In February 2021, the Central Bank of Nigeria (CBN) issued a regulatory directive that placed the crypto industry under review to protect its citizens. This means that people found it challenging to perform remittances as well as withdrawals across the country. On the other hand, crypto exchanges allow a lot of people to carry out transactions at ease across borders at favorable rates.
Recently, I stumbled on Yellow Card. They claim to be swift and have the best rates in the market and are back with a revamped app. While I was keen on testing the app and other features, I also found the Yellow card academy interesting. However, I will focus on the Yellow Card App.
- First things first, Finding Yellow Card: As soon as I searched Google for the term, there it was. Not even the “Yellow card” people know in football came up on Google’s first page. I visited the website which gave me an option to sign up using the Yellow Card Web App. However I know many of you reading this are doing so on your mobile devices, so I went mobile. As with all apps you find these days I found it on the Google Play store or on the Apple App store. Once you search for Yellow Card, it is the first app suggested. It has over 100 thousand downloads in the Google Play store. The app weighs 13mb and took me less than a minute to download and install.
- Sign-Up: I found it quite strange but interesting that my name wasn’t required upon initial registration. The app required just my Phone number, email address and password, alongside some OTPs sent to my phone via Sms and WhatsApp. I expected to be logged in immediately after signing up but No! I had to log in even after just registering. I noticed that an OTP is sent to my phone upon every login. Which was quite good. It means anyone without my device can’t login even if they manage to get my password. Talking about passwords, I was required to have a strong password with a mix of numbers, letters, and symbols. This means my password won’t be easy to guess afterall.
3. The Dashboard: When I logged in, I was greeted with my wallet balance which was 0 Naira as I haven’t made any transaction. I saw the list of coins available for trading is limited to Bitcoin, and USDT, which was quite unsatisfactory, would love to see more. In summary, the interface is simple and straightforward to me and was not filled with unnecessary information that may be confusing as you find in a lot of other crypto apps. Below there were other tabs like transactions – for my trading history, profile – for my information, and support – to resolve issues.
4. Profile Completion: Having dealt with similar apps, I felt this may be a roadblock. Considering that minimal information was required at registration, I needed to give more information to make my first deposit such as Email verification which was fine. After that I proceeded to add a verifiable ID as they required my BVN. Which made a lot of sense to me and would help curb the issue of duplicate accounts. When I add other required documents for tier 2, you can increase the limit of transactions up to N50,000,000 which I think it’s fair. I got my tier one verification in 2-3mins which was fast.
5. Fast Deposit Easy Withdrawals: I found it quite fascinating to deposit as low as 500 naira which is less than a dollar. Also, I was greeted with “no transaction fee” , a very rare perk to find in crypto exchange apps nowadays. I was matched instantly with someone, I paid and in less than 2 mins my new balance reflected on the dashboard (wallet). Withdrawals only required a fixed fee of 100 naira not even a particular rate. Quite cheap I must say.
6. Selling at the Best Rates: In similar fashion to buying, I sold USDT at the tap of 3-4 buttons and surprisingly at the best rate when compared to other platforms sold at N574 to $1. in 2-3 mins I could convert my USDT to Naira. It was almost an automated process. And withdrawal only required a flat rate of 100 naira. In all I was impressed with the speed and ease of transactions.
In conclusion, the claims were true when it comes to selling USDT at the best price. Transactions were swift compared to other apps but buying rates weren’t the industry’s best. The simplified interface is the best I’ve seen but comes at a cost of limited digital assets. It also has a juicy referral program that allows you to get 20% commission every time your friend trades cryptocurrencies. I will be using this one for a long time. You can sign up using my referral link
By Timothy Ukaegbu
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