Cryptocurrency is relatively new in Africa. But it has garnered serious interest and demand over the years. This is clear, as Google Trends shows Africa countries rank top for bitcoin and other related searches. If you looking for where and how to buy cryptocurrencies, there are legitimate platforms that allow users to buy bitcoin or any other cryptocurrencies using local currency.
In this guide, we provide the various platforms available for Africans to buy bitcoin or any other crypto-coins. Also, we made a comprehensive list of African countries where bitcoin ATMs are available; the coins supported and their respective locations.
There are different ways one can buy cryptocurrency. They include face-to-face trading in offline shops, using crypto-ATMs, crypto exchanges, etc. The availability of each option depends on which coin to buy and the user’s location. For example, bitcoin is the most popular cryptocurrency and can be bought using any of the options above.
Cryptocurrency exchanges are a popular choice amongst users and probably one of the readily available platforms in Africa. This will be our focus for this post.
What is Cryptocurrency exchange
Crypto exchanges are platforms where users can buy and sell crypto or exchange them for fiat currencies.
There are different crypto exchanges and the services they offer vary. But they have one thing in common. Before you can buy bitcoin or any other crypto-coins, they will require you to create an account.
Signing up is the first and necessary step. You will ask to for personal details such as name, email address, and any government-issued identity card for verification.
Cryptocurrency exchanges in Africa
Crypto-to-fiat platforms enable users to exchange their local currencies for cryptocurrency. Some also allow users to trade cryptocurrencies against their local currency.
Notable examples of these types of exchanges in Africa include;
- Luno – https://www.luno.com/en/ (available in Nigeria, South Africa, Zambia, Uganda)
- Valr exchange – https://www.valr.com (available to South Africans only)
- NairaEx – https://nairaex.com (available to Nigerians only)
- Bitmama.io – https://www.bitmama.io (available in Nigeria and Ghana)
A peer-to-peer crypto exchange is like a marketplace where users meet to buy and sell coins. This platform provides anonymity and makes use of escrow service to secure and ensure a smooth transaction between parties involved.
Examples of P2P exchanges available to African countries include
- PaxFul – https://paxful.com/ (available to all African countries)
- LocalCryptos – https://localcryptos.com/ (available to all African countries)
- LocalBitcoins – https://localbitcoins.com/ (available to African countries )
These exchanges are like stock and forex exchange. They provide users with the platform to trade crypto for another crypto and make a fee from them. In these exchanges, we have different markets. For example, we have BTC market; bitcoin serves as the base currency which different coins are traded against. Other popular markets include; USDT, ETH, etc. Popular trading pairs include; BTC/USDT, ETH/BTC, XRP/BTC, ETH/USDT etc.
Binance, for instance, is a popular choice amongst cryptocurrency traders in Africa. They have a payment gateway that enables users in countries like Nigeria and South Africa to buy crypto directly with their local currency.
It’s also important to note, buying and selling of cryptocurrencies like bitcoin, ethereum on social media platforms like WhatsApp, Telegram is a common practice here in Africa. However, users are cautioned to stay away from such methods. They are highly risky and vulnerable to scams.
Using bitcoin ATMs in Africa
Buying bitcoin and other cryptocurrencies using ATMs is fast becoming a popular option across the globe. According to Coin ATM Radar, there are over 7000 bitcoin ATMs installed in over 70 countries in the world. Some African countries already have bitcoin ATMs installed, and the list keeps growing.
Here’s a list of African countries with bitcoin ATMs, coins supported and their respective locations.
|Countries||No of Bitcoin ATMs||Locations/Coin Supported|
|South Africa||7||Bitmart, Nelspruit, Mpumalanga. (Bitcoin, Ether, Litecoin, Dash, Zcash)|
Saverite Florauna, Pretoria. (Bitcoin & Ether)
Sasol Ninapark, Pretoria. (Bitcoin, Bitcoincash, Ether, Litecoin, & Monero)
Sandton City, Sandton, Johannesburg. (Bitcoin)
Eikestad Mall, Stellenbosch, Cape Town (Bitcoin, & Dash)
Ankerpay, Victoria Junction 8, Cape Town (Bitcoin, Ether, Dash)
38, Wale Street, Cape Town Bitcoin, Cape Town
|Zimbabwe||1||Batanai Gardens, Harare (Bitcoin & Litecoin).|
|Ghana||2||Thunder Solutions Limited, Accra. (Bitcoin).|
|Nigeria||1||Dazey Lounge Bar, Ajah, Lagos (Bitcoin).|
|Kenya||1||Kenrail Towers, Nairobi (Bitcoin, Ether, Litecoin, & Dogecoin)|
|Djibouti||1||Appart Hôtel Moulk, Centerroute de l’aéroport, Djibouti (Bitcoin)|
|Botswana||1||Airport Junction Mall, Gaborone. (Bitcoin)|
|Uganda||1||Ggaba Road, Uganda Post Office. (bitcoin, Bitcoincash, & Ether)|