How To Trade Bitcoin In Kenya
Bitcoin is a digital currency that… operates free of any central control or the oversight of banks or governments. Instead, it relies on peer-to-peer software and cryptography. A public ledger records all bitcoin transactions and copies are held on servers around the world.
In this article Keweb. co tries to answer the question by publishing the ways one can Trade Bitcoin in Kenya
Below are the most helpful ways to Trade Bitcoin in Kenya
Buying bitcoin and other cryptocurrencies in Kenya is a simple process and usually takes less than 10 minutes to get fully set up.
The first step is to register with a platform, app, or exchange and complete a Know Your Customer (KYC) process.
The exchange you choose will be interoperable with most devices, desktop, and mobile, and will allow you to withdraw to your own personal hardware wallet.
There are also several options available for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more advanced users.
Requirements to buy cryptocurrency in Kenya
Before purchasing, there are a couple of important things you’ll need to prepare:
- A passport, national identity card, or driver to complete the KYC process.
- A private and secure internet connection and public WiFi are not recommended as they may pose security problems.
- A mobile phone to verify your identity using two-factor authentication (2FA).
- A bank account or credit card you can use to make fiat currency deposits to purchase cryptocurrencies.
- A crypto wallet to store your assets. Almost all exchanges will offer built-in wallets, but it is important to withdraw your crypto to your own personal cold wallet for optimal security.
Steps to Buy Cryptocurrency in Kenya
1. Create an account with an exchange
Kenya has 5 trusted exchanges available for you to sign up for, with the most popular being Binance and Kraken, which account for a combined 99,000,000 active users.
Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.
Exchanges will differ by fees, security, payment methods, and other features, so explore the “info” tab on the exchanges listed above to find which one is the right fit for you.
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.
Also, it’s important to note that you can always sign up for other exchanges later.
2. Complete the KYC verification process
After signing up for an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Kenya.
To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document.
In most cases, your verification will be approved instantly and at most can take 1-2 days.
3. Make a fiat deposit
To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.
Some of the payment methods provided by Binance and Kraken are Credit Cards, Debit Cards, Bank transfers (SEPA), and SWIFT.
Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.
4. Buy cryptocurrency
Once your account has been funded, you are ready to buy your first bitcoin. It’s important to note that you do not need to buy a full bitcoin.
Most exchanges will let you buy as little as a few dollars worths of bitcoin or any other cryptocurrency.
5. Send your bitcoin to a personal wallet
Once you’ve purchased bitcoin or your cryptocurrency of choice it’s important to withdraw it to your own secure personal wallet.
Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.
How do I buy Bitcoins via M-Pesa in Kenya?
How to buy Bitcoin with M-Pesa
- Register on BitValve.
- Choose Cryptocurrency to Buy.
- Choose M-Pesa as a Payment Method.
- Find a cheap offer.
- Enter BTC Amount.
- Lets Trade!
- Check the details and agree.
- Always wait for Escrow.
Which Bitcoin app to use in Kenya?
8 Best Apps for Cryptocurrency Trading in Kenya (Updated 2023)