How to Buy Cryptocurrency in Ethiopia

Buying cryptocurrency in Ethiopia

Buying cryptocurrency in EthiopiaAs far as cryptocurrency regulation goes, Ethiopia’s regulators are yet to make their opinion of them public. Despite this, various experts gathered in Addis Ababa in order to review a new version of the UN Economic Commission for Africa (UNECA) report in November 2017. This report aspires to explore circumstances for use of blockchain technology in Africa. Of course, like with any new form of technology, blockchain is facing various barriers and obstacles that need to be understood and overcome in order for Africa to take advantage. East African Ethiopia is one of the latest nations to show interest in Blockchain technology. Thanks to the state’s signing of a memorandum of understanding (MOU) with a cryptocurrency startup Cardano, Blockchain technology will be utilized in agriculture. Furthermore, Cardano’s CEO, Charles Hoskinson, announced via Twitter that thismove will also focus on offering and providing training for developers on how to use Blockchain.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Ethiopia. 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

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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