How to buy Bitcoin in Africa
This post will cover the various options available to buy Bitcoin, as well as other currencies, in Africa. We will review different methods of purchasing the cryptocurrency in Africa. Some are anonymous and some require identification. Here you can find more information about maintaining your privacy when you purchase Bitcoin and Alts.
First get a Bitcoin wallet
As always, before buying any currency, we caution that it is not advisable to keep your crypto in trading broker sites/exchanges which sometimes close, hacked or may freeze or delete the user account for various reasons. Crypto coins should only be stored in a reliable wallet. Here you can read about common Bitcoin wallets and how to protect your holdings.
Bitcoin’s popularity in Africa
Bitcoin is a significant tool for gaining economic and civilian power in countries where the regime is corrupt and the economy is stuck behind. It is therefore not surprising that Bitcoin and Crypto are in very high demand in Africa.
One of the side effects that highlights the high demand for Bitcoin in Africa is the fact that its exchange rate on local stock exchanges is times tens of percent higher than its average rate.
There are a number of exchanges in Africa today that allow you to buy and sell Bitcoin as well as other currencies. Most African exchanges require a full or partial identification process. Some receive wire transfer and some also support credit or debit cards. In addition, if you are looking for anonymity LocalBitcoins is gaining popularity and a significant volume of transactions.
Bitmari, founded in 2015, is one of the leading bitcoin exchanges in Africa, with fast transaction time and reasonable fees. Bitmari also offers a bitcoin mobile wallet. Bitmari Services are offered to Zimbabwe residents as well as in other parts of Africa. The exchange supports various African languages such as Shona Ndebele, Wolof, Swahii, Tswana, Zulu and more. go to website.
CM Trading is a South African forex service that operates from Johannesburg but offers its services to other countries. It is considered an advanced platform and features mobile trading. It offers MetaTrader 4 and Sirix that are familiar to forex traders. The exchange has a minimum deposit of $250 and funding options are credit cards, bank wire transfers and Skrill. go to website.
BitPesa is digital crypto and foreign-exchange payment platform, located in Nairobi, Kenya. It allows users to send and collect business payments between Africa and the rest of the world. The platform is used by importers and exporters across Africa. Transfers are performed over the bitcoin network and users can send and receive payments in multiple currencies, including African currencies. go to website.
Payplux is a Ghana crypto exchange platform that provides services across Africa to companies and individuals; including payment solutions. It partners with several banks and mobile wallets. You can buy and sell Bitcoin, Litecoin and Ether. go to website.
is one of continent biggest crypto exchange. You can buy and sell bitcoin in supported countries in Africa. The exchange also offer a mobile wallet for your smartphone. They offer free deposits and Low fees of 0% – 1%. Also high limits when verified. Note that it only supports Bitcoin and Ethereum.
Golix is a cryptocurrency exchange based in Zimbabwe. Golix offers buying cryptocurrencies with Fiat and also has its own Ethereum token “GLX”. go to website.
Ice3x is a relatively old South African crypto-exchange operating since 2013. They offer bitcoin, litecoin and ether trading. South African rand and Nigerian naira are accepted.
Paxful is a P2P (person-to-person or peer-to-peer) exchange. It is basically a platform for Bitcoin sellers and buyers from around the world much like Local Bitcoins. Paxful allows for almost any payment method. When a trade starts, the bitcoins are transferred to Paxful’s escrow, and the trade can be canceled only by the buyer. Paxful doesn’t take any fees from the buyer. The site only takes 1% from the total sale amount from the seller. However, most sellers add their fees to the exchange rate. Click here for a quick registration guide.
Naira Exchange is a popular Nigerian bitcoin exchange established in 2014. They accept bank transfers, bank deposits and debit cards. The platform offers a simple interface suitable for beginners.
Some Reddit users claimed that Naira Exchange is a scam. But it is unclear whether these allegations are based on facts or are due to cultural differences and difficulties in operating within the platform that is aimed towards the local Nigerian market.