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Changelly Review: Should You Buy Cryptocurrencies on Changelly?

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Changelly Review

Changelly is one of the most popular cryptocurrency exchanges that offer users the opportunity to buy and sell a wide range of digital currencies and tokens. The exchange offers an easy-to-use service that combines user-friendliness, speed, and low fees. In this Changelly review, you will discover the benefits and drawbacks of this popular exchange and learn how to buy cryptocurrencies on Changelly

Introducing Changelly

Changelly ReviewChangelly was launched in 2016 by the people behind MinerGate, a mining multipool service, and now has over one million customers that use its exchange.

When buying cryptocurrencies on the exchange, rates and the time of the transaction are made clear from the beginning. However, the rate given before the transaction being completed by the user is an estimation. This may not be the actual amount in crypto received, depending on the exchange rate at any given point in time (which can rapidly change when it comes to crypto).

Changelly gives users the option of choosing crypto-to-crypto exchanges and also allows users to exchange fiat currency to cryptocurrency by using a VISA, MasterCard credit or debit card. The service can be accessed by anyone anywhere in the world as long as their requirements are met.

How Does Changelly Work?

It is pretty easy to get an account at Changelly, the only thing you need to provide is your email address. Once you sign up, you receive an email confirmation with a password to log in with (make sure you change the password to make it more personal to you as well as more secure).

 

Changelly

 

Next, there are dropdowns for you to select the two currencies you want to exchange. Then, put in the amount of currency you want to exchange from. Changelly will show an estimate of the amount of the new currency to be received. The exchange rate, the amount you will receive, and estimated arrival time is shown as well. Changelly also calculates and displays its 0.5 percent transaction fee leaving no room for confusion as you continue through the process.

 

Changelly

 

Once this is done, enter the wallet address that you want your funds to be sent to. Check that this address is correct! There will be no way to get your cryptocurrency after the exchange is made if you enter an incorrect address. 

Once you click on “Next”, the information entered previously shows up and you are asked to confirm that everything is correct. At this point, it is recommended to re-confirm the details of your wallet and amount. This is the last step to make sure your details are correct.

 

Changelly Review

 

Finally, transfer the funds of the original currency to the wallet that Changelly provides. You can either do this by copying the wallet address listed or scanning the QR code at the bottom of the page. 

You will receive a confirmation email once Changelly has received your funds. Expect to have the purchased cryptocurrency in your wallet within 5 to 30 minutes.

Identity verification is not needed for trade at Changelly, unlike at most other exchanges. The only limitations set are the ones designed for specific regions, and they are all removed after a month of using their services.

Cryptocurrencies Available on the Platform

Changelly has a high number of supported cryptocurrency. It offers over 100 different digital currencies and tokens. The swap transactions are available for all coins though they can be delisted in the future if little interest is shown for the particular altcoin.

Methods of Deposit

Changelly does not hold fiat money in the account balances of its traders. However, you pay for the coins and receive them in your wallet address instantly.

The acceptable fiat payment methods are credit or debit cards expressed in either USD or EUR. Wherever you are in the world, if you hold a valid bank card, you are eligible to purchase any coin from Changelly. The exchange claims that there are no fees on your purchase with the card, apart from the commission. The fees are added in as part of the exchange rate when purchasing coins.

Changelly’s Exchange Rate and Fees

ChangellyThere are two types of costs that one should keep in mind. First is the commission, charged at 0.5 percent of the transaction value and the other is the network fee. The network fee is a commission that a blockchain takes from the amount sent in each currency. If the amount is too low to cover the fees of the network, the transaction will not go through. The network costs are specified for each coin and do change on daily basis, depending on the trade volume.

These are the limitations put on credit-card based transactions:

  1. The UK, Canada and Australia – $200 limit for the first transaction, the next purchase could be made in four days (500$ limit), $3000 after seven days of the first buy. No more than three payments within the first week. No limits in one month at all.
  2. CIS region (Russia/Ukraine/Belarus/Kazakhstan/Armenia/Georgia) – $1000 limit for the first transaction. The next limit increase could be done in 24 hours. The total limit for the first week is $3000 and for the first month is $10000. No limits in one month at all.
  3. EU and other countries – $500 limit for the first transaction, the next purchase could be made in four days with $1000 limit. No more than 6 payments within the first week. No limits in one month at all.

Security

Changelly has two-factor authentication and funds are never stored on the site because all cryptocurrencies are processed to the respective wallets directly. Additionally, there is no confirmation via email to deal with the site and all transactions are anonymous.

Conclusion

Changelly’s features make it very easy to use, even for first-time cryptocurrency buyers. The platform takes you through the process step by step and you make your first purchase within minutes of signing up.

Moreover, the fact that Changelly supports so many digital currencies and tokens and does not require you to verify your identity when you trade, has made it a popular digital asset exchange. 

If you want to buy or sell digital currencies and tokens on Changelly, sign up to the platform here!

*Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this article.*

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Gunbot Review: A Premier Crypto Trading Bot

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Gunbot is a cryptocurrency trading bot that enables traders to execute trading strategies in a fully-automated fashion. In this Gunbot review, we will explore the features of the popular crypto trading software to help you decide whether this trading bot is right for you. 

What is Gunbot?

Most traders spend countless hours placing manual orders. Conversely, automated bot trading allows you to trade at all times and even make money while you sleep. Gunbot is an application that makes it easier for traders to make automated trades. 

Gunbot is a cryptocurrency trading bot that can trade BTC with any pairs. It uses the highs and lows, to decide whether to sell or buy. The popular trading bot launched in 2016 by creator, Gunther De Niro. 

It currently supports ten of the biggest global cryptocurrency exchanges, including:

  • Binance
  • Poloniex
  • Bittrex
  • Bitmex
  • Coinbase Pro
  • Kraken
  • Kucoin
  • Cex.io
  • Huobi
  • Bitfinex

The platform supports Windows, macOS, and Linux. In addition, Gunbot has a finite number of licenses that will get exhausted, making the tool unavailable to new investors. The finite number of licenses is to prevent an ‘overcrowded market” and maintain a competitive advantage.

How Gunbot Works

Gunbot allows you to add assets for trades through an API key you receive from your exchange of choice. You will then need to configure the bot based on your trading preferences. 

To start trading, you can configure your own trading strategies or choose from existing trading strategies like Step Gain, PingPong, 1000Trades, Supergun, and Bollinger Bands.

After successfully connecting your assets and selecting your trading preferences, the bot runs automatically.

The video above provides a step-by-step guide on how Gunbot works and how you can get started with trading.

Major Features

Gunbot offers precoded strategies for traders. That is to say, the application comes with trading strategies already embedded. This feature is very useful for beginners who are not used to automated trading. It allows them to try out various strategies combined or alone.

What’s more, Gunbot offers high customisation options. The platform offers you multiple options for trading, using EMA Love, Trend Watcher, Candlesticks, and more. Furthermore, the app allows you to test and set parameters that give you the freedom to try out different strategies.

Users interested in additional features can also purchase add ons. For instance, the Crypto Slight add on allows you to track your profits while the TradingView add-on aids Gunbot to execute selling and buying alerts from traders from TradingView.

In addition, Gunbot has an easy-to-use and intuitive user interface. The platform makes it easy to track your assets and to control trading preferences. 

Due to the volatile nature of trading, active support for such applications is very necessary. According to the site, Gunbot.shop provides every user with a personalised support assistant. According to the platform’s site, Gunbot offers personalized 1 on 1 support, including remote support via Teamviewer.

Gunbot Pricing

Gunbot is a paid application that comes with different packages. The highest-priced package costs 0.125 BTC and the lowest costs 0.02 BTC. 

The Starter package has limitations compared to the standard license. For example, you can use only one trading strategy and the pack does not include the CryptoSight add-on. This package suits absolute beginners who want to try out automated trading. The GunBot Starter package costs 0.02 BTC.

For more experienced traders, Gunbot offers more high-level options. The standard license will allow you to trade on one market only. The pro edition will allow you to trade on three markets while the ultimate version has no limits. These higher-level GunBot licenses will cost you between 0.050 to 0.125 BTC.

Conclusion

Gunbot offers all the bells and whistles that you would expect from a crypto trading bot. It offers an excellent user experience and a suite of tools need to develop and execute automated trading strategies. Whether you are a beginner or an experienced trader, you could use Gunbot to help you execute your trading strategies.

To find out more about Gunbot, click here.

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Pesamill Review: Everything You Need to Know About This New Cryptocurrency Exchange

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Pesamill Review
Images by Pesamill

Pesamill is a peer-to-peer cryptocurrency exchange that allows users to buy and sell cryptocurrencies using a variety of payment methods. The platform seeks to offer investors easier access to cryptocurrency exchange services by incorporating a variety of local fiat currency trading options.

In this Pesamill review, we will explore the features that make the exchange unique and how you can go about buying and selling cryptocurrency on this newly-launched digital asset exchange.

Introduction

Pesamill

Pesamill is a Kenya-based digital asset exchange that was launched in 2018 to solve some of the challenges faced by cryptocurrency users when accessing global cryptocurrency exchanges.

To begin with, the exchange has simplified the signing up process and kept KYC (Know-Your-Customer) requirements for users to a minimum. The KYC process is custom built to cater to a variety of users across different markets.

The platform incorporates a number of payment options which include mobile money, Visa, Mastercard, and bank transfers, and has a friendly user interface that is easy to navigate together with a customer care chat functionality to guide users.

How To Trade Bitcoin on Pesamill?

New users have to sign up for an account on the website’s landing page. Registration requires you to input your name, email address, password, country of residence and currency of choice. Once you have read and acknowledged the terms of use and privacy policy, you can proceed to sign up. A verification message is then sent to your email.

Once you have verified your email address then you can proceed to the Pesamill dashboard. On the top left corner of the dashboard, there is a tab that offers you the option to switch between different operational layouts. Quick mode offers you a simple layout with the list of cryptocurrencies supported, and their retail prices in USD.

PesaMill Review

For instance, if you click on the bitcoin column you can choose to buy either $50, $100, $200 and $500 worth of BTC. To buy a different amount you can input the figure directly at the bottom of the page and execute a USD/BTC trade. To keep track of your trade there is a ‘my order’ tab which shows you the status of your order and account history.

The advanced mode offers you more specialised trading tools whereas quick mode is simpler and user-friendlier but it limits you to buying cryptocurrency only.

Pesamill Review

Advanced mode allows you to both buy and sell cryptocurrency. The minimum amount you need to place an order is $15 while the maximum amount you can place an order for is $10,000.99. It is important to note that these limits can sometimes change slightly from one session to another.

In addition, you can track trading patterns on the platform, the volumes of different buy and sell orders, as well as the status of your orders. The advanced mode also incorporates charts to view the price activity of the cryptocurrency you want to trade.

Registration and KYC

Upon signing up to Pesamill and securing your account, the next step is to update your details. This stage is crucial since you can only start trading once the KYC process has been completed. To begin the process you will click on the ‘Update Your Details’ tab on the top right corner of the dashboard after the ‘My Wallet’ tab.

The first step in the process requires you to establish your profile. You will need to provide extra details such as your date of birth, address and phone number. A confirmation code will be sent to your phone to verify the number. The next step will need you to upload two important documents namely, your identity card, and passport size photograph. The last option will require you to input your bank details though it is optional.

Once the whole process has been completed the Pesamill team will verify your KYC application and revert to you once the process is successful.

Trading Options, Deposits, and Withdrawals

Bitcoin Trading PlatformsPesamill enables you to trade in Bitcoin (BTC), Litecoin (LTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), and EOS (EOS).

Upon creating your account you will receive emails containing your wallet address for each of the listed cryptocurrencies. You can deposit money into your account using the fiat currency option you selected when signing up and it will automatically be converted to USD. The funds deposited should reflect almost immediately into your account.

To withdraw money from your account all you need to do is enter your bank details on your profile, click on the ‘Withdraw’ tab and input the necessary amount to withdraw. You can only withdraw from your account and not from any of the individual cryptocurrency wallets you possess. Also, cryptocurrency coins cannot be withdrawn directly as fiat currency. Instead, you will need to sell your cryptocurrency to convert it to fiat money. Once the purchaser has sent the money to your account then you can withdraw.

The prices of the listed cryptocurrencies are updated every ten seconds to enable traders to keep track of volatility in the market. If you are looking to transfer digital currency from your online wallet to your personal wallet or to another recipient the process is straightforward.

For example, to send bitcoin you will click on the ‘My Wallet’ tab on the dashboard. Proceed to the bitcoin wallet tab on the left-hand corner and click on it to view your balance. You will notice the ‘Send’ and ‘Receive’ tab at the centre column in the page.

To send BTC, click on the ‘Send’ tab and input the value and recipient wallet address on the pop-up window. To receive BTC click on the ‘Receive’ tab and copy the public key on the pop-up window and provide it to the sender. Alternatively, you can scan the QR code and provide the same to the other party.

Fees and Security

Pesamill is yet to release a comprehensive breakdown of their fees though it is stated in the FAQs that use of conventional payment methods when buying cryptocurrency will attract higher charges to mitigate against the risk of transactions being reversed. If you are sending or receiving cryptocurrency then normal network charges will apply and this varies between different coins.

The exchange has strong security protocols in place to safeguard sensitive user information and funds. Information such as personal details, account numbers, routing numbers is stored using bank-level AES-256 encryption. Also, all traffic is transmitted over SSL “(Secure Socket Layer) to prevent third-parties from accessing your connection.

Pesamill also deploys a two-factor authentication system to ensure they are no unauthorised or fraudulent logins. In addition, the exchange has very strict AML (Anti Money Laundering) procedures in place to ensure the platform is not used to launder money, finance illegal activities or support terrorism. They include:

  • You must undergo the KYC process before being allowed to trade.
  • You can only withdraw fiat currency to a bank account with the same name as your Pesamill account.
  • You can only deposit fiat currency from a bank account with the same name as your Pesamill account.
  • Pesamill will not hesitate to report any illegal activity to the relevant authorities.

Conclusion (UPDATED)

While Pesamill had everything a new bitcoin exchange would need to become a popular platform for digital currency traders, it has been inactive for months.

There is, therefore, no point attempting to access the platform today. Should this change, we will update this review accordingly.

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Is Apexcoins the Latest Bitcoin Scam to Hit Africa?

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Apexcoins

As more and more people are becoming interested in investing in cryptocurrencies, there has been an increase in the number of scams that have been set up with the sole purpose of stealing funds from digital currency investors. Apexcoins seems to be the latest cryptocurrency scam to hit the African market.

What is Apexcoins?

Apexcoins scam“Apexcoins offers investors an opportunity to obtain exposure to cryptocurrencies whilst benefiting from the stability of asset-backed security,” according to their description on their LinkedIn page.

They go on to state that they “allow investors the opportunity to move against volatility in the cryptocurrency markets, without incurring the frictional costs of converting their holdings into fiat”.

In simple terms, Apexcoins claims to give its investors an opportunity to see their cryptocurrency grow by investing it for them.

Apexcoins was allegedly established in 2016 and is a subsidiary of Apex Limited, a United Kingdom registered company. Moreover, the company claims to have operations in 20+ countries, including Kenya, where it says it serves 2,000+ customers and has more than ten representatives.

How Does Apexcoins Claim to Work?

Priding itself as a company that is a link between financial traders, experts and investors globally, Apexcoins boasts that its investments are backed by real-life assets. In order to invest in Apexcoins, you first need to buy bitcoin, which is the primary and only digital currency that the company uses. If you do not own bitcoin, you will have to purchase BTC from online exchanges.

With bitcoin at hand, the next step is to engage with an “Apexcoins specialist” to invest the cryptocurrency for you. What the Apexcoins specialist allegedly will do is reinvest your money, now in cryptocurrency and not fiat currency, for you in real assets like real estate property and securities in a bid to have your money earn profits for you.

Simply put, for you to have Apexcoins invest and earn profits on your behalf, you first have to buy bitcoin and deposit them in their Apexcoins account where – through a claimed partnership with financial traders and experts, the company says it will generate a guaranteed profit for you.

These “guaranteed” profits are allegedly paid out weekly in bitcoin at a given rate depending on one of the three investment schemes that an investor chooses. Apexcoins has three investment schemes with interest rates – each much higher than interest rates on any established investments. An investor can opt for either one of the three schemes as described below:

  • Basic investment plan where investors invest anything between $100-1,000 with a guarantee of 8.25 percent weekly interest for a period of three months.
  • Premium holder plan where investors invest anything between $1,000-100,000 with a guarantee of a 30 percent monthly interest for a period of either one, three or six months.
  • VIP investment plan where investors invest anything more than $100,000 with a 33 percent interest guarantee per month for a six month period.

Investors have the option to reinvest their returns back into the business or take the whole amount after the end period for the particular investment scheme they have chosen.

However, no mention was made on the company website (before it went offline) of how Apexcoins goes about investing your funds and how they are able to generate a much higher return on investment, on a monthly basis, than any other legitimate investment management company ever has in the history of the financial markets.

Is Apexcoins a Scam?

Unfortunately, Africa has become a popular market for Ponzi schemes and other fraudulent get-rich-quick schemes. A lack of jobs, financial resources, and investment education make people very susceptible to these type of schemes.

Apexcoins is keen on solidifying its interest in not just the Kenyan market but also in South Africa and Ghana. However, for a company that prides itself in professionalism and transparency, there seems to be a lot to question about Apexcoins.

Apexcoins

For one, their LinkedIn page seems to have information that cannot be verified as it shows that they are located in three countries: Great Britain, South Africa, and Kenya. However, despite being in these three locations and stating that they have more than 10,000 plus employees, a simple search on LinkedIn only shows results for three employees, two in Kenya and one in Ghana. In addition, they seem to have no employees in London, which is where they are supposedly headquartered.

For a company with alleged operations in three countries and which boasts of 10 plus representatives in Kenya alone, this information cannot be verified with a simple search on one of the world’s leading recruitment platform. Apexcoins launched in Kenya in 2018 and even held a seminar titled ‘Investing for Profits With Apexcoins in Kenya’ to lure in “investors.” It also held seminars in other African countries. Since the completion of the seminars, however, all of its websites have since gone offline.

Our research further revealed that since they started operations in Kenya, they had not paid their Kenyan representatives and had spent time in-house trying to deliberate on the remuneration and contract issue of their representatives. This was according to an email sent by a Steve Mason, who refers to himself as a Senior Investment Specialist for Apexcoins in the email, which was posted on Facebook.

Seeing that Apexcoins claims to make profits when their investors make profits, this begs the question, for a company that allegedly has operations in more than 20 countries and oversees the portfolio of small to big clientele and has a business model that is solid and generates profits for its investors, how does it fail to make money to pay its own employees?

In addition, they state that the bitcoin price fluctuations do not affect investors in any way. How do they guarantee this? As we know, bitcoin and other cryptocurrencies have had a rough year, so how is that possible? No investment management operation in the world can deliver the returns that Apexcoins guarantees.

Furthermore, the Financial Services Commission of Mauritius issued a public notice on July 27, 2018, that warned its citizens to be cautious when it comes to dealing with Apexcoins as it considers Apexcoins’ operations as highly questionable.

Furthermore, in Apexcoins whitepaper, where the company’s supposed team members are listed, is lacking images of each team member, which is very odd for a whitepaper in the cryptocurrency space, but what stands out even more as another red flag is that none of the mentioned team members seem to have a digital footprint. This suggests that the names used in the whitepaper are most likely fake.

Apexcoins’ List of Red Flags

  • Makes claims of impossibly high guaranteed monthly returns.
  • Claims that investors cannot lose their investment.
  • The company has not paid its representatives.
  • Its website has disappeared.
  • The Mauritian Financial Services Authority has warned its citizens against Apexcoins.
  • The whitepaper mentions supposed team members without images who have no digital footprint.

Do Not Invest in Apexcoins!

Bitcoin Africa’s research into Apexcoins has concluded that our findings point towards Apexcoins being a scam. Apexcoins appears to be piggybacking off the hype surrounding cryptocurrencies to gather funds from unwitting newcomers to the digital currency space who are not able to recognise the sea of red flags.

We, therefore, recommend to avoid investing in Apexcoins as the likelihood of you receiving your invested funds back, let alone an actual return on investment, is extremely low. 

Fortunately, given that their website is no longer accessible and their social media activity has fizzled out since early autumn, it seems that Apexcoins did not manage to find a footing in Africa. Perhaps the collapse of MMM has made people more sceptical about cryptocurrency investment program or the scheme made bank on its seminar attendees who invested in the scheme and decided to call it quits.

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