Gone are the days when you had to rely on the USD to buy bitcoin in Ghana. Today, you can buy bitcoin with Ghanaian Cedi directly from exchanges that support mobile money payments. In this guide, you will learn how to buy bitcoin with mobile money in Ghana.
How to Buy Bitcoin with Mobile Money in Ghana
Ghana has several mobile money providers, including MTN, AirtelTigo, and Vodafone. MTN is the biggest mobile money operator in the country.
Before you can buy bitcoin with mobile money, you will need to top up your wallet. You should deposit enough money, inclusive of fees, to make your bitcoin purchase smooth and fast.
Buying Bitcoin with Mobile Money on a P2P Exchange
Below is a step-by-step process of buying bitcoin with mobile money.
- Create an account with an exchange that supports any of the mobile money services in Ghana. If you already have an account, log in.
- Perform the KYC process by verifying your email address, phone number, and ID. The verification procedure could vary from exchange to exchange. For instance, Paxful requires its users to verify their Identification cards, home addresses, email addresses, and phone numbers. Note that verifying all of your personal information will give you access to more trading rights.
- Once the exchange has approved the documents you submitted, you can now buy bitcoin.
- Click the “Buy” tab on the exchange.
- Next, select bitcoin as the cryptocurrency you wish to buy.
- Select a payment method. If you are using Paxful, you can choose MTN Mobile Money or Vodafone Cash.
- Enter the amount you wish to spend and select the Ghanaian Cedi as your preferred currency.
- Click “Search Offers.”
- Browse the list of offers from traders that are selling bitcoin and accepting payment through the mobile money payment that you chose.
- View the offers carefully, paying close attention to verification requirements, the sellers’ bitcoin rate, the trade time limit, and the buying limit. Paxful, for instance, lists at the top offers from active sellers and traders with affordable rates.
- When you find sellers whose offers interest you, click their usernames to view their full profiles. Subsequently, read the reviews they have received from previous trades. Also, confirm that the exchange has fully verified all their details.
- Once you find the right seller for you, click “Buy.”
- Enter the amount you wish to spend in GHS. The exchange will display the amount of bitcoin you will receive.
- Click “Buy Now” to start a trade. If you are using Paxful, you will initiate a live chat with the seller. Here, you can discuss the trade and share payment details.
- After receiving the mobile money details of the seller, go to your MTN Mobile Money app to send the payment. If you are using Vodafone Cash, dial the correct USSD code and follow the prompts.
- Once you send the payment to the seller, confirm on the exchange that you have paid.
- The seller will then validate the payment and release the bitcoin.
The exchange will transfer the BTC to your wallet in minutes. Then, you can decide to transfer the bitcoin to a mobile or hardware wallet.
Buy Bitcoin With Mobile Money In Person
You can carry out a bitcoin trade outside an exchange by holding a meeting in person. Alternatively, you can make the transaction over the phone or through WhatsApp if you know and trust the seller.
Here are the steps you should take when purchasing bitcoin in person.
- Find a seller in your local area that is willing to receive payment via mobile money. Discuss the amount you wish to buy and the cost in advance.
- When you meet, show the seller your mobile money balance as a sign of trust. Do not send the money until you receive the bitcoin.
- Share your bitcoin wallet address.
- Wait for the BTC to hit your wallet.
- Next, get the mobile money details of the seller.
- Send the seller the payment and conclude the transaction.
If you do not know bitcoin sellers in your local area, you can ask for a referral. Alternatively, you can look for them on WhatsApp and Telegram groups.
To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.