Finally, the long wait is over and we are back to business. You can now use Yellow Card exchange services to meet your crypto needs in Nigeria at amazing rates.
As the government is working on regulating Crypto services, we envisage bitcoin promotion and new developments in the Crypto industry. Within this context, Yellow Card is relaunching its operations within the Nigerian crypto community, with new features such as a quick and easy KYC verification and a Peer-to-Peer (P2P) service.
Who is Yellow Card?
Yellow Card is an American VC-backed African-focused crypto exchange that allows you to buy bitcoin, ethereum and tether (USDT) on the Tron network in Nigeria directly with Naira. Established in over 13 African countries including Cameroon, Tanzania, Rwanda, DRC, Zambia and South Africa just to name a few, Yellow Card strives to bring financial inclusion to everyone in Africa. With our highly qualified team, you can trade your favourite crypto safely and at the best rates.
New Yellow Card features in Nigeria
As finance frontiers are gradually being melted in the globalised economy, financial institutions are most vulnerable to national and transnational criminal activities such as money laundering, capital flight and terrorist financing amongst others. As such, most, if not all financial institutions consider conducting a Know Your Customers (KYC) procedure as an essential element in the growth and expansion of their business.
What is KYC verification?
Generally, KYC is a standard designed by a financial institution to protect itself from any illegal activity that could emanate from its users and jeopardise its image and services. KYC is aimed at :
- Establishing customer identity;
- Understanding the nature of customers’ activities to confirm the legal source of their funds.
- Assessing money laundering risks associated with customers.
KYC procedures at Yellow Card follow three tiers. Each of the tiers is designed to provide every user with both daily and lifetime trading limits.
Tiers currently range from 1 to 3 for individuals and a 4th for businesses. Each Tier upgrade is based on a unique set of requirements per country that must be met in order to be approved.
Tier verification in Nigeria
All customers are required to provide their email before they can sign in to a Yellow Card account.
- Tier 1 verification
To begin trading on Yellow Card, you are required to verify your identity. A copy of your government-issued ID must be provided. You may use your BVN or NIN here. Once your identity has been verified, you’ll be upgraded to Tier 1. With Tier 1 verification, you have a daily trading limit of NGN 50,000.
- Tier 2 Verification
To get your verification for Tier 2 approved, you are required to provide a proof of your address. Tier 2 verification increases your daily trading limit to NGN 2 million.
- Tier 3 Verification
You will only be allowed to proceed to get verified for Tier 3 only after submitting and getting approved for Tier 2 verification. A proof of income is required for Tier 3 verification after which your daily trading limit would be increased to NGN 50 million with an unlimited monthly trading limit.
Please note that it may take several business days to complete your verification due to the large number of requests for upgrade.
What is peer-to-peer (P2P) and how does it work on Yellow Card?
Peer to Peer trading involves buying and selling of bitcoin between two parties. The process is time saving but dangerous as it is used by Scammers to rub Crypto traders and investors. However, P2P is interesting and void of risk with Yellow Card as you don’t have to find a peer yourself; our system matched you with one of our verified merchants for you to complete instant deposit or withdrawal. Apart from offering fast and seamless services, our clients can be sure of the security of their funds.
Three steps to trade bitcoin on Yellow Card.
- Create an account: To buy or sell bitcoin on Yellow Card, simply visit the Yellow Card website on any browser or download the mobile app and sign up. This will take less than 5 minutes.
- Fund your account: Using our safe and reliable p2p method, fund your account with Naira.
- Buy/sell bitcoin: You’ll now be able to buy/sell bitcoin or any other supported crypto at the best rates. An added advantage to using Yellow Card is that you can easily sell your crypto and withdraw Naira directly to your bank account.
Yellow Card is resuming at a good time. With the year just beginning, we are ready to meet all your crypto demands for you to get an early start with crypto., You can sign up and send some bitcoin to friends and relatives who have Yellow Card accounts free of charge. Besides, you can store the bitcoin in your wallet for future transactions.