How to Buy Cryptocurrency in Senegal
Buying cryptocurrency in Senegal
Many African countries are making progress in the financial technology industry. Several years ago, Senegal launched its very own digital currency based on blockchain technologies. The currency, eCFA, is considered legal tender, holding the same value as the CFA Franc, the national currency. What makes this virtual currency different from Bitcoin is the fact that eCFA is managed by one single central bank. In more recent news, Akon city is set to begin construction in 2021. The city-to-be was conceptualized as a futuristic cryptocurrency based city and founded by Akon, a Senegalese-American singer. Akoin, the citys very own cryptocurrency, will be exclusively used in the city. As claimed by CoinMarketCap, it is now one of nearly 1,600 cryptocurrencies circulating in the industry, with a market capitalization of over $267 billion. This virtual currency was first announced in 2018 and, according to CultreBanx, a whole ecosystem will be built around Akoin.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from Senegal. 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
67% of retail CFD accounts lose money. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. US Residents - eToro USA LLC does not offer CFDs, only real Crypto assets available.
eToro
eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also have an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success
Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
Fees (spreads) are high
- Only USD as base currency
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Bitfinex
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
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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.
- 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
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
- 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
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