The currency exchange market could be very confusing to a banker, not to talk of a newbie. To make it easier for you or people in quick need of exchange, we introduced what we know as Instant Purchase. We shall explain Instant Purchase before going ahead with Exchange Market.
Instant Purchase
To buy bitcoin with Naira in your account, click on Menu and then Instant Purchase. Select Buy Bitcoin, and enter the amount of Naira you have. You will be shown how much bitcoin that would get you. This rate is determined by what is available in the market. To make sure you get a better rate, we try to break maximum amount you can purchase at once, and the price keeps rising with each purchase if done immediately, because cheaper bitcoins are purchased for you first before the expensive ones. Enter your PIN and confirm the transaction.
To sell your Bitcoin and get Naira into your account, click on Menu and then Instant Purchase. Select Sell Bitcoin, and enter the amount of Bitcoin you have. You will be shown how much Naira that would get you. This rate is determined by what is available in the market. To make sure you get a better rate, we try to break maximum amount you can sell at once, and the price keeps falling with each purchase if done immediately, because expensive buyers are given to you first before the cheaper bids. Enter your PIN and confirm the transaction.
Currency Exchange Market
This is a better option because you get a chance to fix the rate you wish to sell or buy bitcoin. But this option can take very long if your price is so far from what is obtainable in the market, and is also risky because a little mistake in fixing your rate could spell doom. Take for example you wish to buy bitcoin and you set the rate at N1m, and the amount of Naira you have as N1m too. This means only 1BTC will be gotten for you, whereas your rate should have been less to get higher amount of bitcoins.
You can use this option to sell and buy bitcoins. Some people trade with this.While this is good to make some profits, please be mindful that you could lose money trading currencies, and all profits should be reported to local tax authorities.
You can find a list of all your exchanged funds, or those listed and not exchanged yet from Menu, Account and Funding support, Exchanges. There is also a shortcut to My Listing in the currency exchange market which shows unmatched listings.
After buying your bitcoin, you can use withdrawal to get it to a wallet address.
