How to Buy Cryptocurrency in Ethiopia
Buying cryptocurrency in Ethiopia
As 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
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
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
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™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
- Doesnâ€™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
Poloniex is a centralized cryptocurrency exchange that started its journey back in January 2014. The platform offers margin trading, spot trading and margin lending
- No verification required
- Low fees
- Margin trading and lending options
- Not regulated
- No Fiat deposits
- No US users
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť 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
Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.
- Receive coins to your wallet instantly.
- High limits for buying bitcoin
- Faster customer service
- High levels of security
- No option for trading with other users
- Higher fees
- No mobile app