Everything to Know about Payment
We offer three main mediums for making deposits all of which are available to you on your Kwakol Dashboard.
Ensure to keep in mind that each payment method will have its advantages to you, whether it be the two offer three major mediums for making deposits to make trading easier for you, but there are a few things to keep in mind as you make your first deposit. These considerations will make your user experience go through seamlessly. Some of these include:
- Kwakol only accepts payments from accounts in the client's name. Payments from third-party accounts are not accepted.
- Deposits are processed within the hour a payment was made. The exceptions being on the deposits for cryptocurrencies which solely depend on the blockchain at the time of deposit.
- Accounts vary according to the currency you want to make a deposit into.
- Trading accounts you want to fund have various minimum deposit amounts.
- Kwakol has a standard deposit rate of NGN 485 to $1 for deposits done with the local Nigerian currency (Naira).
The two most important things to keep in mind:
- The payment medium
- The amount you want to deposit
Transaction processing speed or the ease of use in your local currency. This makes the choice of which medium to use of the utmost importance to you.
There are three main wallets on the Dashboard:
- Fiat Wallet
- Stable Coins
Depositing with this medium is fast and easy! Transactions here are carried out through bank transfers. All you need to do is log in to your Kwakol account, select the Funds Tab, select the Deposit Tab, and Click on either 0 NGN or 0 USD as the type of Wallet.
The necessary bank account details for you to make your deposit will be made available.
The next thing will be to make the bank transfer, upload a proof of transfer following the necessary image requirement, then finally select Proceed. Your account will be funded with your deposited money within the hour!
Making deposits with cryptocurrencies with Kwakol is totally hassle-free! Right after logging into your Kwakol Dashboard, select the Funds tab. Next, select Deposit, then Stable Coins. Click on your preferred coin you would like to buy.
Fill in your proposed deposit amount which will then be converted to the equivalent of the coin in US Dollars. Select Proceed. You will then be redirected to your account address for deposits and will also be provided with a QR code that you can scan to make deposits.
NOTE: You are to send only the exact coin currency to your deposit address as sending any other currency to your address may result in the loss of your deposit.
Deposits here are similar to that of Stable Coins. Once you have logged in to your Kwakol account, proceed to the Funds section. Select Deposit and click on Coins. Then select your chosen coin for deposit amongst our various coins available on your dashboard.
Enter your proposed quantity of coins you would like to deposit and a converted rate in US Dollars will be shown right beside it. Then select your Address type and click Proceed. You will then be redirected to a page that will provide your coin address or a QR code for you to scan and make your deposit.
NOTE: Send only amount in exact currency to your deposit address as sending any other currency to this address may result in the loss of your deposit
NOTE: Selecting the type of wallet before making a deposit on your Dashboard is essential because it specifies two important things:
- The currency you are making your deposit in
- The bank details you will need to send your funds to
When making your first Deposit with Kwakol, keep in mind that there are fixed rates for making deposits. There is a fixed rate of NGN485 to $1 on all Fiat Wallet deposits.
It is also important to note that different live trading accounts have a minimum deposit amount to be used to fund such an account. For example:
- An ECN account has a minimum deposit amount of $10 which is equivalent to NGN4,850.
- A Standard account has a minimum deposit amount of $100, equivalent to NGN48,500.
- A Pro account on the other hand also has a minimum deposit amount of $100 which equals NGN48,500.
When trading coins, however, their deposit amounts vary according to their rates and the blockchain. The rates are available on your Dashboard also when performing the transaction.