Prestmit
Cryptocurrency Trading Behaviour Report
Purpose of the Report
The purpose of this report is to provide an in-depth analysis of cryptocurrency trading behavior among Prestmit users. As cryptocurrencies gain widespread adoption across Africa, particularly in Nigeria, it is crucial to understand user behavior, preferences, and challenges to enhance platform offerings and improve the trading experience.
Scope and Methodology
This report highlights user demographics, behavioural trends, challenges, emerging preferences, and recommendations for crypto trading platforms.
Population surveyed
5,000 active Prestmit users.
Time-frame
Data collected between January 2024 and November 2024.
Methods
A combination of surveys, platform analytics, and interviews with users.
User Demographics
Age Distribution
45%
25–34 years: 45%
Millennials, dominant users engaging in both savings and transactions
35%
18–24 years: 35%
Mostly Gen Z, seeking fast and innovative financial solutions
15%
35–44 years: 15%
Professionals using crypto for remittances and investment purposes
5%
45+ years: 5%
Small but growing group of adopters focusing on secure transactions
25–34 years (45%)
Millennials, dominant users engaging in both savings and transactions
18–24 years (35%)
Mostly Gen Z, seeking fast and innovative financial solutions
35–44 years (15%)
Professionals using crypto for remittances and investment purposes
45+ years (5%)
Small but growing group of adopters focusing on secure transactions
Gender Breakdown
3,500 out of the 5,000 users sampled were Male
70%
Male
30%
Female
Notably, female participation in crypto trading has grown by 20% year-on-year.
Regional Representation
Nigeria
Ghana
Other African Countries
Global users
Cryptocurrency Usage Insights
Most Popular Cryptocurrencies
65%
25%
10%
5%
Bitcoin (BTC): 60%, preferred for its liquidity and high market demand.
USDT (Tether): 25%, widely used for stable-value transactions and savings.
Ethereum (ETH): 10%, primarily for tech-savvy users and DeFi transactions.
Other Cryptos (Litecoin, BNB, etc.): 5%, catering to niche use cases.
Trading Objectives
Conversion to Fiat: 60%, with users cashing out to local bank accounts for daily expenses or savings
Crypto Savings: 25%, where users retain crypto as a hedge against inflation.
Cross-border Transactions: 10%, leveraging crypto for affordable remittances and payments.
Speculative Trading: 5%, focusing on price fluctuations to generate profit
Transaction Trends
Average Transaction Size
Distribution %
<$500
$500–$5,000
>$5000
Transaction Size
Small-scale trades (<$500)
70%, dominated by first-time and casual users.
Mid-scale trades ($500–$5,000)
25%, representing frequent traders and business users.
High-value trades (>$5,000)
5%, primarily for remittances and institutional transfers.
Frequency of Transactions
50%
Weekly - (50%)
50%, reflecting planned transactions for savings and spending.
30%
Monthly - (30%)
30%, typically long-term holders or occasional users.
20%
Daily - (20%)
20%, including traders and frequent remittance users.
Weekly - (50%)
50%, reflecting planned transactions for savings and spending.
Monthly - (30%)
30%, typically long-term holders or occasional users.
Daily (20%)
20%, including traders and frequent remittance users.
Growth Trends: Seasonal spikes during holiday periods and shopping events like Black Friday.
Challenges Faced by Crypto Traders
Challenges
Volatility
Security Concerns
High Network Fees
Knowledge Gaps
Percentage (%)
Volatility
35% of users expressed concerns about fluctuating crypto prices during transactions.
More users prefer stablecoins like USDT to mitigate volatility risks.
Security Concerns
25% fear wallet hacks, phishing attacks, or scams.
Many users indicated that platform reliability and enhanced security measures were key factors in their decision to choose Prestmit.
High Network Fees
20% of users noted that blockchain fees, especially on Ethereum, make small transactions expensive.
Platforms offering fee transparency and lower-cost alternatives (e.g., Lightning Network for BTC) are gaining traction.
Knowledge Gaps
15% of first-time users found crypto trading intimidating due to a lack of educational resources.
There is a growing demand for guides, tutorials, and 24/7 customer support.
Why Users Choose Prestmit
Competitive exchange rates: 85%
85%
Fast transaction processing: 70%
70%
User-friendly interface: 60%
60%
Diverse payout options (bank transfer, mobile money, crypto-to-crypto): 55%
55%
Most Valued Features
1
Transparent fee structures.
2
Real-time transaction status tracking.
3
Personalized support through chat and email.
4
Loyalty and rewards programs.
Emerging Trends in Crypto Adoption
Stablecoin Dominance
USDT continues to dominate as users seek stability amidst crypto volatility.
Increasing use in cross-border payments and savings accounts.
Crypto for Daily Expenses
More users are leveraging platforms like Prestmit for gift card purchases and utility bill payments with crypto.
Mobile App Adoption
75% of transactions now occur via mobile devices, highlighting the importance of mobile-first experiences.
Conclusion
This report underscores the evolving behaviour and needs of cryptocurrency traders. As the market matures, platforms like Prestmit are poised to lead with user-friendly features, security enhancements, and a commitment to transparency. By addressing challenges and aligning with emerging trends, Prestmit can continue to empower users and drive adoption across Africa.
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