Cryptocurrency and Blockchain oriented businesses are increasing in Africa. Investors and users, therefore, need to have the right information to ensure ease.
The Coindirect Cryptocurrency platform has launched an OTC brokerage system in South Africa. Coindirect’s Over-The-Counter (OTC) brokerage model is the first in South Africa and is giving the platform the edge over local competitors in the market.
The exchange in their early years in the industry has paid excellent attention to users driving the volume of Crypto trading. Nic Haralambous, Coindirct’s COO, said their approach is to bring Cryptocurrency to as many users as possible.
However, available data shows that the majority of daily trading volume is from a tiny percentage of traders. As a result, the OTC is to enable interested traders to register with no commissions at coindirect.com.
By using the OTC brokerage, traders will be able to avoid lengthy transactions. There are individual exchanges that the delay can be as high as 12 hours.
Above all, users of the OTC brokerage platform can avoid the 2% charges by other exchanges for every instant large volume trade. Moreover, new updates on the platform include credit card payments.
Users can use Mastercard and Visa for instant withdrawals, as well as higher limits for transactions.
Also read: Emerging blockchain markets in Africa
Overview Of Coindirect
The Coindirect exchange provides its customers and users with a peer-to-peer market environment enabling them to buy and sell Cryptocurrencies. The firm is in South Africa and allows users of over 42 local currencies to trade Cryptocurrencies and vice versa.
Cryptocurrencies traded range from Bitcoin, Ethereum, XRP, Litecoin, Dash, and other popular ones. Co-founder Stephen Young mentioned that the primary goal is to solve the inabilities of exchange with most African currencies.
From an analytical standpoint, Coindirect has the right business idea. Nevertheless, the market space is highly dynamic and funny at times.
This startup treats security as a priority with its incorporation at the Isle of Man Financial Supervision Commission. Meanwhile, it uses the same security measure with banks involving escrow conditional to Cryptos transferred, pending the completion of the transaction.
The platform also has in place an affiliate program where users can access a 20% commission by referring it to new users. However, sellers on the platform have higher trading volumes.
Furthermore, there is a 1% fee for takers, and card fees vary depending on your country. For instance, there are card fees of 2% for Nigerians, while it is 4% for the rest of the world.
The launch of the OTC brokerage in South Africa is proof that Africans are adopting Crypto. More so, you must carry out proper research on these exchange platforms to understand their motives in the long run.