Africa is home to some of the biggest cryptocurrency markets in the world and this might be due to current inflation rates. Cryptocurrencies are arguably one of the fastest ways to gain assets and build wealth on the blockchain. However, they remain extremely volatile and that’s why governments are vehemently against it. In fact, in Nigeria, publicly trading cryptocurrencies is banned and discouraged by the government.
Despite the pushback, many individuals still use crypto to manage their assets, pay bills, and generally just trade online. So you need a secure platform to help hold your coins and complete trades when needed. There are many scam apps/traders in the market and so we’ve done an extensive research to come up with some reliable options. This article will list five major apps where you can manage your cryptocurrency in Africa. Keep reading to find out more.
Binance is the most popular cryptocurrency trading platform in the world, almost every trader has traded on this platform. The biggest advantage of this app is that you can trade with over 600 coins. There are about 380 pairs which give you a variety of options to choose from. There are also many trading options available on the app. You have P2P, Spot, Margin, Swap farming, strategy training and so much more. Binance even has NFTs.
It’s also a very diverse app as you have over 40+ accepted currencies along with 30+ languages/regions. Binance goes the extra mile by providing crypto loans and even a visa card to help you pay with coins wherever in the world. You can stick to using the web version or download the mobile app for iOS, or Android.
As one of the most simplified trading apps in the market, Luno makes it to our list because of its clean user experience. Unlike Binance, Luno deals with the most popular coins in the market like BTC, ETH, XRP, and Litecoin. And while you cannot directly save on the Binance app, Luno encourages you to save and provides interests as an incentive. You can automate trades and investments however you like.
Luno also prioritizes education and so they offer a learning center that keeps you updated with industry news. There’s also a referral program that rewards users who refer their network. You have access to a mobile app available on iOS and Android that allows you to trade on the go anywhere in the world.
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Breet is super focused on exchanging cryptocurrencies for liquid cash. So unlike Luno and Binance, Breet doesn’t offer a way for you to hold or buy coins on the platform. This app, however, only accepts very limited coins like BTC, ETH, DOGE, Litecoins, and Bitcoin cash. When using this app, you get a unique wallet address you can transfer to. Once the system detects the transaction, you get the equivalent in your FIAT currency – which is only Naira and Cedis, unfortunately.
So if you’re in Nigeria or Ghana and you need a way to immediately sell your coins for Naira, simply download the Breet app on your iOS app store or Google Playstore. There’s also an option for businesses who’d like to integrate this app into their services. You can use the merchant API to build gateways for your applications as well.
Need to use your coins for payments? Patricia is your go-to. Use alternative payments for your everyday transactions. This cryptocurrency app uses BTC as a currency in Africa so that you can buy airtime, purchase data, buy electricity, and pay your other bills directly from your wallet.
Patricia also offers a product called OTC for high-end individuals who’d want instant liquidity for bulk trades. The OTC platforms are Whatsapp, Email, and Telegram. You get trading services based on your preferences, unlimited coin options, and resources to fit your investment needs. Fiat settlements are currently in 7 currencies including Naira, Cedis, and Rands. The Patricia App is available on iOS and Android.
5. Coinbase Pro
Coinbase Pro is an advanced trusted trading platform for individuals and businesses who’d like to trade cryptocurrencies. You can trade all sorts of coins with this platform. Asides from trading, Coinbase pro offers a self-hosted wallet and a card service that allows you to spend or store rewards. You can also create, connect and collect NFTs online with this app. You can also borrow cash by using your BTC as collateral or choose to get paid online with a specific coin.
Businesses can use this app to list their assets online, power their compliance, raise money for their startup and so much more. There are also available features for developers like a sign up with Coinbase Pro API, a wallet SDK, and accept crypto payments for Commerce but to mention a few. Get started by visiting their website online. Do keep in mind that there are fees charged. Each of these fees is largely dependent on your trading volume.
We hope this article has been truly useful. Let us know which of these cryptocurrency trading platforms available in Africa you’ve used or will be trying in the comments section below.