HOW TO BUY BITCOIN IN GHANA WITH MOBILE MONEY; Ghana has been making progress in the crypto space over the past few years, with more and more people showing interest in buying and trading Bitcoin. However, not everyone has access to traditional banking services, which makes it difficult for them to buy Bitcoin using traditional methods. This is where mobile money comes in. In this article, we will explore how to buy Bitcoin in Ghana using mobile money.
HOW TO BUY BITCOIN IN GHANA WITH MOBILE MONEY
Step 1: Choose a reputable Bitcoin exchange that accepts mobile money
The first step is to find a reputable Bitcoin exchange that accepts mobile money payments from Ghana. Some of the popular exchanges that accept mobile money payments in Ghana include Binance, Paxful, LocalBitcoins, and Remitano. We would look at Binance later on.
Step 2: Register an account with the Bitcoin exchange
Once you have identified a reputable Bitcoin exchange, the next step is to create an account with them. To do this, you will need to provide your personal details such as your name, email address, and phone number. Make sure that the details you provide are accurate and up to date.
Step 3: Verify your account
Most Bitcoin exchanges require users to verify their accounts before they can start trading. The verification process typically involves providing a government-issued ID such as a passport or national ID card. Some exchanges may also require proof of address, such as a utility bill or bank statement.
Step 4: Deposit money into your account using mobile money
Once your account is verified, the next step is to fund your account using mobile money. To do this, log in to your account and navigate to the deposit section. Select mobile money as your payment method and enter the amount you want to deposit.
You will then be redirected to your mobile money wallet to confirm the transaction. Follow the prompts to complete the transaction. Once the transaction is complete, your account will be credited with the funds, and you can proceed to buy Bitcoin.
Step 5: Buy Bitcoin
To buy Bitcoin, navigate to the buy section on the exchange platform and select Bitcoin as the cryptocurrency you want to buy. Enter the amount of Bitcoin you want to buy and click on the buy button. The Bitcoin will be credited to your exchange wallet.
Step 6: Withdraw your Bitcoin
Once you have bought Bitcoin, you can withdraw it to your personal Bitcoin wallet. To do this, navigate to the withdrawal section on the exchange platform and select Bitcoin as your withdrawal method. Enter the amount of Bitcoin you want to withdraw and your Bitcoin wallet address. Click on the withdraw button, and the Bitcoin will be sent to your wallet.
How to Buy Bitcoin with Mobile Money on Binance P2P?
In November 2020, Binance launched support for Mobile Money payments for GHS peer-to-peer (P2P) trading. You can buy Bitcoin in Ghana through Binance P2P and pay using Mobile Money, the leading payment service used in Ghana. Asides from BTC, you can also buy Ethereum, USDT, BNB,
BUSD, and EOS at zero transaction fees. With this launch, users found it more convenient to take advantage of zero fees on Binance P2P. This also unlocked more opportunities to buy and sell Bitcoin in Ghana, especially compared to the prevailing profit margins of between 1%-3% for P2P trading in Africa.
Before you trade, you need to log in to your Binance account (as stated in the steps above) and make sure that you have completed Level 2 identity verification. This will help create a high-security level for your investment and protect your account on the market.
On the app homepage, click on “Buy with Cash” and “P2P” to enter the P2P trading page. Click on the “···” icon in the top right corner and choose “Cash settings.”
- Click on “Cash Payment Methods” and “Add a new payment method.
- Choose “Mobile Money” from all the available payment options, and click to enter your payment information.
- Then click on “Confirm.”
It takes only three steps to buy Bitcoin with Mobile Money on Binance P2P.
Step 1: Specify search criteria
- Open the Binance App. Click “Buy with Cash,” then select P2P.
- Choose the Buy tab and select BTC. Click the filter icon at the top right of your screen.
- Select the Mobile Money payment method and the KES currency to buy the crypto. Then, tap on confirm.
Step 2: Start trading
Choose the offer that works best for you and enter the quantity you want to buy, select a payment method, and click on Buy BTC.
- Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit. You can use the chatbox to communicate with the seller.
- Make sure that you send the money to the seller and tap on “Transfer” next.
Step 3: Receive your Bitcoins
- Tap on “Confirm” Please do not click “Confirm” if you have not made any transactions. This will violate the P2P User Transaction Policy.
- The status will be updated to “ To be released.” Congratulations! You have completed a trade. Now, get your Bitcoin!
How To Exchange Your Bitcoin For Fiat on DartAfrica
A relatively new and fast-growing cryptocurrency trading site called DartAfrica wants to make it simple and convenient for users in Ghana and Nigeria (for now) to sell cryptocurrencies for fiat. DartAfrica wants to serve a wide spectrum of users with different tastes, which is why it offers support for well-known cryptocurrencies including USDT, USDC, ETH, and BTC, with plans to expand this catalog. The fact that DartAfrica charges no transaction fees in contrast to other exchange platforms or conventional financial institutions is just one of the numerous possible advantages of using it.
The platform also provides simple navigation, quick and secure transactions, and a user-friendly design. To efficiently use DartAfrica:
- Head over to their website to register in very few quick and easy steps.
- Next, log in to your account and click “Security” to create a transaction pin for authorizing withdrawals.
- Click on “Account Details” to set up your local bank account.
- Click on “Sell Coins”, and select the coin you wish to deposit. Enter the USD amount (min $20).
- Click “Sell Now” and a barcode (and wallet address) is provided for you to deposit the equivalent amount you wish to sell. Once the deposit is complete, you can monitor your transaction in the “Trades” section and after 2 block confirmations, the equivalent fiat is deposited in your account. This can be viewed on your “Dashboard”.
- Click “Withdraw funds” and enter the amount you wish to withdraw to the already set up account in step 3. Your local bank is credited instantly with no hidden charges.
In conclusion, buying Bitcoin with mobile money in Ghana is becoming more accessible with the increasing adoption of cryptocurrencies. However, it is important to be cautious when buying Bitcoin online and to only use reputable exchanges.