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- CoinCola Review: Your guide...
CoinCola Review: Your guide for 2024
Swen Keller
- URL: https://www.coincola.com
- Headquarter: Hong Kong
- Year Founded: 2016
- Platform App: Web/Mobile
- No. of Cryptos: 5+ (Bitcoin, Tether, XRP, Bitcoin Cash, Ethereum, EOS, DASH, and Litecoin)
- Fiats Available: 100+ currencies including AED, USD, EUR, CAD, NZD, BRL, CHF, GBP, and JPY
- Withdraw Method: Cryptocurrency wallet address and bank transfer
- Payment Method: Bank transfer, gift cards (steam gift cards, Amazon gift cards, and more), Alipay, WeChat Pay, PayPal, credit and debit cards, Skrill, and Neteller
CoinCola Review: Our Opinion
Our practical experience with this crypto exchange has shown that it is easy to use and best for gift card transactions.
However, CoinCola charges high fees when compared to the more popular exchanges in the industry.
It also offers a limited selection of cryptocurrencies.
Company Overview About the CoinCola Exchange
CoinCola was founded in 2016 and is headquartered in Hong Kong.
The company currently hosts more than 1,000,000 active traders buying and selling cryptocurrency using fiat currency and gift cards.
This crypto platform facilitates more than 100,000 trades every day and has a strong presence in over 140 nations in the world including Nigeria. It is one of the beginner-friendly exchanges in the country.
Concerning its services offered, CoinCola allows users to trade 5+ cryptocurrencies using fiat currency. Traders can also buy and sell Bitcoin using gift cards such as Steam gift cards, Amazon gift cards, etc.
The crypto exchange also offers the CoinCola wallet, which provides users with deposit and withdrawal services.
CoinCola also gives traders access to spot trading, margin trading, and P2P trading.
Pros
- Beginner-friendly
- Offers P2P trading
- Supports advanced trading like spot and margin trading
Cons
- High fees and exchange rates
- Limited crypto selection
Key Features
CoinCola Mobile App
The CoinCola app gives you access to the CoinCola exchange and trading marketplace on the go.
With the mobile app, you can trade Bitcoin and access all CoinCola services including spot/margin trading, gift card trading, and P2P trading.
You can also access both OTC trading and crypto-to-crypto pair trading in the app. You can trade Bitcoin, Ethereum, and other supported cryptocurrencies using your local fiat currency.
With the mobile app, you can trade different gift cards (Amazon, Steam, Walmart, iTunes, Google Play Gift cards, etc.)
The mobile app is simple and easy to use. It is suitable for both beginners and advanced traders, it has also been designed from the ground up to provide the best cryptocurrency trading experience on mobile.
The app is available for download on the Google Play Store and the Apple App Store.
As already stated, the CoinCola mobile app gives you access to all of CoinCola’s features, One of the most important features of this exchange is the Instant Buy feature.
With Instant Buy, you can instantly buy Bitcoin within minutes.
Instant Buy has a streamlined process and offers multiple payment options. Available payment methods include bank transfers, third-party payment platforms, and credit/debit cards.
To use Instant Buy, simply login to your CoinCola account and scroll to the “Buy/Sell Crypto” section.
Enter the amount of Bitcoin you want to buy and choose your preferred payment method.
Next, browse through the available Buy offers and choose one that matches your amount, price, and payment method.
Review and finalize the details to complete your transaction.
Once the transaction is completed, the Bitcoin will be instantly deposited into your account.
CoinCola Partner Program
The CoinCola program rewards you every time a referred client completes a trade on the crypto exchange.
Your referral earnings increase with the number of people you refer to the platform.
There are 2 CoinCola partnership opportunities: The Referral Program and Affiliate Partnership.
With the CoinCola Referral Program, you earn rewards when you invite your friends and they trade on CoinCola.
You earn a commission for every buy order completed by your friend.
Getting started with the CoinCola Referral Program is easy.
To start, log in to your CoinCola account and open the “Invite Friends” page.
On the page, you will see an exclusive invitation link that you can use to invite your friends to the platform.
To be eligible for referral commissions both the user and the referral must complete KYC identity verification.
The CoinCola Affiliate Partnership on the other hand is available to business owners.
You can earn commissions by sharing affiliate banners and links on any of the platforms you manage. This includes your blog, website, podcast, social media page, and newsletter.
To join the affiliate partnership program, you need to contact the CoinCola team via email at affiliate@coincola.com.
Fees
CoinCola trading fees to buy and sell Bitcoin and other cryptocurrencies with gift cards are as listed:
CoinCola OTC Market Fees
It is free to buy and sell cryptocurrencies from an existing advertisement.
OTC Advert Fees
It is free to post an AD on CoinCola.
OTC Trading Fees
It is free to post an advertisement on CoinCola. However, traders who post buy and sell adverts are charged a trading fee of 0.7% of the overall transaction amount for order completion.
Note that this fee is only for advertisers, not regular users.
Exchange Market Fee
CoinCola charges a 0.1% trading fee for using its Exchange Market.
Withdrawal Fees
CoinCola charges a fixed cryptocurrency withdrawal fee irrespective of the amount you wish to withdraw out of your account.
BTC: 0.0012BTC
ETH: 0.001 ETH
USDT-TRC20: 1 USDT
USDT-ERC20: 5 USDT
EOS: 0.1 EOS
XRP: 0.25 XRP
BCH: 0.0005 BCH
LTC: 0.009 LTC
GUSD: 10 GUSD
DASH: 0.002 DASH
The platform also charges users for internal transfers within the exchange if they exceed the amount of free transfers:
BTC: 0.0012 BTC
ETH: 0.015 ETH
USDT: 10 USDT
XRP: 0.25 XRP
BCH: 0.0005 BCH
LTC: 0.009 LTC
EOS: 0.1 EOS
DASH: 0.002 DASH
GUSD: 10 GUSD
Payment Methods
CoinCola crypto trading platform offers a large selection of payment methods depending on the country you’re trading with.
In Nigeria, for example, CoinCola offers bank transfer, IMPS Transfer, domestic wire transfer, Chipper Cash, ZellePay, PayPal, Mobile
MTN Mobile Money, ApplePay, Cash App, Venmo, Airtel Money, international wire (SWIFT), and much more.
Kenyan users on the other hand use M-PESA, Airtel Money, etc.
Aside from fiat currencies, CoinCola allows users to trade cryptocurrencies using gift cards such as Amazon gift cards, Steam gift cards, and much more.
Cryptocurrencies Available on CoinCola
The CoinCola exchange supports 7 cryptocurrencies. Supported cryptocurrencies include Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, DASH, and EOS.
Security
After our exhaustive hands-on investigation, we have concluded that CoinCola is a secure exchange with several robust security measures in place to ensure the security of user’s funds at all times.
CoinCola stores a large percentage of users’ assets in secure offline storage.
The remaining assets in the hot wallets and user accounts are protected using 5 strategies.
SSL Encryption
This is the first safety strategy. CoinCola uses SSL technology to provide end-to-end encryption between the website and the users’ devices. This is a safety measure that ensures the protection of users’ data and private information.
Google Two-Factor Authentication
This is one of the most robust security measures available online.
Each time you attempt to log in to your CoinCola account, you will be required to provide a current dynamic key generated by Google Authenticator.
The generated keys are changed every few seconds, which ensures that the account is protected from criminals and malicious hackers.
KYC with Facial Recognition
To prevent fraud on the CoinCola OTC marketplace, every account is connected to a real-life government-registered identity.
CoinCola goes through every record to make sure that the faces match up with the document photos on the record.
Managed Keys
CoinCola securely stores users’ private keys to reduce the likelihood of users losing complete access to their funds due to the loss of private keys. This prevents unauthorized parties from taking funds out of your account.
Aside from the above strategies, CoinCola is protected with other security measures. This includes instant notifications and requests for verification when depositing and withdrawing, logging in with a new device, releasing crypto assets, and any other activity that can affect the safety of the account.
Controlled Transaction Environment
All vendors on the CoinCola P2P marketplace must also pass the strict verification process to ensure that they are legit. CoinCola also has an escrow service. This is a security measure that ensures that funds are not released until both parties in a transaction have fulfilled their part.
Staking Rewards
CoinCola is a basic crypto exchange, it does not support any form of staking rewards.
Opening a CoinCola Account
Opening a CoinCola account is fast and easy, to get started, go to https://www.coincola.com.
Once it opens, tap on the “Sign Up Now” button at the top center of the page or scroll down and click the blue “Register” button near the bottom of the screen.
Next, you’ll have the option to Register on CoinCola to buy and sell gift cards and crypto using your email address or phone number.
The one you choose is where CoinCola will send your verification code.
Enter your email address and then tap on “Send” to receive a code.
Check your email inbox and enter the code in its respective field on the Sign-Up page.
Note that you’ll have 60 seconds to enter the code before it expires.
That’s it! You’ve successfully opened a CoinCola account but to trade gift cards and cryptocurrency on the platform, the exchange requires users to undergo its KYC verification.
To verify your identity on CoinCola you may need to submit identification documents such as your National Identification Number slip or international passport as well as proof of address documents.
Trading Experience
Based on our firsthand observations of this crypto exchange, we can state that CoinCola is a basic exchange with an easy-to-use interface suited for beginners.
The crypto exchange is easy to navigate and it supports all major payment methods as well as local payment options.
It also offers margin trading, which is targeted at its more advanced traders.
Customer Support
CoinCola offers customer support via Live Chat on the CoinCola official website and the CoinCola mobile app.
Users with general complaints and inquiries can contact the support team via email at contact@coincola.com while users who wish to open trade disputes can send a mail to dispute@coincola.com.
That said, Coincola has a support center where users can find detailed information on several aspects of the platform.
Customer Satisfaction
Through our team’s firsthand analysis of this crypto exchange, we observed that even though CoinCola is a basic exchange for buying and selling crypto, it is flawed in some areas and the majority of CoinCola users are dissatisfied with the platform.
CoinCola reviews on third-party review platforms also show this, one of the major complaints of users is the inability of the support team to give helpful responses to their problems.
Education
No, the platform does not offer a crypto education center but it has a blog that contains recent happenings in the industry.
Is CoinCola Right For You?
CoinCola is a basic crypto exchange that offers basic trading services. It is right for beginner and advanced traders looking to exchange their gift cards for cryptocurrency and to make your investments go further.
Final Thoughts
CoinCola is a simple crypto exchange that allows users to transact with their gift cards to trade Bitcoin and other digital assets.
However, it is limited in features offered when compared to much bigger crypto exchanges like Binance and Coinbase.
FAQ
Most frequent questions and answers
Yes, CoinCola is a legit crypto exchange in Nigeria and has been in operation since 2016 with over 1,000,000 users.
CoinCola is a better alternative in terms of crypto availability It offers more cryptocurrencies than Paxful and payment options. However, Paxful has more traders available.
CoinCola allows users to trade cryptocurrencies with each other using local fiat currencies or gift cards.
CoinCola accepts several payment methods depending on the country of the trader you’re trading with as well as gift cards.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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