Buying Peer-to-Peer on BuyCoins involves interacting with a sell trade ad or posting a buy trade. You can find out how to post a buy trade ad here. This articles shows the process of interacting with a seller.
Buying Peer-to-Peer Requirements
BuyCoins provides escrow services; meaning that all Bitcoin intended for sale are first deposited by the seller, held by BuyCoins, and then dispensed to the appropriate buyer(s). Therefore, in order to post a trade ad, you must meet the following requirements:
- Your 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 peer-to-peer, your wallet available balance must have at least the maximum amount you intend to sell.
Step 1: Go to the My Trades page
When your Trade Ad is being interacted with, you will receive an email to show that a seller is engaging with your trade. You can view the trade engagement by clicking the menu icon and select 'My Trades' from the 'Trade Peer-To-Peer' menu. When you do this, you'll see a message saying 'Waiting on payment from you'. This means that the seller has agreed to sell to you at your price. Click on the trade.
Step 2: Make payment to the seller's bank account
After clicking on the trade, you'll see the payment details (Bank Account) of the seller, the amount to be paid and the deadline you have to make payment. You then proceed to make payment to the seller's bank account then click on 'I have made payment'. You'll then get a pop up message asking you to confirm that you have actually made payment. If you have indeed made payment, proceed to click on 'Yes, Confirm'.
Step 3: Wait for seller's confirmation
After this, you will have to wait for the seller to confirm that he has received payment. When the seller confirms that he has received payment, you will receive an email that the seller has confirmed payment and there will also be a notification in the app showing that your payment has been confirmed. The purchased Bitcoin will be released to your BuyCoins wallet.
Step 4: Rate seller
After the seller has confirmed receipt of payment, you will be asked to rate the trade either good or bad. When you've rated the trade, all three steps of the trade will be ticked green and you can proceed to check your wallet to confirm that your coins have been released.