Zugacoin has been in the news on Nigeria’s cryptocurrency space for some days now with the announcement that the crypto company has enabled the sale and withdrawal of funds directly to local bank accounts, which has been a plague on Nigerians due to the CBN policy.
However, many Zugacoin holders have been finding it difficult to carry out this process due to the rigorous procedures involved and the poor user orientation from the company itself which to some extent, can be attributed to their focus on making the feature successful.
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We decided to Invest in this indigenous project and part we took up the task of providing the guidelines to successfully carry out the withdrawal process. We however did not buy the E-PIN which serves as a security to the funds. The cost of the E-pin is 50,000 Naira as at the time of writing this guideline. Also included is our discovery about the transaction charge.
WHAT IS Zugacoin?
Zugacoin is money like Naira and Dollar but in a digital form. The difference between paper money (fiat currency) and Zugacoin (Cryptocurrency) is; you must touch fiat currency before spending, but you don’t need to touch Cryptocurrency before spending. Fiat currency is being kept in a Bank account while Cryptocurrency is in a wallet address. Fiat currency can remain in a Bank account for a long time with very little or no interest but it can grow within a short time if it is in a Cryptocurrency wallet address, especially Zugacoin.
WHAT IS E-PIN?
Electronic Personal Identification Number.
This is the Personal security for withdrawal from your wallet to your Bank account. This is to further secure your money to avoid unauthorized people to withdraw from your wallet. E-pin is valid for life and is transferable to the next generation.
How To Convert Zugacoin To Naira In Nellabox
2. Now to convert your Zugacoin to naira, click on “I WANT TO SELL”
3. When the portal opens, search for the ads with ZUGACOIN written on it. Secondly, search for the one with a higher amount because it will give you more value for your coins. When you have seen a satisfactory trade click on SELL TO NELLABOX. The image below will be your next window.
4. In the amount section (as seen in the image above), type the amount of zugacoin you want to sell or convert to Naira. The equivalent of the coin will be displayed in USD ad NGN underneath as TRADE VALUE. Once you are done, click on CREATE TRADE.
5. Confirm the trade from the dropdown option and submit.
Once the trade is successful, the Naira Equivalent will be displayed on your Naira wallet in Nellabox. THen you can proceed to withdraw the Naira to your bank account.
How To Withdraw Zugacoin To Bank Account
1. After converting your coins to Naira proceed to “WITHDRAWAL” from the menu option, click on the third option “WITHDRAW TO LOCAL BANK.”
2. On the screen displayed, type the amount (in Naira this time) you wish to withdraw and insert your bank details on the next space ad proceed.
3. The next screen is where your E-pin is required. Click on the complete withdrawal and it will prompt you to key in your PIN. Once done, wait for your money to be released into your bank account.
3b. If for any reason you don’t see the prompt or you want to continue later, Go to transaction history, scroll to the far end by the right click on complete transactions and add your pin. Once you have received a “successful message” it takes 1-20min for an instant alert, if not check your account balance.
HOW TO BUY AND VALIDATE ZUGACOIN E-PIN
- To buy E-pin, go to Nellabox.com and click the button withdrawal, select “BUY WITHDRAWAL EPIN” ad follow the onscreen instruction to pay with your card or in the bank.
- On your dashboard menu, go-to “security” to validate your withdrawal e-pin (To validate your E-pin, Type your E-pin serial number and Pin number without spacing).
While carrying out the transactions in this guideline, we discovered that when members try to convert their Zugacoins to Naira as explained, they get only 49.5% value of the monetary equivalent while 50.5% goes as gas fee. So here’s an advice for those who want to sell their coins:
1. Hold your coins and invest them in the smart contract once it is opened.
2. Wait for merchants who will accept Zugacoin to come up then you make use of it with 0% fees.
3. List your coin on the Exchange platform or you can trade your coins on P2P.
How To Buy Zugacoin:
To buy Zugacoin, contact Royal Exchange on WhatsApp at this number +2348104441251 and get twice the value (x2).