How to Buy Cryptocurrency in Uganda
Buying cryptocurrency in Uganda
Over the years, Uganda has experienced rapid growth in the cryptocurrency industry and blockchain technology, along with their various benefits. In legal terms, Uganda is one of the few African countries whose government has shown willingness to accept cryptocurrency and readiness to fully embrace blockchain technologies. Uganda is deemed a crypto-friendly environment. Proof of this lies in the fact that several cryptocurrency exchanges were launched in the country, including BitPesa, Coin Pesa and Binance Uganda, which is the biggest cryptocurrency exchange in the world in terms of trade volume. Furthermore, certain restaurants, hotels, and shops in Uganda accept cryptocurrency as a payment method. The citizens of Uganda have also witnessed various advantages that come with using blockchain technology. For example, cross-border transactions were also made much easier by use of blockchain technology in Uganda, allowing the circulation of assets abroad at very low rates, making it more accessible to citizens.
As of 20/03/2021
These exchanges all accept customers from Uganda. 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
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
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
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
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.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow