Exploring Binance Uganda Exchange, 3 Aspects That May Cause Trading Issues
The three things you don’t know about Binance Uganda
Binance has gone ahead to launch a new venture in Uganda, and since the launch, several expectations are surrounding this trading platform.
The African market is often overlooked within the crypto market, but the Binance platform is taking a leap to discover the market. Below are the three factors you might find to be a little interesting.
There Is No BNB Support At The Moment
Many investors within the market own the Binance coin, all this is in the hopes that it will help in reducing their trading fees. However, this same aspect will not apply within the Ugandan market, but this is just for the time being.
And currently there is no indication that this particular token will be able to make its way to this venture; thus, there is no specific reason for users to entirely rely on this platform in the hopes of earning a BNB.
But, with this said it should not affect the overall value of the BNB token. As we know, it is very likely that the token will get implemented to the Binance platform based in Uganda, but it is important to note that the exact plans the company is hoping to take on remain to be very unclear.
It has only been 24 hours since the platform has been up and running in the new market; therefore, there are several unknowns that have not been addressed by the company.
It Has New Trading Pairs
Many cryptocurrency platforms tend to look at how they can offer as many markets as possible, but for Binance Uganda, it is going to be doing things a little more different from what we have been accustomed to.
For the regular trading platform, it has over 300 different trading markets at the moment, yet the counterpart which will be based in Uganda will mainly focus on only two different markets at the moment.
So this means that both Ethereum and the Bitcoin can easily get traded against the local fiat currency, but at this stage, these are pretty significant pairs that can be used in the trade. The Ugandan market is very new for most; thus, no one is clear on what they can expect to see in the crypto trading within the market, but for the Binance platform it has seen this as a golden opportunity as it is an untapped market.
But it is important to note that this platform might just backfire, all this depends on the circumstances that are surrounding the crypto market within the country.
Liquidity Could Prove To Be A Problem
The Binance Uganda platform is officially open for business, but it is still going to be very interesting to see on when or even if the first trade will actually occur. The exchange sign-ups have been made available for a few days now, and for the deposits, they will be going live today at around 10:00 AM EST. It is expected that it might take a while before some interest is shown towards the platform.
But the actual trading will not go live immediately; thus, this might make some of the interested investors averse in checking out the new platform. The company will announce the exact trading date, but this will all depend on how the users will sign up to the platform during the initial phase.