BUY BITCOIN IN KENYA: Bitcoin is a decentralized digital currency that is becoming increasingly popular around the world, including in Kenya. Buying bitcoin in Kenya is relatively easy, but it’s important to choose a reputable and secure platform to ensure that your investments are safe. Most people find it difficult where to get started, so here’s a step-by-step guide on how to buy bitcoin in Kenya.
Steps to Buy BItcoin in Kenya
Step 1: Choose a Bitcoin Wallet
The first step in buying bitcoin in Kenya is to choose a bitcoin wallet. A bitcoin wallet is a software program that stores your bitcoin and allows you to send and receive bitcoin. There are several types of bitcoin wallets, including desktop wallets, mobile wallets, and hardware wallets.
- Desktop Wallets: Desktop wallets are software programs that are downloaded and installed on a computer.
They offer a high level of security as the private keys are stored on the computer, but they are also susceptible to malware and other security threats. Examples of popular desktop wallets include Exodus and Electrum.
- Mobile Wallets: Mobile wallets are software programs that are downloaded and installed on a mobile device.
They offer a convenient way to access and manage your bitcoin on the go, but they are also susceptible to security threats such as malware and phishing attacks. Examples of popular mobile wallets include Luno and Mycelium.
- Hardware Wallets: Hardware wallets are physical devices that store your bitcoin offline, providing the highest level of security.
They are often considered the most secure way to store bitcoin, but they can also be expensive and require a higher level of technical knowledge to use. Examples of popular hardware wallets include Ledger and Trezor.
Some of the popular bitcoin wallets in Kenya include Luno, Paxful, DartAfrica, and LocalBitcoins. Each of these wallets has its own features, fees, and security measures, so it’s important to do your research and choose the wallet that best meets your needs.
- Luno: Luno is a cryptocurrency exchange and wallet that is popular in Kenya and other African countries. The Luno wallet is available as a mobile app for both Android and iOS devices, as well as a web-based platform. Luno is known for its user-friendly interface and low fees, making it a popular choice among Kenyan bitcoin buyers.
- Paxful: Paxful is a peer-to-peer bitcoin marketplace that allows buyers and sellers to trade bitcoin directly with each other. Paxful supports a range of payment methods, including bank transfers, mobile money, and gift cards, and allows users to buy bitcoin with Kenyan shillings (KES). Paxful is popular in Kenya due to its wide range of payment options and user-friendly interface.
- LocalBitcoins: LocalBitcoins is another peer-to-peer bitcoin marketplace that allows buyers and sellers to trade bitcoin directly with each other. LocalBitcoins supports a range of payment methods, including bank transfers, mobile money, and cash, and allows users to buy bitcoin with Kenyan shillings (KES). LocalBitcoins is known for its high level of security and user privacy, making it a popular choice among Kenyan bitcoin buyers.
- DartAfrica: Probably the most intriguing cryptocurrency exchange solution for Africans among those mentioned here. DartAfrica allows users to instantly exchange the amount of crypto (min $20) they want for fiat and instantly withdraw that fiat into their local bank account without any third-party interference, hidden charges, or delay (except in cases of a generally bad network). It is currently only available to Ghanaians and Nigerians, although it appears there are plans to make it available across all of Africa.
Step 2: Verify Your Identity
Once you have chosen a bitcoin wallet, the next step is to verify your identity. This is a requirement for most bitcoin exchanges and wallets to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
To verify your identity, you will typically need to provide a copy of your government-issued ID, such as your passport or national ID card, and proof of address, such as a utility bill or bank statement.
Step 3: Choose a Bitcoin Exchange
After verifying your identity, the next step is to choose a bitcoin exchange. A bitcoin exchange is a platform where you can buy and sell bitcoin. Some of the popular bitcoin exchanges in Kenya include Binance, Paxful, and LocalBitcoins.
Each exchange has its own fees, user interface, and security measures, so it’s important to do your research and choose the exchange that best meets your needs.
Step 4: Fund Your Account
To buy bitcoin on an exchange, you will need to fund your account with Kenyan shillings (KES). Most exchanges support a range of payment methods, including bank transfers, mobile money, and credit/debit cards.
To fund your account, you will typically need to follow the instructions provided by the exchange and provide the necessary information, such as your bank account details or mobile money number.
Step 5: Buy Bitcoin
Once you have funded your account, the final step is to buy bitcoin. To buy bitcoin, you will need to navigate to the buy/sell section of the exchange, choose bitcoin as the cryptocurrency you want to buy, and enter the amount you want to purchase.
After entering the amount, the exchange will display the current price of bitcoin and the fees associated with the transaction. If you are satisfied with the price and fees, you can confirm the transaction and the bitcoin will be added to your wallet.
Buying bitcoin in Kenya is relatively easy, but it’s important to choose a reputable and secure platform to ensure that your investments are safe. By following the steps outlined in this article, you can buy bitcoin in Kenya and start participating in the global cryptocurrency market. However, it’s important to remember that investing in bitcoin is inherently risky, and you should carefully consider your investment objectives, risk tolerance, and investment horizon before making any investment decisions.