What happens if I can’t pay with my Naira debit card?It could be as a result of one of two things – either your bank hasn’t authorised online transactions for your account/card, or your transaction is above the daily POS/Web spend limit set by your bank. Please contact your bank to either authorise web purchases for your account or increase your POS/Web daily spend limit. Alternatively, you can try the Pay with Bank option on the payment gateway.
What is an escrow?An escrow is a legal/financial arrangement where a third party holds an asset on behalf two parties involved in a transaction. It is a method that ensures a secure transaction because the asset in question is released only after the agreed terms have been met.
Bitkoin Africa provides escrow services for all Bitcoin transactions. This means that all cryptocurrency intended for sale and payments for cryptocurrency are first deposited by the sellers/buyers who create Trade Postings, held by Bitkoin Africa, and then dispensed to the appropriate buyers/sellers who respond to Trade Postings. Read more about our escrow services here.
How are payment processing fees calculated?The Payment Processing Fee is 4% of the total amount to be paid + ₦50 with a maximum of ₦2050. This means that all payments worth ₦50,000 and above will have a Payment Processing fee of ₦2050. Read more about payment processing fees here.
What are Network Fees?Network Fees are transaction fees charged for processing a cryptocurrency transfer. Network fees are only applicable when cryptocurrency is leaving a Bitkoin Africa Wallet to an external Wallet address. Therefore, a Network Fee will be applied when you send cryptocurrency from your Bitkoin Africa Wallet to an external Wallet address. Read more about Network Fees here.
What does an Escrow Transaction mean?Escrow Transactions are transactions that involve your cryptocurrency escrow wallet. A positive or plus sign (+) means the amount has been added to your escrow wallet. While a negative or minus sign (-) means the amount has been deducted from your escrow wallet. Read more about Escrow Transactions here.
What does an On Chain Transaction mean?On Chain transactions are transactions that are carried out on the blockchain i.e. transactions involving external cryptocurrency wallets. A positive or plus sign (+) means the amount has been added to your wallet from an external wallet. While a negative or minus sign (-) means the amount has been deducted from your wallet and transferred to an external wallet. Read more about On Chain Transactions here.
What does an Off Chain Transaction mean?Off Chain transactions are transactions that are carried out within the Bitkoin Africa network i.e. between registered Bitkoin Africa users/wallets hosted by Bitkoin Africa. A positive or plus sign (+) means the amount has been added to your wallet. While a negative or minus sign (-) means the amount has been deducted from your wallet. Read more about Off Chain Transactions here.
Still have questions? Click through to read more answers to general questions and questions about Your Bitkoin Africa Account, Buying and Selling cryptocurrency, and Posting a Trade.