Credit Line Information, Deadlines & Penalties
Credit line is an exclusive feature and is only available to specific high volume users on Buycoins.
For Instant trades, you can use your credit line to sell more BTC than you have in your account.
For peer-to-peer trades, you can use your credit line to buy and sell BTC of more value than you have in your NGNT or BTC main account.
Here's what you need to know:
- You can buy or sell as long as you have available credit.
- The maximum amount you can buy or sell is called your "Credit Line" and this is determined by Buycoins.
- You have 6 hours to pay back your BTC or NGNT credit. Please note that you will be charged a penalty whether or not your order gets filled.
- To pay back your NGNT credit, you need to deposit Naira to your NGNT account and to pay back your BTC credit you need to send in BTC.
- You will not be able to send out BTC or Withdraw Naira until you have paid your BTC or NGNT credit.
- You are not allowed to owe the debt for longer than 6 hours.
- After the payment deadline, if you have not sent in BTC or NGNT to your Buycoins wallet to offset your debt, we would charge a penalty fee of 0.5% of the owed amount.
- The second penalty fee of 0.5% will be charged 3 hours after the first 6 hours has elapsed.
- If you send in your BTC within 6 hours but it's delayed by blockchain confirmations, you would not be charged a penalty fee.
- Your credit line will be replenished after you pay back what is owed.
- Your account will be restricted with no penalty after 3 hours.
We automatically increase your credit line with increased trading activity and reduce your credit line the less you trade.