Despite the ongoing bear market trend, the curiosity of Africans about cryptocurrency has been on the rise. According to a blockchain forensics firm- Chainalysis, between 2020 and 2021, the crypto market in Africa grew by over 1200%. In addition to that, it was revealed that Nigeria,Kenya, Tanzania and South Africa all rank in the top 20 for cryptocurrency adoption worldwide.
Despite the increasing adoption of cryptocurrency in Africa, Africans face a few problems in crypto trading that discourage them.
In this article, we’ll discuss the challenges Africans face in crypto and how Breet solves the problems of crypto trading in Africa.
What Is Crypto Trading?
Cryptocurrency trading is buying and selling crypto coins on exchange platforms. But it goes beyond buying and selling; crypto trading has to do with purchasing digital currencies with the hope of increasing in value and then selling them and capitalizing on the profit.
Since the inception of crypto in 2009, when the first-ever digital currency, Bitcoin, was launched, the crypto industry has come a long way since then. As of 2022, there are over twelve thousand crypto coins in existence, all with distinct features. While some have grown so much in value and are worth thousands of dollars (e.g. Ethereum), some are fixed to the $1 mark (e.g. Tether USDT), and some are even worthless.
Regardless, the crypto industry has continued to strive. Moreso, millions of people across the world, have adopted the use of cryptocurrency. There are currently over 350 million crypto owners and traders worldwide, and the numbers increase daily.
But with the increase in global adoption, we must recognize some problems people face in trading cryptocurrency, especially in Africa.
There are hundreds of crypto trading platforms out there, but the truth is most do not really cater to the needs of traders in Africa, as most do not offer the option of quick withdrawals in fiat currency to local bank accounts. For example, opening a domiciliary account to keep Dollars in Nigeria is not easy. With exchanges not having suitable payment methods that cater to the average African, most people are turned off by the whole concept of crypto trading.
Trading fees refer to fees exchange platforms charge, such as deposit and withdrawal fees. Crypto trading platforms usually charge these fees in US Dollars, and we cannot deny that most African countries, for example, Nigeria, have experienced a significant decline in their currency. In the third quarter of 2022, the Naira depreciated by 22.4 per cent.
With the high exchange rate between Naira and the US Dollar, the average Nigerian cannot afford extravagant trading fees charged in Dollars.
A transaction on a regular cryptocurrency trading platform could take 10 minutes to hours, possibly an entire day. This is one of the primary reasons why people are hesitant to accept crypto payments and even trade crypto assets generally.
The transaction speed depends on which crypto coin you trade, and it also depends on the amount of network fee paid. But aside from the confirmation time from blockchain networks, trading platforms are slow, especially regarding withdrawals.
When people think of cryptocurrency trading, they think of the red and green coloured line graphs, and they, therefore, become discouraged by its supposed complexity. We cannot deny that most people prefer simpler things and are easily discouraged when something seems complex.
A problem most Africans face is that they feel like the concept of crypto is too difficult to understand, and that is understandable. It can be pretty scary and confusing when you open a trading app for the first time and are met with quite a complex interface, and you have to go through a long process to initiate your transaction. Because of this, most people abandon it because it is too much to handle.
How Breet Solves The Problems of Crypto Trading in Africa
Breet is an over-the-counter (OTC) cryptocurrency trading mobile application that caters to users who need quick liquidation of their crypto coins. In less than five minutes, you can convert your crypto to cash and withdraw straight to your local bank account without the interference of a third party.
Trading your cryptocurrency with Breet removes the need for an external body like a bank, the government or any other party. Because Breet uses an OTC crypto trading method, transactions have a predefined trading rate and instructions, and it is perfect for beginners who know little to nothing about cryptocurrency.
You do not need to have a vast knowledge of cryptocurrency to sell your digital currencies on Breet, as it takes care of all that complicated stuff for you. Are you usually bored and confused about crypto graphs? With Breet, you can go from crypto to cash with just a few button clicks.
Breet is available in Nigeria and Ghana and therefore provides payment in Nigerian Naira, Ghanaian Cedis and Mobile Money.
You do not need to deal with the hassle of waiting for a buyer to pair with to purchase your crypto. All you have to do is generate your wallet address (this wallet becomes yours permanently), receive crypto in it, just like a traditional bank account and have your crypto received automatically converted to fiat currency and withdrawn to your local bank account in less than five minutes.
Breet makes selling your crypto super fast and convenient for an average African who needs real money equivalent to their crypto funds.
Supported cryptocurrencies on Breet are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Dogecoin (DOGE) and Bitcoin Cash (BCH).
With other numerous features, selling crypto has never been easier with Breet. Breet offers the best market rates, an easy-to-navigate mobile app, superb customer service and quick withdrawals.
To enjoy a seamless trading experience, download the Breet app today.
Cryptocurrency trading is more challenging than people make it out to be. Although the popularity of crypto is astonishing, many people worldwide still face challenges when trading digital currencies, and it depresses their curiosity and interest to delve into it.
But with the growing global adoption of crypto, cryptocurrency trading platforms have also emerged, such as Breet.
With Breet’s features and mission, it continues to solve the problems faced by Africans, especially Nigerians and Ghanaians, while trading digital currencies.