CoinCola is a cryptocurrency exchange situated in Hong Kong. CoinCola also serves as an over-the-counter (OTC) marketplace, allowing you to purchase and sell cryptocurrencies from people in your network. Allan Zhao, the CEO of CoinCola, founded the platform in 2016. With millions of users, the company is currently functioning in over 150 countries. CoinCola is a renowned Bitcoin marketplace in Nigeria, making it one of the most appealing in the country. It includes unique features such as Naira fiat quoted assets and deposits.
You can access the platform and its features through a browser or a phone. To provide the most comfortable crypto trading experience in mobile format, the development team has designed easy-to-use apps for both Android and iOS smartphones. CoinCola Android app has a 5-star rating and 100k plus downloads. New users should be cautious when using the platform and keep an eye out for fraudulent traders.
Registration and verification
To use CoinCola, you must first create an account. Only a few details, such as your email address, phone number, and a selected password, are required. After you’ve registered, the following step is to verify your identity. It is part of the KYC and AML procedures necessary to open an investing account in Nigeria and many other countries.
Deposits and withdrawals
CoinCola allows you to buy Bitcoin with your local currency. It implies that if you live in Nigeria, you can buy Bitcoin with your local currency, the Naira. On the OTC market, you’ll find traders that will sell you Bitcoin in Nigerian Naira for a bank transfer or a cash deposit.
You can either browse for a buyer who has advertised a buy offer or submit your sale offer to withdraw your cryptocurrency. Although posting the ad is free, CoinCola will charge you 0.7 percent of the transaction upon completion.
CoinCola offers its services through a range of specialized products across its platforms, as listed below:
- OTC Market Place
- Trading exchange
- Margin Trading
- Storage Wallet
- Gift Card Exchange
- CoinCola’s Over-the-Counter (OTC) Market
OTC is a peer-to-peer marketplace where you can buy and sell any of the eight supported cryptocurrencies with your local fiat currency, such as Naira, USD, ZAR, or other currencies, depending on your location. The following cryptocurrencies are accepted:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Dash (DASH)
- Tether (USDT)
- Gemini (GUSD)
CoinCola does not buy or sell cryptocurrencies directly to customers in the marketplace; instead, it links traders and controls the process using an escrow mechanism to ensure no one is defrauded. Remitano and LocalBitcoin use the same system.
How to acquire Bitcoin in CoinCola via an over-the-counter (OTC) service
Users can create and post ‘sell’ or ‘buy’ adverts on the CoinCola OTC platform, describing the crypto they want to acquire, the price they want to trade at, preferred payment methods, and the amount of crypto they want to buy/sell.
The transaction will begin if two posts are compatible. When this happens, the escrow service holds the seller’s crypto maintained by CoinCola. The escrow releases the funds into the buyer’s wallet once the seller validates the payment has been made.
Users can now sell their Gift Cards for Bitcoin to another user in the OTC section.
- Trading Experience
The CoinCola exchange is a place where you may make money trading cryptocurrency pairs. It offers several indicators and a robust charting tool to help you conduct research before placing trades. The cryptocurrency pairs that the exchange supports are as follows:
- Storage and wallets
CoinCola offers wallets for the eight cryptocurrencies listed above on the over-the-counter exchange. To and from these wallets, users can transfer and receive cryptocurrency. CoinCola, on the other hand, does not provide access to your private keys; this is not unusual, as every other exchange does not provide users with access to their private keys. A custodian wallet is a name given to this type of wallet.
- Gift exchange with Coincola
CoinCola now allows Peer-to-Peer exchanges of Gift Cards to Cryptocurrencies, recognizing the considerable demand for this service. Bitcoins transactions are available for any of the gift cards listed below:
- Amazon gift card
- iTunes gift card
- Steam Wallet Gift Card
- Google Play Gift Card
- eBay Gift Card
- Walmart Gift Card
- Sephora Gift Card
CoinCola has put in place various safeguards to ensure that your transactions are secure and that you do not become a victim of fraud. To protect transactions, the company uses bank-level encryption. Anti-money laundering (AML) and Know Your Customer (KYC) compliances are also in place to maintain regulatory compliance, promote trust and transparency, and prevent fraud.
Before a user may post an advertisement, they must have a specified minimum amount in their digital wallet. It assures that they have enough value to meet their end of the bargain. Additionally, when you send money to a seller in return for Bitcoin, your money is held in an escrow account until both parties agree that the transaction is complete. CoinCola is highly concerned about security because it processes over 100,000 transactions. Bank-grade encryption protects the exchange’s funds, cold storage for wallets, and SSL technology encrypts user accounts and trade data.
Transaction fees and trading limits
Your CoinCola account’s transaction limit is determined by your degree of account verification. The cost of a CoinCola transaction varies according to which provider you use. When you use the P2P marketplace to buy cryptocurrency, there is no fee, but the seller is charged a fee of 0.7 percent. In its exchange market, CoinCola charges a 0.2 percent exchange fee. CoinCola charges a withdrawal fee when transferring your coins to an external wallet. Bitcoin withdrawal fees are 0.0005BTC, Ethereum withdrawal fees are 0.009ETH, USDT withdrawal fees are 10USDT, Bitcoin Cash and Litecoin withdrawal fees are 0.009LTC.
CoinCola wallet users can transfer and receive any quantity of cryptocurrencies. When trading on the exchange or the OTC market, however, the following rules apply:
- Unverified users – 1000 USD
- Face verification – 1500 USD
- Document verification – No limit
CoinCola’s customer service is accessed via live chat, email, and social media channels (Telegram, Twitter, Facebook, and Instagram). Their customer service is generally excellent, with 24-hour Whatsapp conversations available to address user problems.