How To Buy Cryptocurrency in Kenya

Learn how to buy cryptocurrency in Kenya, and how to quickly start trading and making money from the blockchain or DEFI technology.

Carson O.
6 Min Read

If you are looking to invest in the cryptocurrency markets while in Kenya, then you are at the right place. In this article, you will learn how to buy cryptocurrency in Kenya, and how to quickly start trading and making money from the blockchain or DEFI technology.

What is cryptocurrency?

Cryptocurrency is a digital/virtual currency that acts as an alternative mode of payment that was initially created to work through blockchain technology. Currently, cryptocurrency also works through decentralized finance and Pi’s latest Stellar Consensus Protocol.

Cryptocurrency doesn’t rely on banks to verify transactions, but rather, a system of computers that reach a consensus that a transaction is legitimate.

Some of the most famous cryptocurrencies include:

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  • Bitcoin
  • Ethereum
  • Solana
  • Dogecoin
  • Shiba Inu
  • Litecoin
  • Ripple
  • USDT
  • BNB

How to buy cryptocurrency in Kenya

1. Choose a platform

Before settling on which cryptocurrency to buy, you need to choose a platform. Cryptocurrency exchange platforms are very many and you have to choose the most convenient one, especially if you are in Kenya.

Important to note that only a few of these exchanges have the option to withdraw from or fund your account through Mpesa. These exchanges rely on many ways of transferring money and the most popular among them is the peer-to-peer transfer system (P2P). Here, Kenyans can transfer funds through Mpesa or bank transfer, conveniently and in a short period.

Platforms that support this kind of fund transfer are:

  • Binance
  • Bybit
  • Paxful
  • HFM markets
  • Coinbase

Other exchange platforms include:

  • FBS
  • Ava Trade
  • Caital.com
  • Eightcap
  • Cex.io
  • Changelly
  • Kraken
  • Bitsquare

It is up to you to carry out your research and find out which platform works best for you. However, a consensus has it that the Binance cryptocurrency exchange platform is the best to go for. If you still want to explore more options, choose between Bybit or Paxful.  

In choosing the best crypto exchanges, one has to consider the transaction fees, the number of cryptocurrencies available and the number of users on the platform. As of 2023, Binance had the highest number of users on the planet.

2. Create an account and verify it

After settling on a good exchange, you will need to create an account and verify your details. Creating an account is a simple procedure that only requires an email account, your phone number (preferably, your Mpesa number), and a strong password.

After completing an account registration, you will need to perform an account verification procedure i.e., uploading your identification documents e.g., National ID or a traveller’s passport image. Further, you will have to upload a snapshot of your face so that the cryptocurrency exchange platform can verify correspondence to your identification documents. This procedure is usually termed KYC (Know Your Customer). You may also be prompted to answer various personal questions.

After this, you will receive an email of successful registration. Congratulations! You are now an official cryptocurrency account owner.

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Protect your login credentials and safety keys. Crypto theft has been spiking yearly, mainly due to carelessness and ignorance.  

3. Fund your account

You will need to fund your account with at least KES500. For a good startup, use KES1,000 and progress further as soon as you make a profit.

Funding procedures are specific to crypto exchanges. Contact your exchange customer support for any queries related to funding your account.

Are you struggling to save within a low budget income, this tutorial here will show you how to maximize on a low income and save your money.

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How can you fund your account?

  • P2P – peer-to-peer transfer
  • Wire transfer
  • Credit cards
  • Debit cards
  • PayPal etc.

4. Place an order

Just like funding your account, placing an order is also specific to the cryptocurrency exchange platform you are using.

Hers, you will have to order a digital currency of your choice. Many users prefer trading these currencies against others thus making quick profits, while a few choose to hold them for a long time. This is usually termed hodling. The choice between the two options is entirely yours to make.

Other ways of investing in cryptocurrency

The following investment vehicles are recommended:

  • Bitcoin Trusts
  • Bitcoin Mutual Funds
  • Blockchain stocks or EFTs
  • Non-fungible tokens or NFTs

Where to store your cryptocurrency

Hot wallet – these wallets use online software that protects private keys to your digital assets

Cold Wallet – these wallets, on the other hand, protect your assets via hardware, e.g., USB drives.

Currently, cold wallets are the safest ways to store cryptocurrency because they cannot be accessed by online hackers. All you have to do is prevent them from landing in the wrong hands.

What can you buy with cryptocurrency?

Cryptocurrencies are very versatile. They can be used in the purchase of cars, electronics, groceries, gadgets etc. The only requirement is that the seller must accommodate or accept that mode of payment.

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I am a multi-faceted professional with a strong foundation in Business and Finance, honed since 2020. Additionally, I possess a deep passion for automobiles, serving as an avid car enthusiast. In parallel to my diverse interests, I am also a dedicated student pursuing a career in the medical field.
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