How to buy and sell Bitcoin in Kenya

Cryptocurrencies experienced their boom in 2017, but despite a long correction, demand for them remains at a high level. And Kenya has a leading position in terms of trade volumes in Africa. According to statistics, Bitcoin assets account for more than 2% of the country’s total GDP.

Why are cryptocurrencies so popular? If you try to explain in detail what digital assets are, then you can write an entire encyclopedia on this topic. We will not go into detail and describe the key advantages briefly. Cryptocurrencies have many advantages:

• Decentralization. Bitcoin is based on distributed blockchain technology. This means that the system does not have a single access center. Users have full control over their funds and are free to use them as they please;
• Privacy. In order to use digital currencies, you do not have to disclose your identity;
• Universality. Cryptocurrencies are easy to buy and sell anywhere in the world, which is not true for fiat currencies. If you transfer dollars to a person living in another part of the world, they will have to somehow convert them into the local currency with associated costs, not counting the transfer fees. But you can send them bitcoins for just a few cents;
• Speed Of course, Bitcoin is inferior in terms speed to more modern cryptocurrencies and payment systems, such as Visa or Mastercard. But transactions are faster than bank transfers.

Let’s look at several ways to buy bitcoin in Kenya using credit cards, bank transfers, electronic payment systems and other methods.

How to buy Bitcoin in Kenya

There are many cryptocurrency platforms that allow you to buy and sell Bitcoin. Kenya does not regulate the market, but many international services are available for this country regardless. Let’s list the most popular ways to buy digital assets.

Note. Prior to buying cryptocurrency, you have to take care of storage. You will need a cryptocurrency wallet for that. There are many different types of wallets: desktop, online, mobile, hardware, and even paper ones. They are also divided into two types according to the principle of operation — “light” and “heavy”. Here are some of them that are popular among users:

• Bitcoin Core (the official Bitcoin wallet);
• Electrum (desktop or mobile wallet);
• Blockchain.com (online wallet);
• Ledger (hardware wallet).

Cryptocurrency exchanges

Cryptocurrency exchanges allow you to exchange cryptocurrencies at the market rate. This method is more suitable for those who are going to trade actively, since the exchange process is more complicated: you need to replenish your account balance, exchange, and then withdraw funds.

Binance

Binance is one of the largest and most popular crypto exchanges in the world. The daily trading volume of the platform may exceed $2 billion.

Pros:

• Favorable rate;
• High liquidity;
• Low exchange fees;

Cons:

• Inconvenience
• Additional withdrawal fees.

Coinbase

Another major trading platform. Coinbase is also one of the few regulated crypto exchanges. The exchange is registered in FinCEN and is legal in the US, but it is not as popular due to certain restrictions.

Pros:

• Favorable exchange rate and low fees;
• High liquidity;
• Proprietary wallet and credit card.

Cons:

• Mandatory verification, user transactions can be tracked;
• Payment methods selection is limited;
• Not available in all countries (Kenya is supported).

Exchange platforms

Exchange platforms make it easier and faster to sell Bitcoin, but the exchange rate is usually higher than on the exchanges. This is a great way for those who want to invest in Bitcoin for long-term storage.

Paxful

This is a major international P2P exchange platform available in many cities around the world. Paxful launched in 2015 and aims for a mass adoption, allowing as many users as possible to access crypto assets.

Pros:

• Easy and convenient exchange process;
• A wide variety of payment methods;
• High limits

Cons:

• Rates are higher than on exchanges;
• The exchange process takes more than on exchanges.

How to sell Bitcoin in Kenya

For sale, you can use the same exchanges and platforms that we listed earlier. But there is one service that should be paid special attention to — this is a cryptocurrency exchange platform HiRiBi.com.

HiRiBi exchange platform

HiRiBi allows to exchange Bitcoin for PayPal. This fact alone is enough to set it apart. The exchange happens automatically: your money is transferred to your account immediately after two confirmations in the bitcoin network. The main feature is that you can sell bitcoin at the highest rate, which is higher than the market rate by 10% or more. This is achieved due to the fact that the service monitors large trading platforms and looks for the most profitable exchange rate.

Pros:

• PayPal support
• The highest rate for selling Bitcoin
• Automatic accrual (almost like on exchanges);
• Qualified support

Cons:

• BTC-PayPal is the only exchange direction available.

Despite the fact that Haribi only supports the sale of BTC, it remains perhaps the best platform for those who are looking for a way to sell bitcoin in Kenya.

Summary

Now you know how to buy and sell Bitcoin in Kenya. We have reviewed popular platforms for buying cryptocurrencies. But if you want to sell bitcoin, we recommend paying attention to Haribi, because it offers the highest BTC rate possible.