How to Trade Cryptocurrency in Africa?

How to Trade Cryptocurrency in Africa?

If you had mentioned the term “cryptocurrency” a few years ago, people would have thought it to be some kind of currency that is involved in underworld banking and folks are trading behind some shady computers.

However, now that cryptocurrency is a well-known term around the world, people are aware of it. News about cryptocurrency are all over the internet and social media. Many governments including Africa are formulating laws and regulations to make this currency legal and trading easier.

It is virtual money or we can call it digital cash that is circulating around the world. So, if you’re living in Africa, it’s not difficult to trade in there. In fact, cryptocurrency is more popular in Africa. There is no ban on cryptocurrency over there and the government is making its way to control the cyber-banking industry more effectively.

Nevertheless, the trading methods are needed to be shared if you want to trade in the region. You must be aware that Bitcoin is considered the head of all cryptocurrencies. So, we are sharing the most valid ways that you can opt for selling and buying Bitcoin. Let’s dig into them.

  • Try Using Bitcoin Exchange

Bitcoin exchange is the reliable, secure, and trustworthy method if you find a reputed one. Exchanges like Luno are easy to use and allow you to deposit funds through a bank account to your Bitcoin wallet to transfer your digital currency. These exchanges are not only safe for Bitcoin but also for other cryptocurrencies such as Ethereum, Litcoin, and more. After doing proper research, you can try this method for rendering your trades.

  • Use BTM (Bitcoin ATM) 

In Africa, there are barely 7 BTMs in some major cities. However, buying through these machines is a good way. BTM is a vending machine that works almost in the same way as the usual bank ATMs. To buy through this machine, what you need to do is download the Bitcoin wallet on your smartphone.

This generates a QR code that BTM reads. You can buy Bitcoins through this. However, the problem is you can’t gain profits or money from this machine when you sell Bitcoin. So, you can only choose this method to purchase Bitcoins.

  • Join Any Bitcoin Trading Community 

A few reputable cryptocurrency platforms are present out there that allow you to connect with investors who are buying and selling Bitcoin privately. You can easily do trading through those reputable platforms.

One of the most reputable platforms that we recommend is bitcoin storm. This platform helps in trading and also benefits you to gain profits. You can either pay online or you can meet in person and pay cash for the investment. Regardless, you need to be careful of falling victim to a scam when doing this.

  • Bitcoin Mining

Several Africans have got into the problematic procedure of mining Bitcoin. This is primarily done through Bitcoin coalitions as a huge investment in processing technology is needed for Bitcoin mining.

Bitcoin mining has the capability of securing the network and confirming transactions. With that, there is also the technology to pay successful miners in Bitcoin. It’s not highly beneficial but if you’re technologically keen, you’ll find the procedure fascinating.

Bottom Line:

Bitcoin and other cryptocurrencies are really into the game in this decade and they’ll surely go further in the coming age. They will surely be more profitable and more expensive in the future. Therefore, if you’re interested in building wealth, do invest in them.

With that being said, we hope the above-mentioned methods gave your ideas for trading in Africa. You can apply any method that best suits you and double your wealth overnight.

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