How to Post a Sell Trade Ad with Dynamic Pricing
A BuyCoins Trade Ad is an advertisement that lets other users know you’re willing to buy or sell cryptocurrency. However, like with all advertisements, it is dated and only reflects the situations – or in this case, cryptocurrency rates – that were present at the time of its creation. Therefore, a trader might lose out on profiting from their trades due to volatile prices. This is where Dynamic Pricing comes in.
Dynamic pricing is a feature that enables users create trade ads at rates that change depending on a drop or spike in the general price of cryptocurrency. With dynamic pricing, we pull cryptocurrency prices from Bitstamp in USD and multiply it with the Naira exchange rate you will manually set. The requirements for creating a Trade Posting still apply to dynamic pricing:
- Your BuyCoins account must be completely verified. You can find out how to do that here.
- If you want to trade cryptocurrency peer-to-peer, you need to have internet/ mobile banking.
- If you want to sell cryptocurrency, your wallet's available balance must have at least the maximum amount you intend to sell.
Step 1: Go to the Post a Trade Ad page
You can do this by clicking 'Post a Trade Ad' from the 'Trade Peer-To-Peer' Menu.
Step 2: Select dynamic price and set your trade preferences
- Select the 'Sell BTC' option in the 'Post a BTC Trade Ad' page, select 'Dynamic Price' from the 'Price Exchange Rate' dropdown and set your preferred exchange rate in the 'Price Exchange Rate' text field.
- The price per BTC that appears is the current price automatically drawn from Bitstamp’s API multiplied by USD rates which you inputed in the text field.
- Set the limits for your trade, add the bank account you wish to receive payment and then click 'Review Details'.
- When reviewing details, confirm the BTC limits, the price per BTC, and your payment details. After doing this, click on 'Post Sell Trade Ad'.
- To protect all parties involved in a trade, BuyCoins escrows the BTC put up for sale. Before your sell trade ad can become live, you have to escrow the maximum BTC for sale by clicking on ‘Post Buy Trade Ad' and then 'Escrow BTC and Post Trade Ad'. [By doing this, you are authorising us to deduct the total amount you want to sell from your BTC wallet.]
- After posting your trade ad, you'll see a summary page of your buy trade ad and a green pop-up notifying you that your trade ad was successfully created.
- Your trade posting is now active and you can see it in your list of trade ads.