First Kudi is the first crypto exchange (App) that lets you send/receive Naira as well as bitcoin and in this review, I am going to tell you all about it.
Kudi is West Africa’s own low-cost digital currency exchange App where users can buy and sell digital currencies like Bitcoin, and send local currencies like the Naira to friends and family instantly for zero transaction fees.
At the end of this review, you would have knowledge of everything concerning First Kudi -Services offered, features, benefits and more.
For a better understanding of this post, I have made a list of things to be covered on this review down below;
- First Kudi overview
- Features and Benefits Of First Kudi
- Services Offered By First Kudi
- Transaction Fees
- Verification Requirements
- Customer support
- Available cryptocurrencies and assets
- Trading on First Kudi
- FAQs About First Kudi
Now let’s get started;
1. First Kudi Overview
First Kudi, formerly known as Kudi Exchange is owned and also operated by TLG Ventures in partnership with Ferrum Network, which was founded in the year 2017.
It brought with it the revolutionary technologies of blockchain and digital currencies to people on the African continent, businesses as well.
Its head office is situated at 4B Akin Olugbade St. Victoria Island Lagos Nigeria.
The exchange also offers U.S. Dollar backed stable coin, through its work with world-renowned cryptocurrency company Gemini, providing low-cost and easy access to digital U.S. Dollars as a hedge against local currency fluctuation.
Kudi makes fast automatic payments through a secured network which aid’s;
- Business transactions and
- Bill payments
Also, all funds transferred or stored are kept in a very secure digital wallet which is known as ”Kudi Wallet” which is guarded by a cutting edge technology blockchain-powered by Ferrum blockchain service.
The exchange keeps most of the funds stored on the platform in offline cold storage, for increased security.
The blockchain technology keeps people in more control of their money as it is a decentralized means of transferring and storing money as well as digital assets.
Ok, that’s it on First Kudi overview.
Now let’s look at some of the features and benefits of the Exchange
2. Features and Benefits Of First Kudi
Some features and benefits of Kudi include;
- Mobile app
- Easy to Use Trade Room
- Multiple Currency
- Safe Secure system
- Instant deposit
- Direct Withdrawal to Bank account
- Send and receive local currency
- Fast peer-to-peer local currency transactions
- Digital U.S. Dollar stable coin via the Gemini Dollar.
- Worldwide Money Transfers
- Kudi API
Ok, those are some features and benefits that Kudi possesses.
From here let’s check out the products and services offered by the exchange.
3. Products and Services Offered
Kudi offers multiple services which include;
- Kudi wallet: all funds transferred or stored on First Kudi are kept on a very secure digital wallet which is known as ”Kudi Wallet” which is guarded by a cutting edge technology blockchain-powered by Ferrum blockchain service.
- Kudi-Exchange: First Kudi offers currency exchange where users can buy and sell digital currencies like Bitcoin, and send local currencies like the Naira to friends and family instantly for zero transaction fees.
- Kudi Debit Card: First Kudi in partnership with Stanbic IBTC bank made this product possible. The Card is connected to your first Kudi account and allows you to spend Bitcoin BTC, Gemini US Dollar and Naira NGN anywhere debit cards are accepted.
However, you are solely responsible for: maintaining adequate security and control over your Kudi Account sign-in details, including but not limited to any passwords, personal identification numbers (PINs), API keys, or any other codes associated with your Kudi Account.
let’s dive into the transaction fees.
4. Transaction Fees
Find details of this in the image provided below.
a fee of about 1.4% is applied to the purchase of bitcoin. Below are other fees;
Pretty insightful aye?
Ok, let’s move into the Verification requirements.
5. Verification Requirements
To be verified on Kudi first, you have to be approved to open an account.
In order to be approved, you will need to complete a KYC/AML (Know Your Customer/Anti Money Laundering) Procedure. Which entails
- Your name
- Email address
- Phone number
- Set up security notifications.
And also, always verify that your account is working by first making small transfers of funds from your bank account to your First Kudi account, or from another bitcoin wallet to your Kudi wallet, and then ensuring those funds are reflected in your Kudi account.
Let us now also take a look at its Customer support.
6. Customer Support
You can contact the support through any of the following means
- email: [email protected]
- Telegram: https://t.me/Firstkudi1
- Support ticket at the Help Center:
It also might interest you to know that the customer support Help Center contains all probable questions users may have and answers to those questions and it also has a section below it where users can leave comments.
The exchange has awesome customer support, doesn’t it?
Ok, let’s move further and talk about the cryptocurrencies available
7. Available Cryptocurrencies and Assets
Currently, cryptocurrencies available Include;
- Naira (NGN)
- Gemini Dollar (GUSD), it is a stable coin pegged to the US Dollar.
- Ghanian Cedi
- Kenyan Shilling
- Ferrum Network Token
And that’s about it on cryptocurrencies available.
It’s now time to look at actually trading on the exchange.
8. Trading on First Kudi
The video below gives a really insightful demonstration of trading on Kudi.
You can also go through the text below for more information on trading.
What trading on the exchange entails;
On the exchange, Deposits are performed right on the App by clicking NGN and selecting which type of deposit.
Funds can be transferred to your Kudi Account using local Visa or MasterCard. The funds will appear in your account in a few seconds when card transactions have been approved.
Funds can also be transferred to your account by direct bank account transfer, follow the direction after clicking NGN on the application.
You can buy and sell cryptocurrencies on First Kudi by;
First linking your bank account to your Kudi Account, and then transferring funds from your bank account to your Kudi Account. Once your funds arrive on your Kudi Account, you can place an order to buy bitcoin (BTC / Gemini Dollar (GUSD). You can also buy other cryptocurrencies listed on Kudi Exchange with bitcoin which you have stored on your Kudi wallet.
To sell bitcoin, you can sell the bitcoin stored in your Kudi Wallet to either NGN / Naira or to another cryptocurrency listed on the exchange.
Also, Credit Card payments are in a few seconds if approved.
Bank Deposits are in a few hours after deposit proof has been submitted.
Bitcoin (BTC) is after 3 confirmations.
9. Frequently Asked Questions About First Kudi
Here are a few FAQs about the exchange.
Click on NGN on the First Kudi App and follow the withdrawal procedure.
You can transfer your bitcoin/cryptocurrencies and also Naira to other wallets by simply confirming the withdrawal address where you want your digital assets sent.
Then click ‘Withdraw’ in your Kudi Wallet. Soon after, you will receive an email asking you to confirm that you are the one who has initiated this transaction.
Once this transaction has been confirmed by you, your assets will be sent to the appropriate address.
In conclusion, First Kudi is an amazing exchange (App), powered by Ferrum’s blockchain technology, which provides security to all transactions carried out.
Yup… We have come to the end of this review.
So now, are you going to create a Kudi Account today? or
You still have some questions.
I would love to hear from you;
Leave me a comment down below in the comment section.
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