Cryptocurrencies are quickly becoming the future of currency. The year alone Crypto (Bitcoin) has seen a huge boom with the price rising up to $10,00.
This boom has been especially exciting for investors as the high returns of bitcoin investments have been a natural appeal that lures people in.
Similarly, in Nigeria, the government who have in the past described digital currencies as illegal are now moving to regulate cryptocurrencies.
In August 2020 alone, peer-to-peer bitcoin trading volumes topped $95 million globally. A breakdown shows that Sub-Saharan Africa region contributed $18.3 million worth of bitcoin during the period with Nigerian leading the region with a trading volume of $9.8 million.
Suggested read: Top 5 Interesting facts about Bitcoin Which Many People Might not Know
If you are considering buying or investing in crypto you will need an exchange. There are many crypto exchanges you can choose from but with the increase in crypto scammers, you have to be careful with the exchange you select.
Here are some of the top African crypto exchanges you can consider.
The selection of these exchanges has been based on privacy, security, ease of use, speed and fees.
Yellow card
Yellow Card is a cryptocurrency exchange platform with presence in Nigeria, South Africa, Botswana. The platform is fast and easy to use with an average score in terms of privacy.
It offers multiple payment options, instant transactions, low fees & competitive rates. It charges N50 for instant bank transfers and 1.5% plus 100 for debit card transaction when buying. For instant withdrawal, it charges a flat rate of N100.
Yellow Card supports transaction in fiat currencies like NGN, ZAR, BWP, and USD.
BuyCoins
BuyCoins is a cryptocurrency exchange platform provided by Bitkoin Africa. The platform is fast and easy to use and allows you to trade cryptocurrency in real-time.
The crypto exchange app is free to use and is available on iOS and Android stores. It also supports multiple cryptocurrencies – Bitcoin, Ethereum and Litecoin.
The apps SendCash, features allow you to send money to their Nigerian bank account from anywhere in the world using Bitcoin.
You can also transfer money via the Cash App, however, there is a daily limit of $1,000 (₦386,240)
Luno
Luno is a Bitcoin exchange platform with a presence in Nigeria, South Africa, Singapore, Malaysia and Indonesia. The crypto exchange platform is fast and easy to use but it’s not the best in terms of privacy.
It offers free deposits and low withdrawal fees. Market makers pay 0% fees and market takers only pay 0% – 1% for (depending on fiat currency). You can however avoid fees if you place a buy order then wait for a seller to take it.
You can deposit and withdraw directly to a bank account or into a Paystack and PayU if you are in Nigerian.
Luno also offers compensation when you use and an Instant Buy feature. There is no limit for exchange, depending on the verification level. However, the platform only supports Bitcoin and Ethereum.
Bitpesa
BitPesa is a Bitcoin remittance platform with presence in Kenya, Nigeria and Uganda. The platform allows you to buy bitcoins with your debit card or Paga account in Nigeria In Kenya the allow selling of bitcoin using the popular M-Pesa mobile services.
The platform generally is easy to use and the speed is moderate however it scores low when it comes to privacy (Identity verification offer less privacy).
Its fees are average varying depending on the country and currency.
NairaEX
NairaEx is one of the largest Bitcoin exchange in Nigeria. The platform is quite fast and easy to use and offers several payment methods to allow you to buy or sell bitcoin.
Users can purchase bitcoins with Perfect Money, bank transfer or with cash through bank deposit.
However, the Nigerian Naira (NGN) is the fiat currency the platform accepts. This means you can only buy and sell with/to NGN, and conversions between BTC and ETH or other supported assets are not possible.
There are no additional trading fees for buying or selling on NairaEX but the price of the asset. The platform currently supports Bitcoin, Bitcoin Cash, Litecoin and Ethereum.
Honourable mention
Breet is a platform that deserves a mention in this lineup. Established in 2016, the platform trades majorly in Gift Cards but has an interesting Bitcoin Exchange where users can trade their crypto for cash and vice-versa.
Trading on the platform takes a maximum of five minutes and payment is usually instantaneous. This is why Breet prides itself as a modern exchange platform that takes pride in customers’ satisfaction. You can try them out here.
There you go! I have shared my top 5 crypto exchanges to buy or sell bitcoin in Africa. Is there any you think should be on the list? Please share in the comment box.
