This post was most recently updated on June 4th, 2019
CoinCola is a new marketplace for gift cards and cryptocurrency exchange. They arrived with a bang into a market that is already dominated by Paxful. Do you want to exchange iTunes gift-cards in Nigeria? Well, I am happy to tell you that you can trade iTunes gift card, other gift cards and other cryptocurrencies in Nigeria on the CoinCola platform. Not only that, other gift cards such as steam gift card, google play gift card can be traded on the site.
Electronic currency is also known as “cryptocurrency” has continued to remain the favourite investment of investors seeking huge returns. Unfortunately, the already established market such as Paxful is now with some vulnerabilities. There have been complaints where customers claimed they were defrauded. Apart from this, some individuals live in countries where cryptocurrencies are restricted.
This is where CoinCola comes in, Coincola is one the best cryptocurrency exchange platform that offers both a coin-to-coin pair trading exchange and a peer-to-peer ‘over the counter’ (OTC) trading platform.
What is CoinCola?
CoinCola is an exchange platform where you can buy and sell Bitcoins in Nigeria and the rest of the world using various payment options. These various payment options also include the acceptance of 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 Hong Kong-based firm which was first launched in March 2017. The platform claims to have customers in at least a hundred countries with Nigeria being one of them.
Why Should you use CoinCola?
Highlighted below are some of the tantalizing benefits of trading on CoinCola
- Lower transaction fees
- You can trade as individuals on this platform. That is, trading with other users
- Opportunity to become one of the leading traders in this early stage
- Presence of a crypto exchange within the platform
- Registration is Free without any hidden charges
- Security: 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.
- Ability to store your funds in usdt(tether) and not just in your CoinCola wallet alone
- Faster response from customer support due to less workload
- Ability to trade BTC with many payment options including gift cards, PayPal, etc.
- Access to the world financial market
- Minimum transfers. $10 minimum, but may vary by seller.
- Maximum transfers. Vary by the sellers.
- Delivery fo transaction is very fast
- Availability of Multiple currencies. Over a hundred currencies of different countries which can be sent through bank transfer
- Customer service. Email and 24/7 live chat support are available on the website.
- CoinCola offers an Android and an iOS App. Visit their homepage, search and download the apps that is compatible with your mobile OS.
How to create an account on CoinCola
Simply follow the steps below to get started. By the way, you can register with your phone number or your email address. After the first step of registration, you will receive a verification code.
- Step 1: Visit https://www.coincola.com to register
- Step 2: Chose your registration method, either your phone number or email address. A verification code will be sent to you.
- 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*
Now, let’s have a look at what CoinCola charge on their platform during transactions between buyer and seller. In this case, fees refer only to OTC deals.
Transaction fees are paid by the seller on CoinCola and it is pegged at 0.7% of the value of the transaction in US dollars
CoinCola’s fees Vs other exchanges Sites 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 a transaction fee.
- As for the withdrawal fees, CoinCola charges 0.0005btc
- In addition, CoinCola gives you the opportunity 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”. It means a way of exchanging BTC for other altcoins that have been listed such as Ethereum. They charge 0.2% as fee here.
List of some Cryptocurrency/Altcoins Available for Trading on CoinCola
Available payment options
- Western union
- Bank transfer
- iTunes gift card
- Amazon gift card
- Wechat pay
- Kakao pay
Make Extra Cash by Referring Traders to CoinCola
Perhaps you don’t trade but you know people who do. You can also make a 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 1000NGN for referring one person while the person you referred gets #700 there is indeed enough bonuses to go round!
How to sell or exchange iTunes gift-cards in Nigeria on CoinCola
looking for how to sell iTunes gift card in Nigeria? then CoinCola is your go-to destination. f 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 in to your account on CoinCola
- Second Step: Visit the OTC tab
- Step 3: Locate & Click advertise on the left column
Note: If you are using the app, click on OTC (bottom) and then click the ‘+’ icon at the top right.
- Next, click on the ‘Post an ad’ option that appears in the drop-down menu.
On the next page, you have a lot of options to fill out the followings:
- Trade type “Select advert type” What type of advertisement do you want to create? Generally, you have two options:
- Online sale
- Online buy
- Location: Choose your country here. In my case, I choose Nigeria.
- Currency: Chose Nigerian naira
- Margin: Choose a value between -50.00 to 50.00. The trade price is equal to a reference price * (1 + margin).
Note: 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%).
Moreover, 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 to avoid 0% so you can make a profit.
- Price: This gives you the price of BTC in whatever currency you choose.
- 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.
- Minimum transaction limit: Minimum amount per trade
- Maximum transaction limit
- Payment methods: Select up to a maximum of three payment methods.
How you can exchange iTunes gift-cards in Nigeria Using 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.