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 sell, this article is for you. However, if you are trying to buy, kindly look up the guide on how to buy.
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 selling process.
How to Sell
Before you sell at all on the P2P platform, you must move your coin from your main account to your P2P account.
To do this, first, click “balances”.
Then, click “Transfer”
Then, select that you are moving your coin from main to P2P account; select the coin, select the amount and click “Confirm”.
Now, it’s time to sell!
There are two ways to sell 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 sell” 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.
“Kolibra” 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 seller, you can communicate with the buyer via the chat box, about the price; let’s assume the buyer wants to buy $1 at 570 NGN; via the chat box, you can re-negotiate the price to any amount, say $1 at 580 NGN; if the buyer accepts, he can update the new price while you make the payment.
“Bank Transfer” means the accepted payment method is “Bank Transfer”.
“106,590.00 NGN” is the price the buyer wants to buy each unit of Litecoin, i.e, 1 LTC = 106,590 NGN.
“570 bit/USD” means the buyer wants to buy each USD for 570 NGN; 106,590 NGN and 570 bit/USD are related; as at the time of taking the screenshot, 1 Litecoin is 187 USD; since the buyer wants to buy 1 USD for 570 NGN and 1 LTC is 187 USD, this means 1 LTC = 187 x 570 = 106, 590 NGN; that explains how 106,590 NGN was computed. Simply put,
1 LTC = 187 USD (price pulled from a reliable source and this rate changes often because trading happens every second)
1USD = 570 NGN (set by the buyer)
1 LTC = 187 x 570 = 106,590 NGN
“Available: 0.00099999LTC ” means the total amount (which the buyer wants to buy) available for trading is 0.00099999 LTC.
“Limit: 0.000050000 LTC — 0.00099999 LTC” means the minimum amount the buyer wants to buy at once is 0.000050000 LTC and the maximum amount is 0.00099999 LTC.
Now, having known all the terms, it is time to engage with the advert. This is called “order placement”; just click “SELL LTC” to continue
Upon clicking “SELL LTC”, you will be shown the next interface
“Time limit: 15 minutes” means the buyer has just 15 minutes to make payments after you place your order.
“I want to sell” means the amount of Litecoin you want to sell; here, we want to sell 0.00075417 LTC and the amount of NGN (Nigerian currency) we will receive will be automatically computed in the next field.
Now, it’s time to select the payment method — how we want to receive payment for selling our Litecoin. Then, click sell. If you haven’t added payment details, do so by clicking the (+) icon next to the payment method field.
This is the payment and confirmation interface
The buyer should pay within 15 minutes; otherwise, the trade will be automatically cancelled, so we can sell our asset to another buyer.
Take note of the of dull orange color of the “Confirm Release” button; it will remain dull till the buyer clicks the “I Have Paid” button on his end. The dullness means you cannot click the “Confirm Release” button until the buyer notifies you of his payment.
Immediately the buyer makes his payment, the color of the “Confirm Release” becomes bright, and you can click it to release the coin to him, only after seeing the payment in your bank account or the host of the payment method you want to use to receive payment.
If you need to contact the buyer, you can use the chat box
After seeing the payment, confirm it
If the buyer does not pay within the payment window (15 minutes, in this case), the order will be automatically cancelled and you can move on to trade with another buyer.
If a buyer is trying to be fraudulent through a dubious click, you can open dispute and the support team would step in to resolve the dispute.
2. Advert Creation
As a seller, 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 engages with it.
First off, navigate to the P2P section of the exchange
Then, click “Post Ad”
Make sure you are on the “Sell 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 sell 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 = $184.70. This is pulled from an external source, actually, and this changes often, depending on the current market price.
The total price of 1 Litecoin is automatically computed from the dollar price, $184.70, 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 sell; in this case, we are trying to trade 0.0001LTC.
Select the time limit, during which the buyer will make payment, every time a trade is open with you; here, we will select 15 minutes.
Input the minimum order limit; this is the minimum amount you would like to sell, at a time.
Input the maximum order limit; this is the maximum amount you would like to sell, 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 sell at 570NGN per 1 USD, he might want to buy at 568 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”
Your Ad has now been placed on the list of adverts and buyerscan interact with it, by placing an order.
When a trade is opened with you by a buyer, 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
The buyer should pay within 15 minutes; otherwise, the trade will be automatically cancelled, so we can sell our asset to another buyer.
Take note of the of dull orange color of the “Confirm Release” button; it will remain dull till the buyer clicks the “I Have Paid” button on his end. The dullness means you cannot click the “Confirm Release” button until the buyer notifies you of his payment.
Immediately the buyer makes his payment, the color of the “Confirm Release” becomes bright, and you can click it to release the coin to him, only after seeing the payment in your bank account or the host of the payment method you want to use to receive payment.
If you need to contact the buyer, you can use the chat box
After seeing the payment, confirm it
If the buyer does not pay within the payment window (15 minutes, in this case), the order will be automatically cancelled and you can move on to trade with another buyer.
If a buyer is trying to be fraudulent through a dubious click, you can open dispute and the support team would step in to resolve the dispute.
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.
