How to Buy Cryptocurrency in Kenya
Buying cryptocurrency in Kenya
Although cryptocurrencies are not illegal or banned in Kenya, they are not considered a legal type of currency just yet. In fact, the government in Kenya has not done anything to regulate cryptocurrencies in this country. Hence, Bitcoin and other digital currencies are not backed by the government or legally recognized at all. However, as the blockchain technologies have been developing around the world, there have been indicators that the country will move in a positive direction toward some type of crypto adoption. Namely, chances are that cryptocurrencies in Kenya will become recognized as securities rather than currencies. Although thatís not nearly the same thing, itís better than having no legal recognition whatsoever. Despite the governmentís warning related to the risks of using cryptocurrency, there are no laws that prohibit such use in the country. Hence, the residents of Kenya can buy and sell Bitcoin on the accepted crypto exchanges, although they donít have any crypto ATMs available at the moment.
As of 20/03/2021
These exchanges all accept customers from Kenya. 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
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