CoinCola Review: Best Crypto OTC and Gift Card Trading Platform
CoinCola is a Hong Kong-based company which has gained popularity in the industry for its crypto trading platform that integrates peer-to-peer OTC platform, crypto-to-crypto exchange, and crypto wallet service.
What’s more, with CoinCola you can also sell and buy bitcoin with gift cards from companies such as Amazon, iTunes, Steam, Google Play, Walmart and many others.
The platform and its services can be accessed either by browser or phone. The development team has created easy to use apps for both Android and iOS devices, to offer the most convenient crypto trading experience in mobile format.
As CoinCola is a Chinese company, they first rolled out their service in the region. Because of this, you can sell gift cards to Chinese buyers with high conversion rate.
Their trading services can be accessed in at least a hundred countries, providing the much needed OTC services to regions with troubled economies, such as Nigeria or Venezuela. Through this platform, residents can easily and securely buy bitcoin in Nigeria, either through gift cards, fiat currency or other cryptos.
How to buy Bitcoin and gift cards
On the CoinCola OTC platform, users are able to create and post ‘sell’ or ‘buy’ advertisements specifying the crypto they want to buy, the price they wish to trade at, preferred payment methods and the amount of crypto they wish to buy/sell.
After a match has been made between two posts, the trade will be initiated. When this happens, an escrow managed by CoinCola will securely hold the seller’s crypto funds. When the seller confirms that the payment has been made, the escrow releases the funds into the buyer’s wallet.
In the OTC section, users can also sell their Gift Cards to another user for Bitcoin.
Buying Bitcoins with Gift Cards
Step 1: Go to the main page of Coincola and sign up for an account.
Step 2: You can sign up with either your phone number or e-mail address. After this, you will receive an email or phone message with a verification code.
Step 3: Type in the verification code and click on ‘sign up’. If you’ve registered successfully, you’ll receive a *registered account success* pop-up.
Step 4: Link your ID card and wait for the verification process to be completed. There are certain limitations with an unverified account.
Step 5: Go to the OTC tab of your CoinCola account.
Step 6: Click advertise on the left column and browse through the adverts available. Select the ad that accepts as payment method the gift card you have.
Step 7: Click the blue “BUY BTC” button to start the trade.
You’ll be taken to a page which has the offer details and you put in the amount of gift card you want to sell and you can see its BTC equivalent
Step 8: Click “Buy Now” to confirm your order.
Step 9: Enter the chat box to talk to the buyer.
Step 10: Click the image icon from the chat box to upload an image of your gift card.
Step 11: Click on the “Mark as Paid” button after sending the gift card to the seller.
Step 12: Wait for the seller to confirm the card is valid.
Step 13: CoinCola will alert you when the seller released the BTC, after which it will be credited to your OTC wallet.
Placing a sell order
Step 1: Log into your account and click on the OTC tab.
Step 3: Click ‘Advertise’ on the left column or on the ‘+’ icon at the top right if you are using the app.
Then, click on the ‘Post an ad’ option from the drop-down menu and complete your sell order’s details:
- Trade type. Select if you want to make a sell or buy order. In our case, choose the sell option.
- Select your location and fiat currency.
- Select a margin between -50.00 to 50.00.
- Set your trade price.
- Set a minimum price to avoid going down below a specific price point.
- Set the minimum amount per trade and the maximum amount per trade.
- Select up to a maximum of three payment methods.
- Enter your trading terms here so that buyers can review your sell order.
The Advantages of CoinCola
Below we will be listing some of the platform’s most notable features:
CoinCola has conveniently low fees even for large orders. You can buy and sell for free; only the traders that post an advertisement and complete a trade are charged a small fee.
Wide Crypto Selection and Payment Options
Users are able to trade using a variety of cryptos: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC) and Dash (DASH). CoinCola supports a wide variety of payment options, including PayPal, Western Union, Payeer, bank transfer, Wechat, Money Cram, Gift cards and many others.
The intuitive interface of the website and app allows you to easily monitor the real-time charts and prices of the crypto market. All trades are executed at fast speeds without any long waiting times.
As CoinCola has more than 100,000 transactions on a monthly basis, it is very keen on providing the best security. The exchange’s funds are secured via bank-grade encryption, cold storage and user account and trade data are kept safe using SSL technology.
The exchange is compliant with KYC/AML procedures, ensuring users that they can trade in a secure environment. Verifications are processed quick as to not inconvenience users.
CoinCola’s support team is available 24/7, and is ready to quickly answer all your question in multiple languages.
Via the referral program, users are able to earn 20% of completed trades in the 1st month, and 15% for the remaining 5 months. New users can win up to 0.0002 BTC if they make their first successful trade.
- If a user signed up via your referral link and has successfully completed at least a trade, then you qualify for the commission.
- The commission will be instantly deposited into your CoinCola account. The commission = trade volume x transaction fee x reward ratio.
- The reward period of a new user starts from the first day up till 180 days. Reward ratio in the first 30 days is 20%, with a 15% rate applied for the remaining days.
- The bonus will be paid in the currency in which the original transaction fee was made.
- A user can only be referred once and he is required to pass KYC so that the referrer can get his bonus.
- The above rules only apply to users that have registered on or after 2019/04/26 10:00. Past program rules apply to those that registered prior to that date.
Bonus for Your First Trade
The first 500 users to complete their first trade will be rewarded with a gift card. The offer is available until June 25 and you can get a $5 bonus after you buy bitcoin with a gift card if you have not made a gift card trade prior to this.
You will receive the bonus in the same currency you made your payment. All users can participate in the campaign as long as they haven’t performed any trade with the gift card before.
CoinCola is a one-stop trading platform that can be easily used to perform crypto trading with convenient payment methods. With so many trading options and bonuses, we can definitely say who is the best OTC bitcoin trading platform – Coincola.