Over the last few years, cryptocurrency has gained massive ground in Africa and its popularity continues to increase by the day. A lot of crypto platforms have sprung up as a result, allowing users to store and trade digital tokens, leading to a healthy debate on which is the best. What is the best crypto platform in Africa? Simply Bitmama.
If you are a crypto enthusiast in Africa seeking to have general knowledge about crypto platforms in Africa, read on – let’s take you on a journey.
What are Cryptocurrency exchanges?
Cryptocurrency exchanges are digital platforms that permit their users to actively buy, sell, and trade digital currencies. Essentially, these exchanges offer their users a variety of crypto trading options and equip them with tools to help them monitor their crypto investment performance. Just like any other kind of conventional exchange, cryptocurrency exchanges charge their users fees for both transactions and services.
In addition to regular trading services, crypto exchanges also provide price discovery services through trading activity and even offer crypto storage services. Before crypto exchanges were established, people could only acquire crypto via mining or by organizing different transactions in diverse online and offline forums.
Currently, there are just a few African countries that boast an international presence on global trading platforms. These African countries include:
- Nigeria
- Ghana
- Zimbabwe
- Kenya
- Botswana
- South Africa
However, with the right platform, anyone, anywhere across Africa can trade crypto.
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How Crypto exchanges work
Essentially, the primary work of crypto exchanges is to match crypto buyers with sellers. Just like a conventional bank account, if you want to purchase and sell digital tokens on crypto exchanges, you first have to sign up on the platform. Once you finish the compulsory Know-Your-Customer (KYC) process and have been duly authenticated, your account will be opened. This account allows you to transfer funds (both fiat and digital currency) onto the crypto exchange platform, which you can easily use to purchase cryptocurrencies. You can also sell on the platform.
How to identify a legit Crypto platform in Africa
It’s crucial to consider a number of factors before signing up on any crypto exchange platform. This will ensure that you don’t fall into the wrong hands. These factors include but are not limited to:
- Reputation and reviews from current users
- High deposit/withdrawal limits
- Flexible payment methods
- Affordable Fees
- Regional restrictions and regulations
- User KYC verification requirement
- Highly security
Reading through reviews from current readers remains one of the surest ways to verify the legitimacy of a crypto platform. Visit application marketplaces like Google PlayStore and Apple Store to browse unbiased reviews.
What are the Pros and Cons of Cryptocurrency Exchanges in Africa
Here, we’ve highlighted the pros and cons of crypto exchanges. Check them out below:
Pros
- Very easy and stress-free for crypto users to purchase cryptocurrencies.
- Exchanges permit you to put a legal trade on cryptocurrencies.
- There are numerous crypto exchanges that offer their users tax forms. This makes it much easier to calculate crypto taxes.
Cons
- They are too vulnerable to cyber theft and hacks.
- If an exchange platform goes bankrupt, its users will be unable to access their accounts or place trades.
- In most of the exchange platforms, users are denied the right to keep their private keys.
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What is the best crypto platform in Africa?
Bitmama is simply the best crypto platform in Africa for traders to do business. With Bitmama, traders can purchase over 10 different types of cryptocurrencies via instant order – purchase from Bitmama – or P2P. Users can stake crypto to earn a profit, create virtual cards to shop online without limits and trade crypto via P2P. Our P2P platform offers an enticing user experience with features like timed transactions, dynamic and fixed price controls,
As the best crypto exchange app in Africa, Bitmama offers a secure marketplace for crypto enthusiasts. Users can instantly buy, sell and swap crypto with their fiat currencies in seconds. You can also earn interest by simply staking crypto on your Bitmama account.
Get started today by downloading the Bitmama app.
