10 Best Crypto Coins to Buy in Kenya
The 10 Best Crypto Coins to Buy in Kenya revealed. We tested the best crypto coins for Kenyan Traders.
This is a complete guide to crypto coins in Kenya.
In this in-depth guide you’ll learn:
- What is a Crypto Coin?
- What is cryptocurrency?
- Which cryptocurrency is the best to invest in 2023?
- How can you buy cryptocurrencies with a trading app?
- How to compare cryptocurrencies against each other?
- Which crypto coins are best for beginner Kenayn Traders?
- Which brokers offer a sign-up bonus for first-time traders in Kenya?
- Which brokers offer a low minimum deposit of $5 (583 KES) to start trading?
And lots more…
So if you’re ready to go “all in” with the best-tested Crypto Coins in Kenya…
Let’s dive right in…
CySEC, FCA, FSA, FSCA, Labuan FSA
FSA, Cysec, FSCA, FSC
Best Crypto Coins to Buy in Kenya
|🪙 Coin||📈 Current Market Rank||💰 Symbol||📉 Market Cap||🔄 Circulating Supply||📊 Max Supply|
|Bitcoin||#1||BTC||$387.9b||19,133,443 BTC||21,000,000 BTC|
|XRP||#7||XRP||$16.6b||49,537,223,666 XRP||100,000,000,000 XRP|
|Cardano||#8||ADA||$15b||34,155,827,433 ADA||45,000,000,000 ADA|
|Polygon||#14||MATIC||$6.6b||8,482,124,683 MATIC||10,000,000,000 MATIC|
|Avalanche||#15||AVAX||$5.8b||285,037,194 AVAX||720,000,000 AVAX|
|ApeCoin||#36||APE||$1.4b||306,875,000 APE||1,000,000,000 APE|
|The Sandbox||#38||SAND||$1.4b||1,473,270,110 SAND||3,000,000,000 SAND|
|Gala Games||#94||GALA||$300m||6,977,205,436 GALA||None|
What is the best way to buy cryptocurrencies?
👉 Exchanges are a practical alternative since they provide numerous services and additional cryptocurrencies for trading. They allow investors to purchase, sell, and hold cryptocurrency and allow users to withdraw cryptocurrency to their online wallets for storage.
👉 Numerous types of cryptocurrency exchanges exist. Some exchanges provide anonymity, are decentralized, and do not need users to submit personal information.
👉 Bitcoin is the first cryptocurrency and one of the most successful digital assets, with a value increase of over 100,000% over the last decade. It has become a household brand, investor interest in the currency has been rising, and trading volumes have exploded.
👉 It ranks first on the list of the best cryptocurrencies to purchase now due to its potential future. BTC has already been approved as legal money in two countries, and analysts anticipate that more will follow.
👉 Both institutional investor interest in cryptocurrencies and the number of firms that accept BTC payments have increased.
👉 All these factors are anticipated to continue boosting demand for Bitcoin against its restricted supply, resulting in a net increase in value.
👉 By the turn of the century, many crypto analysts and fintech professionals believe BTC’s price will have surpassed $1 million, resulting in profits of 500% or more for your crypto portfolio.
Why should Kenyans consider Bitcoin?
👉 Bitcoin is now on sale, and according to two experts and a big financial institution, bitcoin is currently undervalued at around $20,000.
👉 In two years, Bitcoin’s value might reach $100,000, while its present fair market value is between $40,000 and $50,000. Analysts predict that the bitcoin price will rise to over $38,000 by the end of this year and $50,000 by the end of 2023.
👉 Bitcoin tends to see these dramatic price increases when people solely purchase it to increase its worth. Then, when the sun begins to set, these individuals leave. In contrast, the price of bitcoin will increase over the next several years.
👉 Ethereum is now the most popular blockchain since it hosts the most developing crypto technologies, like meme currencies, web3, DeFi, DApps, NFTs, and Play-to-Earn games. It has also fared very well in the past, increasing 16300X from $0.30 in 2015 to around $4,890 in late 2021.
👉 Retail and institutional investor interest in cryptocurrency has also been on the increase. The amount of on-chain and off-chain companies seeking to grow on the platform has also increased.
👉 Ethereum is often cited as one of the finest cryptocurrencies for long-term investment, as experts anticipate its value will increase by up to 1,000% and surpass $100,000 by 2030. And a sizeable portion of this is attributable to potential advantages from three main elements.
👉 First, the impending ETH 2.0 upgrade is anticipated to constrict ETH’s supply in the face of surging demand.
👉 Second, analysts anticipate that more developing crypto technologies will debut on this platform and more brands will build on it, thereby maximizing the use cases for ETH tokens. As a result, the inclusion of blockchain and crypto technologies has been expedited.
Why should Kenyans consider Ethereum?
👉 Inflation on the rise, monetary policy tightening, and the probability of a worldwide recession is leading stock and cryptocurrency markets to decline this year. For example, Ethereum is now experiencing a cumulative decline of over 60% from its November highs and is trading at approximately $1,900.
👉 However, cryptocurrency markets have been rising throughout July and August, with Ethereum and other innovative contract platforms taking centre stage. Additionally, Ethereum’s imminent shift from proof-of-work to proof-of-stake (known as “the merge”) boosts optimism.
👉 The Ethereum merging date is September 19, 2023, and analysts anticipate more advances leading up to this day.
👉 Long-term, however, economists believe the US Federal Reserve will continue its aggressive rate-hiking cycle, and recession chances are rising. This indicates that macroeconomic factors are dragging on the crypto market.
👉 XRP is the native coin for all Ripple Labs products. Its solutions are payment settlement, asset exchange, and remittance systems that operate more like SWIFT, a service used by a network of banks and financial intermediaries for international money and security transfers.
👉 The cryptocurrency, introduced in 2012, has one of the most ambitious ambitions in the world. The XRP Ledger, the software that enables the usage of XRP, introduced a new method of managing blockchains that proponents think is better appropriate for transactions.
👉 The Bitcoin blockchain enables anybody to contribute processing power, verify transactions, and safeguard the cryptocurrency’s software. The XRP Ledger, on the other hand, only permits a subset of network members to assist in transaction validation and network security.
👉 There are more than 150 network members, known as the Unique Node List. Ripple’s blockchain infrastructure, RippleNet, aims to offer banks speedy, inexpensive, and straightforward cross-border transactions.
👉 Therefore, it is a potential alternative to the Society for Worldwide Interbank Financial Telecommunication, the present international payments system used by most institutions. Ripple was founded to collaborate with the XRP community to expand its use cases.
👉 Ripple’s products were used by remittance companies such as MoneyGram until their agreement expired, enabling the cryptocurrency to be used for international transactions.
👉 All the company’s XRP-related products have been consolidated under the RippleNet service, which links to hundreds of financial institutions through a single API and makes money transfers quicker, cheaper, and more dependable.
👉 Through a service called On-Demand Liquidity that utilizes XRP to obtain liquidity during cross-border transactions, RippleNet removes the need to pre-fund accounts.
👉 RippleNet is used by remittance companies and banking titans such as Santander, Bank of America, SBI Remit, American Express, and Banco Rendimento.
👉 Concisely, Ripple’s XRP-powered solution enables network participants to complete payments with real-time settlement and enhances payment efficiency and certainty. In addition, XRP is utilized to access liquidity on-demand and lower the amount needed in accounts for worldwide payments.
👉 Additionally, Ripple finances Interledger Protocol, a software platform designed to enable transactions between cryptocurrencies and bank ledgers. The Interledger Protocol is compatible with the XRP Ledger but does not need the usage of XRP.
👉 XRP also utilizes RippleX, which enables developers and entrepreneurs to incorporate blockchain technology into applications using tools and services created on the XRP Ledger. XRP may also be used on-chain, like other cryptocurrencies.
Why should Kenyans consider XRP?
👉 Ripple XRP is one of the market’s most popular and contentious cryptocurrencies. This is owing to its banking use and the ambiguity around whether it is a security.
👉 The magnitude of the concerns surrounding its partnership with Ripple drew the attention of the US Securities and Exchange Commission.
👉 Ripple, despite its issues, was one of the cryptocurrencies that gained investors a lot of money during the 2017 Bull Run. It also fared well in May 2021, increasing from less than $0.9 to more than $1.08 in weeks.
👉 Despite the recent headlines surrounding Ripple, researchers feel it is one of the cryptocurrencies with the most potential for rapid wealth creation. Here are 23 reasons you should buy in XRP now if you have any doubts.
👉 Cardano is a blockchain, and ADA is the network’s cryptocurrency. This is comparable to ether and the Ethereum blockchain in certain aspects. Consider Bitcoin to be Crypto 1.0. It is effectively digital gold, but scaling concerns plague the system. Ethereum is often referred to as Crypto 2.0.
👉 Cardano, introduced in 2017, is Crypto 3.0, intending to add capabilities that Ethereum initially lacked.
👉 Charles Hoskinson is a co-founder of both Cardano and Ethereum. In 2014, Hoskinson fell out with the Ethereum team owing to a disagreement with co-founder Vitalik Buterin about whether the Ethereum project should be commercial.
👉 Hoskinson then launched Cardano, a more scalable, interoperable, and sustainable blockchain, with the intention of improving upon Bitcoin and Ethereum.
👉 ADA is the platform’s native coin. The Cardano coin is named after Ada Lovelace, the first computer programmer, and 19th-century mathematician.
👉 People pay transaction fees for utilizing the network using ADA tokens. It is also distributed to validators as compensation for operating the proof of stake mechanism.
👉 ADA may be used like any other cryptocurrency. For example, you may keep it as an investment, use it to make purchases, or trade it.
👉 Additionally, you can use ADA to pay transaction fees on the Cardano network and to stake additional tokens. If you want to retain Cardano for an extended period, be mindful of the wallet you use.
Why should Kenyans consider Cardano?
👉 Cardano is undoubtedly one of the most promising blockchain applications available today, with solid foundations and a great deal of momentum behind the project.
👉 This is not highly likely despite many claims to be Ethereum’s successor. So, in analysts’ view, Cardano will carve out its position within the global blockchain ecosystem, but it will not overtake Ethereum.
👉 Cardano makes excellent sense if you are optimistic about cryptocurrencies and blockchain technology. If you already have some Ethereum, investing in Cardano is a smart move that will certainly lead to a rise in your overall profits.
👉 Solana is a fully functioning open-source project that develops a new layer-1 blockchain that is permissionless and fast.
👉 Solana was created in 2017 by Anatoly Yakovenko, a former executive at Qualcomm, to scale throughput beyond what is accomplished by popular blockchains while maintaining low prices.
👉 Solana employs a novel hybrid consensus architecture that combines a proof-of-history (PoH) algorithm with a proof-of-stake-based synchronization engine (PoS).
👉 Therefore, the Solana network may potentially perform more than 710,000 transactions per second (TPS) without requiring scaling solutions.
👉 Solana’s third generation blockchain architecture is intended to allow the construction of smart contracts and decentralized applications (DApps). In addition, the project provides support for various decentralized finance (DeFi) systems and non-fungible token (NFT) markets.
👉 The ambitious architecture of Solana tries to address the blockchain trilemma and a notion introduced by Ethereum’s founder Vitalik Buterin uniquely. This trilemma summarizes blockchain developers’ three key obstacles: decentralization, security, and scalability.
👉 It is commonly thought that blockchains are designed to require developers to choose between two of the three advantages, since they can only deliver two at any one moment.
👉 To improve speed, the Solana blockchain platform has developed a hybrid consensus process that sacrifices decentralization. Combining PoS with PoH in a novel way distinguishes Solana in the blockchain market.
👉 Blockchains have more scalability; the improved they scale, the more transactions per second they can accommodate.
👉 However, with decentralized blockchains, time inconsistencies and more throughputs slow them down since additional nodes confirming transactions and timestamps need more time.
👉 Solana’s architecture addresses this issue by selecting a leader node based on the PoS mechanism that sequences communications between nodes. As a result, even without a centralized and accurate time source, the Solana network benefits from a decrease in burden that translates into a rise in throughput.
👉 In addition, Solana establishes a chain of transactions by hashing the result of one transaction and using it as the following input.
👉 This transaction history lends Solana’s primary consensus mechanism its name: Proof of History (PoH), a feature that enables better protocol scalability and increases its usability.
Why should Kenyans consider Solana?
👉 Additionally, Solana’s blockchain is at the forefront of non-fungible token transactions. Solana features many NFT markets, including Metaplex, Solanart, and the famous Magic Eden.
👉 NFT traders like Solana’s versatility and cheap transaction costs, and blockchain technology is giving Ethereum a run for its money in terms of its ability to process NFT trades.
👉 The Solana blockchain is efficient, extremely dependable, and provides investors with reduced transaction costs. The combination of these variables makes the coin a possible long-term cryptocurrency investment.
👉 SOL is now trading at its lows, making it a bargain. In addition, 90% of Solana’s trade activity consists of acquisitions, while just 10% comprises sales. It is essential to realize that all cryptocurrencies are volatile.
👉 Polygon is sometimes referred to as “an express train” since it travels down the same Ethereum rail as other sidechains, but at a quicker speed and with fewer stops. The network is described as “Ethereum in the fast lane” on the Polygon website.
👉 Polygon processes transactions using a proof-of-stake design, making it quicker and more efficient than other blockchain networks. Some investors see its dependence on Ethereum as an advantage, while others view it as a disadvantage.
👉 Matic enables you to stake on the Ethereum blockchain and use the cryptocurrency to pay for transactions. This has assisted in lowering the high transaction costs inherent to the Ethereum blockchain, hence promoting its broad adoption. Furthermore, it facilitates the development of decentralized applications and smart contracts while using Ethereum’s superior security standards.
👉 Polygon aims to become carbon-negative in 2023 and “climate positive” in the future, making it more environmentally beneficial than several other cryptocurrencies. This alone might propel Polygon’s adoption and garner investment support.
👉 The Ethereum network allows users to deposit MATIC, interact with tokens, and withdraw currencies back to the Ethereum blockchain.
Why should Kenyans consider Polygon?
👉 Polygon improves the performance, cost, and speed of all Ethereum applications. Therefore, many people refer to Polygon as a “scalability solution” for Ethereum.
👉 By facilitating Ethereum’s scalability, Polygon minimizes blockchain congestion, increases transaction speeds, and decreases transaction costs. Consequently, any invention enhancing Polygon’s capacity to grow Ethereum will be noticed.
👉 A part of Polygon that is receiving significant attention is a modern technology solution called zkEVM. Crypto influencers are posting YouTube videos claiming it is the future of cryptocurrency. zkEVM is an overly complex cryptographic mechanism for validating Ethereum blockchain transactions.
👉 zkEVM will make it feasible to “roll up” thousands of transactions simultaneously, rapidly, and efficiently.
👉 Avalanche is a blockchain whose Avalanche Consensus Protocol claims to combine scalability and rapid confirmation rates. It can manage 4,500 TPS (transactions per second). Since its launch in September 2020, Avalanche has become one of the most prominent blockchains.
👉 According to statistics from Defi Llama, its protocol has a total value of over $11 billion, making it the third largest DeFi-supporting blockchain behind Terra and Binance Smart Chain.
👉 The growing DeFi ecosystem of Avalanche features elements of Ethereum’s protocols, such as the loan protocol Aave and the decentralized exchange mechanism SushiSwap. Avalanche is not exclusive to DeFi, though.
👉 Ava Labs also financially supports investments in the network’s metaverse, with the concept that a fast and inexpensive network could easily enable blockchain-based games and virtual worlds.
Why should Kenyans consider Avalanche?
👉 Considering the Avalanche Foundation’s desire to engage with a variety of high-end projects, it is never too late to purchase and assess Avalanche (AVAX) in 2023.
👉 Specifically, Avalanche intends to form several partnerships only to promote the “subnet” feature of the Avalanche blockchain smart contract.
👉 Subnets enable the scalability of application-specific blockchains, whether for Web 3 gaming or decentralized banking (DeFi).
👉 Ava Labs, the creator of Avalanche, will collaborate with Aave Companies, GoldenTree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize to create the network. This enables member universities to use their subnets and get access to DeFi.
👉 This subnet represents a big step in lowering conventional financial and decentralization boundaries.
👉 ApeCoin is the governance token of the APE Ecosystem, enabling token holders to participate in the ApeCoin DAO and providing its players with shared, decentralized money. In addition, Ecosystem Fund will fund community-driven projects as voted on by ApeCoin DAO members.
👉 ApeCoin also grants access to previously inaccessible elements of the ecosystem, such as unique games and services. ApeCoin is a mechanism for third-party developers to join the ecosystem by integrating ApeCoin into their services, games, and other projects.
👉 The designers of Bored Ape Yacht Club, Yuga Labs, gave the APE Foundation a 1 of 1 NFT. Yuga Labs has transferred to the APE Foundation all rights and privileges to this NFT and its underlying artwork. Therefore, members of the ApeCoin DAO could determine the use of this intellectual property.
👉 Within the APE Ecosystem, ApeCoin is a governance and utility token based on the ERC-20 standard. Its purpose is to enable and incentivize the development of a decentralized community at the vanguard of web3.
👉 ApeCoin holders exercise self-governance through the decentralized governance framework governing the ApeCoin DAO and cast votes on the allocation of the ApeCoin DAO Ecosystem Fund. In addition, the APE Foundation manages ApeCoin holder-approved ideas.
Why should Kenyans consider ApeCoin?
👉 ApeCoin, although a young coin, has become a prominent Metaverse cryptocurrency. The Bored Ape Yacht Club series of NFTs is one of the most significant NFT collections on the market.
👉 ApeCoin provides users access to the rapidly expanding Bored Ape ecosystem, which includes a Metaverse of games and products. These high-growth facets of the cryptocurrency industry could contribute to ApeCoin’s price increase.
9. The Sandbox
👉 The initial version of The Sandbox was published as a mobile game by Pixowl (headed by Sébastien Borget and Arthur Madrid) with game developer Onimatrix in early 2012.
👉 In 2018, game developer Animoca purchased Pixowl and revealed plans to build a 3D sandbox using blockchain technology to use user-generated content (UGC) and token economics.
👉 The Sandbox is Ethereum-based software that manages a decentralized virtual game universe.
👉 At its foundation, the Sandbox is a game in which players may purchase digital parcels of land, known as LAND, and build shared experiences on top of them. The Sandbox is, therefore, one example of a blockchain-based metaverse like Decentraland.
👉 The Sandbox program utilizes the Ethereum blockchain to monitor its application’s digital LAND and NFT ASSETS. Using Ethereum wallets to store their SAND tokens, users further participate in the ecosystem.
👉 Using various tools, developers can also innovate inside Sandbox’s platform by defining the animation and interactions encountered on their virtual real estate.
➡️ The Voxel Editor allows users to develop and bring to life their own creations, such as plants, animals, and avatar-specific gear (such as clothing or weapons).
➡️ Game Maker – Software enables users to construct 3D games on their LAND using ASSETS they have generated or purchased from the market.
👉 The Sandbox allows users to submit their inventions, which are registered as ERC1155 tokens (ASSETS) on the Ethereum network. Then, these ASSETS may be purchased and traded using SAND.
Why should Kenyans consider The Sandbox?
👉 The Sandbox is an excellent cryptocurrency to invest in today since its user base and token price is anticipated to continue rising. By 2030, for instance, the price of sand is projected to have reached $60, equating to a 6000% portfolio return.
👉 Increasing partnerships with on- and off-chain companies like Samsung will contribute to SAND’s future value growth. Other factors include incorporating more play-to-earn games, a persistent NFT frenzy, and increased investor interest in the alternative cryptocurrency.
10. Gala Games
👉 Eric Schiermeyer, a pioneer in the gaming and blockchain industries and co-founder of Zynga, a prominent mobile and social gaming firm, launched the blockchain startup.
👉 Schiermeyer advocated for casual games that appealed to the public, which led to the creation of popular games such as Zynga Poker, Mafia Wars, and Farmville.
👉 In July 2019, Schiermeyer established Gala Games after acquiring a reputation for working on projects that create trends. He aimed to establish a gaming network that grants gamers ownership of their games.
👉 Gala Games identifies itself as a blockchain gaming ecosystem aiming to develop “blockchain games you’ll want to play.”
👉 Gala Games, as a platform, provides players with various games created on the Gala Network, which utilizes its native token to identify in-game assets that players possess.
👉 By using the game’s non-fungible tokens, players may purchase and sell assets and earn monetary incentives (NFTs). In addition, gala Games attempt to differentiate apart by giving players more control over their in-game goods, which may cost hundreds of dollars.
👉 The Gala Games ecosystem is protected by network nodes, which you must run for a minimum of six hours every day to qualify for GALA token awards. These prizes aid in the maintenance and expansion of the network since each node contributes to hosting games.
👉 Users need a Gala Games account to purchase the node software, which must be downloaded and installed before participating in the ecosystem. Eventually, network nodes transform into non-fungible tokens (NFTs) that may be traded on OpenSea and other NFT markets.
👉 Node owners get several benefits and prizes, such as:
➡️ Voting Rights
➡️ Random NFT drops
➡️ In-game coins
➡️ Daily GALA tokens
👉 The voting method of Founder’s Node enables users to influence the creation of games, new titles, and other upgrades.
Why should Kenyans consider Gala Games?
👉 It has a few innovative blockchain games in development, which may break the pattern. To date, the primary problem with many blockchain games has been that they are not as enjoyable to play as traditional games, and Gala wants to alter this.
👉 In addition, Gala has a seasoned management team and has exerted considerable effort to recruit industry expertise. There are other significant milestones in the pipeline. Gala’s intentions to migrate to its blockchain are the most prominent.
👉 It has been implemented in the Ethereum (ETH) and Binance Smart Chain environments. However, developing its ecosystem will dramatically lower costs and transaction times.
👉 Additionally, it has established a relationship with Epic Games Store. Epic is a significant non-blockchain gaming firm, and because of this partnership, the forthcoming Wild West game GRIT will be one of the first Web3 games to be launched on the Epic platform.
How to choose the Right Crypto Exchange in Nigeria
👉 Purchasing cryptocurrencies is now quite simple, but investors need to know where they may get digital tokens safely. The procedure begins with selecting an exchange, which serves as your marketplace to purchase cryptocurrencies.
👉 The first step in purchasing cryptocurrency is settling the exchange; selecting the best one is crucial. Always remember that one may provide advice, but investors must do their research.
Compliance with KYC
👉 For each Nigerian user that invests in cryptocurrencies, account creation is insufficient. Therefore, Nigerian traders should consider exchanges with stringent KYC procedures as this will deter hackers from creating an account to steal the funds of other traders or expose vulnerabilities in the system.
The location of the exchange
👉 One should be aware of the location of the office of any exchange, as it will be controlled by the legislation and legislative of that country. Therefore, purchasing cryptocurrencies from a “local” or domestic crypto exchange is strongly advised.
👉 Because international exchanges may not accept your currency, purchasing through a domestic exchange will save you money on currency conversion fees. However, this is not currently an option in Nigeria, and traders must use the services of international entities.
👉 No marketplace will allow you to trade for free. Therefore, there will be costs associated with the purchase. However, the quantity may differ from one exchange to the next, from one token to the next, or even both.
👉 The exchange charge structure may alter over time. Some exchanges impose extra costs on top of the standard transaction fees. Investors will need to take notice of them.
👉 Additionally, some exchanges assess fees at various stages, including the profit’s purchase, sale, and redemption. Therefore, investors must examine and quantify all the associated expenses before selecting.
The Order Book Volume
👉 Most exchanges are not reluctant to provide their order book, and providing transparency is a sign of a reputable exchange. The order book lists to purchase and sell orders on the provided exchange.
👉 A robust order book suggests that more individuals are using the exchange and that there is sufficient liquidity for investors to leave a specific cryptocurrency.
👉 However, if an exchange does not disclose its order book, this does not always constitute criminal activity. Likely, it might not provide this feature and has a lower volume than more extensive exchanges.
👉 Hundreds of exchanges are operating today, and more competitors are vying to enter the fray. However, the trick is to locate a trustworthy and open exchange.
👉 Transparent exchanges provide their cold storage addresses or audit information on how to verify their cryptocurrency holdings.
👉 Audits are a fantastic technique to guarantee consumer openness. In addition, audit reports demonstrate that the exchanges have sufficient liquidity and are not fractional exchanges.
Smooth Trade Execution
👉 After the purchase, various exchanges may transmit the digital tokens to your account at varying timeframes.
👉 Additionally, it could differ from token to token. Finally, check to see whether the exchange has ‘locked in’ pricing, which implies that you will be charged the price you purchase at, even if the crypto tokens take a few days to arrive.
👉 Nigerians must investigate the safety and security measures of the exchange on both mobile and online platforms. It cannot be ignored that digital tokens are susceptible to theft and hacking.
👉 On the Internet, investors must always guarantee that the exchange website begins with “HTTPS.” In addition, investors should always select two-factor authentication on mobile apps.
👉 A few more seconds might be required for an additional step, but it will give you greater security.
The reputation of the exchange
👉 The reaction can be fast and intuitive if the exchange spends a lot of money on media agencies to boost its image. Therefore, investors must study reviews, consult online forums, and seek expert counsel on an exchange’s reputation.
👉 Several online forums provide accurate, sincere, and impartial replies to the exchange. In addition, investors are required to discuss their experiences with other users to establish a robust community.
The range of Coins offered
👉 Investors must examine the number of coins accessible on a given exchange and the rate at which it introduces new tokens. Occasionally, an exchange is exceedingly slow to add a token on their platform, which is “expensive” for investors.
👉 In addition, an exchange must be quick enough to delist outdated tokens.
👉 Maintaining total anonymity is quite challenging. Ensure your transaction complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in your country.
👉 Anonymity is fundamental to your cryptocurrency, yet everyone is treated equally by the law. An exchange must know its customer to facilitate communication.
The Best Crypto Brokers in Kenya
👉 In this article, we have listed the best brokers that offer crypto CFDs to traders in Kenya. In addition, we have further identified the brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 Crypto Broker in Kenya
👉 Overall, CM Trading is the best MT4 Crypto broker in Kenya. CM Trading serves millions of traders from around the world. In addition, CM Trading supports any type of trading strategy across its accounts and over MT4.
👉 CM Trading offers many trading tools, and Kenyans can expect ECN execution on their trades. CM Trading also offers an innovative CopyKat system and Guardian Angel.
Best MetaTrader 5 / MT5 Crypto Broker in Kenya
👉 Overall, HFM is the best MetaTrader 5 Crypto broker in Kenya. HFM is a competitive Crypto and CFD broker with MT4, MT5, and an HF App on Android and iOS.
👉 In addition, HFM offers AutoChartist, free VPS, HFCopy services, and zero-pip spreads on prominent instruments such as EUR/USD.
Best Crypto Broker for beginners in Kenya
USD 50 / 5780 KES
Account Activation Time
* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.
👉 Overall, eToro is the best Crypto broker for beginners in Kenya. eToro offers Kenyans over 3,000 tradable instruments via its powerful trading software.
👉 In addition, beginner traders can access a comprehensive learning academy with videos, articles, guides, and weekly webinars.
Best Low Minimum Deposit Crypto Broker in Kenya
USD 0 / 0 KES
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Metatrader 4 and Metatrader 5
Account Activation Time
👉 Overall, OANDA is the best Low Minimum Deposit Crypto Broker in Kenya. OANDA does not have a set minimum deposit but requires that Kenyans meet the margin requirements of their trade.
👉 Kenyans can deposit funds through several flexible ways, including bank wire, payment gateways, and credit/debit cards.
Best ECN Crypto Broker in Kenya
USD 10 / 1156 KES
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Account Activation Time
👉 Overall, Pepperstone is the best ECN Crypto broker in Kenya. Pepperstone is ideal for Kenyan traders who need fast trade execution, zero-pip spreads, and access to powerful trading tools. In addition, Pepperstone offers advanced chart capabilities, drawing tools, and more.
Best Islamic / Swap-Free Crypto Broker in Kenya
USD 200 / 23120 KES
Account Activation Time
👉 Overall, IC Markets is Kenya’s best Islamic / Swap-Free Crypto broker. IC Markets offers a Swap-Free option, and unlike competitors, IC Markets does not apply additional fees on Islamic Accounts.
👉 In addition, IC Markets offers the Islamic Account on the commission-free accounts and access to MT4, MT5, and cTrader.
Best Crypto Trading App in Kenya
USD 100 / 11560 KES
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Yes (Availability subject to regulations)
Account Activation Time
👉 Kenyans can access 24/7 customer support via the app and set price alerts to remain updated on market movements.
Best Kenyan Shilling Trading Account Crypto Broker in Kenya
USD 10 / 1156 KES
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
MetaTrader 4 and MetaTrader 5
Account Activation Time
👉 Overall, Exness is the best Kenyan Shilling trading account Crypto broker in Kenya. Exness is a beginner-friendly option that offers a choice between trading accounts.
👉 Kenyans can register a KES account and make deposits/withdrawals in the same currency, cancelling currency conversion fees.
Best Lowest Spread Crypto Broker in Kenya
USD 0 / 0 KES
Account Activation Time
👉 Overall, IG is the best lowest spread Crypto broker in Kenya. IG’s spreads start from 0.1 pips on the Direct Market Access (DMA) account. IG is a reputable broker that guarantees fast trade execution across markets and different accounts.
Best NDD Crypto Broker in Kenya
USD 10 / 1156 KES
MetaTrader 4 and MetaTrader 5
Account Activation Time
👉 Kenyans also have access to a free demo account and a range of tradable instruments, including crypto CFDs.
Best STP Crypto Broker in Kenya
USD 100 / 11560 KES
ASIC, CySEC, FSCA
MetaTrader 4, MetaTrader 5
Account Activation Time
👉 Overall, FP Markets is the best STP Crypto broker in Kenya. FP Markets ensures ECN pricing and DMA trading, the best option for scalpers and high-volume traders.
👉 In addition, FP Markets has some of the best customer support and offers several advanced trading tools.
Best Sign-up Bonus Broker in Kenya
👉 Overall, XM is the best sign-up bonus broker in Kenya. After verifying the trading account, Kenyans who register a real account with XM for the first time will find a generous 30 USD no-deposit bonus.
👉 XM is a MetaTrader-only broker offering a wide range of tradable instruments and some of the best trading tools and helpful guides.
Understanding how trading platforms work
👉 Online trading has enabled virtually anyone with internet access, the funds to open a trading account, and a somewhat positive past financial history to participate in the market. It is not necessary to have a personal broker or a large sum of money lying around to do it, and the majority of analysts believe that trading stock is no longer a sign of impending doom.
👉 Although the market has become more accessible, this does not mean that you should take internet trading lightly.
👉 Before you can engage in online stock trading, you must first select an online broker. Your online broker will handle trade execution and will keep track of your funds and shares in an account.
👉 Furthermore, many businesses offer varying degrees of assistance, various types of accounts, and additional services. There are a few things to consider when looking for a broker, which are listed below.
Advantages of using a good trading platform
👉 Using a good trading platform has several advantages. These advantages include:
➡️ A good broker is one who offers their clients a wide variety of financial services, as well as research and recommendations.
➡️ Additional services may include portfolio analysis and construction, estate planning, tax guidance, access to initial public offering shares, access to overseas markets, and a variety of other opportunities.
➡️ Despite the fact that cheap brokers will have lower fees, their primary focus is typically on providing straightforward execution services to self-directed investors and traders.
➡️ Reliable brokers are worth considering if you do not want to conduct your own research on investments but would still like to participate in the financial markets.
👉 Finding excellent cryptocurrencies to purchase in 2023 need not be difficult. Some are useful if you want to capitalize on the rebounding cryptocurrency market, some are excellent for short- to medium-term investments, and the bulk is suitable for long-term investments.
👉 Nonetheless, they have all shown exemplary performance in the past and are anticipated to achieve phenomenal growth in the future. However, you must understand your risk tolerance and evaluate the money you can afford to lose before investing, regardless of what analysts say.
Which crypto currently has the most potential in Kenya?
Ethereum is one of the cryptocurrencies with the most potential. This is attributable to the hype surrounding the Ethereum upgrade from a Proof of Work to a Proof of Stake in September.
Why is crypto dropping so much right now?
Experts cite a looming recession, increasing interest rates, the ongoing conflict in Ukraine, and inflation reaching a new 40-year high as the reasons for falling stock and cryptocurrency values.
Will cryptocurrency recover in 2023?
Even though no one knows for sure, several analysts believe that cryptocurrency values might fall lower before seeing a sustainable rebound.
Should I buy crypto now?
While it may be tempting to get into the cryptocurrency market now when prices are low, experts advise waiting until you have determined your risk tolerance and prioritized other areas of your finances.
Should I sell my crypto now?
There are no stringent rules about when not to sell cryptocurrency. However, an essential thing to remember is not to sell in a hurry because the price has fallen.
If you still believe that it has long-term worth, keep it. Many crypto investors eventually regret dumping their holdings in a panic.