Tutorial: How to Trade on Coinexy
So, in a previous post, we introduced Coinexy, Malaysia’s own peer-to-peer cryptocurrency exchanger. Well, just to highlight a few main points about Coinexy:
- It’s a peer-to-peer exchange platform. This means that trades happen directly between a seller and a buyer. Coinexy only provides the escrow service to facilitate trades.
- Unlike other peer-to-peer exchanges, Coinexy’s platform offers other cryptocurrencies besides Bitcoin, including Ether, Litecoin and Dogecoin.
- Coinexy is currently only available on Malaysia’s IP (those who are using VPN from other countries would have to switch back to Malaysia)
You can read our introduction post here. In this post, we will go through a simple tutorial on how to trade on Coinexy’s platform. The steps are pretty similar to Remitano, so if you’re familiar with Remitano, you can skip this tutorial and go straight to Coinexy. For those who are interested in learning about the extra features Coinexy has, please read on.
2 2. Security
Coinexy employs 2FA Google authentication for enhanced security. It is optional, but highly recommended to protect your Coinexy account. Download and install Google Authenticator app on your Android or Apple device. In your Coinexy account, go to Settings – Two-step Auth and follow the prompts to set up Google authentication. Once done, every time you login or making a Bitcoin transfer, you will have to open the Google Authenticator on your app, and insert the 6-digits onto the browser.
3 3. Verification process
Good so far? Okay. There are four (4) verification items you need to submit, one of which has been prompted when you register an account: your email. This other three items are optional as well, but we recommend verifying them as it adds credibility to your account during trade. These three are: Your 1) personal ID (IC or passport), 2) confirmation ID (a photo of you holding your personal ID) and 3) phone number.
4 4. Start trading
Now we get to the fun part!
In your account page, click the ‘Buy Coin’ tab, and you’ll see a list of sellers on the right hand page, like in the image above. Similarly, clicking the ‘Sell Coin’ tab will show you a list of buyers. You can navigate to advertisements of other coins by clicking its symbol.
If you find a price that you are satisfied with, click on the ‘Buy’ button and it will bring you to this page.
On the lower left hand page, you’ll see the profile of the seller/buyer. You’ll be able to find out how many trades he has made, his rating, and whether he has verified his ID. On the lower right hand page is the reviews from his previous trades.
Scroll up again and you’ll see the trade information. On the upper right hand page, you will have to fill in your desired Bitcoin to sell/buy. Note that you will have to put an amount that is equal to or higher than the minimum amount set on the upper left hand page.
Once you’ve done that, click the ‘Buy Bitcoins’ button and the trade will start.
Post your own advertisements
The second method is to post an advertisement of your own if you want to offer your own price. On the seller/buyer listing, click the ‘+New Advertisement’ tab.
Choose whether you want buy or sell, and the coin type. Fill in the mininum amount (e.g. 0.01 BTC) and the maximum amount of the coin, bank details and payment instructions (if you’re a seller), and your advertisement’s price.
For buyers, put in the maximum amount you’re willing to pay and the percentage to set your advertisement’s price based on the market price. In the image above, the percentage has been set to -5% below the market price (you can see the price in orange is slightly lower than the market price).
For sellers, put in the minimum amount you’re willing to sell your coin for and the percentage. Similarly, a negative percentage sets the price below market price, and a positive percentage sets it above the market price.
Click ‘Advertise Now’ and wait for users to pick up your ads! Make sure you put a competitive price that is reasonable so you’d have a chance of buying/selling coins. Easy, right?
5 5. Trade in Process
If you are selling Bitcoins, the amount requested by the buyer will be locked until the trade is completed, or cancelled. If you are the buyer, you will have to transfer the amount you need to pay and you will receive your Bitcoins upon confirmation of payment received by the seller.
The image above is an example of a trade in process for buying Bitcoins. You have a payment window depending on the time set by the seller (default is 15 minutes). If you feel like you need extra time to pay, you can request extra time from seller by clicking the ‘Extra’ button. If the seller agrees, the time remaining will be updated accordingly. Otherwise your trade will be cancelled automatically once the time runs out.
Once you’ve transferred the required amount, click ‘Confirm Payment’ and wait for the seller to release the Bitcoins. The process is similar with selling Bitcoins. The buyer will transfer the amount necessary and once you have checked that you have received his payment, you can complete the trade and release your Bitcoins. Congratulations, you have made your first trade on Coinexy!
In the next post, we will go through the process of disputing trades. Until then, enjoy trading on Coinexy.