Trading has become the order of the day for large numbers of people across the world thanks to bitcoin and South Africans don’t appear to have missed the action.
With cryptocurrency fever sweeping the globe, a recent report has shown that casual traders are now popping up across South Africa and the continent as a whole. Writing for the BBC, Catherine Byaruhanga from Uganda profiled some of the millennials using their affinity for modern technology to invest in cryptocurrencies.
This cultural shift has undoubtedly been caused by the media furore over bitcoin. In 2017, the trading markets were buzzing with activity as the coin’s price shot up from $2,000 to $20,000 at one point.
While bitcoin had experienced some notable boom and bust periods prior to 2017, last year’s movement was unique. In fact, such was the unexpected growth that it’s given people across Africa a desire to trade it. Naturally, the market has been happy to oblige with established forex brokers adding cryptocurrency assets to their platforms.
Forex Brokers Make Bitcoin Trading Accessible
By expanding their portfolios to include cryptocurrencies as well as standard fiat currencies, the leading forex brokers South Africa has on offer have made it easy for people to exploit the market’s volatility.
What’s more, by using a long-serving forex trading platform, investors are able to enter the market at positions that would otherwise be unobtainable. By offering leverage, forex brokerages allow casual investors to stake a small amount but have a significant stake in the market.
Leverage can then be combined with the IG risk management tool to help mitigate the potential for any large losses. The end result is that casual traders are able to invest at levels they couldn’t if they were buying bitcoin directly. Moreover, with daily charts, money management tools, and regular webinars, novices have plenty of ways to ensure they make the best moves possible.
Beyond the recent surge in bitcoin investors across Africa, businesses have also started to embrace the cryptocurrency.
As is often the case, South Africa is leading the way, with businesses now starting to accept bitcoin payments. One of the latest organisations to embrace the currency as a standard payment method is the Red & Yellow Business School. Based in Cape Town and Johannesburg, the school focuses on preparing students for a career in the digital world.
South Africans Investing in their Futures
“The reality is that Bitcoin is here to stay and, with many youngsters having made a good return on their investment in cryptocurrencies, they now want to use this digital cash to invest in their education as future leaders,” said Red & Yellow chairman, Rob Stokes.
The evolution of online trading and the rise of bitcoin has clearly led to a dynamic where tech-savvy millennials are making casual investments as a way of furthering their lives. While trading currency in any form was seen as something only professionals did 15 years ago, things have clearly changed.
Today, South Africans are using the ease of online trading to make money that they can then reinvest in a future beyond the world of forex. Without the presence of online forex trading platforms and the popularity of bitcoin, this may have never been p