All around the world cryptocurrencies are in full swing. Nowadays it’s probably very hard to hear of someone who hasn’t heard Bitcoin. Its popularity has created hope for the future of the blockchain industry. Many organizations have started taking advantage of the easy access to funds and coins through various cryptocurrency exchange services.
Cryptocurrency exchanges are platforms that allow the trading of digital coins with other digital currencies and fiat currencies. Different crypto exchange platforms have seized this opportunity in bringing digital currency to the African continent. In this article, we are going to look at some crypto exchange platforms that have been specially designed for the African Continent.
BitPesa was founded in 2013 during the era when the blockchain industry started booming. It is a Kenyan based financial services company that incorporates the exchange of cryptocurrency as part of its services. BitPesa works as a third party by converting African local currencies first into dollars and then to a digital currency. Likewise, they also convert digital currency to fiat currency. The main reason why people see the convenience using BitPesa is that it’s cheap, fast, and easy to use. Currently, other than Kenya, BitPesa is also spread across other African countries like Nigeria and Ghana.
Bitawala was founded by twelve individuals who intended making bitcoin and other coins easily accessible to the whole of the African continent. It is a very distinguished cryptocurrency that allows you to build your own software and host it on their platforms. It has helped businesses flourished within the African countries and also provides easy access to the payment of goods across more than 200 countries supported by them. Bitwala also offers users the leverage to transfer any amount they wish to use for transactions across its platform. They also make it possible for users to monitor payments and top up their cards with both crypto and fiat currencies.
Kobocoin is another cryptocurrency exchange platform that allows Africans to trade using bitcoin. It also makes it easy for users to access other cryptocurrencies and fiat currencies by allowing them to create wallets for sending and receiving funds. With kobocoins, users can trade in Kobo for BTC/LTC on its exchange platform that provides advanced cryptographic hashing functions for securing transactions. One area where the Kobo platform is most preferable is that fees are optional for small amounts, but when fees are recommended for payments, they can be low as 0.01kobo.
The relevancy of bitcoin has swept the entire nation of Nigeria leading emergence of their cryptocurrency exchange platform called NairaEx. NairaEx has provided easy access to holders of the naira currency to trade in exchange for bitcoin. With their fast and easy portal system, registered members can trade from the comfort of their homes. The withdrawing of funds into a local bank account has been made easy with a secure and reliable channel. Even with a fluctuating market, the exchange rate is set at the time when an exchange is made.
Most cryptocurrency traders in Africa know are probably already aware of Coindirect because of its popularity. Many crypto experts recognise it highly as the biggest in Africa. The platform offers a variety of trading pairs to choose from; users can choose a trading pair of up to 15 cryptocurrencies. With their price chart, users can track the trading pair price change and movement within minutes, hours, and days. When placing orders in their platform, they can also check the most recent trade that took place in their dashboard as an effective tool to help them place their next trade.
This platform was launched in the year 2016. Apart from the fact that it was only available in the United States, and a host of other countries, it currently grants a gateway to some African countries like Nigeria and Ghana. It requires users to have a local bank account in their country before placing a trade on bitcoin. After a transfer, the funds are locked in an escrow system and released after the transaction is complete making it highly secured. Though Remitano charges an extra fee for using their exchange platform, the fees attached for their services are not as high compared to other platforms. You can start with as low as 0.5% on their exchange rate.
Payplux has one of the best instant services spread across Africa when compared to other cryptocurrency exchanges operating on the continent. Since 2012 when it was created, it has been able to service thousands of people across the continent. It has been highly recognized as a trading platform for many companies and organizations in Ghana and Nigeria. One interesting benefit Payplux offers is its highly reliable security of funds and transaction across its platform.
Recently, the Golix cryptocurrency exchange has diversified its business in three African countries namely; Kenya, Uganda, and South Africa. Golix as an exchange platform tends to provide the ease of placing trade between fiat and cryptocurrency. Golix not only acts as an exchange platform for different cryptocurrencies but also tends to trade on its token called GLX token. This token will also be traded in its platform across other coins.
Abra has claimed that they provide the only avenue to trade, buy, store and invest in 30 cryptocurrencies. Users can easily top up their account using their credit or debit cards or via bank transfer. They provide one of the most robust fiat currency conversions with more than 50 fiat currencies available. Their platform is built with easy navigation making it easy to use all their features.
This platform is a two-way process that allows you to trade cryptocurrencies as with other digital coins and with fiat currency. It provides extensive access to meet local traders that are willing to trade across different currencies. Even with just a Paypal account, a new user can easily start trading. The platform has an extensive local currency trade that embraces the entire African continent making it easy to start trading.