There are a plethora of cryptocurrency exchanges for Africans to choose from, but with the rise of cryptocurrency scammers, you must exercise caution when making your selection.
People in all walks of life, from financial institutions to the average person, are becoming increasingly interested in cryptocurrency. To participate, you’ll need a cryptocurrency exchange account that allows you to purchase and sell digital currencies such as Bitcoin, Ethereum, and Dogecoin, among others.
The top countries promoting crypto adoption in Africa are Kenya, Nigeria, South Africa, Ghana, Tanzania, and Togo. In Kenya and Nigeria, the volume of transactions on P2P networks has been significant.
Global cryptocurrency exchanges LocalBitcoins and Paxful saw the highest volume of peer-to-peer (P2P) Bitcoin trading, while Luno saw the largest number of new users from Africa this year. Yellow Card and Busha, two of the most popular local currency exchanges, have also raised venture capital this year.
Local firms are coming forward to meet a need for crypto trading that has mostly been handled by global platforms, even if the field is still developing in Africa. Here are a few cryptocurrency exchanges based in Africa that make it possible for anyone in the region to trade cryptocurrencies.
Disclaimer: This article should not be considered an endorsement of these platforms.
5 Best Cryptocurrency Exchanges For Africans
BuyCoins is a cryptocurrency exchange website that allows users to purchase, sell, trade, and store cryptocurrencies instantly. In Nigeria, the service is exclusively available for crypto traders, however, it provides a wide range of services. The BuyCoins review is a good place to learn more about the site.
- P2P service: its users can do peer-to-peer trading of Bitcoin and USDT on the portal
- BuyCoins wallet: this is the wallet for its users to store and trade coins
- Instant buy/sell: this enables the instant purchase and sale of crypto
- CoinLock: the exchange allows its users to lock their USD coin or NGN token for a certain time to earn interest
- Additional features: it provides its users with instant deposit/payment, users price alert, and live chat-based customer support
- BuyCoin is secured with 2FA and escrow service
Additional services are provided to BuyCoins’ most frequent customers, however, they are not accessible to the general public. For example, it allows its customers to borrow cryptocurrency to make a profit from selling it. Users, on the other hand, are required to repay the loan within six hours.
BuyCoins Fee Structure
- There is a 500 Naira fee for any transfer from the platform’s wallet to a user’s bank account.
- The exchange platform does not charge transaction, trading, and deposit fee.
- It charges a network fee for a transaction from a BuyCoins wallet and a third-party wallet.
- Low fee and simple interface
- Supports essential cryptocurrencies
- Trade can be achieved both on mobile app and website
- Unlimited funds stored in BuyCoins wallet
- Operates exclusively in Nigeria
Peer-to-peer trading in cryptocurrencies has never been easier than it is on LocalBitcoins. In addition, it allows the vendor and buyer to communicate in real-time. To further enhance security, LocalBitcoins provides 2-factor authentication, Escrow, HTTPS encryption, and Login guard as standard features.
Bitcoin is the only currency LocalBitcoins accepts. According to the level of verification, there is a maximum purchase limit. At the Tier 1 level, the cap ranges from $1,000 to $20,000 and requires the verification of four pieces of personal information: name, country, email address, and cell phone number.
Only Bitcoin is accepted on the platform, which means that the costs on the portal are exorbitant. To avoid scams, users need to do a thorough screening of the traders. Using LocalBitcoins also allows you to remain completely anonymous.
LocalBitcoins Fee Structure
- Paid advertisements by users are charged by 1% fee for a completed transaction.
- The platform offers free registration, buying, or selling of Bitcoin.
- There is a network fee on transfer from LocalBitcoins wallet to an external wallet.
How To Avoid LocalBitcoins Scam
- Trade with a verified seller only.
- Do not divulge additional information before the seller’s response.
- Check the transaction history and customers’ reviews of the seller.
- Choose physical meetings to initiate transactions while requesting government ID cards for identity proofs.
- Worldwide availability
- Available escrow services
- Private and quick cognitive fees
- Phases of security for user verification
- High chances of fraud
- Not ideal for beginners
- Unresponsive customer support
- Unsuitable for bulk buyers
Remitano, a trading platform, provides P2P services, including crypto trading. Additionally, the site provides a variety of options, including swaps, mining, and more.
- Margin trading: the platform allows its users to invest in crypto with a 2X margin
- Invest: its users are allowed to invest in multiple altcoins with profit margin potential
- Remitano wallet: the platform provides a wallet for crypto and fiat currencies
- P2P trading: it offers peer-to-peer purchase and sale of cryptocurrencies at anytime
- Swap: digital assets can be swapped on the platform. Also, you can withdraw your assets and store them in hardware wallets
- Remitano supports many cryptocurrencies
Remitano Fee Structure
Depending on the manner of payment, a transparent charge structure is proposed.
- Activity fees: it has an activity feed, as shown below
- Trading fees: the trading cost is included in the price listed on the portal. A 1% trade fee is levied on all advertisements for sale.
- Remitano swap fees: there is an automatic 0.25 percent fee taken out of the projected value of the swap.
- Allows fiat currency withdrawal
- Seamless sign-up process
- Transparent fee arrangement
- Margin trading
- Responsive customer support
- It is unregulated
- Fewer crypto assets
- Multiple fees charged
Luno is a Bitcoin and Ethereum-focused cryptocurrency exchange. 3 million traders use the platform, which is available in 40 countries. Additional services are available to consumers as well.
- Luno wallet: this exchange gives a custodial Bitcoin wallet for Android and iOS
- Luno API: it enables developers to trade crypto while executing automated strategies with the API
- Crypto trading platform: the platform extends its operation from Bitcoin to fiat transactions. If offers advanced charts, various indicators, trade history, and CVS export
- Luno supports cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. It also supports fiat currencies like Euro, Naira, etc
- Its payment method ranges from bank transfer to credit or debit cards deposit
Deep-freeze storage, encrypted backup wallets, a multi-signature hot wallet, passwords, two-factor authentication, and SSL Secured Channels are all included in the portal’s secure environment.
Luno Fee Structure
- There is no fee for credit or debit cards.
- Premium fee is available for its services. The fee varies with country and amount of transactional funds.
- Depending on the country and amount of cryptocurrency to be purchased, Luno charges a fee on an instant purchase.
- Luno has a deposit limit, depending on the verification level:
- Minimum of €1000 per month after email and ID verification
- Minimum of €100,000 per month after additional residence proof
- Low fees
- Apt for bigger companies
- Advanced platform
- Poor customer support
- Limited cryptocurrencies
- Complex fee structure
To buy and sell cryptocurrencies and tokens, Coindirect is a peer-to-peer exchange. Aside from basic trading and P2P service, it also provides a wide range of other services and features.
- Mobile app: the platform offers mobile apps, both on Android and iOS devices
- International payment: its users can make fast and secure cross-border payments within 24 hours
- Payment gateway: it allows cryptocurrency payments to be dynamic
- It supports over 40 crypto assets, including Bitcoin and Ethereum.
Coindirect Fee Structure
- Buying charges are not imposed.
- There is no transfer, receiving, or sending few.
- P2P transactions on the platform are free. However, the exchange charges a 0.2 percent taker fee for selling via the platform.
- Simple fee arrangement
- Coindirect provides crypto arbitrage
- Supports multiple cryptocurrencies
- Poor mobile interface
North Africa has banned the use of Bitcoins. Traders are, nonetheless, interested in trading bitcoin. For those seeking a global crypto market, LocalBitcoins is a good option to consider.
However, Peer-to-Peer platforms are still needed by the general public. Peer-to-peer trading with escrow-based security is available on all of the aforementioned portals, including BuyCoins, Coindirect, LocalBitcoins, Luno, and Remitano.
Margin and swap trading are available to customers of Remitano’s platform. Additionally, Luno is a good choice for large-scale cryptocurrency trading. BuyCoins is a great place to purchase and sell cryptocurrency instantly. Even more importantly, Coindirect has a huge selection of digital assets.