NGN-USDT deposit via bank transfer and now supported on Kucoin

[Charles-Tim]

This is only for Nigerians
Kucoin website and Android OS supported. Not yet on iOS.
Trading pair is NGN/USDT
Minimum top-up: ₦5000

 


It is instant.

I have not used KucoinP2P before. I just saw this as a push notification which could be useful for Kucoin users among us.

[Hyphen(-)]

I received the notification too and I tried using the service as instructed in the Kucoin fast trade page.

After visiting the page, I noticed that the 1USDT is = 807.89 naira, which is cheaper than that of P2P transactions that ranges around 866Naira; I decide to give it a try!




After entering the necessary card details and some address information they requested, my card verification failed, which I don't know why. Maybe some of the information was not right, but I am sure I input the correct details.



I then chose another payment method, and I was redirected to a p2p platform where I could trade with someone, but this time the price was the same as the one on the p2p platform.

Observation
Maybe if the card details worked the price of USDT will be cheaper than that of p2p; but why require additional information apart from card details?

[Charles-Tim]

@Hyphen(-)
I think this is how it works:
You can not use credit card for crypto transaction in Nigeria, CBN do not allow that. You can only use P2P in certain kind of ways. I do not know how Treasura is working but I think it is a kind of P2P that makes transaction to be instant.

I checked my Kucoin app just now and I updated it and I clicked on third-party, but I did not see Treasura. I only saw Simplex.

   

I think we should wait for sometime to see if we are going to see Treasura or not. It should be listed among the third-party. It deos not require card at all, it only requires bank transfer.

[Davidvictorson]

Finally. We are getting there and this is one of the best news for today.  I am heading now to my play store to download and test it. If Kucoin can start this then other exchanges will soon follow.

Hyphen (-),  I'd suggest that you use a virtual card - Chipper or Barter to make deposits. This should work if the Nigerian banks isn't working. You just need to create an account and fund it. Then you can get the virtual Naira or Dollar card. Before it used to be free but I recently heard they now charge a small fee. Nevertheless it is worth it if you want seamless transactions.

[Charles-Tim]

Then you can get the virtual Naira or Dollar card. Before it used to be free but I recently heard they now charge a small fee. Nevertheless it is worth it if you want seamless transactions.

I think it is not the use of credit card, it is still bank transfer but it would be fast. Try and read what I post just above. I too do not know much about Treasura for now. I hope to see the third-party very soon on Kucoin, to know how it works.

[Hyphen(-)]

I think we should wait for sometime to see if we are going to see Treasura or not. It should be listed among the third-party. It deos not require card at all, it only requires bank transfer.

Yes I see, the debit card deposit option is just there and has no use, since the CBN restricted such transactions.

I can not also find Treasura there that means they might still be working on adding the option soon.

I also observed that the kucoin website they are referring to has a bit different from the official KuCoin website maybe it is a different one since they made us know that it is only available for Android.

Hyphen (-),  I'd suggest that you use a virtual card - Chipper or Barter to make deposits. This should work if the Nigerian banks isn't working. You just need to create an account and fund it. Then you can get the virtual Naira or Dollar card. Before it used to be free but I recently heard they now charge a small fee. Nevertheless it is worth it if you want seamless transactions.

I have the virtual card, but there is no option for Chipper or any online banking, even Opay was not in the option.

The only options that were available were the one @Charles-Tim mentioned above. I think for now it is still the same p2p way of transaction maybe until they fully updated it with the new features they wants to add.

[Wiwo]

The big question is do our financial system support cryptocurrency transactions?

The answer is NO because the CBN has placed a ban on any financial institutions from offering cryptocurrency transactions and that is a big setback for exchanges that looking for ways to further improve their payment system by incorporating NGN vs USDT but then the law has the oversight right to place and restriction and kucoin as an exchange wanting to operate a Nigeria subsidiary will still face the same policy restrictions that can delay their development.

So the best possible means of making any NGN VS USDT on the exchange still remains the P2P method so nothing has changed but all together this is a good attempt from Kucoin.

[Nwada001]

Observation
but why require additional information apart from card details?

Security is the reason.
This international online payment gateway that allows the use of our local card information requests those details in order to verify if the person trying to make a purchase with the card is the rightful owner, as the billing address that you are to fill in must be the same as what's registered with the account that issued that card. That information alone on some sites can authorize the payment without even waiting for some authorization from your bank; no OTP or even card pin might be needed. They are security measures that almost every site applies to card payments.

[Mate2237]

That means one can buy bitcoin directly from the Fiat Bank without buying it from a vendor again if na true e make sense die. Though i never know their transactions fees wey dem go collect when buying direct because vendors dey cut small when dem dey buy from you.

Wiwo ur question e dey correct but weti dey be say, dem never restrict am from their Apps and na only their physical branches na dem stopped, and not the digital side. So you can buy direct. Me I don sell bitcoin directly to my bank without selling from a vendor as I see the price, I bought it directly to my bank account and I withdrew it without stress. Though it was not KuCoin but it was another exchange platform.

[Charles-Tim]

Hyphen (-),  I'd suggest that you use a virtual card - Chipper or Barter to make deposits. This should work if the Nigerian banks isn't working. You just need to create an account and fund it. Then you can get the virtual Naira or Dollar card. Before it used to be free but I recently heard they now charge a small fee. Nevertheless it is worth it if you want seamless transactions.

I was tired yesterday and unable to fully quote and comment about your post. It is true that if you use Chipper Cash virtual card, the payment would be successful, but it is not advisable.

I do not know as of now when naira has been devaluated, but before , I used Chipper Cash virtual card to pay for YouTube premium personal account, it it ₦1100, I sent ₦10000 to Chipper Cash, dollar card was still ₦2000 at the time which was 2 or 3 months ago. I went for dollar card. Instead of ₦1100 to be deducted from me, ₦1750 was deducted.

Let me agree that ₦1700 was deducted
₦2000 for the dollar card
₦1700 for the subscription

I withdraw the remaining money and it remained ₦5250, instead of ₦6250. Or maybe I made the mistake of dollar card? Was the fee increased or I thought it was ₦2000? I will like if you can answer this. Let me leave it beside for now.

Chipper Cash dollar conversion rate is not favorable. Let me show you in a screenshot:

 

Buy at ₦901
Sell at ₦788

Is that not like a scam?

You will still pay for the card if it is the first time that you are using it. The dollar card now is ₦3000





Buy and sell for P2P is far better. Let me show you the rate I can screenshot on Kucoin now:

 


I did not use Chipper cash for like 2 months because of their stupidity and ways of making money too much from customers and my YouTube transaction was declined, I later wish to subscribe again just like how you can think while using bank card, my dollar card has which supposed to last for 3 years has been deactivated, saying their are many declined transactions. What banks can not do. No bank has done that to me before.

So my conclusion is that Chipper Cash should not be used for this when there are better alternatives, centralizedexchangesP2P is far better. Not that Chipper Cash has privacy, why going for it when you can use the centralizedexchangesP2P that has no privacy too.

Only what that can be good while using Chipper Cash is to buy airtime, send and receive naira. But converting to dollar to make transaction is not favoring at all. I wish we can go back to master card which I read that some banks have allowed again by now.

[nelson4lov]

~Snipped
I did not use Chipper cash for like 2 months because of their stupidity and ways of making money too much from customers and my YouTube transaction was declined, I later wish to subscribe again just like how you can think while using bank card, my dollar card has which supposed to last for 3 years has been deactivated, saying their are many declined transactions. What banks can not do. No bank has done that to me before.

Chipper cash is low key doing daylight robbery against Nigerians. In addition to their unfair exchange rates, they also charge fees on top of that. I stopped being a user of their service after I was locked out of my account and when I got access, my dollar card was deactivated like yours. Very terrible service.

This is the kind of ugly experience that the FG has subjected Nigerians to. p2p is still preferred evn though you've to doxx yourself.

[Charles-Tim]

I do not know why this is not still working on Android, but it works on the web:

Chipper cash is low key doing daylight robbery against Nigerians. In addition to their unfair exchange rates, they also charge fees on top of that. I stopped being a user of their service after I was locked out of my account and when I got access, my dollar card was deactivated like yours. Very terrible service.

This is the kind of ugly experience that the FG has subjected Nigerians to. p2p is still preferred evn though you've to doxx yourself.

A user brought up a thread on this forum about the restriction lifted by Wema bank:

Wema Bank Re-introduces Naira Cards for Forex Transactions

On the news:
https://www.premiumtimesng.com/news/more-news/609901-wema-bank-lifts-suspension-on-international-transaction-on-naira-cards.html

Let us see when other banks will lift off the restriction as well. Using those third-party like Chipper Cash is just a way to steal from Nigerians.

[Sim_card]

The best way to convert NGN-USD is still the p2p method because it is not restricted and let's not also forget that CBN hasn't given bank access to start using crypto,so I think that it will be difficult for Kucoin to achieve their goal on easy buying of USD directly from your bank account. If this becomes possible with Kucoin,then I think that the hope of using crypto with a third party will be recognized and adopted by other exchanges.

[Charles-Tim]

The best way to convert NGN-USD is still the p2p method because it is not restricted and let's not also forget that CBN hasn't given bank access to start using crypto,so I think that it will be difficult for Kucoin to achieve their goal on easy buying of USD directly from your bank account. If this becomes possible with Kucoin,then I think that the hope of using crypto with a third party will be recognized and adopted by other exchanges.

What you regarded as P2P is the best because it has the best rate and it is of zero fee, unlike this one that this thread is about. Not about any restriction.

We are excited to announce that KuCoin now supports NGN-USDT deposit via bank transfer starting at 12:00 pm on 26 July, 2023 West Africa Time. There is no fee charged within 24 hours after launching. The fee will resume after 24 hours.

It is Treasura that Kucoin is referring to which I saw on kucoin through the web:

[CryptoHeadlineNews]

It is Treasura that Kucoin is referring to which I saw on kucoin through the web:

When I heard "Bank transfer", I thought maybe the new deposit option initiated by Kucoin will be using the bank dollar rate of #770 currently, but mere seeing this image given above, just got me slowly discourages from giving this a try, as I see no difference between this method and the p2p, as both still uses the black market of #850 to #877 per 1usdt. Which I was thinking of giving this a try for an arbitrage opportunity.

How, I think "Remitano" also accept both bank transfer (Deposit & withdrawal) on their Naira wallet, which works effectively in few minutes

That is,
#10,000/11.4USDT =#877

Which means on "Treasura", 1usdt is been sold at #877

[Charles-Tim]

That is,
#10,000/11.4USDT =#877

Which means on "Treasura", 1usdt is been sold at #877

Yes, it is using the parallel market exchange rate. Also according to what I found out, it is possible that the centralized exchanges P2P is better because you can see buy offer at $869 at the time.

₦10000 buy at 869 is $11.50   ₦1 million = $1150.
₦10000 buy at 877 is $11.40   ₦1 Millon =  $1140.

According to Kucoin, fee would also be charged. Treasura is not a good option as of the time that I compared it with the P2P on Kucoin.

[Agbe]

Finally. We are getting there and this is one of the best news for today.  I am heading now to my play store to download and test it. If Kucoin can start this then other exchanges will soon follow.

Hyphen (-),  I'd suggest that you use a virtual card - Chipper or Barter to make deposits. This should work if the Nigerian banks isn't working. You just need to create an account and fund it. Then you can get the virtual Naira or Dollar card. Before it used to be free but I recently heard they now charge a small fee. Nevertheless it is worth it if you want seamless transactions.

Really experience is the best way to know how it works. I also tried to download it but it is only pending for the whole day and I don't know what is the caused because if it is network issue other sites wouldn't open as well but they are working perfectly well. But I am thinking that it is from my end of the play store that causing the downloading process.
Concerning the statistics of the KuCoin p2p price. Even Binance is using parallel market price and that is why their price is always higher than others though vendors are different from exchanges. And the minimum amount in Binance is 4k.

[Charles-Tim]

What knowing that I was unable to see Treasura on the Android app, I saw it on the web, https://www.kucoin.com/. Also that P2P is slightly having better exchange rate.

I also tried to download it but it is only pending for the whole day and I don't know what is the caused because if it is network issue other sites wouldn't open as well but they are working perfectly well. But I am thinking that it is from my end of the play store that causing the downloading process.

If this is happening to other apps that you want to download. Long press on PlayStore app and click on app info -> storage and cache -> clear storage.

Or you can do that under settings app management.

If you have clear the storage, you will be able to download apps on Playstore again. This did happened to me when using Android 9 and 10. But I do not think I experienced it when using Android 11, 12 and now 13.

Concerning the statistics of the KuCoin p2p price. Even Binance is using parallel market price and that is why their price is always higher than others though vendors are different from exchanges. And the minimum amount in Binance is 4k.

Vendors have the prices that will not favour you. People that want privacy, and people that are not able to use exchanges are the ones using vendors.