How to Buy Cryptocurrency in Botswana

Buying cryptocurrency in Botswana

Buying cryptocurrency in BotswanaBotswana's geographical restraints did little to put a stop to local trading of BTC, regardless of the absence of a local cryptocurrency exchange. Bitcoin is legal in Botswana, but actually purchasing it is not an easy feat, as they're purchased on exchanges located outside the country or with in-wallet third party apps. Some natives went as far as crossing the border into South Africa in order to purchase cryptocurrencies, which shows their interest in the digital economy. The high final selling price of Bitcoin in Botswana is affected by the lack of a formal local trading platform that would help stabilize these prices. The Bank of Botswana has expressed its skepticism regarding cryptocurrencies, emphasizing the fact that it's impossible to transfer them into the local fiat unit since the Bank doesn't regulate them. However, the Bank's governor, Moses Pelaelo, didn't actually make an effort to prohibit or discourage the use of Bitcoin, allowing it to grow further
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Botswana. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • Slow account verification
  • Two major hacks
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Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Changelly

Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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