It should come as no surprise to anyone that the crypto markets ripples can be felt around the globe. South Africa is no exception to that. These digital assets have caught the attention of a wide range of South Africans, from those working in finance and investments to restaurateurs and artists, and everyone in between.
Crypto holds no discrimination, and not only are many South Africans trading cryptos, but many are also making high returns. One entrepreneurial trader has made 20,000 trades over 5 years, bringing in a total profit of R5m. Let’s take a look at the cryptocurrency traders that are making a huge profit in South Africa.
Cryptocurrency Exchange Platforms
A local hit among crypto traders is localbitcoins.com. The cryptocurrency trading platform allows traders to advertise both sell and buy offers, and connect with each other in order to execute the trade. Essentially a Gumtree for crypto trades (only less dodgy). Buyers can name their price for prospective sellers and visa versa, and then make contact and negotiate and execute the deal privately. Traders are able to buy fractions of Bitcoin, also known as Satoshis (instead of the full BTC valued at over R200,000).
Many South African traders have made good money over the last couple of years, pulling in strong returns. One trader who started 4 years ago has made R300,000 in profits over just 500 trades. Another trader made R170,000 profit over 500 trades in just 2 years, while another made a total profit of R4m from 15,000 trades in just 4 years. Clearly cryptocurrency traders are making a huge profit in South Africa, but while the earning potential is big it still requires attention and effort.
In time, while still offering a valuable service Localbitcoins has unfortunately become saturated with many people looking to make these kinds of returns. An alternative option that traders are looking at (locally speaking) is a relatively new cryptocurrency trading platform, Remitano. The platform has experienced huge success in the Philippines and India and has started picking up traction in our Rainbow Nation.
Similar to LocalBitcoins, the platform is an over-the-counter, peer-to-peer trading platform, but instead of finding your buyer or seller manually, the platform automatically pairs you up with a trader selling or buying what you’re offering. Instead of the individual negotiations, the platform handles that end and ensures that the trade goes smoothly. There is also support for the instant purchase and trade of cryptocurrencies with a built-in ZAR wallet that can be used to deposit and withdraw from the platform.
One of the best parts about Remitano is that it has support for Ethereum, Bitcoin Cash, Tether, Litecoin and Ripple.
On top of that, as the platform establishes their positioning in the South African market, they’re offering promotions that are too good to pass up on. Incentivising newcomers with reduced deposit fees and bounties is their gameplay here, and if we’re honest, it’s hard to turn down. See some of their incentives below:
- Registration Rewards, verified users can receive Satoshis.
- Free Deposits for BTC, ETH, BCH, USDT, LTC, and XRP.
- Guess the BTC Price, prizes up to 1,000 USDT can be won.
- Bounty Programme for South African users only, 5,000,000 Satoshi up for grabs.
- Referral Programme, get 40% commission immediately when your friends sign up and buy coins through your referral link.
- Remitano Mission Offers, earn up to 6 USDT by taking part in various activities.
What The Best Cryptocurrency Traders Are Doing
Once you’ve picked your platform, the next step is to set up a strategy in order to ensure that you’re gaining profits. One of the top tips that the best crypto traders use is to take advantage of the volatility. In essence, buy when the market is low, and sell what the market is high. You can always create a sell option on Remitano or LocalBitcoins and wait for the markets to increase, or you could wait out and enter the Sell order as the time approaches.
It’s also essential to keep an eye on the market and always know what’s happening with various cryptocurrency prices, particularly Bitcoin. In always keeping an ear to the ground, here is who to follow on Twitter for cryptocurrency:
- Vitalik Buterin – Founder of Ethereum, 947K followers
- Charlie Lee – Founder of Litecoin, 822K followers
- Marc Andreessen – Crypto Investor, 790K followers
- Roger Ver – Founder of Bitcoin Cash, 605K followers
- Andreas Antonopoulos – Tech entrepreneur, 513K followers
If you want to take it one step further, you could get into trading indicators (like TradingView or Provisn) to get a better understanding of the markets and where they might be headed. It’s also worth setting up cryptocurrency price alerts so that you can get notified whenever the price hits a certain value. Look out for crypto trading tools that could assist you in your crypto trading endeavours.
Anyone Can Make Money From Cryptocurrency Trading
As we’ve seen, there’s no denying that cryptocurrency traders are making a huge profit in South Africa. With a certain level of commitment and effort, anyone can trade on platforms like Remitano and LocalBitcoins and come out on top. Do you have an entrepreneurial spirit and a mean appetite for making money? Now might be your time to enter the crypto market and make money. The time is now.