Reviews
Pesamill Review: Everything You Need to Know About This New Cryptocurrency Exchange
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 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.
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.
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
Pesamill 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.
The Coinfinity Card Wallet is a unique cold storage solution produced in Austria. This Coinfinity Card Wallet review will explore what it is and whether you should use it to store your bitcoin.
What is the Card Wallet?
The Card Wallet is a cold storage device developed by Bitcoin broker Coinfinity and the Austrian State Printing House. It allows users to safely store bitcoin (BTC) in a tamper-proof card, long term.
Unlike online wallets that can get hacked, the Card Wallet is offline, thereby, protecting users’ digital assets from online attacks. Moreover, it’s easier to use than most hardware wallets which typically require technical knowledge to set up, and regular updates.
The Card Wallet is available for purchase on its website or at Bitcoin broker Coinfinity’s physical office in Graz, Austria. The wallet’s creators have developed two separate wallets for bitcoin, retailing at € 39,90.
Keep in mind that the Card Wallet is for long-term storage. Therefore, it’s not ideal for the regular use of crypto assets. Although the Card wallet looks like a debit or credit card, you cannot use it at a point-of-sale terminal because it doesn’t have a magnetic stripe or chip.
How Does the Card Wallet Work?
Upon receiving the Card Wallet, you’ll notice that the wallet’s address is printed on the card’s surface. You can use this address to send BTC from a bitcoin exchange or another wallet to the Coinfinity Card Wallet.
The private key is printed on the back of the card but sealed for security purposes. Don’t remove the seal since the private key enables you to unlock your coins should you ever need to transfer or sell them. If you leave it exposed, someone else could use it to steal your cryptocurrency.
A step-by-step process of transferring coins from a Card Wallet
Here’s how you can transfer your coins from a Coinfinity Card Wallet.
- First, get instructions from your wallet app provider on how to empty private keys using the sweep function.
- Once you have the guide, go to a safe place where you can transfer the coins from the Card wallet to an online wallet app. For instance, avoid places with cameras that could pick up your wallet’s private key. Also, use a secure and virus-free device.
- Open the wallet app and initiate the private key import.
- Scratch off the seal to view the Card Wallet’s private key.
- Scan the QR code to import your private key. The wallet will activate the sweep function. If this doesn’t happen, start it manually.
- If you can, set a high transaction fee so that your transaction can be confirmed as quickly as possible.
- Reseal the private key with a Chainlock Visual Cover or opaque tape. Don’t forget to back it up before resealing.
- Check the wallet app for the successful transfer of your coins. If your assets are in the wallet app, it means your Card Wallet is empty. Additionally, it indicates that your coins are now under a different public key (wallet address). Nonetheless, the private key remains the same.
Stay Safe
You must not use the Card Wallet after private key importation because its offline security will be lost. As a result, you’ll need a new Card Wallet for long-term storage. However, you can maintain the offline security of the Card Wallet by using the provider’s coin transfer service.
Card Wallet’s security experts import the private key on an air-gapped offline computer, maintaining the offline security of the Card Wallet. You can contact Card Wallet’s customer support to request this service.
How Does Card Wallet Keep Your Funds Secure?
The Card Wallet’s developers use Secure Entropy Technology (SET) to randomly generate private keys. The wallets are also manufactured in an isolated offline system in a highly secure room of the Austrian State Printing House.
The cards’ private keys are sealed before leaving the production machine and erased. Therefore, the workers inside the room never see the private keys, ensuring privacy and security for Card Wallet users.
Should You Use the Coinfinity Card Wallet?
Yes.
Card Wallet is affordable and maintains a high level of security thanks to the SET method that the manufacturers use to generate private keys.
The Austrian State Printing House has more than 200 years of experience producing security and identity documents with exceptional security standards. This guarantees the Card Wallet users nothing but the best security.
Moreover, the Card Wallet is easy to use since it doesn’t require a technical setup process or any setup at all. The private key importation procedure is also pretty straightforward, and anyone can do it. To get your hands on a Card Wallet, click here.
Buroka is a new breed of cryptocurrency exchange for Africa! Currently operating in Nigeria, Buroka was designed to fulfill the needs of modern Africans. Buroka allows customers to buy and sell Bitcoin with Naira via Local Transfers and cash deposits at the bank. In this Buroka review, you will learn more about the exchange and how you can use it to buy bitcoin in Nigeria.
How to Buy Bitcoin on Buroka
Step 1: Account Creation
To create an account, visit Buroka.com and hit the “Register” button. This will lead you to a page where you will be asked to fill in your personal information, including your name, email address, and password. Like any other serious exchange, Boruka will ask you for your ID, Proof of Address, and to take a selfie with your ID to eliminate fraud.
Step 2: Fund Your Account
Funding your account on the platform is straightforward. You can deposit either via bank transfer or at any bank branch. Make sure to use a unique reference code given to you by Buroka deposit system.
Step 3: Buying and Selling BTC
Once your deposit has been credited to your account you can immediately buy your Bitcoin. The buying and selling tab is located on the top right corner of the dashboard. There you can input the amount of bitcoin you want to buy. Once you do that, you then click on the “BUY BTC” button.
Step 4: Storing Your BTC
After buying BTC, Buroka provides users with the option of either storing bitcoin on the platform in a BitGo wallet or any other wallet of their choice.
Currently, Buroka only supports bitcoin (BTC). However, the exchange plans to include other cryptocurrencies going forward.
Security
Buroka exchange makes use of Two-Factor Authentication (2FA). 2FA provides an extra layer of protection for users. With the 2FA in place, an extra piece of information is needed before login into the platform or making any withdrawals.
In addition, Buroka’s platform is also protected using the latest security technology, including web-socket and API protocols that allow for a fast and secure order processing. Buroka also makes use of a well-updated SSL certificate, which makes it easy to detect a phishing attempt.
To further ensure that clients’ funds are secure, Buroka operates segregated accounts. These accounts are held with trusted banks so that clients can enjoy an extra layer of security provided by the banking system.
Conclusion
Buroka is a relatively new Bitcoin exchange with a well-designed, user-friendly interface. The Bitcoin trading platform provides several deposit options, which is attractive for Nigerian Bitcoin traders, as well as competitive market rates for both buyers and sellers.
If you are looking to buy or sell bitcoin in Nigeria, you can give Buroka a try.
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