What is CoinCola?
CoinCola is an online, over-the-counter (OTC) platform for cryptocurrency trading. CoinCola’s peer-to-peer OTC trading platform allows users to buy or sell cryptocurrency using their local fiat currency (e.g. bolivar, pesos, euros etc.).
Users trade directly with each other in a decentralized manner. The platform supports Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin and Dash. Unlike traditional coin-to-coin exchanges, you can trade directly with other traders. This process has the advantage of allowing users to trade large amounts of cryptocurrency at a fixed market price, without slippage.
In addition to its OTC trading platform, CoinCola also provides a crypto-to-crypto exchange that allows users to trade one coin against another (think Binance or Coinbase Pro). In this article, we’ll focus mainly on CoinCola’s main service – it’s OTC platform.
How to register with CoinCola?
CoinCola is free to join. You simply need to provide a mobile number and your ID Card or passport in order to verify your account. When you register, you are provided with a free web wallet that supports BTC, ETH, USDT, BCH, LTC and DASH.
Depositing cryptocurrency to your CoinCola wallet is completely free. The withdrawal fee is regulated according to the network fee. At the time of writing, the withdrawal fee for Bitcoin is 0.0005 BTC.
There is also an option to transfer cryptocurrencies between your own CoinCola OTC account and CoinCola Exchange account – this is free of charge.
What are CoinCola’s OTC trading fees?
Buying and selling is free on the CoinCola OTC platform. Traders are only charged a transaction fee if they first post a buy or sell advertisement, and then complete a trade.
The normal transaction fee for OTC trades is 0.7% of the total traded volume of cryptocurrency. With transaction fees for other competitors starting at around 1% or higher, CoinCola offers one of the lowest trading fees on the market.
As part of their international launch, CoinCola is offering a special discounted transaction fee of 0.5% for all users outside of China. The promotion ends on October 31st, 2018.
How does CoinCola’s OTC marketplace work?
Buyers and sellers can both post advertisements specifying their market price, the amount of currency they wish to trade and their preferred payment methods.
Other users can respond to these advertisements and agree to initiate a trade. Once a trade has started, the cryptocurrency assets belonging to the seller are moved to a secure online escrow managed by CoinCola.
Once the local fiat currency has been sent and verified by the seller, the assets are released from the escrow to the buyer’s CoinCola wallet.
The last step would be to leave feedback for your trade partner and invite them to do the same for you. CoinCola allows users to leave positive or negative feedback after a trade has been completed.
Each user’s review score is displayed on their public profile in order to build trust and transparency on the platform. Building trust and positive trade feedback is important to create more trading opportunities.
Promotions for International and Venezuelan Users
CoinCola is partnering with Dash to launch in Venezuela. For a limited time only they will be offering a 0% transaction fee on all dash OTC trades. This will enable Venezuelans to buy and sell the cryptocurrency at no cost.
In addition, all users outside of China will be able to take advantage of a discounted 0.5% transaction fee for OTC trades until October 31st, 2018. Venezuelan users can earn a 50% commission share through the CoinCola Refer a Friend program while other international users can earn a 30% commission share.
On the CoinCola Exchange – a secondary service of CoinCola that complements their OTC platform – you can expand your portfolio and profit from price differences by exchanging one coin for another. CoinCola’s exchange uses BTC and USDT as base currencies and currently supports trading pairs with ETH, BCH and LTC.
You can place buy or sell orders at a market price. There’s also an option to execute limit orders. A limit order allows you to set a minimum or maximum sale price. Your order will only be filled at up to the price you set.
CoinCila Partner Program
CoinCola has offers both a ‘Refer a Friend’ program and an affiliate program. With the CoinCola Refer a Friend program, they provide a QR code and referral link that you can share with your friends.
Every user that registers via the QR code or the link will be attributed to your CoinCola account as a referred friend.
Your CoinCola wallet will be credited with 0.1% of the trading volume each time a referred friend completes an OTC order. For a limited time only, CoinCola users outside of China can earn up to 0.25%. Visit the CoinCola Refer a Friend page for more details.
The CoinCola Affiliate program allows you to share banners and links on your website, blog or social network. You can earn rewards when people register or complete trades if they have registered through your affiliate link.
CoinCola Mobile App
CoinCola is a good option for those who want to buy cryptocurrencies with their local currency. There are three main advantages that the platform has over its competitors. Firstly, the OTC platform’s transaction fees are currently the lowest on the market.
Unlike other popular OTC trading platforms, CoinCola not only supports Bitcoin but five other cryptocurrencies.
Having both OTC trading and coin-to-coin pair trading on the same platform – in addition to its growing list of coins – eliminates the need to withdraw your assets to another service or an external wallet.
With a solid reputation for security and having already facilitated thousands of trades, CoinCola is a trading platform on the rise and one that we at 7bitcoins.com can highly recommend.
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