How to Buy Cryptocurrency in Zimbabwe
Buying cryptocurrency in Zimbabwe
Peer-to-peer trading of cryptocurrencies continued to grow in Zimbabwe, despite the 2018 cryptocurrency ban. Furthermore, Zimbabwe’s indecisiveness in terms of monetary policies forced investors to turn to digital currencies. More interestingly, the country’s cryptomania caused such a fuss that made-up rumors about Bitcoin’s (BTC) price reaching a 600% premium began circulating in 2019. In 2020, The Reserve Bank of Zimbabwe (RBZ), decided to consider establishing a regulatory sandbox for crypto companies, which is in stark contrast to its prior anti-cryptocurrency attitude. This is allegedly part of a wider agenda by authorities to reconstruct the country’s financial sector, which has been struggling with hyperinflation for a while. Having in mind the popularity of cryptocurrencies among Zimbabwe’s younger population, Josephat Mutepfa, RBZ’s Deputy Director for Financial Markets and National Payment Systems, stated that instead of focusing on the ban, the RBZ was obligated to work out a regulatory system for the industry.
As of 20/03/2021
These exchanges all accept customers from Zimbabwe. 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
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
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť 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 doesnâ€™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
- Doesnâ€™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