In recent times, the African continent has been considerably measuring up on cryptocurrency adoption. The rate of adoption has doubled this year, seeing countries like Nigeria amass the largest volume on P2P trading for cryptocurrencies.
Interestingly, the growth is not only owed to the rising interest in digital currencies as Africans look to escape the challenge of inflation and declining fiat; the availability of reliable platforms to exchange fiat for crypto has contributed immensely. These platforms are commonly known as crypto exchanges. Over time, African crypto traders have developed preferences for some exchanges, trading on them frequently rather than others.
Currently, one of the leading crypto exchanges in Africa is FTX, a crypto platform that provides a wide range of services including the trading of cryptocurrencies. FTX crypto exchange boasts of thousands of traders from Africa, placing it at the top of the pecking order among other crypto exchanges.
FTX is also dedicated to serving Africa while driving a keener interest in cryptocurrencies among the African population. FTX has been able to live up to this responsibility through its user-centric products. In view of this, here are a number of reasons why you should sign up on FTX if you are a trader in Africa.
● Best UI/UX
This is what makes FTX stand out compared to other exchanges. As a trader, you are required to use a reputable platform with a user-friendly and efficient interface. FTX fits as one because it makes signing up on the platform easy from start to finish. All you need for this process is your email address and a password to secure your account. In addition, FTX provides for Two-factor authentication (2FA) via Google Authenticator or SMS, which adds an extra layer of security to your account. However, this is not a compulsory process.
● Wide Range of Cryptocurrency Pairs
You certainly won’t find this everywhere if you are a crypto trader from Africa. Cryptocurrencies are believed to be really volatile. In view of their volatility, exchanges try to limit the number of trading options traders can access. In contrast, FTX understands the need to put your eggs in many baskets rather than one, which is why there is a vast variety of cryptocurrencies and their trading pairs.
Another advantage here is, FTX is a futures-focused exchange, so traders across Africa with interest in the Futures market can always utilize the leverage of up to 101x as they aim to make more gains on their open positions.
● Zero Maker Fee and Low Taker Fee
FTX has the lowest trading fees possible. Fees go as low as 0.025% taker fee. Those who provide liquidity for certain markets play a pivotal role in ensuring that other traders in Africa are able to trade any assets of their choice. This is why FTX charges you no fee, I mean zero, for being a maker of the market.
● FTX Liquidation System
We do not use the auto deleverage system as you have on some other exchanges; however, it uses an advanced liquidation engine. The goal of this engine is to carefully close down positions in the market while minimizing impact, keeping markets orderly. So while trading futures, you have the lowest risk of getting liquidated. FTX uses its own model to avoid cascading liquidation to protect you from losing your funds to market volatility.
● Advance order form
FTX provides an order form where you can execute your trades in a click; the form allows you to enter your entry price, stop loss, take profit and shows your risk/reward and its respective profit and loss ratio.
● Blockchain Withdrawal Fees:
FTX handles all the blockchain fees as long as they are BTC, SPL, or TRX transactions. FTX acknowledges that transaction fees can be a turn-off for most crypto enthusiasts in Africa, especially retail traders. However, only small BTC (below 0.01) withdrawals on FTX are free. Withdrawals above 0.01 are charged the stipulated fee, after the first free withdrawal per day. Withdrawals are confirmed within a few minutes except for large withdrawals which could take up to a few hours to get confirmed.
● Multiple Sub-accounts
FTX gives its users a chance to create up to 50 sub-accounts, which include spots, futures, savings and P2P accounts. This means you don’t need to open multiple trading accounts. FTX sub-accounts are isolated, thus you can try different trading strategies on each sub-account giving you a better chance of not being liquidated in a single trade.
To conclude, FTX has become the fastest growing crypto exchange / blockchain company in the world. This is due to a plethora of factors including superior product innovations, great branding / marketing, and impeccable customer service. Africa is a relatively new market for FTX when compared with other exchanges, but I have no doubt that they’ll thrive and possibly even surpass their competitors in the near future.
Joy Olatunde is a Crypto Enthusiast based in Ghana.
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