First Kudi – How Efficient Is This Crypto Exchange?

by | Feb 6, 2020 | Exchange, Wallet | 0 comments

In this article, I did a complete review of First Kudi.

First Kudi is an African-based mobile app that lets you buy/sell cryptos and send fiat payments to anywhere around the globe.

Its unique functionalities have earned it the moniker “Africa’s Cash app.”

First Kudi launched in 2017 and now has over 4,500 happy users in Nigeria alone.

This is only the scratch of it. Want to learn more about First Kudi? Read the full review.


Post Summary

  1. Overview of First Kudi
  2. Features
  3. Services on First Kudi
  4. Supported Currencies, Countries, and Payment Methods
  5. Transaction Fees, Verification Requirements, and Limits
  6. How to Download, Fund, Buy/Sell and Withdraw on First Kudi
  7. Customer Support
  8. Comparing First Kudi with other Payment Apps
  9. FAQs
  10. Conclusion

Let’s start off immediately! A click on any of the items here will take you to its full content.


Overview of First Kudi

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First Kudi, formerly Kudi Exchange, made its debut in 2017. It is a joint venture between TLG Ventures and Ferrum Network.

First Kudi’s head office is located at 4B Akin Olugbade St. Victoria Island, Lagos, Nigeria.

Headquartered at 4B Akin Olugbade St. Victoria Island Lagos Nigeria, First Kudi is a mobile application designed to empower Africans with seamless access to blockchain technology and digital currencies.

It facilitates cryptocurrency buying and selling, business transactions, online payments, and effortless withdrawals to local bank accounts.

You can send cryptos or fiats to fellow First Kudi users instantly through a phone number, QR code, Whatsapp or email.

In addition, First Kudi ensures secure asset storage by utilizing an offline cold storage wallet system.

Continue below!


Features

Here are some of the awwing features of Kudi Exchange;

  • Mobile app 
  • Great UI
  • POS
  • Debit Card
  • Instant transactions
  • Direct withdrawal to your bank account
  • Send and receive local currency
  • Supports GUSD
  • Worldwide Money Transfers

You are still here? Let’s check out the next sub-heading.

From here let’s check out the products and services offered by the exchange.

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Services on First Kudi

These services are currently available on First Kudi;

Wallet | Buy/Sell Cryptos | Payment Gateway | Debit Card

Wallet

Kudi offers users a very secure multi-currency wallets to store their funds.

All funds transferred or stored on First Kudi are guarded by a cutting-edge technology blockchain powered by Ferrum blockchain service.

Buy/Sell Cryptos

Kudi is also a broker exchange where you can buy and sell BTC, ETH and GUSD.

The buy/sell process is easy to perform. To buy/sell, follow the procedures below

  • Ensure you are through with your registration and KYC verification( as discussed in a later part of this article)
  • Select the crypto you want to buy/sell and on its interface, select an option to buy or sell.
  • Enter the amount you want to buy/ sell or select a percentage from your balance portfolio. (the equivalent amount you will get and the fees obtainable will display on your screen).
  • Click on “Buy or Sell” of your desired crypto.

* To buy any cryptocurrency, you must first fund your local currency wallet ( You will find out how to do so in a later part of this review).

Payment Gateway

Either as a personal user or a business account user, you can send any of the supported currencies to anyone using KUDI across the globe.

This is done through the receiver’s phone number or a unique QR code.

Debit Card

First Kudi in partnership with Ferrum network made this product possible.

The card is connected to your First Kudi account and allows you to spend your funds on Kudi anywhere debit cards are accepted.

To get your debit card, click on the last icon, situated at the right-bottom side of the mobile app and select “Get or Replace First Kudi Card”

Moving ahead – First Kudi supports quite a limited number of currencies.

You will get the list of the currencies supported and more if you keep reading.


Supported Currencies, Countries and Payment Methods

Supported Currencies

Currently, cryptocurrencies available Include;

  • BTC
  • ETH
  • GUSD
  • FRM
  • NGN
  • GHS

Note:

  • In the wallet section, you will find three more tokens; NGNX, GHSX, and GUSDX. These tokens are not yet functional, and you cannot use them on the platform at the moment.
  • Local currency withdrawals are made into banks in Nigeria and Ghana for now.

Countries

First Kudi has support for every country. However, withdrawals to the bank can only be made to Nigerian and Ghanaian bank accounts.

Payment Methods

  • Bank Deposit
  • Debit Card
  • USSD Deposit
  • Kudi Bank Account

Keep reading!


Transaction Fees, Verification Requirements and Limits

Transaction Fees

First Kudi has a fee structure that is clearly displayed on its website. Let’s take a look at the screenshot below;

First Kudi

Another important fee charged on this platform that is not in the screenshot is the Buy/Sell fee.

First Kudi charges you 1.4% for the buying and selling of the listed cryptocurrencies.

Verification Requirements

Around February 2020, First Kudi introduced KYC.

This was introduced to improve the system of security on the platform and also increase the users’ trade and withdrawal limit.

Here in this table, you will find the KYC requirements;

For personal accounts:

  • Valid ID card
  • Utility bill or bank statement
  • BVN
  • Selfie with an ID card and a sheet of paper that has the date and ‘Kudi’ written on it

For business account:

If you are opting for a merchant or business account on First Kudi, you will need these requirements in addition to what we have above.

  • Legal Business Name
  • Business Registration no
  • Business Address
  • Certificate of Registration / Proof of Registration

Note:

  • You cannot conduct this KYC on the mobile app.
  • To go through the verification process, visit: https://firstkudi.com/know-your-customer/ (then click on “Register”).
  • You cannot use the First Kudi app without completing your KYC
  • Your KYC must be approved before you deposit funds to your account (this normally takes up to 24hrs)
  • Do not deposit funds if your KYC is not approved
Limits

Let’s have a rundown of the limits in the table below;

ASSETSDAILY
MAXIMUM
BUY/SELL
LIMIT
DAILY
MAXIMUM
WITHDRAWAL
LIMIT
MONTHLY
MAXIMUM
WITHDRAWAL
LIMIT
NGN10,000,000 NGN600,000 NGN10,000,000 NGN
ETH180 ETH10 ETH180 ETH
BTC3.5 BTC3 BTC3.5 BTC
GUSD30,000 GUSD1666 GUSD30,000 GUSD
FRM120 FRM120 FRM120 FRM
GHS173,000 GHS2000 GHS173,000 GHS

FRM limits can be increased by ordering the First Kudi Verve Card…click here to learn.

* Minimum deposit and withdrawal amount is 5000NGN.


How to Download, Fund, Buy/Sell and Withdraw on First Kudi

This is a step-by-step guide on how to download and fund your First Kudi Account,

  • On your mobile phone download the First Kudi app via “Google Play Store” or “App Store”
  • Visit https://firstkudi.com/know-your-customer/ and click on “Register” to complete your KYC verification (this may take about 24 hours to be approved)
  • If your KYC is confirmed and approved via a mail sent to you, then, you can go on to fund and use your First Kudi app

This video below will walk you through the entirety of how to navigate through the app, fund/deposit, buy/sell and withdraw from First Kudi. Enjoy!

Hope the video was insightful.

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If you need more help beyond what you have in this video, then, you can contact First Kudi Support for help.

Let’s look at how to contact support below.


Customer Support

First Kudi has great customer support that is active 24/7. For complaints, visit the following channels:

  • https://t.me/firstkudi
  • https://www.facebook.com/firstkudi/
  • https://mobile.twitter.com/firstkudiapp

First Kudi also has a knowledge base support where customers’ FAQs are carefully answered and documented online.

To contact support directly on the app, click on the last icon situated at the right-bottom side of the mobile interface, then scroll down and click on “Community and Contact us”.

In the user’s opinion, First Kudi has wonderful reviews from users on Google Play Store, and many users have commended it for its instant transaction speed.

These reviews show that First Kudi is doing a great job and their services are awesomely reliable.

In the next subheading, I will be comparing First Kudi with other payment apps.

Read on!


Comparing First Kudi with other Payment Apps

  • First Kudi Vs Fliqpay

Fliqpay is a crypto-to-fiat payment gateway that was founded by Wole Ayodele to enable Africans to make direct crypto payments to their local bank accounts.

Both Fliqpay and First Kudi were established to give Africans easy access to payment infrastructure through blockchain tech.

However, if you are looking forward to signing up on either of the two platforms, you may need to consider some of their varying features.

This will help you to determine the platform that is more efficient to carry out your desired transaction needs. See the distinct features below.

  • Fliqpay launched in 2019 and supports more cryptos than First Kudi: Some of the cryptos are; ETHUSDTLTC, and XRP.
  • First Kudi has a mobile app for easier transactions, but Fliqpay has only a web interface.
  • Fliqpay supports the transfer of local currency to about 5 African countries, whereas, First Kudi, is just 2 countries.
  • You can buy and sell crypto on First Kudi but you cannot do so on Fliqpay.

That is all I have got…click here to learn more about Fliqpay.

  • First Kudi Vs Sesacash

Sesacash is a Ghana-based company founded in 2018 by Blaise Bayuo.

Just like First Kudi, Sesacash offers payment gateway services to Nigerians and Ghanaians.

Sesacash supports more cryptos than First Kudi and in addition to that, it allows you to convert fiat currencies e.g. GHS to USD.

To learn more about Sesacash…click here.

Below, I am going to discuss some of the most commonly asked questions by users.

Scroll down!


9. Frequently Asked Questions About First Kudi

Here are a few FAQs about the exchange.

1. How do I gain access to a First Kudi POS?

POS is a feature integrated into the Firs Kudi mobile app to allow business owners to drive their business to the next level, both internationally and locally.
To gain access to First Kudi POS, you have to switch your account profile from a “Personal account” to a ‘Business account”.

2. Is First Kudi safe?

For the best of reasons and from my personal research, I can state here that First Kudi is a platform to feel safe with.
Here are my reasons.
– It has been operating since 2017 till date and none of its customers has made complaints of issues relating to fraud.
– It is owned and managed by a popular company Ferrum Network; a blockchain company aiming to achieve interoperability between networks.
– First Kudi is popular in Nigeria and it provides 24hrs support to members.
But then, note that what I have listed is my personal opinion. You can DYOR to find out the best answer to this.

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If you want to learn how to trade cryptocurrencies profitably, sign up for free on Afibie.

You can join our Telegram channel, where we hold live sessions and give trade signals.


Conclusion

This is where I will have to put this review to an end.

At this point, I think I have discussed this amazing app enough to entertain your questions.

So, feel free to tell me;

Do you think First Kudi has the potential to bootstrap Africa from its rigorous dependency on the bank system to a seamless and flexible blockchain payment?

Have you used First Kudi before, how good are their services?

Do you have a question for me?

Let’s talk about it in the comment box below.

And finally, if you like what you have read, why not give it a share by clicking on the social media icons found below?


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ABOUT ME

Francis Ezirim
I'm a writer and exercise enthusiast