that’s why I chose to Heroshe to ship from USA for me instead of ShopToMyDoor.
If you’re a curious person like me, and/or you want to get fast solution any issue you may face using a product or service, then you should look for a company with good and fast customer care team.
That’s why I choose Buycoins and I think you should do the same. (Click here to start)
· The Founding Team
Well, maybe this is not necessary to you. But to me, it means a lot.
I’ve not met the founding team of Buycoins.africa face-to-face, but they’re quite famous especially on Tech twitter, Tech or Entrepreneurship News on Africa.
Timi Ajiboye, Tomiwa Lasebikan and Ire Aderinokun are the frontliner of Buycoins and other related companies. (you can google the names tho).
The founding team members are Nigerians, so they understand what we need better unlike some alien companies (other are trying too, but “Abinibi yato si Ability” – Naturality differs from Ability or artificial).
· Ability to Trade on Buycoins
For years, we depend on using foreign platforms like Binance, Okex, Kukoin, Bitmex etc., to trade cryptocurrency.
That’s not really a problem. But the problem is “How to Easily Fund the Account”.
We know a way we use manual peer-to-peer exchange and then send to the foreign trading apps. The stress, the fees and the exuberant interface is a headache to, especially newbies.
But gladly, we can now Trade easily on Buycoins on the Buycoins Pro app.
And that’s also a milestone too. Buycoins is one of the first to Nigerian crypto’s company to achieve that. We may totally ditch the foreign apps and use Buycoins Pro to trade easily.
· Zero Transaction Fees
If you’ve bought or made a transaction on Binance or LUNO or any other platform, you will understand what I mean. I mean the transaction fees on those apps are very high!
But on Buycoins, transactions are free!
You only pay the network fees.
I don’t need to explain too much, sign up for Buycoins and see these features yourself.
· Reliable P2P Trading System
In cryptocurrency space, you’ll be dealing with 90% of people you don’t know if you want to buy or sell using Peer to Peer (P2P) which you can’t even escape.
While dealing with these anonymous people, you can be scammed easily. And once you’re scammed, that’s the end.
It’s unfortunate that, as big as Binance and Okex are, they haven’t curb scamming on their P2P system, which they can’t really because they can’t control the system totally (i.e. they’re decentralized).
But on Buycoins, you have nothing to worry.
Most of the buy and sell orders on Buycoins are P2P but you may not notice as everything will be taken care of, for you.
Cons of Buycoins: What are the Downsides of Buycoins?
As good as this platform is, we shouldn’t see any downside, right?
But I’m afraid to remind you that nothing is perfect in this our planet earth.
So, what are the downside of Buycoins? They are;
· They Still Need to List Some Coins!
I don’t know the processes behind listing coins on both exchange or trading platforms. But whatever the processes are, I know they’re not easy.
Maybe that’s why there are not enough coins listed on Buycoins.
But popular coins like BTC, ETH, LTC, XRP, USD Coin and USDT are there. And recently, the likes of DOGE, Chainlink, Cardano, Stellar, Binance Coin are added.
I know as times goes on, Buycoins will have lot of listed coins like Binance.
· Not all Nigerian Banks are supported
We have more than 20 banks in Nigeria, but you can only fund or withdraw to less than 10 banks.
Nigerian Banks available for Deposit and Withdrawal on Buycoins
- GT Bank
- Kuda Bank
- Access Bank
- FCMB
- ALAT (WEMA Bank)
- Abeg App
- Fidelity Bank
- Diamond Bank (Acquired by Diamond Bank tho)
- Zenith Bank
If you’re not using any of these banks, then you can’t fund or withdraw with Naira. ☹️
But the good news is that, you can easily join the Abeg App or Kuda Bank easily.
That’s it about Buycoins.
Now back to the previous question; is Buycoins the Best in Nigeria; Is it legit or scam?
Buycoins is the easiest exchange app in Nigeria, it is the best and it is 100% legit!
If by now you’re interested in using Buycoins, the next question you may want to find answers to is;
How to Get Started on Buycoins?
- Click here to sign up for FREE;
- Put a correct email address and click on “continue”;
- A verification link will be sent to that email address, to and verify;
- Login to your Buycoins account;
- Upgrade your account (Click on “Verify Identity”): Add Bank account, BVN and Phone Number;
- Set up 2-FA for security sake;
- You can now deposit and start using Buycoins!
Important Notice:
- First, your BVN is safe; It’s just to verify your information.
- Make sure you add all your bank accounts (linked with your BVN)
- Make sure you deposit ONLY from your bank accounts added.
- If you mistakenly deposit from any other bank, your account will be locked and you’ll need to do another verification to unlock it. Hence, add all your account numbers and only deposit from your added account numbers.
- You can only withdraw to your added accounts number too (if available for withdrawal).
- For easily transactions, download and use the mobile apps
I told you earlier that I will show you how to make money on Buycoins right? Let me fulfil that promise now ?
3 Ways to Make Money on Buycoins Africa
1. P2P Trading
You can buy coins at low price and sell at higher price on Buycoins’ P2P trading platform.
Let’s say you have N100,000 in your bank and the current BTC price is $41,000. You can buy N100k worth of BTC and quickly sell on P2P maybe when BTC hit $42k.
That’s called swing trade. You might not make big money, but you will definitely see earn few bucks
2. Coin Lock
Aside from quickly buying and selling coins on the P2P platform, you can also earn money by locking your coins for a certain period of time.
Let’s say you’re saving in Ethereum. Instead of just stacking Ethereum like that, you can lock it and earn money.
You’ll earn 12% interest of whatever you locked.
If you locked N100k, 12% interest on it is N12,000!
3. Buycoins’ Refer and Earn Program
This is another sure way to make money on Buycoins, all you have to do is refer your friends to join Buycoins and when do they that, you’ll be paid N1,000 for each person.
If you’re able to refer like 20 people, that’s N20,000 for you.
NOTE: Those people you referred must complete their sign up, deposit at least N5,000 and trade up to N10,000 on Buycoins before the money can be released to you.
Conclusion: Buycoins is LEGIT and the Easiest Platform in Nigeria
So that’s all about Buycoins Review and how to Easily Buy, Sell, Store and Trade Cryptocurrency in Nigeria.
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Stephen Gbolagade
