Crypto trading has become increasingly popular in Africa over the past few years. One of the leading local companies in the region, Naijacrypto has recently unveiled a new mobile app. Naijacrypto was launched back in 2019, and since then, it has become one of the leading players in the market.
The new application created by the company will help clients access different types of blockchain-based financial services using their smartphones. The application can be used on both iOS and Android devices.
Over the past few years, the demand for cryptocurrencies has increased a lot in the whole region. Thanks to the new application unveiled by Naijacrypto, the market will become a lot easier to access for the local tech-savvy generation of the region.
The application is very user-oriented and has a simplistic design, a very fast onboarding process, and helps traders get started in the market in a matter of minutes. The company representatives said that they believe that by developing the application, they will help the further development and popularization of the whole sector in the region.
According to the official data published by Chain Analysis, which is one of the companies that monitor crypto payments, the trading activity in the region is now among the 10 biggest services in Africa by trading volume. The data also indicates that the crypto activity in the region saw massive growth, increasing by as much as 67 percent in October of 2019.
Crypto popularity in the region
Although the regulatory framework in the region is not supporting the further development of the field in Africa, the demand for crypto services is increasing drastically. There are many reasons for this.
One of the main reasons is that the newer, tech-savvy generation of the region is very much interested in the cryptocurrency market. African countries have a long history of struggling with national currencies and inflation. For the newer generation of the region, digital currencies are something that they can have more trust in.
Thanks to the companies such as Naijacrypto, the market is becoming a lot easier to access for the local investors. As the number of such companies increases, the local population has more chances of finding something that they are looking for in the crypto market.
Over the past few years, trading cryptocurrencies has become easier than ever before. One of the biggest reasons for this is the trading robots that are helping crypto investors better analyze the market.
When you are investing in cryptocurrencies, there is a great deal of data that you have to review and analyze. This data includes reports, news releases, ongoing events in the market, the technical side of the price movements, and many others.
While this can be a very tiring job for regular people, for trading robots it is a very easy task. Many companies have created special trading bots that are capable of analyzing large chunks of data and providing traders with signs about the market conditions.
But, this is not all. Thanks to the modern automated trading bots, you can even go on with your regular day, while the robot makes profits for you. This is offered by many companies around the world and it makes crypto investing a lot easier and more attractive. When using these trading robots, traders are setting specific settings according to their personal preferences. After this, the trading robot strictly follows your settings and makes you profits in the market.
Because the market has become so easy to access over the past few years, many investors in Africa, as well as around the world, have started investing in the market and making profits.
Crypto trading in Nigeria
One of the countries in Africa where cryptocurrencies are exceptionally popular in Nigeria. The country is known as the leading crude oil exporter of the region. However, still, a huge part of the country still lives below the poverty levels.
The ongoing Covid-19 pandemic has caused further problems for the locals in the country, and many even lost their jobs. Because of this, the crypto trading market is seen by many as a very important thing for the future development of the Nigerian economy.
However, the country has still not lifted all the restrictions regarding the crypto market. In fact, the Central Bank of Nigeria has issued a crypto ban, which has ended up prohibiting commercial banks and payment providers from dealing with crypto entities.
On the other hand, the younger generation of the country is fully invested in the crypto market and tries to embrace it as much as possible. Investment in cryptocurrencies can be very important for locals, mostly because of the hyperinflation that the country has been suffering for years. In this economy, crypto investments could mean preserving wealth, which can be quite important for Nigerians.
However, as much as cryptocurrencies are very popular in the country, the stance of the government seems to be getting in the way of the further development of the field.
A huge number of Nigerians have already felt the negative effects of the ban on crypto trading, which has led many people to end up doing business with third parties as traditional bank channels were banned from crypto transactions.
Nigeria is not alone in this, however. The same thing can be seen happening in the whole region, which could be quite damaging for the future of the crypto trading market in Africa. As the demand for crypto-assets and services increases in the region, the jurisdictions around Africa will have to comply and adopt more crypto-friendly regulations in the coming years.