How Can Admirals Help South Africans In Their Crypto Investment?

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The South African government is already working on laws to regulate the cryptocurrency market following the increase in the number of people interested in digital assets. Notice that the South African populace has already joined traders from other African countries such as Nigeria, Kenya, and Ghana to trade cryptos. These are the three top countries processing large volumes of bitcoin transactions in Africa. South Africa is ranked fourth in terms of trade volume.

Therefore, the growing interest in crypto has made the South African government embrace cryptocurrency investment laws too . The financial and capital markets have already predicted an increase in crypto activities in the country. This is likely to make it the best crypto South Africa country.

According to the United Nations, African countries must formulate regulations to govern cryptocurrency trading. South Africa has the most sophisticated financial sector on the continent and is expected to lead the pack.  It should also formulate laws that will also govern the taxation of crypto assets.


Is Buying And Selling Crypto Legal In South Africa?

Of course, it is legal to buy and sell cryptos in South Africa. However, SARB (South Africa Reserve) has already issued warnings on risks associated with trading cryptos. But it has not banned crypto trading activities. The bank has maintained that traders should get prepared since proceeds from the trades are subject to taxation. However, for now transactions remain unregulated, albeit many people trading the coins.

Can South Africans buy/trade crypto? How can Admirals help South African traders?

The best way to start trading cryptos in South Africa is to identify a trusted and secure broker to invest in cryptos. Admiral is one of the brokers allowing South Africans to start trading cryptos. The company offers advice on the cryptos to trade in South Africa.

Admiral is a regulated broker that allows traders to open a demo account and trade using virtual funds. A risk-free demo account allows traders to gain experience before investing real money in cryptos.

Also, admiral allows traders to trade CFDs which comes with many advantages in comparison to owning and trading cryptos. Traders can trade short and long positions without needing to hold the underlying asset.

Admiral is a regulated broker that allows traders to choose the asset to invest in. Thus, some of the digital currencies you will trade include Bitcoin, Litecoin, Ripple, Dash, and Monero.

What Are Cryptocurrencies Worth Buying By South Africans For 2022?

Although you can buy almost all cryptos in South Africa, the broker you choose determines the digital assets you can buy and sell at any given time. The most commonly traded currencies are:

Bitcoin

It is the most popular and oldest digital coin in the market. It was the first coin to be developed and traded in the world. Although the currency has in the recent past been appreciating, there are times when it gets some bad press and plunges. For instance, the recent Inflation in America saw prices of most assets plummet.

Litecoin

It was developed in 2011 as a competitor to bitcoin. Unfortunately, it does not enjoy the popularity bitcoin enjoys even though it is traded on most exchanges. The coin has a finite supply of 84 million coins. Thus, Litecoin has less value compared to bitcoin, whose supply is limited to 21 million coins. Its prices are volatile, so it can be risky to own the coin.

Ripple

It is a payment network which features a token called Ripple (XRP). The coin was created to offer easy cross-border transactions for financial institutions and banks. The token cannot be mined since all the available 100 billion tokens were mined and issued when the digital asset was launched. So holders of Ripple tokens release them in the market gradually.

Dash (DSHUSD)

It is another recently created cryptocurrency that employs the Proof of stake (PoS) technology and is intended to be used as a payment method. It is a risky investment.

Conclusion

As South Africans join the rest of the world to create wealth through digital assets, the South African government must create legislation to provide a framework for trading in the assets. Before then, traders are already investing and trading in the top digital assets such as Bitcoin, Ripple, Dash, and litecoin.


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