Its no more news that the Know Your Client (KYC)
process of many Crypto Exchanges is discouraging, cumbersome, and disturbing. In other to curtail this ineptitude, Nigeria based exchange SaBi
has created one of the shortest KYC process in the entire crypto exchange space.
Per an online interview with eBlockbuzz on August 11, SaBi Exchange CEO, Lucky Uwakwe gave reasons on why Nigerians should utilise SaBi Exchange; “…we eliminated the need to fill a very long and excruciating form for KYC. We just need you to verify your ID and that’s all, you are free to Trade on the platform, no need for BVN etc.”
Read full interview;
eBlockbuzz: What solutions do SaBi Exchange provide?
An average crypto trader faces many challenges while trading in other exchange platforms which eats up the profit on the long run. Challenges like Multiple fees, Delay in confirmation thereby missing some sweet profitable opportunities, multiple KYCs, creating multiple accounts to convert funds and coins, higher charges when trading and rampant security breaches, Delay in deposit confirmation, Memorizing multiple password because of multiple Exchange platform.
) is a digital assets exchange, providing advanced financial service to global users. Founded in Nigeria, SaBi offers the easy access to hundreds of tokens for the users to optimize trading strategy. With OTC fiat trading and Exchange token trading pairs in one platform by adopting world class Huobicloud Technology and technical support, SaBi is dedicated to make the digital assets investment easier and safer, SaBi aims to empower the hardly accessible area of the world with blockchain technology in an efficient manner.
With SaBi Exchange, we are changing the narratives in the cryptocurrency trading space in Africa and beyond, with our user friendly platform, you have everything in one place, no more going from one exchange to another or multiple platform to convert your assets to cash, trade crypto to crypto or reduce fees. SaBi Exchange was built to meet the needs of basic and advanced traders to reduce stress and losses while trading.
At SaBi, we provide a perfect platform to trade with over 200+ cryptocurrencies pairs with little or no fees, no hassles, safe and secured system, smart and user-friendly customer service system
We support over 23 countries, when you want to buy/sell with cash for crypto to fiat or fiat to crypto, we support the entire world when buying and selling with crypto to crypto, margin trade on crypto, we support 40+ cryptocurrency pair on our leverage section for margin. For merchants, our exchange platform is easy to use with lower fees when compared to other exchange. We charge less than 30 -50% when compared to others.
eBlockbuzz: Why should Nigerians use SaBi Exchange?
- More than 200+ Crypto currencies traded on the platform
- Ease of Use: Our KYC is one of the shortest in the crypto exchange space, we eliminated the need to fill a very long and excruciating form for KYC. We just need you to verify your ID and that’s all, you are free to Trade on the platform, no need for BVN etc.
- ID Verification takes lesser time to complete. With basic verification, you can transact with 5 BTC or less, while with simple advanced verification, you can transact with more than 100 BTC.
- Little or No Fees: An average African trader always have the problem of multiple fees and charges from deposit fees, to converting cash/crypto, withdrawal fees, transaction fees and other shady fees. because of using multiple platform when they go from cash to cryptocurrency and cryptocurrency to cryptocurrency
SaBi Fees Breakdown:
- Crypto to Fiat = Free
- Crypto to Crypto = 0.0002
- Deposit Fee = Free
- Transfer from our Fiat Section to Exchange Section = Free
- Withdrawal to other Exchange = 0.0005
- All other kind of transaction on SaBi = Free
- SAFU: We have SAFU (Safe Asset Backed Fund) which we share along with Huobicloud Technology, we have the capacity to refund user there cryptocurrency in case of unforeseen circumstances like internal breach caused from our end.
- Wallet: We also operate a 20:80 ratio for hot wallet and cold wallet storage to ensure safety of funds and minimize any negative impact of hacks.
- Cloud: We use a private cloud server, although more expensive but very secured and immune to frequent security breaches like we have seen in some Exchange Hack as compared to the public cloud server . We value our users that was why we took the expensive but efficient route of running a private cloud server.
- Escrow Service: With our Escrow service, we curtail scams and ensure that both parties live up to their commitments. It works by holding the Bitcoin of the seller until confirmation have been made, when the confirmation has been made, the Bitcoin is released to the buyer.
- Physical Location: We have physical presence in Nigeria , China and Singapore. We also have office in Abuja for Nigerians to come in, have a chat and ask questions, unlike other foreign exchanges, I guess you can’t fly to Binance office or travel overseas to meet other foreign exchange to hear from them one on one,when you have critical issues to be resolved. Incase you not satisfied with online resolution of issues.
- We are Online: Our friendly customer service is online 24hours every day, we will guide you step by step on how to benefit in cryptocurrency trading by using SaBi Exchange. We have a dedicated helpline, WhatsApp, Twitter, Facebook, YouTube, Instagram, Medium and LinkedIn.
- Team: Our team is comprised of individuals with excellent expertise in the field of Blockchain and Technology, Research and Development, Marketing, finance and Customer Relations with National and International recognition.
- Mobile App: We have Android App on our website(www.sabiii.com) for easy download or playstore for Android users and incoming IOS app on the App store for the iOS users, we also have a 24 hours live chat on the website to help our users
eBlockbuzz: What is the short-term developmental milestones of SaBi Exchange?
• We are looking to bring 1000+ consistent Ardent users by December 2019, doing $1000 each per day.
• $2,000,000 Daily Trading Volume
• More than 300+ cryptocurrencies on the platform.
eBlockbuzz: Tell us your message to Nigerians who detest Crypto Investments
Bitcoin and cryptocurrencies never go offline: Banks shutdown because of cash crisis and bank loans. Bitcoin is always online, at any minute of the day, at any part of the world there’s always a buyer or seller waiting for deals to be made. At SaBi Exchange merchants are always online 24/7 to buy your cryptocurrency with good deals for you to increase your profit.
Easy to Learn: Crypto trading is not as complicated as forex, with little time invested in learning and researching cryptocurrencies, you will never go wrong if you do due deligence and invest in cryptocurrencies. You can either be a Long term Investor or short term trader. There’s always space for everyone.
Good and Measured profits: With cryptocurrency trading, if you do your due diligence by researching and investing you are well assured of making good money in cryptocurrency investments in either short term or long term, unlike traditional financial institutions With little or no interest rate accrued. Overtime, inflation and multiple charges eats up part of your savings or investment in those traditional financial institutions. We encourage learning and diversified savings not just keeping all in one place, As in the era of year 2000-2008 before global financial crisis of 2008, we see another global financial crises coming hope you diversify some of your resources into cryptocurrency before it becomes late due to impending global financial market collapse by leading economies
In today’s world of stagnant wages, a little extra plus to your income is always going to be positive. It may perhaps take the pressure off some of the bills piling up, or you may even be able to treat yourself to a nice holiday.
Massive adoption of Blockchain: The Blockchain technology is among the new 8 wonders of the world. It has the revolutionary capacity to disrupt slow and archaic systems, that’s recently we see big corporations like banks adopting the technology to improve process, reduce waste, fight crimes, increase transparency and increase profits. What better way to join these revolution as an individual user by trading cryptocurrencies? Get in, do due diligence, carve your niche and make good returns in trading cryptocurrencies.
Security and Control of your Asset: The beautiful thing about bitcoin is that it allows users to be in control of their own transactions which allows your bitcoins to stay safe and tucked away in your digital wallet. We can back up bitcoin and encrypt them to make sure that the users’ money stays safe. Personal information is not required when it comes to transactions. This helps to protect users against identity theft. SaBi Exchange keep you safe, you don’t need to know the other person, and you can still transact on SaBi Exchange, we provide the security and insure our user funds no matter where they are.
eBlockbuzz: Tell us your advise to regulatory bodies
In Nigeria where the market was judged to be the seventh largest in the world in terms of peer-to-peer transactions by LocalBitcoin, the market is there, Blockchain and Bitcoin is not going anywhere, we expect these number to increase as the year enters 4th quarter.
Some nations are already taking a leading role by introducing new crypto-specific legislation. Some have published guidelines for interpreting the existing legal framework in light of the blockchain technologies. Like Kenya did recently last month.
Nigeria as the most populous black Nation in the world should move drastically to bring up robust regulatory guidelines to help spread mainstream adoption of the Blockchain technology, digitalcurrency and 4th industrial revolution in Nigeria and Africa, increase trust and weed bad players in the system and hence, form a solid foundation for institutional players and increase funding around cryptocurrency space in Nigeria and beyond. what affects Nigeria affects Africa, what affects Africa, affects the world.
From all of us at SaBi we say thank you, and we look towards a transparent and successful collaboration with everyone and the authority
Note: The topic of this post has been modified (August 15, 2019, 03:22pm WAT)