Online banks for trading in Africa
1. State of play
Many Africans want to start trading and in the process buy crypto, sell and cash in, but most of the time the way is full of pitfalls. In addition, as an African resident, we have the impression that the big platforms forget us and their registration conditions are not adapted.
But other platforms are making the effort to offer quality banking services also for Africans, which far surpass the traditional banks present on the continent. Because the services of these online banks are almost free and the transfer fees are insignificant.
On the other hand, African banks (West African) seem to be overtaken by the global movement of crypto-currency and online banking. They are not keeping pace.
In this article I propose, online banks compatible with almost all African countries and some of them even offer loans to their users at much lower rates.
The article is organized as follows, in section 2 I will introduce you to two banks that allow you to have an IBAN or multiple bank account numbers of different currencies from an online application. In section 3 I will introduce you to some platforms that allow you to buy and resell cryptocurrency. And in section 3 I will show you how to collect your earnings and have it transferred to your bank account to the local level.
Two easy to access banks
I would like to introduce you to Wise and Spectrocoin which have a service and a customer support very adapted to the African continent. In both cases, the documents required are: a valid passport and a document proving your residence or place of living, which can be a water or electricity bill, a certificate of residence etc.
The advantages
1. Wise:
- Date of creation 2010
- Multiple currencies, multiple account numbers,
- Low transaction fees
- Fast and responsive customer support
- Stability and ergonomics of the platform,
- API for companies
- MASTERCARD linked to the account
2. Spectrocoin:
- Date of creation February 2013
- Currency in the SEPA zone and Pound Sterling
- Cryptocurrency wallet
- Trading with the pro version
- Fast and responsive customer support
- Loans
- VISA card linked to the account
- API for businesses
Disadvantages:
1. Wise
- Credit card not available in Africa
- Some services are unavailable for African currency
2. Spectrocoin
- Ergonomics of the platform
- Login instability for the mobile version
Cryptocurrency wallets
We will list only 4 platforms, all of them allow you to have a cryptocurrency wallet for free. For an additional banking service they will ask you for your personal data such as Passport and proof of address as mentioned at the beginning of the article.
These platforms give the possibility for some to make a withdrawal and a purchase even with local mobile payment systems. This makes their use even easier.
Conclusion and advice
This article allows you to see and understand that it is possible from Africa to :
- Own a cryptocurrency wallet
- Buy and resell cryptocurrency
- Have a bank account with all currencies and therefore several account numbers
- The possibility to invest
- To trade
- The ability to create a remote business with a European, American, Asian account, etc.
- The possibility to earn money directly on these platforms.
For investments or trading, I advise you to be well-informed before you start, because the platforms can disappear overnight. Since any business contains a risk, do not leave your earnings on the platforms for long, always withdraw them, leave only the bare minimum. Get informed and monitor your investment.
Make your own way and dare !
