Why crypto trading is exploding in Africa: Cryptocurrency trading has become a worldwide phenomenon which is transcending boundaries of nations and limitations that stop growth. Even nescient citizens are getting excited with attractive features opportunities it packs.
Also, crypto trading does away with archaic ways of venturing into the financial market because it’s in its nascent stage, and prospects look promising.
Ever since the idea of cryptocurrency launched in 2008 and Bitcoin saw the light of the dawn, Africa witnessed a ray of hope in it. An emergence of solid incomed peeked out of the concept. So, crypto trading Africa has become a reality.
Five Reasons Why Crypto Trading In Africa Is the New Hottest Topic
In many ways, cryptocurrency has a lot of similarity to forex trading because both are currencies; one is entirely virtual while the other one is traded virtually. Also, trading operates through the exchange of currencies.
Cryptocurrencies can be exchanged for fiat currencies and vice-versa. With the technology advancing toward the deep ends, the requirement for safety and security is increasing simultaneously, and blockchain encrypted and equipped technique doesn’t cease to amaze.
1. Packs Security For Wealth
With the digital age hovering and gripping over several industries, sectors and domains of life, safety and security of money are becoming an extended concern. African people are looking for options that can guarantee them the safety of their funds. The reliability and resilience that age and technology of crypto offer are second to none. It cuts down the likelihood of money getting stolen from any bank or means of digital transaction.
The integrated network system of computers via software used for cryptocurrency ensures there are logs and digital footprints for every transaction.
2. Low Transaction Fee
The cryptocurrency market, similar to forex trading is a liquid market that has enormous volumes and massive transaction percentage. And that’s the reason the transaction costs are lower here compared to other financial instruments. The lesser fee structure attracts lots of new traders to various platforms. And African investors can start their trading with small investments and gradually go for bigger trades later on.
It is one market that goes on relentlessly for five days a week, non-stop 24*7. African traders can long and short their favourite digital coins, including bitcoin, ethereum, ripple, bitcoin cash, and many more. It sans bespoke nature and trading of cryptocurrencies commence without any prejudiced notions toward any investor.
The traders of the continent can trade at any time of the day. They don’t have to worry about positions or bids getting close at a day’s end like other markets. The misgiving of losing out on funds is cast out. Today, plenty of platforms and online brokers including Oinvest, cater to needs of African traders and provide the necessary tips, indicators and techniques to smoothly transition from one currency to the other.
Also, to get the clarity on questions like, “Is Oinvest Scam,” traders can check about authorisation or traders by a regulatory body, which this broker has. Also, it serves competitive and comprehensive conditions for African traders at a low cost. Besides, there are other platforms that may offer equally good deals and the environment for crypto enthusiasts.
4. Remains Stable During Market Corrections
During the ongoing Covid-19 CoronaVirus pandemic where almost all financial markets have lost their sheen and magic, the crypto market is catering to the needs of investors by anchoring a strong foothold in troubled waters.
Due to the spread of the virus, the market has witnessed a sharp rise and fall of myriad markets. However, on the other hand, cryptocurrencies have seen a drastic and dramatic spike in its investments, and the continent of Africa is among the major contributors.
One satisfactory point that goes into its favour is that factors like government control and banking institutions do not affect it, and that’s why it is independent of several elements.
5.Volatile In Nature
The crypto market has many numbers of participants from different walks of backgrounds, nations and regions. It creates an environment of volatility which ensures chances for buying and selling of these digital currencies. It concocts sessions that allow African traders to exhibit their potential in investments. After grasping the altercation caused by volatility, traders can harness advantages by placing subjective strategies.
Words of Wisdom
Cryptocurrency technology may be new in the collection of the financial market basket, but there is no dearth of potential in it. The rise in Internet connections over the years in Africa continent has opened the doors of possibility for them in various markets. Interestingly, in 2018, Facebook, the social media giant saw a record 139 million users joining in a month. It goes to show the untapped fire they have within to explore the crypto market. Plus use of these digital coins can expedite remittances for people of Africa, which is a significant reason can’t be looked down upon. It casts away cross border levy and charges during the payment.