March 2, 2018

How to start a business as a Coindirect Cryptocurrency Vendor

Making a career out of cryptocurrency can now be a reality, as you can become a full-time Trade Vendor on Coindirect. You’ll be your own boss by setting your own prices, working your own hours and creating your own Offers on the peer-to-peer marketplace. Being a Trade Vendor on Coindirect is different to simply buying or selling altcoins on the platform, as Vendors are able to fully customise their own sell and buy Offers. If you’re interested in becoming a Vendor we have 7 steps to get you going.

Understanding the market

As a Vendor your profitability will rely on your ability to understand the shifting cryptocurrency market values. Having a solid grip of how cryptocurrencies function and a strong financial background will definitely play to your advantage as a Coindirect Trade Vendor. Your potential income will come from the success of the trades you offer on the platform and accepting the financial risk involved should not be taken lightly.

Putting down capital

As a Trade Vendor, whether you’re buying or selling coins, you’ll need to invest some initial capital to get in the game of cryptocurrency trading by creating your own liquidity. As with traditional forms of trading, an upfront investment establishes the foundation for your abilities to purchase and sell, significant volumes. Larger volumes mean that even if the profit margins are small, you can still see substantial profits. Currently, there are no minimum limits for Trade Vendors on Coindirect, except in South Africa, where there is a R50,000 minimum balance to start trading.

Sign up and Verify yourself

If you haven’t set up your Verified Coindirect account yet, you can follow the straightforward steps here. Verifying your account allows Coindirect to follow international best practices with Know Your Customer (KYC) and Anti-money laundering (AML) regulations acting as an effective tool for fraud protection. Once your account is approved by the Coindirect team (it takes up to 24 hours), you will have the ability to create your first offer as a Trade Vendor.

Simply navigate to the peer-to-peer tab and click the ‘Become a Vendor’ option on the right of P2P Marketplace. If you are verified, you have to confirm the name that will be visible to customers and then confirm. Your application will be put in progress for our team to approve.

Choose your payment methods

Coindirect offers multiple payment methods for buying and selling, and these options differ per country. The more payment methods you have set up as a Trade Vendor, the easier it will be to reach out to more potential buyers or sellers in the Coindirect marketplaces. To keep things simple, you can set up as many payment methods as you need across as many countries as you like, all under a single account.

Setting up a PayPal or TransferWise account will allow you to easily trade in multiple territories as Coindirect lets you create Offers in whichever country you have a relevant payment method setup in. Coindirect’s automatic currency conversion system means potential buyers can view your Offer in their local currency, taking the difficulty out of managing multiple currencies. When a buyer completes a transaction with you, Coindirect will instantly convert your Bitcoin into the required currency.

Create your first offer

With a verified Coindirect account and your chosen payment methods set up, you’re now able to start trading by clicking the ‘Create an Offer’ button on your Dashboard. This will open a window that allows you to fully customise your Offer specifications. This is where you’ll choose which cryptocurrency you want to buy or sell, which country you are selling from, which wallet to use and the payment methods you support. Trade Vendors can decide if they want to set a fixed price or use an equation to adjust the value to market trends. They can set their minimum and maximum trade amount limits and the time limit in which buyers are required to pay for an order.

With Coindirect, you are able setup multiple Offers, with a maximum of 2 Offers for each altcoin per territory. As soon as you post the Offer, it will appear on the Coindirect Buy or Sell page and stay live until the balance of the wallet that you have setup runs out. If you want to make any changes to a live offer, you’re able to pause or hide the offer while you edit it. Once you’re finished, simply switch the Offer back to live.

Keep track in the My Offers tab

Clicking through to the ‘Partner Area’ on the right-hand side of your Coindirect profile menu takes you to an area similar to your normal Dashboard. This page includes some additional features for you as a Coindirect vendor. This is where you can post new Buy or Sell Offers, edit your live Offers, track the progress of orders placed with you and also view your past Offers.

Track and conclude orders

When one of your offers is live, it’s best practice to regularly check-in for incoming orders. Transactions that are approved and concluded quickly will lead to buyers giving you positive ratings, building your reputation as a trusted Coindirect partner. Approving orders is made easier with chat functionality that allows you to communicate directly with the person placing an order with you.

How Coindirect protects you

All transactions on Coindirect are escrow-protected which ensures both parties honour the order. Coindirect holds the purchased coins on behalf of the seller in a secure, third-party location until the transaction is finalised, releasing them once both parties are in agreement. Coindirect also offers a full Dispute Resolution process for any irregularities you may experience during the order process.

Take advantage of our Affiliate Program

If you know other people who would be interested in being a Coindirect Trade Vendor or user, the Coindirect Affiliate Program can help you earn a passive income stream through your referrals. You can earn 20% commission on all fees generated by the trades made by the customers you refer. The more people you refer, the more you can benefit from Coindirect’s daily cryptocurrency payouts. Learn more details about the program here and help build the global Coindirect community.