Binance Kenya Review (2022): still one of the best crypto exchanges available in Kenya

Binance is a platform acclaimed by users worldwide, which did not exist a few years ago. Thanks to marketing and subsequent updates that are often well thought out, the platform has effortlessly climbed to the top of the best crypto platforms here in Kenya.

Binance Kenya Review (2022): still one of the best crypto exchanges available in Kenya
Image: binance.com

The home page is simple but rather loaded: drop-down menus leading to a somewhat intimidating number of features, tracking of significant events, cryptocurrency quotes, invitation to download the Binance app both for mobile and desktop

Registration is simple and fast: an email address, a complex password, and voila. Unlike many platforms that require identity verification, the registered user can immediately start trading after filling out his account. Indeed, Binance offers the opportunity to trade on unverified accounts, limiting withdrawals to 0.06 BTC per day (compared to 2 BTC before). To take full advantage of all the features, including removing withdrawal limits or paying with the payment card, it will be necessary to go through the verification stage of the account with an identity document, a phone number, and a proof of residence of fewer than 3 months.

Cryptos can be purchased directly with a credit card, in P2P, or via third parties like Simplex. The purchase by credit card, which goes through an identity check, is fast but will cost you 1.8% of the amount purchased. Other payment methods for instant purchases are also available with M-PESA.

 A new and very interesting thing for users who do not trade in the short term but want to buy cryptos on the markets regularly and automatically keep them long-term. These recurring purchases, or fractional entries, allow the user to smooth out the risk associated with short-term volatility. Deposits in cryptos are immediately accessible, including for unverified accounts. Deposit and withdrawal fees are among the lowest in the industry. 

Editor's Choice:

10 Best platform for cryptocurrencies and Bitcoin with interesting Exchange rates

Binance  platform Features

Binance offers many ancillary services alongside its trading platforms like any self-respecting platform. Let's take a quick look at some of these services.

  1. Binance earns a range of "financial" products that allow you to save while receiving interest.
  2. Flexible Savings makes it possible to generate passive income with its cryptos. The user can deposit your funds, receive interest, and withdraw them at any time.
  3. Locked-In Savings offer better returns but less flexibility to get your funds back.
  4. One-time loans are special events that appear from time to time in the "Activities" tab of the Locked Savings part. One-time loans can offer higher returns than Locked-in Savings generally do.
  5. Staking: on the same principle, you have access to staking to generate passive income, with two options, flexible and locked staking, each offering different returns.
  6. The Binance Pool is a cryptocurrency mining platform dedicated to individual miners and the mining industry. It will allow you to allocate computing power to the pool and receive rewards.
  7. Binance Loans support the borrowing of several cryptos, including BUSD and USDT. The platform supports several cryptos as collateral, including BTC and ETH.
  8. The Binance Visa card allows you to convert and spend your favorite cryptocurrencies anywhere in the world.
  9. NFT: Binance has been very responsive to the new trend of the moment and now offers a platform for buying and selling NFT. The creation, sale, and purchase of NFT are made with a single click.

Conclusion

Binance offers very elaborate and solid trading and risk management tools and many services and products that sometimes can be dangerous for beginner profiles. We recommend this platform without hesitation, and we recommend avoiding some very risky products to avoid a little bitter investment experience. The customer service, impeccable in 2020, deteriorated in 2021, which can cause problems, especially for beginners.