Home Bitcoin & Crypto Guide How to Use Binance if You Are in Africa

How to Use Binance if You Are in Africa

Crypto usage has soared in Africa over the last few months.

How to Use Binance From Africa

A report by blockchain research firm, Chainalysis, revealed that Africa had one of the most active crypto markets. Researchers observed that peer-to-peer transactions were highly popular amongst the locals. According to the adoption report, Africa received $105.6 billion worth of crypto between July 2020 and June 2021. In addition, crypto adoption on the continent surged by 1200% in the previous year.

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Nigeria, South Africa, Kenya, and Tanzania were among the 20 highest-ranking nations in the Chainalysis Global Adoption Index. This demonstrates the enormous interest and acceptance of cryptocurrency in these areas. The volume of transactions in Africa was largely made up of small-value payments. Most of these transactions took place on the crypto exchange, Binance.

Average Africans seem quite interested in the cryptocurrency business. Some Africans have developed their portfolios to impressive heights. Many locals have gone on to launch projects, although some enjoyed relative success.

As mentioned earlier, P2P transfers have soared in Africa. Most Africans view P2P transactions as an easier way to access financial services without the restrictions posed by local financial institutions. As a result, crypto exchanges are a popular business in Africa. Some countries, such as Nigeria and Kenya, have restrictions limiting international payments. So, locals turn to platforms like Binance for easy transactions.

source:Brookings.edu

P2P refers to buying and selling cryptocurrencies directly between users, without any middleman or third party. When using an exchange for P2P transactions, users don’t transact directly with the counterpart. Instead, they use market aggregators as well as using charts to decide when to sell or hold their crypto. Then, an exchange such as Binance arranges the transaction on behalf of the users. And a price is set based on the market.

Africans use crypto for various reasons, including

  • Remittance
  • Payment of goods and services
  • Savings
  • Long term investment
source : Brookings.edu
Binance and the African Market

Binance noted that a growing number of its users are from the African continent, especially countries like Nigeria. The trading platform said it witnessed an over 2000% increase in the number of peer-to-peer (P2P) users in Africa from January to April 2021.

Binance’s presence in the African continent has increased since this year. The exchange was a sponsor in this year’s African Cup of Nations. This was not just an ambitious move by the popular trading platform; it was an honest display of intent.

The largest trading platform by volume believes Africa could become a leading player in the crypto market. The company’s chief marketing officer, Yi He, said during the partnership with CAF, “With a population of 1.2 billion Africans and the prevalence of blockchain technology & its use cases, we believe the African continent could lead the future of the blockchain industry.”

Binance is fast becoming special to Africans since it has an exchange and a p2p marketplace. Michael Kimani, a Nairobi-based blockchain analyst, believes Binance is well-positioned to become the biggest crypto company in Africa.

Other crypto companies are competing with Binance for the African market, but, being the leading exchange, Binance has a clear edge. Some of these companies include

  1. Yellow Card,
  2. Luno,
  3. Buycoins Africa,
  4. Paxful,
  5. LocalCryptos,
  6. LocalBitcoins,
  7. Remitano.
Why Should I use Binance in Africa?

Binance offers a more secure and easy-to-use platform, making it a better option. If you want to purchase crypto or perform peer-to-peer transactions, then Binance is a good choice. It exposes you to hundreds of cryptocurrencies and ensures you interact with secure tokens. But keep in mind that things can go south with some projects.

The crypto exchange is currently the most popular cryptocurrency exchange by trade volume. Western crypto users and other parts of the world are leveraging the exchange to access crypto services. So, Binance is best suited for emerging markets like Africa. It offers you an easy spot to purchase bitcoin. It also offers you access to hundreds of tokens on more than 1,000 trading markets. In addition, the platform charges one of the lowest commission fees. So, you don’t spend much on network fees or other associated costs.

Here are some of the benefits of using Binance:

  • Low fees compared to other exchanges.
  • 25% trading fee discount if you pay fees using Binance Coin (BNB)
  • Educational resources are available.
  • Identity verification process.
  • Tax statement portal to help prepare crypto taxes.

Binance allows for borderless payments. So, if you are in Kenya, you can send Bitcoin to your friend in Cambodia. This type of international payment should cost more and require several procedures, but on Binance’s marketplace, the process is simplified.

What service can I access on Binance?

If you are in Africa, you can access similar services on Binance as a user in the UK. Binance offers several top services, each of which is geared towards giving you a seamless crypto experience.

You can access the following on Binance.

  • Crypto exchange
  • P2P trading
  • Crypto trading platform
  • Spot trading
  • Margin trading
  • Staking
  • Futures and Derivatives trading
  • Savings
  • Crypto loans
Why You Should Use Binance P2P Marketplace in Africa

As mentioned earlier, P2P trading is quite popular in Africa. But the experience gets better when you use the Binance marketplace. Binance’s P2P marketplace lets you buy your preferred crypto and payment method. There are over 300 payment methods and 70 local currencies on Binance’s marketplace.

Here are some unique advantages of using the Binance P2P marketplace:

  1. Live trade chat:

The Binance P2P marketplace allows you to chat with your trade counterparty before you finalize the transaction. In addition, the chat allows you to clarify transaction details

2. Customize Your Offers: Posting Ads

Buyers and sellers can tailor their offers using the Binance tool for placing ads. o you can make your offer based on your preferred pricing, payment method, and local currency.

3. Escrow Service
Although P2P trading is more convenient than a typical crypto exchange, it also carries a unique set of hazards. So, Binance offers an escrow service to guarantee secure and ethical trading. The trading platform manages the seller’s cryptocurrency as a temporary deposit once the buyer completes their order and holds it there until all parties certify the transaction was successful. This way, you can be sure no one would defraud you.

4. Zero fees

5. Customer support

6. Multiple payment options

In conclusion, the Binance P2P marketplace is the best platform to access funds securely. You can access several tokens and choose your preferred payment options, including local bank transfers. This way, Binance eliminates possible barriers to accessing financial services.

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