The huge trading platform in South Africa starts trading cryptocurrencies

Purple Group Limited, South Africa’s financial service provider, has recently made a decision to start cryptocurrency trading. Users of the Purple online trading platform are now able to trade Bitcoin and Ethereum, as well as to place a bet on the price of these main cryptocurrencies, Business Day reports.

Simple as 1,2,3!

Simple as 1,2,3!

The decision came after seeing “strong demand” from customers, said Barry Dumas, the trading specialist at the Purple Group.

"We are seeing a lot more engagement from international institutions like banks and international exchanges looking to regulate cryptocurrencies, as I suspect they want it to be a legitimate asset class in the future," he added.

Customers will have an option of short-selling, as well as will get an opportunity for direct trading in South African Rand without converting Rands to USD.

"Your rands aren’t converted into dollars like some offerings out there, which can expose you to exchange risks," Dumas comments. "We still see some volatility, but it’s not at the levels we saw last year,"

he emphasizes about cryptocurrency trading, pointing out that developing regulations and grown number of customers familiarized with crypto has made cryptocurrency prices more stable.

Buying cryptocurrency is not difficult in South Africa. The country stays crypto-friendly. Bitcoin and Ethereum can be obtained on local exchanges such as Luno or Ice3x or at brokerage institutions such as Saxo Bank.