Trade Coin Club is set to launch bitcoin exchanges next month to capitalize on the growing demand for the cryptocurrency.
Speaking to the media in a Nairobi hotel, Trade Coin Club East African representative Michael Kimarong said the exchange will revolutionise financial sector in the country with the introduction of digital currencies.
“Banks around the world have been getting training around automatic trading of digital currencies technology for some time to better understand how it works and how they might use it, ” Kimarong said
He urged Kenyans to embrace cryptocurrency since the world is now moving towards digital currency.
Some of the benefits cryptocurrency will bring include;
Decentralized Valuations: One major advantage of trading forex with bitcoin is that there is no central bank to randomly change bitcoin valuations. Due to its decentralized nature, the bitcoin rates are free from geopolitical influence as well from macroeconomic issues like country-specific inflation or interest rates.
High Leverage: Most forex digital currency traders offer high leverage ranging up to 1:1000 for bitcoin trades. Experienced traders can use this to their benefit. However, such high margins should also be approached with great caution as they also magnify the loss potential.
No Transaction Costs: All bitcoin transactions are digitally recorded on public networks without any involvement from banks or clearing agencies. Hence, there are usually no transaction costs involved in bitcoin, even for global transfers. Digital currency traders pass these benefits to the clients by not imposing any deposit or withdrawal fee for bitcoin transactions. This improves trade profits.
Low Deposit Amount: One can start with as little as $25 with some bitcoin forex trading firms. As promotional offers, a few forex trading firms even offer new members a matching deposit amount. Traders should take care to check that all digital currency traders are appropriately regulated.
Low Cost of Trading: Most forex digital currency traders that accept cryptocurrency are keeping brokerage costs very low to attract the new bitcoin -trading clients.
Security: With bitcoin transactions, you don’t need to reveal your bank account or credit card details to deposit or withdraw money. Especially when dealing with foreign digital currency traders , this is a huge advantage in terms of cost and financial security.
No Global Boundaries: Bitcoin transactions have eliminated global boundaries. Using bitcoin, a trader based in Africa can trade forex through a broker based in the United Kingdom. Regulatory challenges may remain a concern, but if both traders and digital currency traders are willing to transact, then all geographical boundaries are eliminated.