Are you an Olymp Trade Nigerian trader? Do you have a Bitcoin Wallet?
Have you been wondering how you can just fund your Olymp Trade trading account directly from your Bitcoin wallet?
Well, you do not have to transfer Bitcoins elsewhere or convert them to cash before making your deposit to Olymp Trade. There is a way you can use Bitcoin directly to Fund your Olymp Trade account in Nigeria.
What is Bitcoin?
Bitcoin is a major cryptocurrency, actually the world’s largest cryptocurrency so far. But what are cryptocurrencies?
Cryptocurrencies are virtual and digital currencies.
They are secured by a method called cryptography to curb double spending and fraud. Cryptocurrencies are decentralized networks based on the blockchain technology.
What is the benefit of transacting using Bitcoin? Just like any other cryptocurrency transactions, Bitcoin transactions offer the convenience of low cost and speed.
Cryptocurrencies are globally acceptable and that means that you can make payments globally using Bitcoin.
Olymp Trade, being a global broker, accepts Bitcoin as a method of payment.
Using Bitcoin to Fund Olymp Trade in Nigeria.
Follow these steps to fund your Olymp Trade trading account using Bitcoin in Nigeria:-
Create a Bitcoin Wallet.
Do you have a Bitcoin wallet already? Then well, you are just a step ahead. If you do not have a Bitcoin wallet yet, then acquiring one is so easy.
Here is one of the many ways you can create a Bitcoin wallet:
- Go to Google Play Store or Apple App Store.
- Download and install Coinomi.
- Open the app – create the back up for your Bitcoin wallet by typing your 24-word recovery phrase.
- Set a strong Bitcoin wallet password.
Once that is done, you now have an active Bitcoin wallet.
Add Bitcoin to your Bitcoin Wallet.
How do you add Bitcoin to your Bitcoin wallet? Just establish a reliable Bitcoin seller from a reliable online source or even a person you know who can sell you Bitcoin.
If they agree to sell you Bitcoin, then Log in to your Bitcoin wallet and go to ‘Receive Bitcoin’. Generate your unique receiving wallet address and send it to them.
They will copy and paste your receiving wallet address to the recipient field while sending Bitcoin from their Bitcoin wallet.
Because the recipient’s wallet address is yours, you will receive the Bitcoin they send. You can then pay them as you agreed.
What you must remember is that the minimum deposit amount using Bitcoin in Olymp Trade is $40. Therefore, purchase Bitcoin equivalent to or more than $40 after conversion while depositing.
Log in to your Olymp Trade trading account.
Now that you have the coins, go ahead and fund your Olymp Trade trading account.
Ensure you login to initiate the deposit process and continue.
Initiate the Deposit Process.
To start the deposit process, locate and click on the deposit button. A payment form which you will be required to fill appropriately pops up.
Adjust the Deposit Amount.
On the payment form, look for a field labelled ‘Deposit amount.’ In the field, you must enter the amount you wish to deposit in terms of USD or EUR depending on your trading account currency.
The amount you enter will be deducted from your Bitcoin wallet – an amount of Bitcoin equivalent to the amount in USD or EUR.
The minimum deposit amount using Bitcoin is $40 which is equivalent to about 15,460 Naira.
Choose the Payment Method.
Can you locate a field labelled ‘Payment method’ on the payment form?
Click on it and a list of all payment methods supported by Olymp Trade appears in three categories (Bank Cards, Internet Banking and Electronic Payment Systems).
You wish to deposit funds to your Olymp Trade trading account using Bitcoin. As you will notice, Bitcoin is in the third category of payment methods – Electronic Payment Systems.
Locate and choose Bitcoin from the list.
Take or Ignore a Bonus.
If you do not want to take a bonus, ignore the Bonuses and Promo Codes button. However, if you want a bonus, click on the button and see the available bonus options.
Usually, you can take the OnPay bonus which is up to 50% for regular traders.
Onpaybonus is always 100% for those new traders who deposit during the first hour of registration.
Alternatively, you can enter a Promo Code to activate an underlying bonus, whose percentage varies from code to another.
Click on the blue Deposit button to proceed. You are redirected to the payment confirmation interface.
Check and confirm your Order number, amount to pay and your contact email.
Specify Refund Bitcoin wallet address.
Enter your Receiving Bitcoin wallet address in the field labelled ‘Refund BTC address.’ In case the account refill fails, the Bitcoin deducted from your Bitcoin wallet will be refunded.
Click on the green Pay button to proceed. You will be redirected to recipient payment details interface
On the recipient payment details tab, you will see a onetime Bitcoin address in form of a QR Code and another in form of a Link.
You can scan the Olymp Trade’s Bitcoin wallet address in form of QR code using your Bitcoin wallet App.
Alternatively, just copy and paste the address in form of a link to send Bitcoin to Olymp Trade to fund your trading account.
There is an instruction to pay an amount of Bitcoin equivalent to your specified deposit amount in one payment.
You can also see a count down after which the request to pay will expire and account refill will fail. Therefore, consider sending Bitcoin to the specified addresses immediately.
Wait for Olymp Trade account refill.
Your Bitcoin payment will undergo the relevant blockchain confirmations and Olymp Trade will process the payment.
They will send you an email upon successful refill of your trading account. You can then Log in to your Olymp Trade account and trade.