With the ability to buy, sell and convert bitcoin using only one account, Coindirect has a simple and secure solution to starting a cryptocurrency investment.
With the popularity of cryptocurrency markets growing by the week, you may be looking for a way to buy bitcoin for yourself. Up until recently, it has been a complicated and technical process to purchase bitcoin or other altcoins in African countries. Thankfully Coindirect now offers a fully regulated peer-to-peer marketplace for buying over 30 cryptocurrencies securely using local payment methods. The platform is currently in Nigeria, Kenya, and South Africa, but will be expanding into more African countries soon. Here is a step-by-step guide to show how easy it is to buy bitcoin using Coindirect.
Create a Coindirect account
Go to the Coindirect homepage, and click ‘Sign Up’ to open your account. You’ll need to enter a valid email address and a password of your choice. Once this is done, you can complete your personal details by clicking ‘Enter Details’ on the dashboard page. These basic details like your name, mobile number, address, country and date of birth are needed to avoid the risk of fraud for the buyers and sellers on the platform.
Verify your account
In order for you to make purchases of over a certain amount (R15,000 in South Africa, ₦400,000 in Nigeria and 100,000 KSh in Kenya), Coindirect needs to verify your account to follow international compliance standards and protect its users on the peer-to-peer network of buyers and sellers.
On your account dashboard, you can click the ‘Verify Identity’ option to open the new window. You’ll be asked to upload 3 documents including your valid identity document or passport, a clear picture of yourself holding up that same ID, and a proof of address that is less than 6 months old. Once all 3 files are uploaded, verification may take up to 24 hours to be authenticated by the Coindirect team.
Click to buy
If you click on the ‘Buy Coins’ tab, you’ll see all the digital currencies available to buy on the platform. There are currently 35 different altcoins available including Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Dash (DASH) and many more. Click ‘Buy’ on the right-hand side of the Bitcoin row. This will take you to a page that shows all the offers available to you on the peer-to-peer marketplace. This page includes who you can buy bitcoin from, their user rating and their currency amount limitations. Once you’ve selected your preferred seller, you can fill in the value you want to purchase in your local currency, your preferred payment method and then click ‘Place an order for Bitcoin’.
You’ll be brought to a page that will allow you to complete the order by paying the seller. The payment methods available differ in each country. Nigeria has local bank transfers, South Africa has PayPal, bank transfer, and Instant EFT options, and Kenya has the M-Pesa payment method.
In many cases, the trade will conclude fairly quickly, but there is a 90-minute window that allows for the purchaser to upload their proof of payment before the transaction can be approved by the seller. All trades on the Coindirect platform are escrow-protected so your funds, and the sellers' bitcoin are only transferred once both parties honor the transaction.
Manage your coins with the Coindirect wallets
Once your transaction has successfully concluded, your bitcoin balance will show in the ‘Wallets’ tab of the Coindirect website. This is where you will be able to easily send, receive and store your wallet balance. With Coindirect, you can click the ‘+Add Wallet’ button to create free wallets for any of the 35 cryptocurrencies currently available through the platform. The ‘Transfer’ button lets you quickly and easily convert between your different cryptocurrency wallets for a small fee.
So indirect lets users add an extra level of personal account security by offering Two-Factor authentication for when they log in. This minimizes the risk of the wrong people accessing your account. To turn this on for your account, download a Two-Factor Authentication app like Google Authenticator on your mobile and connect it to Coindirect by finding the ‘Security’ page on your top right profile drop-down menu of the website.
So indirect makes every effort to ensure your information is protected and is registered with the Isle of Man FSA, so its AML compliance is overseen in line with global standards.
What makes Coindirect different
There are now several exchanges for buying Bitcoin, but Coindirect.com is the peer-to-peer platform that allows you to buy, sell, store and convert over 30 different cryptocurrencies all under 1 secure account. This means you can avoid the complications of setting up multiple accounts, excessive conversion fees and long waiting periods for Bitcoin transactions.