Yellow Card Review 2022

Yellow Card is a Nigeria cryptocurrency exchange that allows you to buy and sell crypto in Africa with your local currency from any of its agents or online with mobile money, cash, bank transfer and debit card or credit card. Yellow Card does not charge fees for buying and selling of cryptocurrency. The services and products offered on Yellow Card include buying crypto, selling crypto, and the Bitcoin Wallet.

Read this article in Swahili: Tathmini ya 2022 ya Yellow Card

Quick Facts About Yellow Card Crypto

  • Yellow Card raised $15 million Series A funding in 2021 from the likes of Square (owned by Twitter co-founder), Coinbase Ventures and Blockchain.com Ventures, the largest Bitcoin investment on the continent so far.
  • At the time writing, Yellow Card operates in 15 African countries including Zambia, Nigeria, Ghana, Kenya, and South Africa.
  • The Yellow Card app supports the following African languages: Hausa, Igbo, Luganda, Swahili, Somali, Xhosa, Yoruba and Zulu.

How to Create a Yellow Card Account

To buy and sell cryptocurrency on Yellow Card, you will first need to sign up on the Yellow Card website or download the Yellow Card App for Android or iOS and click on ‘Sign Up’. Fill in your details in the required fields and click ‘Sign Up’. A verification code will be sent to your mobile number. Enter that code and click ‘Confirm’. Sometimes, the SMS containing the code might delay. In this case, you can select ‘Get code via WhatsApp’ or ‘Get code via USSD’. Then, verify your email by clicking on the link sent to your inbox. Next, create your PIN, confirm it and click ‘Next’ and your account will be set up.

How to Buy Cryptocurrency with Yellow Card

With Yellow Card, you can buy crypto either from an agent or the platform.

Buying from the Yellow Card Platform

You will first need to create an account with Yellow Card and log into your account. Next, deposit funds into your wallet and click on ‘Buy Cryptocurrency’. Enter the amount you want to buy in BTC or fiat and click on ‘Review and Confirm’. Check the summary f your transaction and click ‘Pay’ and your Bitcoin Wallet will be credited.

Buying from an Agent

Cryptocurrency users can buy crypto from Yellow Card stores available in their country. To get started, go to the Yellow Card home page and select ‘Find a local store’ and input your present location in the provided field.  A list of Yellow Card local stores near you will be displayed for you to select your preferred choice. Contact the agent and visit the store to pay for the amount of bitcoin you wish to buy.  Then, you will be given a Yellow Card PIN which you can use to buy Bitcoin from the platform.

Yellow Card Crypto Wallet

Yellow Card offers a secure cryptocurrency wallet which you can use to send, receive, and store cryptocurrencies. When you sign up for a Yellow Card account, you gain access to your personal crypto wallets.

How to Send Cryptocurrency from your Yellow Card Wallet

First, log in to your Yellow Card account and from your dashboard, select the cryptocurrency you want to send. Alternatively, go to ‘Wallets’ and scroll down to the cryptocurrency you want to send. Then, select the destination of the crypto you want to send. You can choose to send the crypt to another Yellow Card user using their phone number or email address or you can use the ‘wallet address’ option. After selecting the destination, input the details (phone number, wallet address, or email address) of the receiver and enter the amount of crypto you want to send. Lastly, confirm the details and send.

How to Receive Cryptocurrency into your Yellow Card Wallet

Upon creating your Yellow Card account, a wallet is auto-generated for each supported cryptocurrency. You can use this wallet to receive crypto sent to you from external wallets or from other Yellow Card users. To receive crypto, first log in to your account, go to your dashboard and select the cryptocurrency you want to receive, or go to ‘Wallets’ and select. Then, tap on the ‘Receive’ button. A screen showing your address details will come up. Copy the wallet address and send it to the person sending you the cryptocurrency tokens. Alternatively, you can scan the QR code directly from the sending wallet. Your crypto will reflect in your wallet once the cryptocurrency has been sent and confirmed.

How to Sell Cryptocurrency with Yellow Card

To sell crypto on Yellow Card, sign up for a Yellow Card account or login to your existing account and go to your dashboard. There, click on ‘Sell Cryptocurrency’ and enter the amount of Bitcoin you want to sell. Next, click on ‘Review and Confirm’ Cross-check your transaction details and click on ‘Sell’ and the fiat equivalent of your bitcoin will be sent to your wallet.

Yellow Card’s Supported Countries

Yellow Card works in Zambia, South Africa, Botswana, Ghana, Malawi, Kenya, Cameroon, Rwanda, Nigeria, Gabon, Uganda, and Tanzania. The Yellow Card Mobile App supports 14 languages including 3 European languages, 8 African languages, Arabic and Mandarin.

Supported Currencies

Yellow Card supported currencies include USD, ZAR, NGN, UGX, TZS, GHS, BWP, ZMW, XAF, KES, and cryptocurrency (Bitcoin, Ethereum, and Tether).

Yellow Card Supported Payment Methods

Yellow Card’s supported payment options include mobile money, debit/credit card, bank transfer, instant vouchers and cash. Payment methods available to you are based on your country.

The Yellow Card VIP Program

Yellow Card offers the VIP Program as a token of appreciation to its loyal customers. If you trade a specific amount in USD or its equivalent in your local currency in 30 days, you are automatically enrolled into the program. The more you trade, the higher your VIP level increases, and the more benefits you get. The VIP Tiers are;

  • Gold VIP. If you trade $40k or its equivalent in local currency worth of cryptocurrency, you attain the Gold VIP level. Here, you will get early access to new Yellow Card features before everyone else. Also, you will get VIP priority support.
  • Platinum VIP. The Platinum VIP level is attained if you trade $100k or its equivalent in the local currency. You get priority VIP support, exclusive access to Yellow Card VIP events, and you also get access to new Yellow Card features before anyone else.
  • Diamond VIP. You become a Diamond VIP member if you trade $250k or its equivalent in the local currency. You get priority VIP support, early access to new Yellow Card features, you get exclusive access to Yellow Card giveaways, and exclusive access to Yellow Card VIP events.

Yellow Card Limits

Yellow Card limits are country dependent and are also based on the level of verification you attain. The levels and their requirements are as follows;

  • Tier 1. For verification purposes you are required to provide your name, email, phone number, and date of birth.
  • Tier 2. You’ll be required to do Bank Verification Number (BVN) verification or Document verification.
  • Tier 3. Upload a proof of residency or upload a government issued ID.

Yellow Card Fees

Yellow Card does not charge a Buy or Sell fee. However, it charges deposit and withdrawal fees, which are country-dependent. Let us look at an example of South Africa and Nigeria.

Yellow Card Deposit Fees

CountrySouth AfricaNigeria
PINFreeFree
Bank TransferFreeFree
Cash Deposit at ATMsR4.50 +1.02%N/A
Cash Deposit at a bank branchR8 +3.20%N/A
Debit CardN/A1.50% +100ngn
Instant Bank TransferN/A50NGN

Yellow Card Withdrawal Fees

CountrySouth AfricaNigeria
Instant WithdrawalR60100NGN
Instant Money VoucherR20N/A
Manual WithdrawalR15N/A

Is Yellow Card Safe? Is Yellow Card Legit?

Yes. Yellow Card is regulated by FinCEN in the USA as well as in every jurisdiction in which it operates However, Yellow Card also faces attacks from scammers. To ensure that you don’t fall prey to scamming, do not share your Yellow Card password with anyone on the internet. Most scammers will pretend to be Yellow Card agents but be informed that Yellow Card agents will never ask for your personal details for any reason. Also, do not send your funds to anyone to deposit on Yellow Card on your behalf.

Cryptocurrency scams are on the rise all over the world including Africa. Don’t entertain social media messages or emails asking you to “join bitcoin” and get rich instantly. Beware of individuals or companies that promise huge returns on crypto investment. Learn more about cryptocurrency scams and how to avoid them.

Yellow Card Customer Support

You can reach the Yellow Card customer support team via email at support@yellowcard.io. In case of any queries, you can search their Help Centre or go to their knowledge base. For further inquiries, you can reach the team via WhatsApp, Facebook, Twitter, and Telegram.

Yellow Card Alternatives

If you are looking for Yellow Card alternatives, the following are the best alternatives

Final Thoughts on Yellow Card Startup Review

Yellow Card is gaining popularity in Africa because it offers a convenient way to buy and sell cryptocurrencies even without any bank account (by using mobile money), and at lower fees. The Startup’s mission is to make cryptocurrency accessible anywhere and everywhere across the African continent.

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Daisy Neema is a graduate of Chuka University. She is a prolific writer and researcher and has an interest in finance. She also loves writing about businesses and startups.