Coxena is a mix of an exchange and a wallet. The exchange supports spot trading, P2P & instant swap while the wallet supports fiat-and-crypto-asset management. As additional services, savings, lending and crowdfunding are integrated on Coxena. Simply put, the exchange, right now, allows users to convert crypto assets (BTC, LTC, ETH, BCH, and USDT)to other crypto assets and fiats (NGN, USD, INR, CAD, etc) with few clicks.
As a buyer or seller, the guides aim to streamline your trading process. Before trading on Coxena, the first step is to identify the kind of operation you want to perform, at the moment.
If you are trying to buy, this article is for you. However, if you are trying to sell, kindly look up the guide on how to sell.
Before buying or selling, you are advised to do two things:
- Complete your basic verification process
- Add, at least, one payment’s details
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- Complete your basic verification process:
To complete your basic verification process, register and log into your dashboard.
Then, click “Settings” and “Basic Info”, which pops under “Settings”.
Then, click “Verify Now”.
Then, select country and click “Start Verification Process”
Fill out your details and click “Submit”
Then, click “Continue”
2. Add, at least, one payment’s details:
To add a payment’s details, click “Payment”.
Then, click “Add Payment Method”
Here, we will be adding a payment’s details for bank transfer. Click it.
Fill out the form and click “Submit”
Then, click “Send Code”, input the code and click “Add Payment Method”
Click “Ok”
Yes! Then, you can now proceed to the buying process.
How to Buy
There are two ways to buy on Coxena, and the two work well, depending on your preference:
- By engaging with an already created advert
- By creating your own advert
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- Engaging with an Already Created Advert:
First off, register on Coxena, and login; your dashboard will be shown to you.
Then, navigate to the P2P section of the exchange
On the P2P trading interface, ensure you are on the “I want to buy” section
The next step would be to select the coin you like to trade, the fiat, and the payment method; in this guide, we will be trading Litecoin, the fiat is NGN (Nigerian Naira) and the payment method is “Bank Transfer”.
Upon your selection, the next step is to understand each listed advert, so you can make an informed decision while engaging with the advert of interest. The second advert on this list is taken for the sake of explanation
“Monilola” is the username of the seller
“Rating” is the measure of the user’s conducts on Coxena. Some users may display tendency towards bad conducts; as they do, their ratings drop; thus, it is important to look at the trader’s rating before engaging with any advert. The maximum obtainable rating of any individual is 5.
“Negotiation:allowed” means, for this particular advert, negotiation is allowed; this means the price can be re-negotiated; as a buyer, you can communicate with the seller via the chat box, about the price; let’s assume the seller wants to sell $1 at 570 NGN; via the chat box, you can re-negotiate the price to any amount, say $1 at 550 NGN; if the seller accepts, he can update the new price while you make the payment.
“Bank Transfer” means the accepted payment method is “Bank Transfer”.
“102,714.00 NGN" is the price the seller wants to sell each unit of Litecoin, i.e, 1 LTC = 102,714 NGN.
“570 bit/USD” means the seller wants to sell each USD for 570 NGN; 102,714 NGN and 570 bit/USD are related; as at the time of taking the screenshot, 1 Litecoin is 180.2 USD; since the seller wants to sell 1 USD for 570 NGN and 1 LTC is 180.2 USD, this means 1 LTC = 180.2 x 570 = 102, 714 NGN; that explains how 102,714 NGN was computed. Simply put,
1 LTC = 180.2 USD (price pulled from a reliable source and this rate changes often because trading happens every second)
1USD = 570 NGN (set by the seller)
1 LTC = 180.2 x 570 = 102,714NGN
“Available: 0.00199998 LTC ” means the total amount available for trading is 0.00199998 LTC.
“Limit: 0.00100000 LTC — 0.00199998 LTC” means the minimum amount the seller wants to sell at once is 0.00100000 LTC and the maximum amount is 0.00199998 LTC.
Now, having known all the terms, it is time to engage with the advert. This is called “order placement”; just click “BUY LTC” to continue
Upon clicking “BUY LTC”, you will be shown the next interface
“Time limit: 15 minutes” means you have just 15 minutes to make payments after placing your order.
“I want to pay” means the amount of fiat (NGN, in this case) you want to pay; here, we want to pay 120 NGN and the amount of LTC we will receive will be automatically computed in the next field.
Now, it’s time to select the payment method — how we want to pay
Here, we will we selecting “Bank Transfer” as the payment method
Now, it’s time to place an order; we do this by clicking “Buy 0.00117285 LTC”
This is the payment and confirmation interface
After making, click “I Have Paid” and you must pay within the payment window, 15 minutes.
If you want to communicate with the seller, use the chat box
Wait patiently for the seller to confirm the payment; then, the coin will be released to you.
However, there are some anomalous cases, whereby the seller would want to be fraudulent. If he fails to release the coin on time or falsely claims he has not received the coin, you can open dispute by clicking “Open Dispute”
The support team would step in, and the dispute will be resolved.
2. Advert Creation
As a buyer, you may not be comfortable with any of the adverts on the list, because of the terms. However, worry not as you can create your own advert yourself, on your own terms and wait until an interested party engage with it.
First off, navigate to the P2P section of the exchange
Then, click “Post Ad”
Make sure you are on the “Buy Advert”
Select the coin, for which you would like to create an advert, and the fiat currency; in this case, we are looking at Litecoin and Naira (NGN)
Then, set your rate, the rate you would love to buy 1 USD of Litecoin; in this case, we will setting our rate at 570 NGN per USD.
This shows the dollar price of each unit of Litecoin; to be precise, 1 Litecoin = $179.30. This is pulled from an external source, actually.
The total price of 1 Litecoin is automatically computed from the dollar price, $179.30, of 1 Litecoin and the amount (570NGN) you would like to buy 1 USD of Litecoin.
Then, click “Proceed”.
Input the total amount of Litecoin you want to buy; in this case, we are trying to trade 0.001LTC.
Select the time limit, during which you will make payment, every time an order is trade with you; here, we will select 15 minutes.
Input the minimum order limit; this is the minimum amount you would like to buy, at a time.
Input the maximum order limit; this is the maximum amount you would like to buy, at a time.
Now, add payment method.
Now, click “Proceed”
You can input remarks and autoreply; this is optional
Allowing negotiation means you welcome the seller to negotiate the rate with you. Since you want to buy at 570NGN per 1 USD, he might want to sell at 572 NGN per 1 USD.
“Active” means you want the trade to be active; if you switch to “Inactive”, the trade will not be open to the public, i.e, it won’t be displayed on the public trading interface, so it’s recommend you keep it “Active” as long as you want to trade.
Now, click “Complete”
Now, click “Confirm”
Your Ad has now been placed on the list of adverts and sellers can interact with it, by placing an order.
When a trade is opened with you by a seller, you will be notified via SMS, and can see it under “My Orders”
To see the status of your orders, click here:
Active means a trade is still active while completed means you are done executing that trade
To engage with an active order, click “Details”
Then, click “Go To Trade”
This is the payment and confirmation interface
After making, click “I Have Paid” and you must pay within the payment window, 15 minutes.
If you want to communicate with the seller, use the chat box
Wait patiently for the seller to confirm the payment; then, the coin will be released to you.
However, there are some anomalous cases, whereby the seller would want to be fraudulent. If he fails to release the coin on time or falsely claims he has not received the coin, you can open dispute by clicking “Open Dispute”
The support team would step in, and the dispute will be resolved.
VISION
The mid-term aim of Coxena is to make crypto assets management, payment and exchange a lot easier, remittances easy to process, implement a great user experience for domestic money transfer, and make crypto-payment integration a lot easier for service providers.
The long-term goal is to capture the Nigerian fintech market, at the core of expansion to other African countries and beyond.
