A typical trade on CoinCola follows this pattern:
Let’s take the example of a selling trade where you are selling Bitcoins to a buyer. For this example we'll be focusing on selling Bitcoins, as this is the most common type of trade, but keep in mind that the process is similar to when you are buying Bitcoins.
- First you need to create a Bitcoin Selling advertisement. Once the advertisement is created, you need to choose a payment method, set your pricing, your limits and write the terms of the trade as a free form message.
- You will receive a notification (from both the website and the app) when someone replies to your advertisement.
- Then you need to fund your CoinCola wallet with Bitcoin. You need to have Bitcoins available in your CoinCola wallet in order to be able to open trade requests from your advertisements.
- When a buyer opens a trade with you, the full amount of Bitcoins for the trade is automatically taken from your wallet to the escrow.
- You then have to give the buyer the payment instructions and guide him through the payment steps for the trade.
- Once the buyer has paid and clicked the "I have paid" button, you will receive a notification that the trade has been successfully paid for.
- As soon as you've confirmed that you have received the payment the Bitcoins will be released (the Bitcoin will be transferred from the escrow to the buyer’s CoinCola Wallet).
- The final step is to leave feedback for the buyer and encourage the buyer to do the same for you. Feedback is important in order to gain reputation and to help generating more trading opportunities.