Study shows Kenya leading in peer to peer crypto trading

Recently, Chainalysis, a blockchain data platform issued a Global Crypto adoption Index 2021, which has indicated that Kenya ranks as the top country around the world when it comes to peer-to-peer cryptocurrency exchange trading.

The country stands well ahead of the 154 countries surveyed in the framework of the research. As it was noted, the index makes several adjustments for purchasing power parity per capita and access to the internet. A very interesting thing about the report is that it shows many other African countries ranking high. Togo ranked at 2nd place, while Tanzania was 4th and Ghana 10th. Another country on the list is Nigeria, ranking at 18th place, and South Africa at 62nd.

There are many reasons for Kenya being the country with the most peer-to-peer transactions around the world. One of the main reasons for this is the huge interest that the country’s population has in the cryptocurrency market.

Because Kenya has suffered from hyperinflation and numerous other challenges over the past few decades, the people of the country have long been looking for something to invest in. For the tech-savvy generation of young Kenyans, cryptocurrencies have become a way to maintain their wealth.

Because of the performance of the country’s national currency, it is no surprise that the people of the country are having a hard time trusting fiat currencies and fiat payments. This could be one of the main reasons why the internet-savvy generation in the country is leading the world in terms of using digital currency platforms where individuals are able to trade amongst each other.

Easier access to crypto trading

Another reason for the further increasing popularity of the cryptocurrency market among Kenyans is the fact that it is becoming easier every day to become part of this market. As of today, the only thing that traders need is an internet connection to trade cryptocurrencies.

Modern crypto exchanges offer traders easier access to the market, which is a very important thing for crypto traders. There are numerous crypto exchange platforms available in the Kenyan crypto trading market, where locals can buy and sell cryptocurrencies in a matter of minutes.

As of now, crypto traders do not even need a lot of trading experience to invest in the crypto market. The main reason for this is the trading automation, which offers crypto investors the ability to trade cryptocurrencies in a matter of minutes.

Thanks to automated trading, instead of spending their time analyzing the performance of the bitcoin price, many Kenyan investors are using BTC trading robots which are able to help them not only analyze the market but also capable of actually trading cryptocurrencies for them.

Because it has become so easy to trade cryptocurrencies, many Kenyans turned to this market. As the technology further develops and more people in the country gain access to the internet, more people are showing interest in the cryptocurrency trading market, both locally and internationally.

Weakening African currencies

Many experts believe that one of the main reasons for the ongoing trend and the increasing interest in the cryptocurrency market among Africans, specifically Kenyans, is connected with the weakening African currencies.

There are many reasons affecting the negative performance of the African currencies, such as the spread of the Covid-19 pandemic throughout the region, the general socio-economic situation, and many others. In fact, the report of Chainalysis also indicates that the emerging markets face a significant currency devaluation.

As a result, residents of many countries are deciding to buy cryptocurrencies instead and many of them are doing so by using P2P platforms. For example, the national currency of Kenya has recently depreciated as much as 6.3 percent against the US dollar.

How to trade crypto in Kenya

Although there are no local crypto exchanges in the country, there are several international leaders in the market that offer their services to Kenyan traders. Thanks to these crypto exchanges, local crypto enthusiasts can invest in the market in a matter of minutes.

Crypto traders in Kenya are only required to download a crypto exchange application to their smartphones, open an account, verify their identity, deposit funds, and start trading. For example, one of the leading crypto exchanges that offer Kenyan traders services is Binance, which is very well-known around the world.

Binance P2P offers traders the ability to trade cryptocurrencies wherever and whenever they want or need it because of the available Binance App. But, this is not the only company that offers Kenyan traders their services.

Because the demand for crypto trading is so high in the country, there are many companies that are rushing into Kenya.

While the population is showing an increasing interest in the cryptocurrency trading market, there is not that big of an interest shown by the Kenyan government. In fact, the country still has to find a way to regulate the cryptocurrency market.

At the same time, due to the recent developments in the country, some experts believe that the government of the country is likely to start thinking more about crypto regulations.