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 Bitcoin. However, like with all advertisements, it is dated and only reflects the situations – or in this case, Bitcoin rates – that were present at the time of its creation. Therefore, a trader might lose out on profiting from their trades due to the volatility of Bitcoin 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 Bitcoin. With dynamic pricing, you can set your Price per Bitcoin 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 the BTC price 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 Bitcoin, your Bitcoin 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 Bitcoin, 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 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 Bitcoin, the price per Bitcoin you’re willing to buy or sell, and the limits (i.e.minimum and maximum amounts) at which you’re willing to buy or sell. 

Bitkoin_Africa_trade_preferences

 

Creating a sell Trade Posting with dynamic pricing

If you'd like to sell Bitcoin at dynamic rates:
  • Select the 'I want to sell my Bitcoin' option from the drop-down menu and click 'Continue'.
Bitkoin_Africa_dynamic_sell_post
  • 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 Bitcoin 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 Bitcoin is pretty much the same process as creating one to sell. The difference here is that instead of Bitcoin, you'll be depositing money in escrow.

If you'd like to buy Bitcoin at dynamic rates: 
  • Select the 'I want to buy my Bitcoin' option from the drop-down menu and click 'Continue'.
Bitkoin-Africa-buy-trade-dynamic-price
  • 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 Bitcoin transactions, Bitkoin Africa acts as 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 Bitcoin, How to buy Bitcoin, How to post a trade with static prices, and How to buy Bitcoin using an external Wallet.      
 
 

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