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.
Luno is a global crypto exchange available in Nigeria, Zambia, Uganda, and South Africa. On the platform, users can buy bitcoin, ethereum, litecoin, and ripple. Also, Luno offers a learning portal where users can learn about cryptocurrencies.
The cryptocurrency exchange allows users to make payments in their local currencies. For instance, South African users that bank with Absa, Standard Bank, Ned Bank, and FNB can make deposits to their local currency wallets through online banking. Note that payment methods could differ from country to country.
To purchase bitcoin on Luno, follow the steps below.
- Visit https://www.luno.com or download the Luno Android or iOS app
- Create an account. You will receive a cryptocurrency and local currency wallet
- Verify your identity through the KYC process
- Deposit money in your local currency wallet
- Click “Buy Bitcoin” to make your purchase and follow the prompts
- After a few minutes, you will have bitcoin in your crypto wallet. You can store it there or transfer it to another wallet.
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.
Quidax is one of Africa’s leading cryptocurrency exchanges that enables investors to buy and sell Bitcoin (BTC), Tether (USDT), Ether (ETH), and other cryptocurrencies using local currency.
The exchange opened its doors in 2018 and has become particularly popular among bitcoin traders in Nigeria due to launching with the naira (NGN) as its first supported fiat currency. More local fiat currencies will follow soon.
Here is how you can buy bitcoin on Quidax:
- Register for an account on Quidax.com using your name and email address.
- Choose a secure password and confirm your account registration via the confirmation email.
- Deposit funds into your account via a credit card, debit card or a bank transfer.
- Place a bitcoin buy order or “instant buy”
- Once the trade is executed, you will receive your purchased BTC in your Quidax wallet.
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 for advertisements under the buy/sell BTC section.
- Once the trade is completed, you receive your BTC in your Remitano wallet.