As the landscape for cryptocurrencies is starting to take shape on the African continent, there is a major need to continue education on cryptocurrencies as more Africans, than ever before are starting to invest.
AltcoinTrader one of South Africa’s leading cryptocurrency exchanges, is currently one of the oldest exchanges in South Africa, as well as the continent at large. Established in 2015, the exchange boasts having the most cryptocurrencies on their portfolio that can be bought with fiat directly, outpacing their competitors across the continent. Currently AltcoinTrader has nine coins, with more additions to be included in 2018.
As the crypto community evolves across the world, with Africa not lagging behind it is imperative that easy access to cryptocurrency exchanges allows more participation for Africans not to be left behind. Japan, US and South Korea are currently at the forefront with the largest bitcoin exchanges in the world.
Richard De Sousa, partner at AltcoinTrader says, “We are proud to be one of the first exchanges in South Africa. Our aim is to ensure that our people are not left behind on this revolution, and as one of the oldest exchanges we consistently ensure that we bring to our people trending coins so that they also start expanding their own crypto portfolio’s beyond just Bitcoin and Ethereum.”
One of the major challenges across Africa, is access to cryptocurrencies, that can be bought easily with cash. As exchanges start opening as the market continues to grow because of demand, it is the credible exchanges that still stand out because they have been around much longer than their competitors, and have proven their value as an exchange to function optimally with no major glitches through the years.
Various factors need to be considered when choosing a credible exchange such as; credibility, years in service, operations, support and security. Exchanges that have been in operation longer, have more experience to ensure customer satisfaction and security which is pertinent in the cryptocurrency space.
The cryptocurrency market is currently just over a $389 billion dollar market, but expected to grow to a trillion dollar market cap in the next few years. There has been further development on country regulations on cryptocurrencies and the sentiment across the community is that more governments will continue to see more regulations in the future.
Currently South African’s have to declare Bitcoin, as Capital Gains Tax, but SARS has issued a statement recently noting that they will release a more comprehensive tax stance on bitcoin in 2018.
“As we are market leaders, we continually access the industry to bring more value-adds to South Africans. And at AltcoinTrader, we continually accessing our own internal strategies to bring more value and security to our people. And by that we are looking to bringing more coins on board to our existing basket of coins that can be purchased with cash, in the very near future so they are not left behind,” concludes De Sousa.