How Breet Solves Crypto Trading Problems in Africa

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Despite the continued bear market trend, African curiosity about cryptocurrency is on the rise. According to a blockchain forensics firm – Chainalysis, between 2020 and 2021, the crypto market in Africa grew by more than 1200%. In addition to this, it has been revealed that Nigeria, Kenya, Tanzania, and South Africa all rank in the top 20 for cryptocurrency adoption globally.

Despite the growing adoption of cryptocurrency in Africa, Africans face a few crypto trading issues that discourage them.

In this article, discuss well the challenges that Africans are facing when it comes to crypto and how Breet is solving crypto trading problems in Africa.

What is Crypto Trading?

Cryptocurrency trading involves buying and selling cryptocurrencies on exchange platforms. But it goes beyond buying and selling; Crypto trading involves buying digital currencies in the hope of increasing their value, then selling them and capitalizing on the profits.

Since the inception of crypto in 2009, when the very first digital currency, Bitcoin, was launched, the crypto industry has come a long way since then. As of 2022, there are over twelve thousand crypto coins, all with distinct characteristics. While some have risen so much in value and are worth thousands of dollars (eg Ethereum), some are pegged at the $1 mark (eg Tether USDT), and some are even worthless.

Either way, the crypto industry kept striving. Additionally, millions of people around the world have embraced the use of cryptocurrency. There are currently over 350 million crypto owners and traders worldwide, and the numbers are growing every day.

But with the increase in global adoption, we have to recognize some issues that people face in cryptocurrency trading, especially in Africa.

Crypto Trading Issues in Africa 1. A suitable platform to trade cryptocurrencies:

There are hundreds of crypto trading platforms, but the truth is that most do not really meet the needs of traders in Africa, as most do not offer the possibility of fast fiat currency withdrawals to local bank accounts. For example, opening an domiciliary account to store dollars in Nigeria is not easy. With exchanges not having payment methods suitable for the average African, most people are put off by the whole concept of crypto trading.

2. High Trading Fees:

Trading fees refer to fees charged by exchange platforms, such as deposit and withdrawal fees. Crypto trading platforms usually charge these fees in US dollars, and we cannot deny that most African countries, for example Nigeria, have seen a significant drop in their currency. In the third quarter of 2022, the naira depreciated by 22.4%.

With the high exchange rate between the naira and the US dollar, the average Nigerian cannot afford extravagant trading fees charged in dollars.

3. Transaction speed:

A transaction on a conventional cryptocurrency trading platform can take from 10 minutes to several hours, or even an entire day. This is one of the main reasons why people are hesitant to accept crypto payments and even trade crypto assets in general.

The transaction speed depends on the cryptocurrency you are trading, as well as the amount of network fees paid. But apart from the confirmation time of blockchain networks, trading platforms are slow, especially when it comes to withdrawals.

4. The complexity of crypto:

When people think of cryptocurrency trading, they think of red and green colored line charts, and so they are put off by its supposed complexity. We can’t deny that most people prefer simpler things and get easily discouraged when something seems complex.

One problem that most Africans face is that they feel like the concept of crypto is too difficult to understand, and understandably so. It can be quite scary and confusing when you open a trading app for the first time and come across a rather complex interface, and have to go through a long process to initiate your trade. For this reason, most people give it up because it’s too much to handle.

How Breet Solves Crypto Trading Problems in Africa

Breet is an over-the-counter (OTC) cryptocurrency trading mobile app that caters to users who need a quick liquidation of their cryptocurrencies. In less than five minutes, you can convert your crypto to cash and withdraw directly to your local bank account without third-party intervention.

Trading your cryptocurrency with Breet removes the need for an external body like a bank, government, or any other party. Because Breet uses an OTC crypto trading method, trades have a pre-set trading rate and instructions, and it’s perfect for beginners who don’t know much about cryptocurrency.

You don’t need to have a vast knowledge of cryptocurrency to sell your digital currencies on Breet because it takes care of all the complicated things for you. Are you usually bored and confused about crypto charts? With Breet, you can go from crypto to cash in just a few clicks.

Breet is available in Nigeria and Ghana and therefore allows payment in Nigerian Naira, Ghanaian Cedis and Mobile Money.

You don’t need to worry about waiting for a buyer to pair up to buy your crypto. All you have to do is generate your wallet address (this wallet becomes yours permanently), receive the crypto there, just like a traditional bank account and have your received crypto automatically converted into fiat currency and withdraw to your local bank account in less than five minutes.

Breet makes selling your crypto super quick and convenient for an average African who needs real money to match their crypto funds.

The cryptocurrencies supported on Breet are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Dogecoin (DOGE) and Bitcoin Cash (BCH).

Along with many other features, selling crypto has never been easier with Breet. Breet offers the best rates on the market, an easy to navigate mobile app, excellent customer service and fast withdrawals.

To enjoy a seamless trading experience, download the Breet app today.

Conclusion

Cryptocurrency trading is harder than people make it out to be. Although the popularity of crypto is amazing, many people around the world still face challenges while trading digital currencies, and it depresses their curiosity and interest in delving into it.

But with the growing global adoption of crypto, cryptocurrency trading platforms have also emerged, such as Breet.

With the features and mission of Breets, it continues to solve problems faced by Africans, especially Nigerians and Ghanaians while trading digital currencies.

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