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 city’s 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
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
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