CoinCola Review: How to Buy and Sell Bitcoins in Venezuela?
Cryptocurrencies continue to gain popularity across the world, especially after Bitcoin hit its historic peak of $20,000 last year. A large number of investors were able to make massive profits, which in turn attracted millions of new users. In addition, banks such as JPMorgan and Goldman Sachs are investing heavily into blockchain and crypto.
While Bitcoin and Ethereum continue to dominate market distribution, a number of altcoins have gained a foothold in the crypto space since 2017’s bull run, giving users more options to choose from.
Cryptocurrency trading platforms like CoinCola allow everyday users to buy Bitcoin instantly, as well as other cryptocurrencies including Ethereum, Dash, Tether and more. Having established themselves as a crypto trading powerhouse in Asia, CoinCola are now launching internationally, starting in Venezuela.
CoinCola offers both coin-to-coin pair trading with the ‘CoinCola Exchange’ (like Binance or CoinBase Pro) and over-the-counter trading with the ‘CoinCola OTC Marketplace’. The company is best known its OTC service.
How does CoinCola’s OTC Marketplace work?
In simple terms, an OTC marketplace for cryptocurrency is a platform where fiat currency such as dollars, bolivars, euros and more can be used to buy and sell cryptocurrencies, directly with other users.
It is free to buy and sell on the CoinCola OTC platform; users are only charged a small transaction fee when they create trade advertisements and go on to complete a trade.
Users can post ‘sell’ or ‘buy’ advertisements specifying: either the cryptocurrency they are selling or the cryptocurrency they want to buy, the price they wish to trade at, the minimum and maximum trade amounts, and their preferred payment methods.
These adverts can be used to match users and initiate trades. Once a trade has started, an online trade escrow managed by CoinCola is used to securely hold the seller’s crypto funds. The cryptocurrency is released to the buyer as soon as the seller gets has confirmed payment of fiat currency.
Why use OTC trading?
There are several reasons why OTC trading on CoinCola is a much better choice than using other platforms:
Use local currency
First and foremost, the biggest benefit of OTC trading on CoinCola is that it enables you to use your local fiat currency such as Venezuelan Bolivar, Euros or Argentinean Pesos for purchasing Bitcoin, Dash, Bitcoin Cash, Tether, Litecoin and Ether.
The problem with traditional exchanges is that they don’t always have sufficient liquidity available for processing large trades. Thus, placing a considerable trade through a traditional exchange can cause the price of a cryptocurrency to move in an unfavorable direction before a trade is completed. This is referred to as slippage. In this way, large orders are spread out over many smaller orders and leads to an increase in price. Through OTC trading, traders can get one price for a single buy order.
Quicker trading times
The liquidity available on traditional exchanges can have an impact on the time taken for large trades to be completed. Again, this problem is eliminated in OTC trading, which means it has faster processing times.
Suffice to say, CoinCola’s OTC platform can definitely be useful for those who wish to invest in the cryptocurrency market but don’t want to deal with the limitations of exchanges.
CoinCola first established its OTC platform in Hong Kong. The company’s aim is to provide secure and convenient trading services to people all over the world. Its mission is to ‘connect everyone to the new digital asset economy’.
With this in mind, CoinCola is expanding its services in different countries around the globe, starting in Venezuela. The beleaguered Latin American country continues to battle hyperinflation with citizens facing serious shortages in food and other basic amenities.
CoinCola believes the increased adoption of cryptocurrencies may help to provide some financial relief for local citizens. Cryptocurrencies offer a relatively better store of value than the Venezuelan bolivar. The country’s national currency continues to lose value on a daily basis amid rampant hyperinflation. Cross-border remittance payments using cryptocurrency offer a more efficient means to transfer money and can be completed at a more cost-effective rate.
Offers for Venezuelan users and Dash partnership
To celebrate their international launch, CoinCola is also offering a discounted 0.5% OTC transaction fee until October 31st, 2018 (normal fee is 0.7%).
Traders in Venezuela can also earn commission rewards through the CoinCola Refer a Friend program. For every trade a referred friend completes, you can earn 50% of the transaction fee. This offer is available until December 31st, 2018.
CoinCola has also announced a strategic partnership with Dash. As part of the partnership, CoinCola will be adding the Dash coin to their OTC platform and offer 0% fees for Dash trades until October 31st, 2018 (normal fee is 0.7%).
Why choose CoinCola?
In a nutshell, CoinCola can be an excellent OTC platform for those looking for an all-in-one solution for cryptocurrency trading. Security and reliability are top priorities at CoinCola, as evidenced by the thousands of trades they have helped to execute since launch. They also have an easy-to-use mobile app that can be used for to manage your assets and to trade on the go.
As far as trading fees are concerned, CoinCola currently have the lowest rates on the market. An easy and seamless registration and verification process is used at CoinCola to make buying and selling Bitcoins as hassle free as possible.
Want to get started? The next question you to need to ask is how register and start trading on CoinCola. And how does CoinCola’s secondary service, the ‘CoinCola Exchange’ work? Check out our supplementary guides below to learn more.
How to buy Bitcoins?
- The first thing you need to do is register an account on CoinCola. The sign up process is like any other crypto trading platform and will give you access to a secure web wallet that can be used for storing and managing your cryptocurrency assets.
- After you have made an account, you need to visit the CoinCola OTC page where you will be able to see the advertisements posted by CoinCola sellers. You can filter advertisements according to your preferred location, currency and payment method.
- Select the offer from the list of advertisements. Go with a trader with a high ‘Trust’ score and a large amount of trades. You can view more information about the ad by clicking on the ‘Buy BTC’ button.
- You can now see the terms of the trade outlined by the trader and go over them carefully before submitting a trade request. If you don’t like the terms of the trade, you can look for another advertisement that suits you.
- When you find an ad that has the right terms of trade, you can enter the amount of Bitcoin you want and the money. Click on the ‘Buy Now’ button and be ready to transfer payment to the seller. A delay will cancel the order.
- After payment has been made and the trader has verified it, your Bitcoin will be received from escrow and be immediately available in your wallet on CoinCola.
How to sell Bitcoins
- The first step is to have an account on CoinCola as this gives you an e-wallet for storing and managing your cryptocurrencies.
- You need to ensure that the Bitcoin balance in your CoinCola wallet is the same as the amount you want to trade.
- Visit the OTC page on CoinCola and choose ‘SELL’. Filter the ads as per your preference and requirement and you will be able to see the ones meeting your criteria.
- When you find an offer that seems suitable for you, take a look at the terms of trade. You can decide if it works for you or not.
- Begin the trade by entering the amount of Bitcoin you wish to sell and the amount of money you want to sell. Click the ‘Sell Now’ button and be ready to send the Bitcoin once payment has been received. When the trade has begun, the Bitcoin will be moved to trade escrow from your CoinCola wallet.
- You can negotiate the payment method with the buyer after sending the trade request. After the payment is confirmed, click ‘Release BTC’ and this will complete the trade. If the Bitcoin assets are not released within the allotted time, the trade will be cancelled.
How does CoinCola’s pair trading exchange work?
Complementing CoinCola’s OTC Marketplace is the CoinCola Exchange. This is a coin-to-coin exchange that allows traders to exchange one cryptocurrency for another based on current market prices. Stock exchanges and cryptocurrency exchanges are quite similar in the way that market prices on both of them are determined through supply and demand.
If you are looking for a cryptocurrency exchange, CoinCola can be your answer. The base currencies on this platform are Bitcoin (BTC) and tether (USDT) and traders can choose to exchange them for Litecoin (LTC), Ether (ETC) and Bitcoin Cash (BCH).
One of the biggest reasons why CoinCola has become a popular choice of investors and traders are the low fees. When you decide to trade cryptocurrencies on CoinCola, you will only be a charged a 0.2 percent of the amount you exchange. Not only can you diversify your investment portfolio through CoinCola’s trading services, you can also trade one cryptocurrency against another and earn profits through their price movements.
For instance, if someone is interested in purchasing Ether (ETH), they can choose to do it with Bitcoin (BTC) or Litecoin (Litecoin). Assuming now that the price of Bitcoin increases by 10 percent in Litecoin as compared to the price of ETH, trading the former for the latter will lead to 10 percent more Ether than if the trade had been conducted in Litecoin. Furthermore, if the percentage rise in price of Ether exceeds that of Bitcoin in the future, the trade would generate even more profit.