Coindirect recently completed its 3 pronged product line with the launch of its advanced exchange.…
Coindirect gives its users the opportunity to start a cryptocurrency business buying and selling cryptocurrency in over 100 countries. This guide will go through how to apply to become a cryptocurrency vendor, how to deposit cryptocurrency, tips on how to get more sales in your country as a seller and how to set up international offers to reach a global market.
- Step 1: What do you need to become verified?
- Step 2: Fund your Coindirect Account
- Step 3: Once you are verified, apply to become a vendor:
- Step 4: Generating sales from your offers
If you are already a Vendor with Coindirect.com and want to find out how to make your business a bit more enticing, skip over to Step 4 now!
How to apply to become a cryptocurrency seller
You will need to have a verified Coindirect Account in order to become a vendor. Becoming verified will unlock the full features of your Coindirect account, meaning you will be able to buy, send and receive more than 1000 EUR (or your local equivalent) worth of cryptocurrency.
Step 1: What do you need to become verified?
- A selfie with your government issued ID document
- A scan of the ID document used in your selfie
- A clear proof of address with your name and residential address such as a bank statement, utility bill, drivers license etc.
Step 2: Fund your Coindirect Account
To become a seller you need to have liquidity (in the form of cryptocurrency or cash).
Depositing Cryptocurrency into your Coindirect wallets
In order to sell cryptocurrency, the cheapest and easiest way to get started is to transfer cryptocurrency you already own into your Coindirect wallets. This could be cryptocurrency you have in cold storage or cryptocurrency you have bought for a low price at an external exchange. Currently, you can deposit and set up offers using the following coins: BTC, ETH, XRP, USDT, DASH, BCH & LTC.
How to deposit cryptocurrency to your Coindirect wallets
- Log in to your Coindirect account
- Go to the coin wallet you wish to deposit into (from the 7 supported coins) and click on the “Receive” button
- A wallet address will be displayed as well as a QR code. You will use this wallet address when you are sending cryptocurrency from an external wallet.
- Only send BTC to your BTC wallet, ETH to your ETH wallet and so on. Otherwise, if you send ETH to your BTC address (or any coins to a non-matching wallet), your coins will be lost.
- Finally, allow some time for your deposit to reflect (transactions can take up to 60 minutes)
Funding your Account Using your Local Currency:
- Buy bitcoin (or the other base coins) using the ZAR wallet on the Coindirect Exchange or Using your Coindirect Wallets
- Buy bitcoin from a vendor in your Country with the best offers
- Buy bitcoin from a vendor in a different country, who supports PayPal.
- Alternatively, you could complete step 3 (Applying to be a vendor) and then set up buy offers in your country and in other countries using PayPal and Transferwise to build up your cryptocurrency liquidity. However, this step requires you to have liquidity in the form of fiat money (your local currency).
Step 3: Once you are verified, apply to become a vendor:
- Log in to your Coindirect account
- Click on Peer to Peer in the top menu
- Click on Apply on the top of the Peer to Peer page to apply to be a vendor.
Once you are a vendor you can now set up buy and sell offers in your country as well as other countries. Click here to find out how to create offers.
Step 4: Generating sales from your offers
- Have competitive prices – People in each country will buy cryptocurrency from the cheapest offer on the Marketplace in their country. They will also buy from the vendor with the most convenient payment method. E.g if someone uses the same bank, they may be willing to buy from someone who has offers from the same bank instead of the guy with the cheapest offer because it’s convenient.
- Set up both buy and sell offers – In order to be profitable you and maintain your liquidity, you have to buy cryptocurrency for a low price and sell it for a higher price. E.g You buy for just below current market value and you sell just above the current market value (the % above and below current market value will be determined by you and the current offers by other vendors in the countries you are active in because you want to attract sales with attractive offers).
- Get good ratings – regularly check your offers dashboard once you have live offers, so that transactions are completed quickly. This will lead buyers to give you good ratings.
- Sell in more countries – If you have a bank account in a different country, you can set-up sell offers in that country e.g If you are Nigerian and live in the UK, you could set up UK offers using UK banking details and in Nigeria using your Nigerian banking details. If you are in an EU country, we support SEPA payments, this means setting up an offer in one country in Europe will make your offer show up for all countries in the EU. Alternatively, you could sign up for a business PayPal account and a TransferWise account which will allow you to receive payments in multiple currencies, making it easy to buy and sell cryptocurrency in the 100+ countries we support.
More on Paypal and Transferwise
You can use PayPal to set up offers in different countries, however, PayPal has its own fees which you will need to account for when setting up offers in different countries. You can use PayPal to set up offers in Countries we support (excluding countries that use USD, AUD, GBP, EUR) and you markup your prices to include the PayPal fee.
For Countries using USD, AUD, GBP and EUR you can use Transferwise. TransferWise acts as a local bank account in different regions which can decrease the amount of fees you pay when it comes to currency conversion e.g it acts as a borderless account allowing you to send and receive USD, GBP, EUR and AUD (it creates local banking details linked to your TransferWise account).
In some Countries, you can link TransferWise directly to your bank account so it’s easy to send and receive payments from your bank account to TransferWise and vice versa but in other countries, you can receive funds into your TransferWise account but you cannot withdraw the funds into your bank account, this is where PayPal comes in.
Linking your PayPal and TransferWise
In order to save on fees and generate local banking details in America, Britain, Europe and Australia you could link your PayPal and Transferwise Accounts. The benefit of this is that in countries where you can’t make Transferwise deposits or Withdrawals by linking Transferwise to your Bank account, you could link Transferwise to your PayPal so that you only use PayPal when you want to deposit into TransferWise or withdraw funds into your bank account and you use Transferwise for your daily transactions.
How to withdraw money from TransferWise to PayPal – https://transferwise.com/gb/blog/how-to-get-paid-through-paypal-uk
How to send money from PayPal to Transferwise – https://www.icomparefx.com/how-to-send-money-from-paypal-to-transferwise/