If you are new to cryptocurrency investing and want to place your first trade but are unsure where to start, you have come to the right place. In this guide, you will discover the best bitcoin exchanges for Africans to buy bitcoin, and other cryptocurrencies, using local currency.
Coindirect is a new cryptocurrency trading platform that is currently available in 24 countries including Kenya, Nigeria, and South Africa. The platform allows users to buy and sell bitcoin (BTC) and more than 30 altcoins such as Cardano (ADA), Dash (DASH), and Monero (XMR). In addition, the peer-to-peer exchange offers Escrow-protected transactions with transparent fees.
The platform enables users to carry out their transactions using local currencies while offering 24/7 access to their site.
How to buy bitcoin on Coindirect:
- Open coindirect.com on your browser and select your country.
- Create an account by signing up for free.
- The platform will then prompt you to go through the Know Your Customer (KYC) process where you are required to upload a selfie with your ID, a photo of your ID, and proof of address.
- You will also need to fill out your personal details. For cash withdrawals, add a bank account. You will also need to add a payment method for peer-to-peer payments.
- Click on wallets to buy or receive BTC. You can also access the convert, send, and sell options under this tab.
- Select the peer to peer option at the top of the page to start trading.
LocalBitcoins is the most popular peer-to-peer bitcoin exchange in the world. It allows users to securely buy and sell BTC.
The platform is available in every African country where users are willing to buy and sell the digital currency. LocalBitcoins also supports a wide range of payment platforms including mobile money transfers such as M-Pesa, which makes it a popular exchange for African bitcoin investors.
Traders with a high feedback score and level of trust are likely to conduct more trades on the platform.
To buy bitcoin on this platform, follow the following steps:
- Visit localbitcoins.com and sign up for free.
- Once you have created an account, the site will prompt you to verify your email address.
- You will also be required to verify your phone number, identity, and real name in order to trade. In addition, you will need to increase the security level of your account by activating two-factor authentication.
- Once you have completed these steps, choose your country and desired payment method to see what offers there are.
- When you have found an offer that suits your investment needs, click on it, send the amount to the seller and wait for the BTC to arrive in your wallet. Since the money will be in escrow, your funds will be safe. Having said that, it is best to trade only with reputable traders on the platform for added safety.
Paxful is another popular peer-to-peer bitcoin trading platform that is accessible to Africans. The platform enables users to buy, sell, spend, and accept bitcoin.
Trading on Paxful takes place online via live chat while transactions are handled with secure Escrow. The platform is available in Nigeria, South Africa, Kenya, Mozambique, Mauritius, Algeria, Egypt, Rwanda, among other African nations.
The platform provides more than 300 payment methods such as bank transfer, Western Union, PayPal, VISA, Mastercard, and MoneyGram. The Paxful marketplace has 1.7 million monthly active users globally and is thus able to provide decent liquidy for bitcoin traders.
To buy bitcoin on Paxful, follow the following steps:
- Sign up for a free account and wallet on https://paxful.com. You can also begin by clicking browse bitcoin offers before creating an account.
- Confirm your email address and your phone number then enter the basic information required.
- Improve your account’s security by adding two-factor authentication.
- To buy bitcoin from the platform, enter your preferred amount and then select a currency and payment method. Once done, search for an offer and execute the trade using your preferred payment option.
- Once completed, you will receive your BTC in your wallet on Paxful.
Remitano is an escrowed peer-to-peer bitcoin exchange where users can also buy and sell Ether (ETH), Bitcoin Cash (BCH), and Tether USDT.
The Remitano platform is a product of Babylon Solutions Limited incorporated in Seychelles. The platform is available in Nigeria, Kenya, and South Africa, among other countries.
Remitano has an easy-to-use interface, which makes buying and selling BTC on the platform fast and simple. Supported payment methods include bank transfers and mobile money transactions such as M-Pesa in Kenya.
Here is how you can buy bitcoin on Remitano:
- Register for a free account on https://remitano.com by typing your email address and following the prompt.
- Click on your profile to submit your phone number and to upload the required KYC documents.
- Add two-factor authentication to make your account secure.
- Once you are done, you can begin trading by searching advertisements under the buy/sell BTC section.
- Once the trade is completed, you receive your BTC in your Remitano wallet.
Belfrics is a bitcoin exchange available in Kenya, Nigeria, and Tanzania. On this platform you can trade, ETH, BTC, BET, LTC, BCH, and XRP using local currencies.
The exchange features an order book, chart, market watch, and market status to help users trade. These features are located on the dashboard.
Belfrics accepts bank transfers while users are charged 0.50 percent of the volume of every transaction. You can also withdraw the accepted currencies from your wallet.
To trade on Belfrics, do the following:
- Sign up for a free account and wallet on https://belfrics.com
- Once your account is activated, fill out the KYC requirements where you are asked to upload proof of ID and address as well as a bank document.
- You should make your account secure by adding Google authenticator for logins. To do this, open user settings and add Google authenticator.
- When your account is verified, click the wallet section then select the currency you wish to deposit.
- Follow the instructions to load your Belfrics wallet with money. The platform also gives you the option to deposit money in your local currency through a local bank account.
- Select the trade option to buy or sell the cryptocurrency of your choice.