Africa is one of the top trading hubs for cryptocurrencies in the world. Crypto trading has served as some form of self-empowerment project taken on by many young people –– building startups and creating jobs. We highlight the top 10 cryptocurrency apps Africans use for trading.
Cryptocurrency investments in coins like Bitcoin, Ethereum, etc., have yielded high returns for their traders. Though most African nations have not accepted them officially, business-minded people have actively traded and made substantial returns on their investments. These crypto-traders use several apps in their daily dealings. Not every crypto app has the same function; they all have different features but are used collectively.
The top 10 cryptocurrencies used by Africans are
Binance is one of the most popular leading cryptocurrency exchanges in Africa. It is a decentralized exchange service (DEX) that offers a range of features on the trading market.
The platform is secure with a 2-factor verification authentication and is used to buy, sell and manage crypto assets for investment on the Binance exchange.
It is owned by Changpeng Zhao, who has a personal net worth of more than $2 billion. Binance is a secure online platform that offers multiple crypto trading products. They also hold licenses with several regulatory agencies while churning out an average daily trading volume of over $2 billion.
2. Trust Wallet
Trust Wallet is a mobile application that stores cryptocurrencies just like your regular wallet. Crypto exchanges cannot be exchanged on the platform unless it is transferred to an App like Binance. However, it enables users to stake their coins to gain interest.
It started out by holding ERC20 and ERC223 tokens but now has more multiple digital assets across the blockchain. Whenever crypto traders decide to save their investments, they use Trust wallet or similar apps like it. The App also includes a Web3 browser that allows users to access decentralized applications (DApps) built on the Ethereum platform.
PancakeSwap is a platform used to swap one coin for another. The site is an open platform used by genuine crypto creators and crypto scammers. Since any coin can be listed on the platform, you are advised to do your research about any crypto project before investing. Crypto-traders can exchange for ‘fake coins,’ so this is listed or that the project itself is real.
It charges a reasonable fee like other decentralized exchanges, as they charge 0.25% for all trades. These fees are returned to liquidity providers, while a small part goes towards the treasury.
Coinbase is a global digital asset exchange company (GDAX) used to buy, sell, and transfer digital currencies. Their system also allows you to store your crypto in their secure wallet.
The platform also has a ton of cryptocurrencies, plus other digital assets with fiat currencies in 32 countries. Coinbase offers a quick and easy way to facilitate trade with cryptocurrencies by acting as an intermediary to the blockchain network.
OpenSea is a marketplace for non-fungible tokens (NFTs). It is a platform for creating, listing, and trading NFTs created on the blockchain. It was founded by Devin Finzer and Alex Atallah, who were the first NFT billionaires after making a fortune with their CryptoKitty-project. It has grown into a marketplace for various digital assets such as art, game items, music, etc. This is the application where you can create and sell any unique piece of art, photos, digital characters, or even music.
CoinGecko is an App that tracks cryptocurrency data and information services. It is an independent cryptocurrency data aggregator that tracks over 9,000 cryptos across hundreds of exchanges worldwide, including ADA, TFUEL, FLOW, HEX, and more. The App shows its user the best way to make decisions on trade.
CoinGecko is not a trading platform like the others, instead, it provides charts and information on everything crypto, so crypto-traders can compare exchanges, discover NFTs, track crypto portfolios, and so on.
7. CoinMarket Cap
CoinMarketCap is another cryptocurrency tracking site but with over 11,000 cryptocurrencies. Sometimes it’s referred to as the Wikipedia of crypto. This is the website where crypto-traders do their research by tracking prices, listings, and how genuine new and emerging crypto.
The platform is not for exchange or trading nor is it a wallet. The price listing on the site is not written for purchase. Instead, it tracks and shows the prices of different coins, providing links to various exchanges where you can purchase and trade particular coins and tokens.
8. FTX Pro
FTXPro is a cryptocurrency exchange that focuses on trading. It offers a wide range of products and features that experienced traders and professional trading firms treasure. Professional traders do not trade on just one trading platform, nor do they use just one exchange website when different unique features and opportunities spread across other platforms.
It also has the feature to swap coins asides from trading. FTX has an easy option for exchanging fiat or cryptocurrency for another coin.
KuCoin is an exchange platform that provides various services to buy and trade digital coins and tokens.
This platform contains features such as lending programs and trading bots, meaning you can take loans in crypto and set robots to trade in your place. It also has a range of TradingView charts for in-depth market analysis when trading. The platform displays the price of different coins listed clearly just like CoinMarketCap and CoinGecko.
Paxful is a peer-to-peer cryptocurrency exchange and digital wallet provider. Customers can buy and sell cryptos among themselves. They set the trade and rate which they want to buy.
The website is an accommodating place for Nigerians who cannot connect, send or receive crypto directly from their bank account. It was founded in 2015 and was initially known as EasyBitz before changing its name. It has over 6 million users across the world.