In recent times, the African continent has been considerably measuring up on cryptocurrency adoption. The rate of adoption has doubled this year, seeing countries like Nigeria amass the largest volume on P2P trading for cryptocurrencies.
Interestingly, the growth is not only owed to the rising interest in digital currencies as Africans look to escape the challenge of inflation and declining fiat; the availability of reliable platforms to exchange fiat for crypto has contributed immensely. These platforms are commonly known as crypto exchanges.
Over time, African crypto traders have developed preferences for some exchanges, trading on them frequently rather than others. Currently, one of the leading crypto exchanges in Africa is FTX, a crypto platform that provides a wide range of services including the trading of cryptocurrencies.
Speaking about FTX, a Crypto Enthusiast, based in Ghana, Joy Olatunde, said “FTX crypto exchange boasts of thousands of traders from Africa, placing it at the top of the pecking order among other crypto exchanges.
“It is also dedicated to serving Africa while driving a keener interest in cryptocurrencies among the African population. FTX has been able to live up to this responsibility through its user-centric products. In view of this, here are a number of reasons why you should sign up on FTX if you are a trader in Africa.
“It has the best UI/UX. This is what makes FTX stand out compared to other exchanges. As a trader, you are required to use a reputable platform with a user-friendly and efficient interface.
“FTX fits as one because it makes signing up on the platform easy from start to finish. All you need for this process is your email address and a password to secure your account. In addition, FTX provides for Two-factor authentication (2FA) via Google Authenticator or SMS, which adds an extra layer of security to your account. However, this is not a compulsory process.
“Also it has a wide range of cryptocurrency pairs. You certainly won’t find this everywhere if you are a crypto trader from Africa. Cryptocurrencies are believed to be really volatile.
“In view of their volatility, exchanges try to limit the number of trading options traders can access. In contrast, FTX understands the need to put your eggs in many baskets rather than one, which is why there is a vast variety of cryptocurrencies and their trading pairs.
“Another advantage here is, FTX is a futures-focused exchange, so traders across Africa with interest in the Futures market can always utilize the leverage of up to 101x as they aim to make more gains on their open positions.
“It also has the lowest trading fees possible. Fees go as low as 0.025 per cent taker fee. Those who provide liquidity for certain markets play a pivotal role in ensuring that other traders in Africa are able to trade any assets of their choice. This is why FTX charges you no fee, I mean zero, for being a maker of the market.”