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
eToro
An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.
Fully regulated financial institution
- Free stock and ETF trading
- Ability to follow 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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Poloniex
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
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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
Coinmama
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
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