BuyCoins Review 2021 | Buy, Sell, and Trade Crypto in Nigeria

Estimated reading time: 8 minutes

BuyCoins platform allows you to buy, sell, trade, and store cryptocurrencies with ease. It supports all the major cryptocurrencies like Bitcoin, Ethereum, Litecoin, USD Coin, USD Tether. You can buy or sell crypto directly from BuyCoins or trade them using BuyCoins’ P2P service. Their service can only be availed by Nigerians. The BuyCoins app is available on both iOS and Android devices. This app makes it effortless for people to invest in crypto from anywhere and at any time.

Summary (TL;DR)

  • BuyCoins is a cryptocurrency exchange platform that is available to Nigerian crypto investors.
  • You have to complete two levels of customer verification on BuyCoins.  
  • You can buy or sell crypto directly from BuyCoins and trade crypto with other BuyCoins users.
  • The BuyCoins app can be downloaded on both iOS and Android devices.
  • BuyCoins provides a separate secure wallet for every cryptocurrency it supports.
  • BuyCoins has a ‘Coinlock’ feature that allows you to lock your crypto for a specific amount of time and collect interest on it. 
  • You can use the 24/7 live chat box to ask your doubts. Contact BuyCoins via email, Twitter, and Facebook.
  • BuyCoins also provides an escrow service on all of its crypto trade transactions to protect the users from fraud while trading.
  • There is zero trading and transaction fee on BuyCoins. Depositing Naira from your bank account is also free. The withdrawal fee is 500 Naira. A network fee is applied when you transfer crypto from your BuyCoins wallet to an external wallet.

How to get started on BuyCoins? 

Step 1: Create An Account

Go to the BuyCoins website. Click on the ‘Get Started’ button. Enter your email address. After reading the ‘Terms and Conditions as well as ‘Privacy Policy,’ check on ‘I agree.’ Click on the ‘Continue’ button. Now, enter a strong password.

Step 2: Customer Verification 

Level 1

Link your bank account to your BuyCoins account for the Level 1 account verification. Your bank account will be used to retrieve your name, and when you withdraw NGN Token, it will get transferred to the linked bank account. You will only be able to use limited features with a level 1 verification. Here is what you will be able to do with level 1 verification:

BuyCoins Reivew: Verify Identity
BuyCoins Reivew: Verify Identity

Level 2 

At level two verification, you need to give your mobile number and Bank Verification Number (BVN). Your BVN is required to verify your name, date of birth, and phone number. After doing the Level 2 verification, you will be able to use all the features offered by BuyCoins without any restrictions.

Buycoins: Level 2
Buycoins: Level 2

Step 3: Deposit NGN Token

NGN Token is a stable coin. Its value is and will always be equal to the Nigerian Naira. After linking your bank account with your BuyCoins account, you can deposit NGN Token to your BuyCoins wallet. You can buy all the other cryptocurrencies on this website by using the NGN Token you have deposited. 

After doing these steps, you are ready to begin trading on BuyCoins.

BuyCoins Review: Supported Cryptocurrencies

These are the following cryptocurrencies supported by BuyCoins:

  1. Bitcoin
  2. Ethereum
  3. Litecoin
  4. USD Coin
  5. USD Tether

Supported Countries

BuyCoins only provides its services in Nigeria.

Supported Payment Methods

BuyCoins accepts the following payment methods:

  1. Bank transfer
  2. Visa/Mastercard

BuyCoins Review: Services Offered

Buy/Sell Cryptocurrencies

You can instantly buy or sell various cryptocurrencies on BuyCoins. Here are the cryptocurrencies you can buy directly from BuyCoins:

  1. Bitcoin
  2. Ethereum
  3. Litecoin
  4. USD Coin

You can purchase crypto by using your Visa/Mastercard or making a bank transfer. In this way, buying and selling cryptocurrencies is very straightforward on BuyCoins.

P2P Exchange

Using the BuyCoins’ P2P service, you can trade cryptocurrencies directly with other users. You have to post an ad to buy or sell funds. Additionally, you can also find ads posted by other users on the website. Please note that an escrow service is set in place to protect users against frauds and scams while trading with others. Here are the cryptocurrencies you can trade on BuyCoins:

  1. Bitcoin
  2. USD Tether 

BuyCoins Mobile App

The BuyCoins app is available on both Android and iOS devices. On the BuyCoins app, you can access all the services provided on their website. This app makes investing in cryptocurrencies even more accessible. 

BuyCoins Coinlock

Using this feature, you can lock your NGN Token or USD Coin for a specific amount of time and collect interest on it. You will not be able to access your locked funds until the selected period of time has elapsed. The interest will depend on both the lock duration and the amount of funds you deposit. Moreover, higher interest rates are offered if you lock 500,000 NGN Token or more. 

The interest rates for NGN Token are:

  1. One month – 8% interest per annum
  2. Three months – 10% interest per annum
  3. Six months – 12% interest per annum

If you lock 500,000 NGN Token or more, then the interest rates are: 

  1. One month – 10% interest per annum
  2. Three months – 12% interest per annum
  3. Six months – 14% interest per annum

The interest rates for USD Coin are:

  1. Three months – 4% per annum
  2. Six months – 6% per annum

BuyCoins Review: Customer Support

The BuyCoins Help Center has an extensive list of helpful articles that can answer most of your questions about using the website. 

They also have a 24/7 chat box where you can ask your queries. Their response is speedy. They will respond via email in two to four hours.

Other ways of contacting the BuyCoins customer support include:

  1. Email- [email protected]
  2. Twitter
  3. Facebook

BuyCoins Review: Security

Two Factor Authentication (2FA)

BuyCoins allows its users to set up 2FA via SMS or the Google Authenticator app. 2FA is crucial as it provides extra security to your account. This is a great feature provided by BuyCoins to protect the safety of its users.

Escrow Service

While trading crypto, there is always a risk of getting scammed. Some people may accept your payment and not go through with the transaction, essentially stealing your funds.

BuyCoins protects its users while trading by providing escrow service for all its crypto trade transactions.

A user posts an ad to sell or buy crypto. The funds they intend to sell or purchase crypto with are immediately locked away and held by BuyCoins.

BuyCoins gives these funds to the appropriate buyer or seller who responds to the ad. 

BuyCoins Fees

Transaction Fees

When you buy or sell crypto directly from BuyCoins, no fee is incurred. 

Trading Fees 

No fee is charged for P2P trading on BuyCoins. This is a unique feature on BuyCoins. No other platform in Africa offers a 0% trading fee. 

Deposit Fees

No fee is applied when depositing Niara from your bank account.

Withdrawal Fees

When you withdraw NGN Token from your BuyCoins wallet, it is deposited in your bank account as Naira. A fee of 500 Naira is charged on each withdrawal. 

Network Fees 

Network fee will only apply when you send crypto from your BuyCoins wallet to an external wallet.

BuyCoins Review: Pros and Cons

Pros

  • The BuyCoins app makes it accessible to trade anywhere at any time.
  • BuyCoins’ fee is lower in comparison to other platforms available in Nigeria. 
  • BuyCoins’ interface is easy to use.
  • BuyCoins supports all the major cryptocurrencies.
  • You can store unlimited funds in your BuyCoins wallet.

Cons

  • The service is only available in Nigeria.

BuyCoins Review: Conclusion

BuyCoins is an excellent platform for Nigerians interested in crypto investment. It has many unique features and is very accessible for beginners. Providing zero trading and transaction fees is one of the most appealing features of BuyCoins. 

In this review, we can conclude that BuyCoins is a legitimate exchange that is very user-friendly. 

Frequently Asked Questions

Is BuyCoins safe?

Yes, BuyCoins is safe. It allows users to set up 2FA to add an extra layer of protection to their accounts. BuyCoins also provides an escrow service to protect its users against fraud while trading with others. Ever since BuyCoins’ launch in 2017, there has been no news of the exchange being hacked.

How can I buy Bitcoin on BuyCoins? 

You can buy Bitcoin directly from BuyCoins. You can also buy Bitcoin from other users on BuyCoins’ P2P exchange. You must complete the level 1 verification to buy Bitcoin from BuyCoins. To trade with other users, you need to complete the level 2 verification.

How can I contact the BuyCoins customer care?

You can contact the BuyCoins customer care via 24/7 live chat option, email, Twitter, and Facebook.

What are the different payment methods accepted by BuyCoins?

BuyCoins accepts the following payment methods: Bank transfer and Visa/Mastercard

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