KuCoin VAT charge on Nigerians. What's your opinion?

[Agbe]

I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.

[Asiska02]

I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.

8th July na the date wey dem talk say that VAT go begin, them no talk for any of those email say p2p go resume for their platform. If you hear anything about p2p, na just people dey carry the matter waka for mouth around based on say if dem go dey collect percentage from them, them no go limit them to do some kind things with their services. No any news on p2p back on the platform, but make we dey wait sha, maybe something like that go come back soon again for the platform.

[Agbe]

I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.

8th July na the date wey dem talk say that VAT go begin, them no talk for any of those email say p2p go resume for their platform. If you hear anything about p2p, na just people dey carry the matter waka for mouth around based on say if dem go dey collect percentage from them, them no go limit them to do some kind things with their services. No any news on p2p back on the platform, but make we dey wait sha, maybe something like that go come back soon again for the platform.

If dem start VAT without p2p then na waste of time na. Me I no go even look their face. If they want Nigerians to use their services then they have to reopen the p2p for more active users. And even they bring back the p2p and because of the vat, many people would not come back again but at least they will gather small number of users. And if they don't bring back the p2p and only depending on the convert trade. Lolz they are just wasting their time. +1 for the information.

[Makus]

Can't tell if the government are planning to remove the restriction or not but, this should have been their initial development instead of just cutting ties with Nigerian p2p trading. Though the government might have been the major cause to the delisting of NGN p2p trading pair. However this is a welcomed development and it would be much appreciated if they reconsider bringing back the p2p trading then can they regain few of their users from Nigeria because the delisting must have made several Nigerian to withdraw from their service.

[Cantsay]

We should not be complaining about this because it is very low amount of money.

I had already made my first post before I went to read more about this VAT fee of a thing before I realized that it was not even something to talk about due the fact that it’s very low - but still my problem with the exchange is not even with the newly introduced fee but instead their shitty services, if they are doing something new they should also work on improving the quality of their exchange.

Before the removal of P2P from Kucoin, merchants were given the liberty to easily change the market price without sellers being notified [something you’ll never see in any other exchange] and yet despite all the feedbacks and reports that were made nothing was done even those accounts that cheated were not punished for attempting to do something of such nature - that’s what’s pissing me off about the exchange not the newly incorporated fee (I had an issue with it before checking the amount but now I’m not).

[Charles-Tim]

Before the removal of P2P from Kucoin, merchants were given the liberty to easily change the market price without sellers being notified [something you’ll never see in any other exchange] and yet despite all the feedbacks and reports that were made nothing was done even those accounts that cheated were not punished for attempting to do something of such nature - that’s what’s pissing me off about the exchange not the newly incorporated fee (I had an issue with it before checking the amount but now I’m not).

I have not used P2P before on the exchange. If something like this was going on the exchange, people need not to use it when there are other better P2P exchanges. What pissed me off on the exchange is their high fee which is kind of extraordinary high. I want to use use bitcoin lightning network on the exchange and I saw $0.91 fee when the fee on other exchanges like Binance, OKX and others is not up to $0.07.

[Fivestar4everMVP]

I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.

8th July na the date wey dem talk say that VAT go begin, them no talk for any of those email say p2p go resume for their platform. If you hear anything about p2p, na just people dey carry the matter waka for mouth around based on say if dem go dey collect percentage from them, them no go limit them to do some kind things with their services. No any news on p2p back on the platform, but make we dey wait sha, maybe something like that go come back soon again for the platform.

Me no even dey after make p2p return back to the platform, as far as we have bybit, I am very OK, except anything go happen way fit make bybit close their doors to naira p2p, then definitely will be a problem.

But still, yawah no dey self, we go still look for another place, even telegram wallet get naira p2p inside the wallet, of which I Don use that p2p service for like three or four times now, the only downside for there be say the rates never too dey good, and they dey sometimes delay to pay as well - as in vendors dey always wait until the last minute before they pay, but I know say that one, including the not so good rates, na because p2p liquidity never enter there, once that enter, every thing go dey OK and even more convenient than those cex.

[Agbe]

I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.

8th July na the date wey dem talk say that VAT go begin, them no talk for any of those email say p2p go resume for their platform. If you hear anything about p2p, na just people dey carry the matter waka for mouth around based on say if dem go dey collect percentage from them, them no go limit them to do some kind things with their services. No any news on p2p back on the platform, but make we dey wait sha, maybe something like that go come back soon again for the platform.

Me no even dey after make p2p return back to the platform, as far as we have bybit, I am very OK, except anything go happen way fit make bybit close their doors to naira p2p, then definitely will be a problem.

But still, yawah no dey self, we go still look for another place, even telegram wallet get naira p2p inside the wallet, of which I Don use that p2p service for like three or four times now, the only downside for there be say the rates never too dey good, and they dey sometimes delay to pay as well - as in vendors dey always wait until the last minute before they pay, but I know say that one, including the not so good rates, na because p2p liquidity never enter there, once that enter, every thing go dey OK and even more convenient than those cex.

Na so. ByBit and bitget dey do well for the p2p trading in the country and if you want to enjoy this services, just convert your coins to USDT, and sell am men, I never see any manipulation.from dat site but if you keep am for BTC even now the top 5 traders (buyers) na 419. Dem dey display an amount wey dem no dey buy show people and when your order under their ads, you go wait tire but dem no go pay. And at the end trade go cancel. But in USDT e no dey happen like that. The way I dey see sef Kucoin sef fit leave Nigeria di way OKX dey leave so. And if Kucoin leave sef e no concern me.if ByBit dey work. Then it is okay.

[Cantsay]

But still, yawah no dey self, we go still look for another place, even telegram wallet get naira p2p inside the wallet, of which I Don use that p2p service for like three or four times now, the only downside for there be say the rates never too dey good, and they dey sometimes delay to pay as well - as in vendors dey always wait until the last minute before they pay, but I know say that one, including the not so good rates, na because p2p liquidity never enter there, once that enter, every thing go dey OK and even more convenient than those cex.

Wait ooh, he get watin I reason when I last go binance - I be Dey reason if we go fit just directly sell our coins to usd, I get chipper cash and some other dollar account (chipper nai most people know) and for there you nor need put your account number just your username - so if I decide to just sell my coin make dem pay the money to my chipper cash you sure say he nor go work?

I never really try am and I Dey fear make something nor come happen make dem seize my coin but as I reason am for my mind he suppose work sha.

[Charles-Tim]

Wait ooh, he get watin I reason when I last go binance - I be Dey reason if we go fit just directly sell our coins to usd, I get chipper cash and some other dollar account (chipper nai most people know) and for there you nor need put your account number just your username - so if I decide to just sell my coin make dem pay the money to my chipper cash you sure say he nor go work?

I never really try am and I Dey fear make something nor come happen make dem seize my coin but as I reason am for my mind he suppose work sha.

Only what I saw on Chipper cash when I was using it was dollar and no cryptocurrency supported.

I have posted on the other forum before how those sites like Chipper cash can not advisable to go for. Dollar was around 845 to a naira that time I posted this below image on Bitcointalk

   

You can see how the exchange rate is not favorable at all. It is better you use P2P exchange instead.

[Aanuoluwatofunmi]

These exchanges were being charged by the government to also pay high tax rate, what else do we expect from them if not to include all the expenses of these on their users, now we are beginning to see part of the reasons in which if some of them cant cope with all these, they have to leave, this kind of practice is not the best way of making business or neither does it encourages the people or these exchange to support what they are doing.

[Cantsay]

These exchanges were being charged by the government to also pay high tax rate, what else do we expect from them if not to include all the expenses of these on their users, now we are beginning to see part of the reasons in which if some of them cant cope with all these, they have to leave, this kind of practice is not the best way of making business or neither does it encourages the people or these exchange to support what they are doing.

The amount that they are charging is not even something to bother about - when the thread was created we all thought it was something huge, something that will short us our money but after more calculations where don’t it was discovered to just be less than a dollar for a thousand dollar transaction.

If this is what they need to charge in other to keep providing services to Nigerians then it’s fine - although I don’t make use of the exchange.

[Charles-Tim]

If this is what they need to charge in other to keep providing services to Nigerians then it’s fine - although I don’t make use of the exchange.

Nigerian government and regulators are very frustrating. I want to use Nigeria IP address to access Kucoin on the web but it was not working till now just like other exchanges. Also that naira P2P has not returned back to Kucoin. Those that are not paying the tax still have P2P, including Telegram. This country is fucked so much. Our leaders are corrupt. Although, you are correct that the tax is very small. But this country is somehow. See what Dangote is facing from the government because he constructed a refinery in Nigeria. I do not think our leaders want something good for this country.

[Cryptsafe]

0.75% of transaction fee as VAT is very small. I am surprised that some people can against something like this among us.

This was how Kucoin make example of the VAT:

Transaction: Buy 1,000 USDT worth of BTC
Fee: 1 USDT (0.1% fee rate)
Tax: 0.075 USDT (7.5% of the fee)
Net Amount for Transaction: 998.925 USDT

If you trade $1000, Kucoin is deducting 1% which $1. While 0.75% of the $1 will go to the government as VAT which is just $0.075.

We should not be complaining about this because it is very low amount of money.

Big man, I greet you specially. You see this tax matters, no be small money dey there so, you know say Nigerians dey deal.on Crypto wella so the market tax transaction fee deal go go well for federal government of Nigeria.

Imagine say Naija get like 1,000,000  person unto say Na traders them be but we all know say the population pass like that sef.
Sometimes the number of holders or traders might be much more than that given figure. If you calculate the figures them altogether, you will see that they are making money.

[Fivestar4everMVP]

0.75% of transaction fee as VAT is very small. I am surprised that some people can against something like this among us.

This was how Kucoin make example of the VAT:

Transaction: Buy 1,000 USDT worth of BTC
Fee: 1 USDT (0.1% fee rate)
Tax: 0.075 USDT (7.5% of the fee)
Net Amount for Transaction: 998.925 USDT

If you trade $1000, Kucoin is deducting 1% which $1. While 0.75% of the $1 will go to the government as VAT which is just $0.075.

We should not be complaining about this because it is very low amount of money.

Big man, I greet you specially. You see this tax matters, no be small money dey there so, you know say Nigerians dey deal.on Crypto wella so the market tax transaction fee deal go go well for federal government of Nigeria.

Imagine say Naija get like 1,000,000  person unto say Na traders them be but we all know say the population pass like that sef.
Sometimes the number of holders or traders might be much more than that given figure. If you calculate the figures them altogether, you will see that they are making money.

Man, we know for sure say the tax matter be like making good money on auto-pilot for the federal government of Nigeria, but the real question should be, if this kucoin taxing Nigerians traders on the exchange is an official thing, because up and until now, me never still read any where or from any source where the government of Nigeria don come out to let the citizens of the country know say they don partner with kucoin to add value added tax to our billings and transactions on kucoin.

And amazingly self, the government never still lift the ban on crypto, how you go dey collect tax from people on something wey you ban, if no be juju be this, then tell me wetin e be abeg.