How To Buy And Sell Cryptocurrencies in Kenya
Kenya is well-known in Africa as one of the countries where the cryptocurrency (crypto) Bitcoin has been traded in large amounts. Crypto, specifically Bitcoin, was the talk of the town during the 2017 crypto hyper surge.
In reality, according to recent figures, Bitcoin accounts for 2.3 percent of Kenya’s GDP!
We won’t go into detail on what cryptocurrencies are, but there is something you should be aware of in light of recent events.
Cryptocurrencies are digital currencies with the following characteristics:
- Cryptocurrencies are decentralized, meaning they don’t have a single point of control. They are community-owned and operated.
- Cryptocurrencies can be easily transferred from one individual to another in any part of the world.
- Fast transactions: Unlike bank transfers, which can take days, crypto transactions are completed in a matter of seconds or minutes. Different cryptocurrencies have different transaction speeds.
- Cheap: Believe it or not, you can now send your millions of dollars to every part of the world for pennies on the dollar.
These characteristics, not to mention blockchain, are some of the reasons why cryptocurrencies have grown in popularity in recent years. Since cryptos are difficult to control, banks, including central banks around the world, are wary of them.
With this in mind, you’re probably wondering:-
How Do I Buy Cryptocurrencies in Kenya?
Start trading bitcoin for as little as $10 today. To get started, create a Paxful Bitcoin Trading Account.
And if you’ve heard of the terms “cryptocurrencies” and “bitcoin,” few people seem to grasp what they mean. Not once, but twice, I’ve been asked,
“How do I become a member?” This isn’t anything like Public Likes or Bold Cashers that you enter.
No way! So here’s what you’ll need.
Capital/Funds
Investing in cryptocurrencies does not necessitate large sums of money. The good news is that you can buy as little as $1 in cryptocurrency.
Cryptocurrencies are, as previously mentioned, digital currencies with monetary value.
So you’ll need to buy or exchange your money for cryptocurrencies in order to get started.
For example, at the time of writing, an ADA Cardano coin costs $0.043046 per coin, which means that 100 ADA Cardano coins would cost $4.3046, or around Kshs. 450 in Kenyan currency.
See our crypto tracker in the sidebar above this page for the most up-to-date cryptocurrency rates, or go to CoinMarketCap for a full view of all mentioned cryptocurrencies worldwide.
NB: Never spend money that you can’t afford to lose. This is an investment that, like any other, comes with risks.
However, if you lack capital, you should not be prevented from purchasing cryptocurrencies. Also, take a look at How to Earn Free Cryptocurrencies.
Wallet
You’ll need a digital purse to store your digital currencies in. Send, receive, and backup choices are included in the purse/wallet.
To receive funds on your ADA wallet, for example, you must provide the sender with your wallet address, which functions similarly to your bank account number or as a mobile number for your MPESA or mobile money account.
You’ll also find a backup option in your wallet. Backing up your wallet’s private and public keys in a safe offline location, such as on paper or a flash disk, is recommended. You don’t want to be the person in 2025 who loses access to his or her crypto wallet, which contains a million dollars in savings. All is possible with crypto; I’ve seen it happen. So be cautious and protect your investment.
One of the most popular wallet bitcoin is bitpay. You can research more about it in case you really want to know about wallets.
Exchanges
Exchanges are a type of online marketplace where buyers and sellers of digital currencies can transact without having to meet in person. A Kenyan who wants to invest in cryptocurrencies can choose from a variety of exchanges.
Exchanges Merchants
The following are the six most common points for purchasing cryptocurrencies directly with MPESA:
Paxful: One of Kenya’s most famous exchanges for buying Bitcoin is Paxful. Anyone can sign up, buy, sell, and exchange Bitcoin, including via MPESA. The registration process is simple and takes just a few seconds to complete. Because of the customer service and community already present in Kenya and across Africa, this is the best-recommended exchange for purchasing crypto in Kenya.
Localbitcoins: This is a Bitcoin-only exchange. To get started, sign up here, unlock your account using the link provided in your sign-up email, sign in, and keep your paper wallet secure. After that, go to buy or sell bitcoin and look for a merchant that fits your needs. Before trading, make sure to check out the merchant’s profile.
Localethereum: This is an Ethereum-only exchange. Sign up here to get started. There are buyers and sellers of Ether, a popular cryptocurrency, who are always willing to exchange cryptos for cash and vice versa on this platform. With the aid of escrow, a third-party service, one can send money to the seller without fear of him or her disappearing with it. To be on the safe side, it’s a good idea to check out a merchant’s success and trading background on the platform.
Binance is the world’s largest cryptocurrency exchange by amount. Sign up here to get started. The platform allows you to buy bitcoin and a variety of other cryptocurrencies in Kenya using MPESA mobile money and bank account transfers.
Yellow Card is a bitcoin trading app that lets you buy and sell bitcoins using your MPESA card. Sign up here to get started.
Bitzlato: Similar to Paxful and LocalBitcoins, this P2P platform allows you to buy and sell Bitcoin, Ethereum, and other cryptos using MPESA. Sign up here to get started.
Merchants prefer to sell cryptocurrencies at a higher rate than the market price on the two sites mentioned above, and they often tend to buy at the market price or at a lower rate than the market price.
However, there is another alternative that allows you to buy cryptocurrencies at market value.
Trading Exchanges
Exchanges are online marketplaces that link buyers and sellers by matching their trading orders to complete transactions. Cryptocurrency is exchanged between buyers and sellers.
A buyer submits a buying price order, and a seller submits a sell price order. When the orders are in sync, the exchange takes place automatically. It’s best to start on an exchange with a high volume of trades. The Binance Exchange, which recently opened operations in Uganda, is one of these exchanges that is also available to Kenyans.
The exchange of one cryptocurrency for another becomes quite easy. You can exchange one crypto for another as long as you have one that is exchanged on exchanges.
On the Bitcoin market, for example, you can easily place a buy order to purchase Bitcoin with ADA or ADA with Bitcoin.
Wallets are built into Trading exchanges, making it extremely simple to deposit and withdraw cryptocurrencies. Since these wallets lack private and public keys, it is risky to hold (store) your cryptocurrencies in them. Hackers are known to target Exchanges on a regular basis.
Binance, as previously mentioned, is one of the most common cryptocurrency exchanges with high trading volumes. This is one of the crypto exchanges I highlly recommend. You may sign Binance by clicking Register Binance Account
Other exchanges where a Kenyan can easily register and begin trading include:
KuBitX (now defunct) – The first African cryptocurrency exchange operated entirely by Africans.
PesaMill (now defunct) – An African exchange that aims to list African coins in the future.