Africans have always struggled with infrastructural problems, which have made financial services less accessible. This has been a major cause of more than 57% of the population remaining unbanked.
These infrastructural problems is making Africa a perfect vector for cryptocurrencies, which only require a smartphone to access and offer Africans a shot at the global economy. In 2019, Chainalysis estimated that of the $48 billion remittance payments to Sub-Saharan Africa $562 million were facilitated by cryptocurrencies.
Cryptocurrency platforms bypass traditional banking services by introducing decentralised peer-to-peer lending services. They can also help level the economic playing field by expanding finance options to underserved customer markets.
Indeed, cryptocurrencies are well-positioned to address a number of economic challenges in the region, from reducing financing gaps for micro, small, and medium-sized enterprise (MSME) sectors to facilitating the transfer of remittances, to reaching the unbanked.
Although cryptocurrencies are not yet recognized as legal tender by most countries, it has continued to gain massive adoption (especially after COVID-19). People use it to store value, trade and as investments.
These activities are usually available on crypto exchanges so Benjamindada.com compiled a list of cryptocurrency exchanges available to Sub-Saharan Africans.
Each of these crypto exchange platforms (available as apps) have offices in Africa, have a large daily trading volume or are founded by Africans. And of course, they allow African payment method. The platforms also provide learning materials for crypto enthusiasts who want to delve into the cryptocurrency space.
Here’s an overview of the cryptocurrency exchange apps and platforms: Binance, Luno, Quidax, Bitfxt, Buycoins, Huobi and FXT.
Binance is one of the most popular blockchain and crypto asset exchanges in Sub-Saharan Africa. The app is simple, secure, fast and beginners friendly. Binance averages a daily trading volume of more than $38.31.
Launched in 2017, the leading global digital asset exchange enables users from over 180 countries to buy, sell and trade cryptocurrencies. A vital edge Binance has over other platforms is the vast number of cryptos that can be traded on the platform- over 380 pairs. They currently have an office in Cape Town, South Africa.
Luno is a crypto platform that is customised for Africans. Launched in 2013 in Singapore, Luno has a strong base in Nigeria, South Africa, Singapore, Malaysia and over 40 more countries. It has a daily trading platform of over $18.62m daily.
The platform supports these fiat currencies are Bitcoin, Ethereum, Bitcoin Cash, USDC, XRP, Litecoin, Chainlink and Uniswap including the naira. The platform has a user-friendly interface and was the first exchange to permit customers to buy and sell crypto at zero transaction fee.
Launched in 2018, Quidax is an African-focused cryptocurrency exchange which enables users to send, receive, store, buy and sell digital currencies. The platform enables fintech companies to provide crypto-related services to their customers.
Quidax recently became the first African crypto exchange to be listed on CoinMarketCap. The platform’s interface is easy to navigate and customers are not charged transaction fees.
BitFxt which operates as a block chain technology company was launched in 2016 in Lagos. It provides a secure and easy way to trade, store and learn both digital and fiat currencies. Bitfxt currently operates in 13+ countries.
On the app, users can access crypto loans, pay utilities, trade and invest in digital currencies and also access other amazing decentralised finance features. Its pre-installed digital wallet and debit card allow merchants globally to store and spend digital currencies.
This cryptocurrency exchange was launched in 2017 as Bitkoin Africa but later BuyCoins Africa in 2018. A unique proposition on this platform is that not only do users trade digital currencies (such as Bitcoin, Ethereum, Litecoin, etc) they also buy & sell US shares such as Tesla, Amazon.
It provides secure wallet services for all supported cryptocurrencies. This means you won't need to use external wallets to complete your transactions. BuyCoins wallets also provide transparent payment methods.
KuCoin is a secure cryptocurrency exchange that makes it easy to buy, sell, and store cryptocurrencies. It has a new simple and intuitive interface. Headquartered in Seychelles, Kucoin offers basic functionality such as buying and selling crypto, as well as deposit and withdrawal.
The platform has an average of $2.2b daily transaction volume. Its application is designed for novice traders, but more experienced traders will find all the essential tools to trade properly.
A world-leading Bitcoin and Ethereum trading platform which provides secure and convenient trading services for hundreds of digital assets. The Seychelles based platform is used and trusted by over 20 million users across the globe.
Huobi averages $3.55b daily transaction volume per day. It has a great user interface and fast customer service support. Users can also find on the platform tons of educational materials to gain knowledge in cryptocurrency, blockchain, DeFi, metaverse, etc.
Futures Exchange Trades (FXT)
FXT is one of the world’s largest players in the crypto industry with a daily trading volume of more than $17 billion. The Hong Kong based exchange is available for about 10 African countries.
The platform has a robust trading platform which is educative and easy to navigate. FXT has a friendly user interface, low fees, superior product innovations, and prompt customer service.