Blog article
See all stories »

The growth projections of online trading in Africa

Cryptos are becoming super popular worldwide, and the African region is no exception. Countries like South Africa and Kenya are adapting to cryptocurrencies so fast that their governments have a hard time catching up and properly regulating the market. Combine trading with cryptos, and we have a whole new sector of online trading that promises profits for developing countries' populations. There are necessary steps to become successful in cryptos, and knowing how markets are going to look in the near future is key to properly adapting your education plans and the sector you want to jump in. We will discuss crypto trading and how the crypto market will look in the near future below.

Cryptos not to miss 

Cryptos have the ability to 100x the price in days or even hours. And it feels bad when we, crypto enthusiasts, miss these gems. There are many promising crypto projects to look at that are currently available for purchase. Buying proper cryptos is a big challenge, we will describe two promising projects here, so, make sure you add them to your watchlist. AllianceBlock or ALBT aims to create a bridge between traditional and digital markets. How traditional financials would be designed today if used modern technology? ALBT aims to answer this question and currently is so cheap, it is a good idea to watch ALBTUSDT charts. Another even more interesting project is called Haven Protocol or XHV. It is built on the Monero blockchain, which is the most privacy-driven crypto out there, it is almost impossible to trace transactions on the Monero blockchain. XHV is using bulletproof and other technologies from Monero and trying to create an offshore bank where users can create private tokens that represent real-world assets like commodities and currencies. The XHVUSDT chart is another great watchlist pretender. When trading, it is crucial to find a reliable broker that will provide all necessary services and a trading platform with high-quality price data. Finding a trustworthy broker starts with an online search, and it is crucial to have a website that makes honest reviews of brokers.

But where can you buy cryptos or other popular assets? 

It is extremely important to evaluate and research brokers that can enable you to trade without interruptions and then withdraw your profits. For this, you will need to know good forex brokers in South Africa that provide all financial services. Evaluating brokers is not an easy task and requires knowledge and experience. But there are steps to evaluate if the broker is a good broker and whether your capital is in secure hands with them.

Main steps to evaluate any online broker

  • Regulations. Make sure that the broker is regulated by financial institutions. This will ensure that the broker will have to follow rules and regulations. More regulators are better for your safety.

  • Low spreads and commissions. When trading, it is important to have low fees so that commissions don’t eat up most of the profits. This can make even profitable strategies lose money.

  • Negative balance protection and segregated accounts. In order not to lose more than your account balance when using leveraged trading, make sure the broker offers negative balance protection. Another important thing is brokers must save user funds on segregated accounts, this will make sure they can not use client funds. 

Online trading outlook in Africa

South Africa is a country with more than 60 million population and is the 3rd largest country in Africa. It is a heavily industrialized developing country and has a lot of potential to become very advanced. Cryptocurrencies can help SA advance fast in today's global economy. In the face of an energy crisis and food prices going up, it is important to focus on innovations that can change the economy in a good future-proof direction. Well thought regulations can help in this matter. Governments of African countries like Kenya and South Africa should encourage their population to use and adapt crypto. This will increase their wealth and financial stability as crypto is a future. With its underlying blockchain technology, we could compare crypto status today to the dot com bubble situation. The technology of the internet was innovative and revolutionary, but there were lots of scams and frauds. Crypto today is going through a similar path, but it is here to stay, and missing the wagon will be a huge mistake. South Africa is on the path to regulating the crypto markets. Crypto assets could be treated as financial products, according to Bloomberg. This regulation could have a great impact on how crypto is adapted and accessible to regular people. Kenyans are adapting to crypto the fastest in Africa, probably, as they can make profits trading cryptos without going outside their country. Because how many Africans' lives depend on cryptocurrency, it is extremely important to regulate it with great caution. This is very advantageous for Kenyans as they can live in their country and still make a good income. 


Comments: (0)

Now hiring