How to Buy Cryptocurrency in Rwanda

Buying cryptocurrency in Rwanda

Buying cryptocurrency in RwandaDespite the growing popularity of cryptocurrencies, certain governments are skeptical when it comes to accepting them as legal payment methods. Such attitudes are understandable, considering the volatile nature of cryptocurrencies and their long track records of illegal transactions and scams. This is also a major concern for Rwanda’s central bank. So, it’s only expected for Rwanda to investigate the details and benefits of developing a stable and regulated cryptocurrency. According to BNN Bloomberg’s report, the National Bank of Rwanda (NBR) is looking into research on digital currencies conducted by the Royal Bank of Canada, De Nederlandsche Bank (DNB) and the Monetary Authority of Singapore. Peace Masozera Uwase, the Financial Stability director-general, reportedly stated that conversion is a major concern for the central bank. Several months before this report, the central bank had issued a warning about cryptocurrency scams, listing several known scams within the country and providing investment protection tips.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Rwanda. 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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