Bitcoin is the first decentralized digital currency that was introduced in 2009. In the recent past, the number of Kenyans trading in bitcoin has significantly increased. Finder’s Cryptocurrency Adoption Index ranks Kenya 12th for cryptocurrency ownership out of 27 countries surveyed around the world.. In this article, we will show you how to buy and sell bitcoin in Kenya.
Cryptocurrencies have the following features
- They are decentralized. Cryptocurrencies are not regulated from a specific monetary authority.
- Peer to peer. They are easy to exchange ownership between people from different parts of the world.
- They are fast to transact. Transferring bitcoins takes just a few seconds, unlike bank transfers that can take days.
Where to Buy Bitcoin in Kenya
You can purchase bitcoin in Kenya from many cryptocurrency marketplace. You can buy bitcoin using payment methods such as mobile money and bank transfers. Fortunately, it is also possible to buy bitcoin with Mpesa, the most popular mobile money service in the country. You will need a crypto wallet to store your bitcoin after buying.
Crypto Wallet in Kenya
A a crypto wallet has an option for sending and receiving bitcoin and also backup. To receive bitcoin, you need to provide the sender with your bitcoin wallet address. Ensure that you backup your key to the wallet in safe place and not in an online platform. Find out best crypto wallets in Kenya.
Is cryptocurrency legal in Kenya? Bitcoin and other cryptocurrencies are not considered legal tender in Kenya and are not regulated. However, the nature of bitcoin is such that it does not require a central authority as is the case with Kenyan shilling.
Crypto Exchanges in Kenya
These are online platforms where you can buy or sell Bitcoin in Kenya. Buyers and sellers do not need to meet each other to trade. Some of crypto exchanges you can use to buy Bitcoin in Kenya are the following.
Yellow Card Kenya
Yellow Card is a crypto startup that operates in over 10 African countries including Kenya. While many crypto exchanges do not have a physical presence in Kenya, Yellow Card has a local office in Nairobi.
Yellow Card offers multiple payment options for you to buy bitcoin. You can buy bitcoin in Kenya with cash, bank transfer, and mobile money including M-Pesa. The exchange has its own crypto wallet. However, we strongly advise you to withdraw your bitcoin to your own personal crypto wallet. It is also possible to withdraw your Kenyan shilling to your mobile money wallet. Learn more from our Yellow Card review.
Paxful. This is one of the main platforms that Kenyans use to purchase bitcoin. It is easy to sign up, buy, sell and trade in bitcoin. Available payment options on Paxful are bank transfers, M-Pesa, Chipper Cash, Skrill and Paypal. You can buy bitcoin using Paxful website or by downloading our iOS or Android app on your mobile device.
Localbitcoins is an exchange only deals in the trade of Bitcoin. All you need to do is to sign up and then activate your account. A link will be sent to your email once you sign up which you can use to activate your account. Then you are ready to look for a merchant who sells bitcoin. You can buy with Mpesa or bank transfers.
Send, Deposit, Exchange, and Buy Bitcoin with Telegram Online in Kenya
- It is now possible to buy cryptocurrency in Kenya, receive, exchange and send to other wallets for free using the instant messaging app, Telegram. At the moment, you can only buy with a bank card.
- To use the feature, open the Telegram messenger and search for “wallet”. Open the Telegram’s official wallet bot, click “/start” and select the options showing depending on whether you want to buy, send, receive or deposit cryptocurrency. You should also add it to the menu (for easy access).
LocalCryptos is a peer-to-peer marketplace, which means users trade with each other not with the platform. LocalCryptos does not take custody of users’ bitcoin like many other crypto exchanges. Payment methods will depend on what the seller’s option. Most users on the platform accept Mpesa, Airtel Money, bank transfer, Chipper Cash, Western Union, MoneyGram, Transferwise, etc.
Binance is another option for you if you want to buy bitcoin in Kenya. You can register on Binance by visiting the website or downloading the Binance desktop client, or Binance App for iOS or Android. To buy bitcoin with Kenya, you need to complete level 2 identity verification, which will also increase your daily withdrawal limits. Supported payment methods include Mpesa.
Final Thought on How to Buy Cryptocurrencies in Kenya
When choosing a crypto exchange to use to buy bitcoin in Kenya, find out available payment options, fees, security of the platform, etc. If a crypto exchange has a bitcoin wallet, we highly advise you to instantly withdraw your bitcoin after buying and send to your personal crypto wallet. By using the exchanges listed in this article, you will be able to buy bitcoin in Kenya.