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PowerTrade Rolls Out Crypto Options Trading App



On April 15, 2021, PowerTrade rolled out a crypto options app for iOS devices. With the app, retail traders can easily purchase Call and Put options on bitcoin.

Growing Demand for Retail Options Trading

As the bitcoin price increased in Q1/2021, the bitcoin derivatives market was also experiencing growth. For instance, futures hit $2.13 trillion while options reached $28.63 billion in trading volumes in March 2021. Compared to March 2020, this was a ten-fold increase.

PowerTradeAccording to a statement from PowerTrade, institutional traders are currently dominating crypto options trading. 93 percent of the institutional crypto options trading volume takes place on Deribit, a platform with high minimum trade sizes.

Data from messaging platform Paradigm revealed that it facilitated $22.91 billion of the $28.63 billion options trading volume in March. This indicates that the majority of crypto options trading is still taking place on the institutional level.

Interestingly, retail trading dominates the spot and futures markets. For example, the growth of exchanges like Binance and Coinbase that offer spot trading is proof that retail trading is dominating these markets. On the other hand, exchanges that concentrate on institutional trading do not have a significant market share.

Retail users that want to trade crypto options have been neglected. PowerTrade wants to fill this gap by offering easy retail trading of crypto options. According to Google Trends, searches for bitcoin options are on the rise, indicating growing retail interest.

Joey Krug of Pantera Capital said, “Easy to understand options are key to further retail adoption of crypto. It is one of the reasons so many people have adopted Robinhood and I believe PowerTrade can bring a similar user experience to the crypto market.”

Pantera is one of the VCs that have contributed funds to PowerTrade.

The PowerTrade App


PowerTrade has conducted user research that shows retails users find the present offerings difficult to use. Moreover, these platforms are focused on professional traders. Other challenges that users face are not understanding how these professional-focused tools worked, confusing interfaces, and high minimums. As a result, retail users give up on using these options trading platforms.

To solve these issues, PowerTrade has designed an interface with retail traders in mind. So far, beta users have found the interface appealing.

“We are very excited for the public to finally experience the PowerTrade vision we have been working towards over the past year,” said Mario Gomez Lozada, PowerTrade CEO.

The PowerTrade Platform features the following:

  • Users can buy and sell BTC/USDT options.
  • Zero percent fees. However, network fees apply when users withdraw bitcoin to an external wallet.
  • Low minimums. Users can start trading with as little as $1.
  • Users can currently fund their accounts with USDT. The company plans to add more funding options in the future.
  • Only iOS users can access the platform at the moment. Android users will have a PowerTrade app soon.
  • The platform has a decentralised autonomous organisation (DAO) token called PowerTrade Fuel Token (PTF). Users can stake PTF on the website.
  • Beginners will receive education on how to trade options.

In September 2020, PowerTrade raised $4.7 million via a token sale. The participants of this funding round were Pantera Capital, Framework Ventures, CMS Holdings, QCP Capital, Synthetix founder Kain Warwick, Coingecko founder Bobby Ong, among others.

CMS Holdings said, “We are excited about the tremendous continued growth potential in the emerging crypto options space.  With retail interest in equity options at an all-time high, we think it is only a matter of time until we see a team successfully launch these products for the crypto community.”

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Join Us for a Live Telegram AMA with Cryptolocally on Monday, May 17



Telegram AMA with Cryptolocally

Join us on Monday, May 17, at 2pm EAT (12pm WAT) for a Live Telegram AMA (Ask Me Anything) with Cryptolocally’s co-founder Hugo Campanella. 

Cryptolocally is a fast-growing peer-to-peer crypto exchange that has entered the African market with the intention to provide more crypto on- and off-ramps as well as DeFi earnings opportunities to Africa’s crypto community.

Join us in our Telegram Community to ask Cryptolocally any question you’d like on Monday! 

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Weekly Roundup: Bitcoin Drops Below $50,000, Paxful Billboards Hit Lagos



Bitcoin chart

In this week’s news roundup, we will cover the recent drop in the price of bitcoin, Paxful’s new advertising in Lagos, and the upcoming CryptoLocally AMA that we will host on our Telegram group.

Bitcoin Drops Below $50,000 After Elon Musk’s Energy Tweet

In an interesting twist of events, Tesla has stopped accepting bitcoin for car purchases. As a result of the announcement and the company’s reasoning, the price of bitcoin dropped below $50,000. Tesla’s stock also fell by about 1.3 percent in after-hours trading, according to an article on MarketWatch.

Bitcoin took a hit after Elon Musk tweeted his concerns over the effects of bitcoin mining on the environment. The tweet read: “Tesla has suspended vehicle purchases using bitcoin. We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”


The announcement that the company was going to start accepting bitcoin payments in February affected the market positively. However, several critics did not support Tesla’s decision to embrace bitcoin, citing that the decision went against the company’s goal to safeguard the environment. This rising criticism could have pushed Tesla to its new decision.

“Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk observed.

Tesla will, however, not sell the bitcoin it had invested. Also, the company will start accepting bitcoin as payment again when mining shifts to cleaner energy. 

Paxful Billboards and Bumper Stickers Hit Lagos

The rising adoption of bitcoin in Nigeria has motivated Paxful to deploy new advertising tools to attract new customers. These tools include bumper stickers and billboards.

According to the P2P platform, there are one million crypto users in Nigeria and 1.1 million monthly trades. Moreover, $100 is spent on each transaction on average, and about $65 million worth of trades are completed each month.

Paxful is also giving away $20 worth of bitcoin to lucky traders and their favourite trade partners this Eid Al-Fitr. To participate in this giveaway, you should have an ID verified account. Participants can enter the giveaway on any of the Paxful social media accounts. Simply enter both your usernames and tag a Paxful user in the comments section. The giveaway will close on May 14 at 11:59 PM EST. Paxful will announce the winners on the blog.

CryptoLocally to Hold AMA on Bitcoin Africa’s Telegram Group

CryptoLocallyCryptoLocally and have partnered to hold a Telegram Ask Me Anything (AMA) session on Monday at 2 PM East African Time (GMT +3 hours). The purpose of the AMA is to help crypto users and enthusiasts in Africa to learn more about CryptoLocally.

If you are looking for a P2P platform, join us on Monday for a friendly and informative session with CryptoLocally. Group members will have a chance to ask questions as well. Use this invite link to join our Telegram group ahead of the Monday AMA.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

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Weekly Roundup: Bitzlato Adds Lemonade Finance, NFT Initiative AFEN Partners with Quidax



nft initiative

In this week’s news roundup, we will cover the new partnership between Bitzlato and Lemonade Finance and other top crypto stories.

Bitzlato Adds Lemonade Finance

Bitzlato, a peer-to-peer (P2P) crypto exchange and a new entrant in the African market, has added Lemonade Finance as a payment method. The partnership will enable users to buy and sell crypto on the platform at zero fees.

Furthermore, Nigerian users can now send Naira to MPesa at zero cost. They can also send local currency to users in Ghana and other countries at no cost.

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross-border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrency trading,” said Mike Lunov, the CEO of Bitzlato.

Lemonade Finance is a payment platform that facilitates borderless payments within and outside Africa.

NFT Initiative AFEN Partners with Quidax

AFEN Partners with QuidaxThe first government-backed NFT initiative in Africa, AFEN, has partnered with crypto exchange Quidax. The collaboration will allow AFEN to list its token on the exchange.

The AFEN initiative wants to use blockchain technology to revolutionise opportunities in Africa with a focus on arts, education, and real estate. AFEN is using Binance Smart Chain (BSC) for its project.

“We will have the exclusive right to mint legacy African arts upon the launch of our NFT marketplace, adding value to Africa’s art. The $Afen token will be used for transactions on the NFT marketplace. We will release a new roadmap that will include the development stages of its NFT platform as well as extensive tokenomics,” the company recently said.

Crypto Demand on PayPal Exceeds Expectations

According to PayPal CEO Dan Schulman, the demand for crypto on the platform has exceeded their expectations. The payment platform announced the buy and sell crypto service in October 2020. The service became available in November 2020.

“Demand on the crypto side has been multiple-fold to what we initially expected. There is a lot of excitement,” he told TIME Magazine.

He also said that in ten years, the use of cash and credit cards will go down because financial transactions will be taking place through smartphones.

“When all of those things start to happen, then central banks need to rethink monetary policy as well because you cannot just issue more paper money into the system because people are not using paper money,” Schulman explained.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

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