Top 7 Cryptocurrency Exchanges to Start Trading in Kenya
Looking to trade cryptocurrencies in Kenya? Check out our list of the best exchanges, including eToro, Binance, and Coinbase.
Are you keen to delve into the cryptocurrency market in Kenya but need help figuring out where to start? We're here to guide you. With numerous cryptocurrency exchanges available, choosing the best one that caters to your needs can be challenging. That's why we've done all the heavy lifting for you. This article lists the best cryptocurrency exchanges in Kenya, highlighting their strengths, weaknesses, and unique offerings. Buckle up, and let's embark on this enlightening journey!
Key Considerations in Choosing a Kenyan Crypto Exchange
Firstly, remember that trading fees can impact your return on investment. Most Kenyan crypto exchanges charge these fees as a percentage of the trade, with 1% being the standard for the more affordable platforms. Also, remember to factor in potential deposit and withdrawal charges. Comparing these costs among different platforms can lead to significant savings.
Safety of Funds
Ensure that your chosen platform values the security of customer funds. Opt for exchanges that follow stringent storage practices, ideally offering cold storage (offline). The best platforms have undergone auditing by reputable accountancy firms, adding an extra layer of assurance.
Is the platform easy to navigate? Are you able to execute trades seamlessly on your smartphone? Are there handy analysis tools and charting features? Answering these questions can help you filter out platforms that align with your trading style and preferences.
Account Verification Process
Identity verification is generally a prerequisite for regulated Kenyan crypto exchanges. Having the necessary documents ready can smoothen the sign-up process.
While Bitcoin is universally available, the range of altcoins varies across platforms. If trading in alternative cryptocurrencies appeals to you, choose a venue with an extensive selection.
Check whether the platform accepts your preferred local or international currency. Some exchanges may only accept US dollar deposits, which can pose an issue if that's not your primary currency.
Accepted Payment Methods
Your preferred payment method can also guide your choice. Most platforms accept, M-pesa, bank transfers, and debit card payments, but alternative methods like PayPal may not be universally accepted.
Now let us get started with the focus of our article
Best Crypto Exchanges in Kenya
eToro is the best cryptocurrency exchange in Kenya. The platform offers low transaction fees, robust security, and an easy-to-use interface. It's also favored for its diverse selection of cryptocurrencies and popular 'Copytrader' function, allowing users to emulate top traders' strategies.
Exness provides a pro-style trading experience with tight spreads. It supports various cryptocurrencies, offers versatile trading tools, and accommodates all experience levels. You'll appreciate its high regulation and negative balance protection.
Binance stands out as the best crypto platform for trading altcoins. It supports the trading and storing of over 130 coins, offers multiple trading pairs, and boasts low trading fees, mainly when using BNB (Binance Coin).
For mobile trading, Skilling takes the crown. It offers a user-friendly platform that makes commodity trading accessible to everyone. With Skilling, you can trade 55 cryptocurrencies and integrate with TradingView for enhanced charting capabilities.
For professional traders and API trading, Bitstamp is the go-to platform. It's a regulated platform with a reputation for excellent performance, offering trading on 75+ cryptocurrencies.
OKX shines in futures and margin trading, boasting over 350 cryptocurrencies available across 650+ trading pairs. Its platform is adaptable and flexible, catering to all trader types.
Coinbase, a secure trading platform, is excellent for all traders. It offers over 170 cryptocurrencies to trade, a secure wallet for coin storage, and automatic staking rewards on 10+ cryptos through Coinbase Earn.
A Step-by-Step Guide to Buying Bitcoin & Crypto in Kenya
- Start by signing up for a trustworthy platform like eToro. You'll typically need to provide some personal details and a form of ID.
- Navigate to the deposit section and transfer the money you wish to invest.
- To buy a specific cryptocurrency, type its name or symbol into the search box.
- Click the 'buy' or 'trade' button, enter the amount you want to purchase, and execute the trade.
- Once the trade is executed, your newly purchased crypto will appear in your exchange wallet. You can leave it there or move it to a dedicated crypto wallet for extra control.
Choosing a suitable cryptocurrency exchange is crucial to your trading success. In this guide, we've provided in-depth insights into the best cryptocurrency exchanges in Kenya, emphasizing the aspects that make each platform unique. However, always remember that investing in cryptocurrency comes with risk, so do your due diligence and only invest what you can afford to lose.
Frequently Asked Questions (FAQs)
What makes a good cryptocurrency exchange?
A good cryptocurrency exchange offers an easy-to-use interface, various cryptocurrencies to trade, robust security measures, affordable trading fees, and excellent customer support. Other considerations include withdrawal limits, trading volume, regulatory compliance, and the availability of different trading options, such as spot trading, futures, and margin trading.
Which exchange should beginners use?
Beginners should consider an exchange with an intuitive user interface, educational resources, and customer support. In this context, eToro, Coinbase, and Binance are excellent choices due to their user-friendly platforms and great educational content.
What are the risks of cryptocurrency trading?
Cryptocurrency trading carries several risks, including market volatility, cybersecurity threats, regulatory changes, and the potential for loss due to personal mistakes or lack of understanding. Researching and understanding each coin before trading thoroughly is crucial. Using secure platforms and diversifying your crypto portfolio to manage these risks is vital.
Is cryptocurrency legal in Kenya?
Cryptocurrency is not illegal in Kenya. However, the Central Bank of Kenya has warned citizens about the potential risks. Staying updated with local regulations is essential as the situation can change rapidly.
How do I secure my crypto assets?
Securing your crypto assets involves:
- Using strong, unique passwords for your accounts.
- Enabling two-factor authentication (2FA).
- Using hardware wallets for storing your coins.
- Keeping your software updated.
- Being vigilant about phishing attempts.
It's also wise to use regulated exchanges with robust security measures.
Can I trade crypto in Kenya using M-Pesa?
Some crypto exchanges allow you to buy Bitcoin and other cryptocurrencies using M-Pesa. PLEASE CHECK THIS ARTICLE TO LEARN MORE
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