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The cryptocurrency trading market is undergoing a rapid transformation in Africa, which is opening up opportunities for new cryptocurrency inventions including mobile apps and trading websites. In the past five years, more than 1,000 cryptocurrency exchange sites have emerged, making it simpler for Africans to trade cryptocurrencies. I’ll examine and contrast two well-known cryptocurrency trading platforms in Ghana in this article. Before we compare Breet VS BitAfrika, let’s quickly go over how these two cryptocurrency platforms operate.
How Does Breet Work?
Through the over-the-counter (OTC) exchange platform Breet, anyone may sell bitcoin and receive money in their local bank account. Because it quickly converts cryptocurrencies into their equivalent value in fiat money without employing peer-to-peer trading as a means of exchange, Breet is an automated crypto-to-fiat application.
In less than 5 minutes, you may convert and withdraw bitcoins using Breet. There are no withdrawal fees or surcharges when using Breet. Other distinguishing features include per-user point awards, strong security, and solid 24/7 customer support.
How Does BitAfrika Work?
A cryptocurrency exchange called BitAfrika was launched in Ghana in 2017. Users in Ghana can use it to receive, send, and exchange cryptocurrencies from all around the world.
On the platform, users can exchange cryptocurrencies like Dogecoin, Bitcoin, and Litecoin. Account registration on the website requires the completion of KYC (Know Your Customer) forms. Knowing that BitAfrika complies with strict anti-money laundering regulations to protect you from theft and fraud allows you to rest easy.
Customers pay a 1.5% transaction fee to buy Bitcoin, Dogecoin, and other cryptocurrencies on the BitAfrika platform. For withdrawals in fiat currency, BitAfrika’s regional payment processors levy a 1% fee. No maximum daily or monthly payments are permitted.
You can use Mobile Money to make purchases and external wallets to make payments.
Breet vs. BitAfrika: A comparison Overview
For this comparison, we’ll consider crucial factors for picking the best cryptocurrency platform. These components include:
1. Exchange System
By using an OTC cryptocurrency trading system, Breet instantly converts each cryptocurrency coin to its corresponding value in fiat money. Although BitAfrika uses peer-to-peer exchange, this implies that another buyer or seller or a third-party agent must accept the offer and confirm payment before you may trade cryptocurrencies with BitAfrika.
Due to its time-consuming nature, P2P trading is often not a practical solution for bitcoin consumers or businesses who need a quick conversion of their cryptocurrency holdings into cash. Breet enables full crypto trading without the need to wait for a peer to finish the various transactional procedures.
2. Transaction Speed
How rapidly are cryptocurrency exchanges on Breet and BitAfrika? Transactions on BitAfrika can take up to 10 minutes, however trading cryptocurrencies on Breet merely takes a few seconds. A more realistic truth is that a P2P exchange system-based crypto exchange requires time. The quickest that somebody may finish a transaction under P2P is frequently five minutes. Hours are normally needed. This is because both parties must concur on the plan and verify the payments before the cash can be released. This process can continue for several hours. Since you don’t have to wait and your money is sent right into your bank account, it is generally reasonable to say that Breet is speedier.
3. Countries Supported
While BitAfrika exclusively works in Ghana, Breet only does so in Nigeria and Ghana. The two platforms are looking to expand to other countries in Africa.
4. Security
Security must be considered before utilising any crypto trading platform because it is a crucial component. Breet is secure. When registering, two-factor authentication is an option, but in order for your account to function, your email address must first be verified. You must securely register with BitAfrika and provide personal information.
Due to the prevalence of fraudulent transactions, investors take extra care to prevent trading with the wrong parties. Although it’s unlikely that BitAfrika uses two-factor authentication, you will always require your login information to access your account.
Users of Breet App have access to fingerprint unlock and even dual authentication.
5. Credibility
Can you trust Breet and BitAfrika? To evaluate whether a trading platform is reliable, read client reviews. Breet has a 4.6-star rating on the Google Play store and a 4.2-star rating on the App store, respectively. BitAfrika has a 4.3-star rating on the Google play store and 4.7 on the App store. Both trading platforms are credible and can be trusted.
[Read Also: Breet VS Ecurrency4u]
6. Charges
There are no transaction costs or percentage reduction fees while using Breet. There is a charge from BitAfrika. Customers pay a 1.5% transaction fee to buy Bitcoin, Dogecoin, and other cryptocurrencies on the BitAfrika platform. For withdrawals in fiat currency, BitAfrika’s regional payment processors levy a 1% fee.
7. Limitation
Determining the trading limitations on any trading platform you use is also recommended. There are no withdrawal or trading restrictions on both Breet and BitAfrika. You are allowed to trade any amount of cryptocurrencies.
8. Interface and Accessibility
BitAfrika and Breet are currently available on all Android and iOS smartphones, Breet will soon be available via the website as well, according to the business.
The two trading apps are really easy to use.
9. Customer Support System
The customer service team at BitAfrika is not available 24/7. Numerous consumers have reportedly lamented their poor customer service, according to reviews. Support for BitAfrika is provided through phone and email address. They also have a physical place you can go.
Breet’s customer service is available around-the-clock and is based on user feedback and testimonials. They are always accessible, day or night. Breet also provides several contact options, such as a phone number, email address, Livechat, WhatsApp, Twitter, Facebook, and Instagram. This implies dependability and legitimacy. BitAfrika’s customer support is inferior to Breet’s.
10. Referral System and Point Bonus
All of Breet’s users have access to point incentives that can be converted to cash. BitAfrika, in contrast, does not have a referral scheme. Breet also has a referral system.
11. Cryptocurrencies Supported
Breet supports the following cryptocurrencies: Bitcoin, Ethereum, Litecoin, Tether (USDT), Dogecoin, and Bitcoin Cash. Compared to BitAfrika, Breet’s trading platform is larger and supports a larger selection of cryptocurrencies.
In conclusion, it is blatantly obvious that using Breet is a better and safer option for trading cryptocurrencies than using Breet. Breet is without a doubt trustworthy, however, BitAfrika is also a very good crypto trading app in Ghana. Use reputable crypto trading platforms, it is encouraged.
