The convenience of being able to withdraw bitcoin to MPESA is incredibly valuable for Kenyans. Several exchanges are making this possible by supporting the popular mobile money service.
In this guide, you will learn how to convert bitcoin to MPESA in five different ways.
How to Convert Bitcoin to MPESA on Localbitcoins
Localbitcoins is one of the top peer-to-peer (P2P) marketplaces where you can buy and sell bitcoin. Here are the steps you should take to convert bitcoin to MPESA:
- Create an account or log in.
- Verify the required information. Localbitcoins has several verification tiers. You should at least get a tier-one (TI) verification to have a smooth process.
- Transfer BTC to your Localbitcoins wallet.
- Go to the main page and click “Quick Sell.’
- Enter the amount you want to sell and select MPESA as the payment method.
- Localbitcoins will display a list of offers. Study these offers paying close attention to the reputation score, trade volume, and the response time. For instance, green means that the trader will respond within five minutes. On the other hand, yellow means they will reply within 30 minutes, while grey means the trader’s response time is slower than 30 minutes.
- Click “Sell” to view more information. Read the terms of the trade before starting the transaction. If you disagree with the terms, go back and search for another offer.
- Once you find an appropriate buyer, input in the blue box the amount you want to sell. Moreover, type a message for the trader and click “Accept Terms.” Send the trade request to initiate the deal. Localbitcoins will move the BTC from your wallet to escrow.
- Send your MPESA details to the buyer and wait for them to pay.
- The buyer should confirm once they have finished sending the payment.
- Verify the payment on your phone. If the payment is correct, click “Release Bitcoins.” The BTC will move from escrow to the buyer’s wallet.
Alternatively, you can create an advertisement to sell bitcoin and wait for buyers to contact you.
How to Sell Bitcoin for MPESA on LocalCryptos
LocalCryptos is another P2P marketplace that allows users to convert bitcoin to MPESA. Below are the steps you should take.
- Create an account on LocalCryptos or log in if you have already registered.
- Verify the necessary information.
- Transfer BTC to LocalCryptos.
- Search for buyers by filtering by payment method, price, location, and currency. Choose verified traders with a good reputation, high trade volumes, and a high number of trades.
- Once you find a suitable buyer, open a trade.
- Next, enter the amount you want to sell and lock in the price. The buyer will receive a notification, alerting them to trade with you.
- Move the BTC to the decentralised escrow. Once the seller has escrowed the bitcoin, a countdown timer will start. The countdown will tell the buyer how long they have to make the payment.
- Use the encrypted messaging system to send the payment details to the buyer. The buyer will send the payment to your MPESA account. Next, they will click “Mark As Paid” to confirm the payment.
- Verify that you have received an MPESA message on your phone confirming payment. Thereafter, release the bitcoin to the buyer.
You can also post an offer on LocalCryptos to sell bitcoin for MPESA.
Sell Bitcoin for MPESA on Paxful
Paxful accepts MPESA as a payment method. That enables users to convert bitcoin to MPESA with ease. Use the following steps to trade on Paxful.
- Register an account on Paxful. If you have an account, log in.
- Verify your information and wait for the approval. Once Paxful has approved your details, you can start trading.
- Transfer bitcoin to your Paxful wallet.
- Click “Sell” and select bitcoin.
- Choose MPESA as the payment method. Also, pick Kenya Shillings as the currency.
- Enter the amount and click “Search Offers.”
- View the offers that Paxful will display. To find a good trader, look at the price, the trust score, the buying limits, and trade volumes. Additionally, pay attention to the verified details.
- When you find the appropriate buyer, click “Sell.”
- Input the amount you want to sell in Kenya shillings. You will see the BTC amount you should send. Click “Sell Now.”
- Start a chat with the buyer. Paxful will move the bitcoin to escrow.
- Share your MPESA details.
- The buyer will send the payment and confirm on Paxful that they have paid.
- If you have received the funds, release the BTC to the buyer.
You can also create an offer to sell bitcoin and wait for a buyer to reach out.
Trade Bitcoin for MPESA on Binance
Binance also supports MPESA payments. To sell bitcoin on this platform, take these steps.
- Register an account on Binance.
- Verify your information as per the exchange requirements.
- Deposit bitcoin in your Binance wallet.
- Next, go to “Trade” and select P2P.
- Click “I Want to Sell.”
- Choose BTC and enter the amount you want to sell.
- Select the currency and the payment method.
- You will see a list of offers. Study each offer focusing on the limit, trades the buyer has completed, and the price. When you find a suitable buyer, click “Sell BTC.”
- The buyer will confirm the payment method and amount on the page with the order details.
- Once the buyer has paid, they will confirm that they have sent the payment.
- If the funds have come through to your phone, release the bitcoin to the buyer.
Traders can also post a trade advertisement on Binance.
Exchange Bitcoin in Person
Besides selling bitcoin through an exchange, you can also perform an in-person trade or via messaging platforms like WhatsApp.
To use this option, do the following:
- Look for buyers in your local area. These could be people that you know or people that someone you trust has referred to you.
- When you find a buyer, schedule a meeting. Discuss the amount you will sell and the cost beforehand.
- During the meeting, ask to see the buyer’s MPESA balance first.
- Next, get their bitcoin wallet address and make the transfer.
- Once they have received the bitcoin, they should send you the payment immediately.
Note that transacting outside exchanges is riskier. Therefore, only trade with people you trust. One of the best ways to find trustworthy traders is through referrals.
To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.