How to Buy Cryptocurrency in Cameroon
Buying cryptocurrency in Cameroon
Compared to Kenya, South Africa and Nigeria, The Republic of Cameroon has a substantially smaller bitcoin community. At this time, cryptocurrencies such as Bitcoin have no actual legal status in Cameroon. CEMAC, the central bank of the six-national monetary union, is yet to issue any particular form of guidance concerning the use of Bitcoin. This means that Cameroonians are therefore able to purchase, hold and use Bitcoin as they wish until such specific guidance is issued. Even though this is considered good news for both bitcoin traders and investors, because of this lack of guidance on regulation Bitcoin and blockchain startups don't fall under regulatory oversight. This can become a problem for both consumers (due to a lack of protection) and startups that operate unregulated and in fear of being shut down. Cameroon basing its economy on cryptocurrency could possibly result in an unprecedented creation of wealth for its citizens
As of 20/03/2021
These exchanges all accept customers from Cameroon. 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
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
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.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
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.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options