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How To Exchange Pinkoins To Naira Smoothly

Learn How To convert Pinkoins To Naira
Requirements To exchange Pinkoins To Naira, Pinkoins Withdrawal Limit and How to Become A Member

Since the launch of the Pinkoin cryptocurrency in Augst 12 by Inksnation, a lot of Nigerians who were privileged to be among the first batch of beneficiaries have been smiling, as the programme has made it possible to convert their Pinkoins to Naira through the many exchangers (offline and online).

Till now, some Inksnation members who are not technology-savvy still find it difficult to understand the process of exchanging Pinkoins to Naira since there is no official Pinkoin mobile APP yet. This post tries to explain How To convert Pinkoins To Naira in the simplest way possible.

Requirement To Exchange Pinkoins To Naira

Before we proceed to how to exchange pinkoins to naira, it is goo we understand that to successfully exchange your Pinkoins to Naira, once needs to have the followings:

  1. Pinkoins In your spendable wallet balance
  2. The wallet address of the exchanger
  3. An exchanger. You can check the list of Pinkoin Exchangers here or join your state Inksnation telegram group to meet exchangers in your area.

How To Exchange Pinkoins To Naira

  1. Login to your Inksnation account through the login link https://inksnation.io/en/sign-in.php or https://inksnation.biz/en/sign-in.php
  2. From your dashboard, click on Exchange

    how to convert pinkoins to naira

    exchange wallet

  3. From the pop-up, select Transfer to user/exchanger
  4. Paste the exchanger’s wallet address in the space for the wallet address. After pasting, tap on the empty space under the wallet address and it will display the Exchanger’s full name.
  5. Fill the amount you want to exchange in the Amount section. After doing this, it will show your the equivalent in pinkoins.how to send pinkoins to an exchanger
  6. Once satisfied, click on SEND. Please do not click send more than once. If after clicking you don’t see FUNDING SUCCESSFUL, simply reload the site and check your Spendables balance.
  7. Also, there’s a debit record at the transaction section of your wallet which bears your details, the number of coins sent, and your wallet address. The Exchanger will receive credit with the same details almost instantly.
    pinkoins account summary

    pinkoins account summary

    This is all you need to know on how to convert pinkoins to naira.

Also Read: LoanTech: How To Earn 3% Daily On Investment

Is There A Withdrawal Limit?

The Inksnation Pinkoin system is not majorly on exchanging pinkoins for Naira that is weak but rather to be used as a pair to pair currency which is adopted as a legal tender by collective mass adoption. Hence, the reason for merchants. However, to be able to convince Nigerians about the genuineness of the system, the exchange part was introduced.

Pinkoins Withdrawal Limit

All member are entitled to exchanging only 10% of the total money received to Naira, the rest is moved automatically to the DRCB where it is multiplies by x3, pending when the merchants will start operation.

The following limits for members who are exchanging their pinkoins to Naira rather than spending it withing the Inksnation cashless community ecosystem.

  • For Bronze members, there is an exchange limit of 12,000 per month.
  • For Silver members, there is an exchange limit of 18,000 per month.
  • For Gold members, there is an exchange limit of 24,000 per month.
  • For Diamond members, there is an exchange limit of 36,000 per month.

Currently exchange has been disabled because Inksnation is upgrading to a Microfinance bank. Once upgrade is completed, you will be able to exchange your coins directly to your bank account without the meeting an exchanger.

How Much Do Exchangers Charge As Exchanger Transaction Charge

If you are going to exchange your PinKoins for cash:

You either go with the 30% transaction charge of any amount you are exchanging and get your full money. I.e if you are selling 100k worth of PinKoins, you’ll go with 30k as to get 100k for your coins.

OR

You go empty-handed and tell the Exchanger to subtract the charges from the amount, then the Exchanger will take 40% transaction charges.
I.e if you are selling 100k worth of PinKoins, the Exchanger will take 40k and give you 60k.

Also read: How To Become A Powerful Pinkoin Exchanger

The reason is this, Inksnation is discouraging people from withdrawing their coins and wants Naija to go cashless.

So if these terms are not ok by you, you are advised to use your coins online. Hence, the reason for PinKoin merchants.

How To Become A Member Of Inksnation

  1. SignUP here
  2. After you register for Silver, Gold, or Diamond packages, Contact our exchanger on WhatsApp to activate your account.
  3. Contact Royal on 08104441251 on WhatsApp for how to make payment.
  4. After confirmation of payment, your account will be activated.
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The Author

tori4town

Tori4Town is the print name for one of the authors of the Tori4Town news platform. An engineering student who derives satisfaction writing about trending news stories.