How to post a trade with Dynamic Pricing

A Bitkoin Africa Trade Posting is an advertisement that lets other users know you’re willing to buy or sell cryptocurrency. However, like with all advertisements, it is dated and only reflects the situations – or in this case, cryptocurrency rates – that were present at the time of its creation. Therefore, a trader might lose out on profiting from their trades due to volatile prices. This is where Dynamic Pricing comes in.

Dynamic Pricing is a feature that enables users create Trade Postings at rates that change depending on a drop or spike in the general price of cryptocurrency. With dynamic pricing, you can set your Price per unit of cryptocurrency to change every hour by selecting a price equal to the current Coindesk rate plus or minus a specified percentage of that rate.

Every hour we pull cryptocurrency prices from Coindesk in USD and multiply it with the current Aboki FX exchange rate. We then use this new price to update all Trade Postings with Dynamic Pricing on the platform by adding or subtracting the users’ specified percentage. This ensures all Trade Postings with dynamic pricing are as current as possible.

The requirements for creating a Trade Posting still apply to dynamic pricing:
  • Your account must be completely verified. You can find out how to do that here.
  • If you want to sell cryptocurrency, your wallet's available balance must have at least the maximum amount you intend to sell plus our trade charge fee (0.5%).
  • If you want to buy cryptocurrency, you need to pay for (with your card or bank account) the maximum amount you intend to buy plus payment processing fees (4% of the total amount to be paid + ₦50, with a maximum of ₦2050)

Step 1: Go to the Trade Posting page

You can do this by clicking the ‘Post a Trade’ link from the homepage or at the top right corner of the navigation bar from any page.

Step 2: Set your trade preferences

From the Trade Posting page, set your trade preferences by selecting if you want to buy or sell, what cryptocurrency you'd like to buy or sell, the price per unit of cryptocurrency you’re willing to buy or sell, and the minimum and maximum amounts you’re willing to buy or sell.

The price per cryptocurrency that appears is the current price automatically drawn from Coindesk’s API multiplied by USD rates on AbokiFX. However, you can set your preferred price according to your needs or how quickly you want to buy or sell.

 

Creating a sell Trade Posting with dynamic pricing

If you'd like to sell cryptocurrency at dynamic rates:
  • Select the 'I want to sell my cryptocurrency' option from the drop-down menu, select what cryptocurrency you want to sell, and click 'Continue'.
  • Click the 'Set a Dynamic Price' button.
Bitkoin-Africa-select-dynamic-sell-post
  • Select the percentage at which you want to add or subtract then click 'Continue'.
Bitkoin-Africa-sell-dynamic-pricing
  • Set the limits for your trade and click 'Create Trade Posting'.
Bitkoin-Africa-dynamic-pricing-limit
  • Before your Trade Posting can go live, you need to activate it. To protect all parties involved in a trade, Bitkoin Africa acts as an escrow service. By activating your trade posting, you are authorising us to deduct the total amount you want to sell (plus our trade fee) from your cryptocurrency wallet. To do this, click ‘Activate Trade Posting’.
Bitkoin-Africa-dynamic-pricing-activate
  • Your trade posting is now active and you can see it in your list of active Trade Postings.
Bitkoin-Africa-trade-posting-dynamic-pricing

Creating a buy Trade Posting with dynamic pricing

Creating a Trade Posting to buy cryptocurrency is pretty much the same process as creating one to sell. The difference here is that instead of cryptocurrency, you'll be depositing money in escrow.

If you'd like to buy cryptocurrency at dynamic rates: 
  • Select the 'I want to buy cryptocurrency' option from the drop-down menu, select what cryptocurrency you want to buy, and click 'Continue'.
  • Click the 'Set a Dynamic Price' button.
Bitkoin-Africa-select-buy-dynamic-pricing-compressor
  • Select the percentage at which you want to add or subtract then click 'Continue'.
Bitkoin-Africa-dynamic-pricing-percentage
  • Set the limits for your trade and click 'Create Trade Posting'.
Bitkoin-Africa-dynamic-pricing-buy-limit
  • Before your Trade Posting can go live, you need to activate it. To ensure security for all trades, Bitkoin Africa provides an escrow service. By activating your trade posting, you are agreeing to deposit the maximum amount you want to buy (plus payment processing fees). To do this, click ‘Activate Trade Posting’
Bitkoin-Africa-buy-dynamic-pricing-activate
  • Confirm that the details are correct, then click ‘Activate Trade Posting’. You can deposit the total amount via your card or bank account.
Bitkoin-Africa-buy-dynamic-pricing-escrow

Pay with card

If you’d like to deposit the escrow amount with your card, select the ‘Pay with card’ option on the payment window. Input all the necessary card details, then click ‘Pay’.

Bitkoin-Africa-dynamic-pricing-buy-with-card

That’s all!  Your Trade Posting is now live and you can see it in your list of active Trade Postings.

Bitkoin-Africa-buy-post-dynamic-pricing

Pay with bank

If you’d like to deposit the escrow amount via your bank account, select ‘Pay with Bank’ on the payment window. This option is currently available to users with:
  1. Access Bank
  2. Diamond Bank
  3. Fidelity Bank
  4. First City Monument Bank
  5. Guaranty Trust Bank
  6. Zenith Bank
To deposit the escrow amount via your bank account:
  • Select your bank from the drop-down menu.
  • Verify your account by entering your account number and clicking the ‘Verify Account’ button.
how_to_buy_and_sell_bitcoins_bank_account
  • Enter your date of birth and the one-time password (OTP) that has been sent to your phone, then click ‘Complete Registration’.
how_to_buy_and_sell_bitcoins_bank_account_2
  • Another OTP will be sent to your phone. Enter the second OTP and click ‘Pay’.
That’s all!  Your Trade Posting is now live and you can see it in your list of active Trade Postings.

Bitkoin-Africa-buy-post-dynamic-pricing

Step 3: Your Trade Posting is live!

All active Trade Postings appear on the Bitkoin Africa trading page. If you create a sell Trade Posting with dynamic pricing, your trade will appear on the sellers’ page (notice the blue sign beside the price)

Bitkoin-Africa-dynamic-pricing-buy

And if you create a buy Trade Posting, your trade will appear on the buyers’ page (notice the blue sign beside the price).

Bitkoin-Africa-dynamic-pricing-sell


Other guides that can help make your Bitkoin Africa experience better include: How to sell cryptocurrency, How to buy cryptocurrency, and How to post a trade with static prices.
 

How was this Article?


Contact Us

Still Need Help?


If you can't find what you're looking for in our guides, you can contact us via email or phone call.


Email Us →   Live Chat →
fa6251832fba9356bea58e9c0588922e@bitkoin.desk-mail.com
http://assets2.desk.com/
false
desk
Loading
seconds ago
a minute ago
minutes ago
an hour ago
hours ago
a day ago
days ago
about
false
Invalid characters found
/customer/en/portal/articles/autocomplete