How to Invest in Crypto in Kenya
How to Invest in Crypto in Kenya revealed. We tested the best way to invest in crypto for Kenyan Traders.
This is a complete guide to invest in crypto in Kenya.
In this in-depth guide you’ll learn:
- What is Crypto?
- How to buy Crypto in Kenya?
- Which crypto should you invest in?
- With which wallet should you buy crypto?
- 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 way to invest in Crypto in Kenya…
Let’s dive right in…
CySEC, FCA, FSA, FSCA, Labuan FSA
FSA, Cysec, FSCA, FSC
How to Invest in Crypto in Kenya (Updated 2023)
- Trading versus Investing
- How and Where to Invest in Crypto in Kenya
- Buy Cryptocurrencies from an Exchange
- Invest in companies linked to Cryptocurrency or blockchain
- Buy Blockchain ETFs
- Buy Crypto ETFs
- Invest a small portion in well-known cryptos
- Stake Your Crypto
- Get involved in Crypto Lending to earn back on your Coins
- How to choose the Right Crypto CFD Broker in Kenya
Trading versus Investing
👉 Investing and trading are two distinct ways to make money in the financial markets. Both investors and traders seek profits from market involvement. Investors seek higher returns over a more extended period by purchasing and holding.
👉 On the other hand, traders use both rising and falling markets to join and exit positions in a shorter time, resulting in smaller, more frequent gains.
👉 Investments are often kept for years or even decades, taking advantage of benefits such as interest, dividends, and stock splits. While market fluctuations are inevitable, investors will “ride out” the downtrends, if prices will recover, and losses will be recouped.
👉 Trading entails more frequent transactions, including purchasing and selling stocks, commodities, currency pairings, and other instruments. The objective is to create higher returns than buy-and-hold investment.
👉 While investors may be satisfied with yearly returns between 10% and 15%, traders may want a monthly return of 10%.
How and Where to Invest in Crypto in Kenya
👉 Dozens of distinct cryptocurrencies are accessible today, making defining them with a single term challenges.
👉 Cryptocurrency is encrypted and frequently decentralized digital money. By far the first and most well-known Cryptocurrency, Bitcoin is built on blockchain technology, a decentralized, permanent record system.
👉 Although Bitcoin is the most famous and valuable Cryptocurrency, it has inspired the development of dozens of alternatives, or altcoins.
👉 Investing in cryptocurrencies has a high learning curve. And as a highly volatile and speculative investment, several investors are prudently wary.
👉 There are indirect investment opportunities for people interested in Crypto but do not want to acquire and own real Cryptocurrency. And you may already be exposed to cryptocurrencies without being aware of it.
Buy Cryptocurrencies from an Exchange
Choose a platform
👉 Choose a reliable exchange as your initial step in cryptocurrency investment. An exchange is where you will purchase, sell, and store your Cryptocurrency.
👉 Thankfully, cryptocurrencies have been around long enough for the largest exchanges to become solid and user-friendly.
Choose your coins
👉 There are other digital currencies available, and there are currently 20,746 cryptocurrencies. Fortunately, most exchanges only provide a few hundred or over a thousand. These are the most authentic and viable currencies with acceptable market capitalization.
👉 Here are some of the most-traded cryptocurrencies today:
➡️ Bitcoin (BTC USD): The king of cryptocurrencies is still accessible for purchase on all major exchanges.
➡️ Ethereum (ETH): The second most popular Cryptocurrency by market capitalization attained popularity via innovation, enabling smart contracts to be recorded on the blockchain.
➡️ Dogecoin (DOGE) was founded in less than two hours as a joke – a spoof of cryptocurrencies. Despite this, DOGE has attained a market valuation of $85 billion, demonstrating the influence of speculation and online buzz.
➡️ Binance Coin (BNB): BNB is the native token of Binance, the biggest cryptocurrency exchange in the world (Binance.US is the USA-only version). It has gained popularity because of its widespread acceptance and potential to lower Binance’s transaction costs.
👉 Several variables will influence the choice of which to buy. Because cryptocurrencies are so speculative and unpredictable, picking the correct ones for your portfolio may boil down to those in which you believe.
👉 While stock traders may study 10-Ks when evaluating a company, cryptocurrency investors could choose to read whitepapers.
Decide how much you want to buy
👉 Advisors recommend that traders and investors not risk more than 1% to 5% of their capital on a single coin or investment. This is because every Kenyan will have a different risk tolerance and willingness to be exposed to risk.
👉 Kenyans must start small, with 1%, and slowly build their portfolio.
Store your Crypto safely
👉 Once you have acquired some cryptocurrency, you must decide how to keep your private keys. The hot and cold wallets are correspondingly online and offline. With a hot wallet, you can easily access and trade your cryptocurrencies, and the security mechanisms safeguarding them are more robust than ever.
👉 However, hackers are becoming more audacious, which is why some crypto traders, particularly long-term holders, opt to store their private keys in a cold wallet, such as a USB or hard drive, kept in a safe.
👉 For the time being, a hot wallet can do if you dabble in modest quantities and expect to continue purchasing consistently. You might also consider bitcoin savings accounts that offer interest on your cryptocurrency holdings.
Maintain your Crypto Investment
👉 Your last step is to preserve your cryptocurrency holdings. The only way to do this step badly is to purchase Cryptocurrency and entirely ignore it. You prevent Crypto investing errors by:
➡️ Add Cryptocurrency to your primary investment dashboard to track its success over time.
➡️ Since cryptocurrency trading is still the Wild West, you should read the news to track your preferred exchange’s regulatory scrutiny.
➡️ Participate in cryptographic communities. Visit the subreddit for Crypto, then sort by new and trending topics. Consider joining a crypto group on your chosen social media platform or visiting crypto conferences or meetings in person.
➡️ Observe whether nations are prohibiting Crypto or endorsing it as legal cash and constructing a Bitcoin city on a volcano.
➡️ Continue to educate yourself on new cryptocurrencies and blockchain applications and be rewarded in Crypto on Coinbase for it. Learn.
Invest in companies linked to Cryptocurrency or blockchain
👉 Rather than investing in a single crypto-forward firm, it is preferable to maintain a diversified portfolio by finding companies with crypto-related interests and including their stock in any index or mutual funds in which you invest.
👉 This not only allows you to invest in firms where you see promise, but it also helps you diversify your holdings within a larger fund.
Marathon Digital Holdings (MARA)
👉 Marathon Digital Holdings, Inc., formerly known as Marathon Patent Group, Inc., is a digital asset technology company.
👉 The company generates digital assets and mines cryptocurrency focusing on the blockchain ecosystem. It operates in the sector of Digital Currency Blockchain.
👉 The company runs a Data Centre with a power capacity of 105 megawatts in Hardin, Montana, United States. In addition, the company owns about 2,060 Application Specific Integrated Circuits (ASIC) Bitcoin Miners located in a co-hosted facility in North Dakota, United States.
👉 Its mining technology conducts hash rate or hashes per second-based tasks in support of the blockchain.
👉 Tesla, Inc. designs, develops, produces, sells, and leases electric automobiles, energy generating, and storage systems and provides services associated with its products.
👉 The automotive part of the company consists of the design, development, production, marketing, and leasing of electric cars and the selling of automotive regulatory credits.
👉 Elon Musk, the inventor of Tesla, is an advocate of cryptocurrencies, and the corporation possesses over a billion dollars in Bitcoin.
👉 It briefly took Bitcoin payments at the beginning of 2021 before discontinuing the program, although Musk has said that Tesla would “likely” resume accepting Bitcoin payments.
Galaxy Digital (BRPHF)
👉 Galaxy Digital Capital Management LP (Galaxy Digital) is a worldwide financial services organization with extensive digital assets, Cryptocurrency, and blockchain technology expertise.
👉 The firm was established in 2018 and comprised a team of experienced individuals with extensive tenure managing third-party money across conventional and alternative asset classes.
👉 Bitfarms runs blockchain processing facilities globally with in-house administration, on-site repair and maintenance, and low-cost, long-term energy contracts.
RIOT Blockchain (RIOT)
👉 Formerly known as Bioptix, Inc., Riot Blockchain Inc. focuses on obtaining exposure to the blockchain ecosystem via its cryptocurrency mining activities, internally formed companies, collaborative partnerships, and targeted investments in the field.
👉 The company’s primary emphasis is Bitcoin and blockchain technologies in general. The company has deployed 8,000 application-specific integrated circuit (ASIC) miners at its cryptocurrency mining plant in Oklahoma.
👉 Through its subsidiary TESS Inc., the company intends to provide a blockchain-based escrow solution for wholesale telecom carriers. In addition, it maintains a 13 percent stake in the Canadian digital currency exchange Coinsquare Ltd.
👉 It also owns shares in Verady, LLC, which offers accounting and auditing technology services for cryptocurrencies.
Buy Blockchain ETFs
👉 ETFs, or exchange-traded funds, function like mutual funds and equities. An ETF is a collection of stocks, bonds, or other assets. When you purchase a share of an ETF, you get a stake in the fund’s portfolio of holdings.
👉 While many ETFs, such as total market ETFs, have low-cost ratios, specialist ETFs may have expense ratios closer to the 1 percent threshold that Schneider considers expensive.
👉 Subsequently, it will have less effect if pricey ETFs make up a tiny amount of your portfolio, so keep the cost in mind while weighing your selections.
👉 ETFs are often categorized by the kind of assets they hold. Thus, one method to indirectly invest in cryptocurrencies is purchasing an ETF that focuses on blockchain, its underlying technology. A blockchain ETF will contain firms either using or developing blockchain technology.
👉 Many sceptics of cryptocurrencies who trust in the “transformative” blockchain technology that underpins them see blockchain ETFs as a safer investment. Various businesses manufacture ETFs, but you can typically purchase them via your usual brokerage.
👉 When searching your brokerage, you can use the ticker symbols of the funds you are interested in, just as you would with individual stocks. For example, a few ETFs based on blockchain technology are now offered to investors.
BLOK (Amplify Transformational Data Sharing ETF)
👉 BLOK is an actively managed ETF that invests at least 80% of its net assets in the stocks of firms involved in developing and using blockchain technology. The fund’s assets provide investors with “indirect crypto exposure” instead of direct cryptocurrency investment.
👉 It employs a diversified approach, investing in a mixture of value and growth equities with varying market capitalizations. The top three sector allocations of the ETF are IT services, financial markets, and software, which account for around two-thirds of its holdings.
👉 The top three holdings of the fund are the Class A shares of the previously mentioned MicroStrategy Inc., the Class A shares of the holding firm Silvergate Capital Corp. (SI), which offers banking and lending services, and the Class A shares of Overstock.com Inc. (OSTK). This online retailer specializes in selling furnishings.
|🔄 Dividend Yield||1.09%|
|💵 Assets under Management||662.1 million USD|
|💰 Issuer of ETF||Amplify Investments|
|⏰ Date of Inception||2018|
|💸 1-Year Performance||-42%|
|💻 Expense Ratio||0.71%|
|💳 Average Daily Volume over 3 Months||306,053|
BLCN (Siren Nasdaq NexGen Economy ETF)
👉 BLCN follows the Nasdaq Blockchain Economy Index. The benchmark, created in collaboration with Nasdaq, measures the performance of firms engaged in activities such as creating, studying, inventing, and using blockchain technology.
👉 The ETF typically holds large-cap equities from developed economies and invests in growth and value companies using a diversified approach. The three top holdings of BLCN are:
➡️ Marathon Digital Holdings Inc. (MARA) is a digital asset technology and mining company.
➡️ MicroStrategy Inc. (MSTR) is a mobile software, analytics, and cloud technology company.
➡️ Core Scientific Inc. (CORZ) is a blockchain infrastructure and IT management services company.
|🔄 Dividend Yield||0.61%|
|💵 Assets under Management||141.3 million USD|
|💰 Issuer of ETF||SRN Advisors|
|⏰ Date of Inception||2018|
|💸 1-Year Performance||-35.7%|
|💻 Expense Ratio||0.68%|
|💳 Average Daily Volume over 3 Months||34,386|
LEGR (First Trust Indxx Innovative Transaction & Process ETF)
👉 LEGR is correlated with the Indxx Blockchain Index. The benchmark measures the performance of firms that use, invest in, or create blockchain technology or whose products are positioned to profit from it.
👉 Typically, the ETF invests at least 90% of its net assets in equities securities comprising the index. Just over 37% of the portfolio includes financial equities, followed by information technology (IT) and consumer discretionary sectors.
👉 Sponsored American Depositary Receipts (ADRs) of ICICI Bank Ltd. (IBN), a bank and financial services provider in India, Deutsche Telekom AG (DTE: ETR), a telecommunications and information technology services provider in Germany, and Class A shares of Mastercard Inc. (MA), a financial services provider in the United States, make up LEGR’s top three holdings.
|🔄 Dividend Yield||1.26%|
|💵 Assets under Management||123 million USD|
|💰 Issuer of ETF||First Trust|
|⏰ Date of Inception||2018|
|💸 1-Year Performance||-13.5%|
|💻 Expense Ratio||0.65%|
|💳 Average Daily Volume over 3 Months||12,755|
Buy Crypto ETFs
👉 Until recently, crypto or Bitcoin exchange-traded funds (ETFs) were inaccessible to would-be crypto investors discouraged by exchanges or purchasing and holding real coins.
👉 After great anticipation, the first Bitcoin-related financial instrument, the BITCO Bitcoin ETF, was introduced in October 2021.
👉 Numerous organizations, including the cryptocurrency exchange Gemini and the venerable investing institution Fidelity, have sought to provide Bitcoin ETFs. However, many proposals have either been rejected or remain under examination by the Securities and Exchange Commission.
👉 BITO is tied to Bitcoin, although it is not a fund that owns Bitcoin directly; instead, it holds Bitcoin-futures contracts.
👉 Nevertheless, BITO is a significant step in integrating cryptocurrencies into traditional Kenyan investor portfolios, and many fans want an ETF that directly contains cryptocurrencies.
👉 Other than BITO, Kenyans only have access to private trusts that store cryptocurrencies, such as Grayscale Bitcoin Trust, Global X Blockchain & Bitcoin Strategy ETF, and a few others listed below.
👉 These funds let accredited investors purchase shares directly at market value, although anybody could purchase secondary market shares via a brokerage account.
👉 Notably, management costs relate to the trusts, which may make this way of Bitcoin investing more expensive than a commission-free blockchain ETF or purchasing Cryptocurrency on an exchange.
Purpose Bitcoin ETF (BTCC.U)
👉 Canadian authorities have authorized multiple cryptocurrency exchange-traded funds (ETFs). These genuine open-ended funds store audited Bitcoin deposits in safe offline storage with a custodian.
👉 BTCC was the first to appear and has since become the most liquid and popular alternative. At the end of July, the “.U” version held 0.00018623 Bitcoin per share and had a maximum gross expense ratio of 1.5%.
ProShares Bitcoin Strategy ETF (BITO)
👉 BITO offers Bitcoin exposure through a portfolio of futures contracts. These derivatives wager on the predicted future price of Bitcoin.
👉 Consequently, BITO’s ability to monitor the spot price of Bitcoin is not 100 percent accurate, but it is near enough for most swing traders and long-term investors. In addition, the fund, like most futures-based ETFs, holds a range of Treasury bills as collateral for the futures contracts it enters.
👉 As a result of the ETF’s active management, the cost ratio is high at 0.95 percent. This amounts to around $95 per year in fees for a $10,000 investment. Nonetheless, investors apprehensive about Bitcoin self-custody and crypto exchanges may find this a reasonable trade-off.
CI Galaxy Ethereum ETF (ETHX.U)
👉 Ether, the second-largest Cryptocurrency by market capitalization and representative of the adaptable Ethereum blockchain, is now available as a spot ETF.
👉 The Ethereum network is far more popular than Bitcoin, with decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts. Additionally, as an investment, it is more volatile than Bitcoin and has a lower token price.
👉 Investing in Ether is possible via ETHX.U, which is simply BTCC.U for Ether. The ETF holds 0.003655 Ether per share and has $390 million in assets under management. ETHX.U is much less expensive than BTCC.U, having a net expense ratio of 0.7%.
Global X Blockchain & Bitcoin Strategy ETF (BITS)
👉 BITS combines the futures-based strategy of BITO with investments in chosen blockchain firms. As of the end of July, 47% of the ETF’s assets were invested in the Global X Blockchain ETF (BKCH), while the remaining was collateralized with cash for Bitcoin futures.
👉 The underlying BKCH follows the performance of the Solactive Blockchain Index and is comprised of equities such as Marathon Digital Holdings In. (MARA), Riot Blockchain Inc. (RIOT), and Coinbase Global Inc. (COIN).
👉 BITS is more likely to relate to the stock market than “pure” Bitcoin ETFs owing to its equities holdings. Consider it like a gold miner stock ETF. With an expenditure ratio of 0.65%, BITS is slightly less expensive than the preceding choices.
Grayscale Bitcoin Trust (GBTC)
👉 GBTC technically is not an ETF. Instead, this is a closed-end trust. The fund exposes Bitcoin by keeping deposits in cold wallets or offline storage.
👉 The fund has more than $13 billion assets under management (AUM) and 692 million outstanding shares. This equates to around 0.00092121 Bitcoin per share at the time of writing.
👉 Because GBTC is a closed-end trust, its share price may trade at a premium or discount to its net asset value. Thus, investors should be cautious.
👉 The SEC denied Grayscale’s request to convert GBTC into an ETF, and more action is ongoing. In addition, GBTC charges an expense ratio of 2%, which is high.
Purpose Bitcoin Yield ETF (BTCY.U)
👉 A Bitcoin covered-call ETF, such as BTCY.U, may provide crypto investors with passive income. BTCY.U is just BTCC.U with a covered-call overlay.
👉 The fund management sells a covered call option for a premium, which is transformed into monthly income for ETF investors. BTCY.U converts future Bitcoin profits into instant cash income.
👉 Consequently, investors may anticipate BTCY.U to have lower total returns but higher yields, making it appropriate for income investors.
👉 The astounding return of 17% results from the significant volatility of the underlying Bitcoin, which raises option premiums. 1.4% is the expenditure ratio of BTCY.U.
Invest a small portion in well-known cryptos
👉 It might be tempting to put a lot of money into the next hot Cryptocurrency in the hopes of becoming a billionaire overnight. However, few of those investments succeed, and making money with this method is challenging.
👉 A safer bet is to invest a small sum of money in cryptocurrencies more likely to rise in value over time. However, this is still dangerous since all cryptocurrencies are now very speculative, an it is hard to predict whether any of them will be around in a decade or two.
👉 Some cryptocurrencies, though, are better investments than others. Bitcoin and Ethereum, for example, are two of the most popular cryptocurrencies with the best long-term prospects.
👉 There are no guarantees in investing, no matter where you invest. So only invest money you can afford to lose and ensure the remainder of your portfolio is solid. Also, be prepared to keep your assets’ long-term, even if they are volatile in the near term.
Stake Your Crypto
👉 Staking is a term you will often hear if you are a cryptocurrency investor. Many cryptocurrencies use staking to validate transactions, enabling users to receive rewards on their holdings.
👉 Staking Cryptocurrency is pledging your crypto assets to support and confirm transactions on a blockchain network.
👉 It is compatible with cryptocurrencies that process payments using the proof-of-stake paradigm. This is a less energy-intensive version of the original proof-of-work approach. Mining devices that employ computational power to solve mathematical problems are required for proof of work.
👉 Staking can be an excellent method to make passive income with your Cryptocurrency. Specific cryptocurrencies offer high-interest rates for staking. However, before you begin, you need thoroughly grasp how crypto staking works.
The basics of Crypto Staking
👉 Proof-of-stake-based cryptocurrencies rely on staking to add new transactions to the blockchain.
👉 Participants must first commit their currencies to the bitcoin protocol. The protocol selects validators from among these individuals to confirm blocks of transactions. The more coins you commit, the more probable you will be chosen as a validator.
👉 When a new block is added to the blockchain, new bitcoin coins are created and given as staking rewards to the validator of that block.
👉 Most of the time, the pay-outs are the same Cryptocurrency that the players are staking. Some blockchains, however, employ a different form of coin for incentives.
👉 To stake Cryptocurrency, you must hold a cryptocurrency that employs the proof-of-stake paradigm. Then you may decide how much you wish to bet. Many prominent bitcoin exchanges allow you to do so.
👉 When you stake your coins, they remain in your ownership. You are effectively putting those staked coins to work, and you may unstake them anytime if you want to exchange them. The unstaking procedure may take some time; specific cryptocurrencies require you to stake coins for a set period.
👉 Staking is not available for all forms of cryptocurrencies. It is only accessible for coins that employ the proof-of-stake methodology.
Get involved in Crypto Lending to earn back on your Coins
👉 Crypto lending is depositing Cryptocurrency that is then loaned to borrowers in exchange for periodic interest payments. Payments are often provided in the form of a cryptocurrency that is deposited and compounded daily, weekly, or monthly.
👉 There are two primary kinds of cryptocurrency lending platforms: decentralized and centralized. Both provide access to high-interest rates, often as high as 20% annual percentage yield (APY), and both need borrowers to provide collateral to get a crypto loan.
👉 To become a cryptocurrency lender, users must:
➡️ Register for a lending platform
➡️ Choose a compatible cryptocurrency to deposit
➡️ Transmit money to the platform.
👉 The interest could be paid in kind or with the site’s native token on a centralized cryptocurrency lending network.
👉 On a decentralized exchange, interest is paid in kind, but bonus payments are also possible. As a result, lending cryptocurrency is a double-edged sword. This is attributable to the fact that loans are collateralized.
👉 Lenders can recuperate their losses via liquidation, even in the case of a default. They also provide much greater deposit interest rates than typical bank accounts.
👉 However, lending platforms have the authority to simply freeze customers’ cash, as is the situation with Celsius, and investors have no legal rights.
👉 There are additional hazards for borrowers since collateral might lose value and be liquidated, resulting in the sale of their investment at a significantly reduced price.
👉 Global authorities are targeting lending platforms, with restrictions establishing surrounding bank accounts and the Securities and Exchange Commission (SEC) fining BlockFi $100 million for breaching securities laws.
How to choose the Right Crypto CFD Broker in Kenya
👉 Kenyan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.
👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
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
USD 200 / 23120 KES
Account Activation Time
👉 Overall, IC Markets is the best MT4 Crypto Broker in Kenya. In addition, IC Markets offers Kenyans several third-party research and trading tool plugins on MetaTrader 4. These can enhance the overall trading experience of Kenyan traders.
Best MetaTrader 5 / MT5 Crypto Broker in Kenya
USD 100 / 11560 KES
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Account Activation Time
👉 Overall, AvaTrade is the best MetaTrader 5 Crypto Broker in Kenya. The spreads on AvaTrade’s MT5 start from 0.7 pips EUR/USD without commission charges.
👉 On MT5, Kenyans have access to AvaTrade’s 1,260 financial instruments and maximum leverage up to 1:400.
Best Crypto Broker for beginners 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 Crypto Broker for beginners in Kenya. Exness offers instant execution accounts that can be used on MT4 and MT5. In addition, Exness offers beginner Kenyan traders access to a demo account and a few educational guides.
👉 Beginners can use the Cent Account to familiarize themselves with live market conditions without exposure to significant risk. The spread on this account is 0.3 pips, with a low 119 KES minimum deposit.
Best Low Minimum Deposit Crypto Broker in Kenya
👉 Overall, XM is the best Low Minimum Deposit Crypto Broker in Kenya. XM is a well-known STP and ECN broker that offers over 1,000 instruments with spreads from 0.0 pips on EUR/USD. In addition, Kenyans can deposit 590 KES / 5 USD to get started with a trading account.
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 one of the largest forex and CFD brokers that operate an NDD model. In addition, Pepperstone offers ECN and STP execution with spreads from 0.0 pips on EUR/USD.
Best Islamic / Swap-Free 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 Islamic / Swap-Free Crypto Broker in Kenya. OANDA offers Kenyan traders an Islamic Account with competitive trading conditions and reliable trading software.
👉 In addition, Kenyan Muslim traders have access to MT4 and the award-winning OANDA platform through which to trade.
Best Crypto Trading App in Kenya
$0 / 0 KES
SEC, FINRA, CFTC, MAS
Account Activation Time
👉 Kenyans can benefit from several educational materials and trading tools offered by the app and a range of trading options.
Best Kenyan Shilling Trading Account Crypto Broker in Kenya
USD 1 / 116 KES
Account Activation Time
👉 Overall, SuperForex is the best Kenyan Shilling trading account Crypto Broker in Kenya. SuperForex offers 11 retail accounts, and Kenyans benefit from having access to a KES-denominated account.
👉 SuperForex offers a range of tradable instruments, an innovative app, and superior customer support.
Best Lowest Spread Crypto Broker in Kenya
👉 Overall, HFM is the best lowest spread Crypto Broker in Kenya. HFM has been in operation for more than a decade and is one of the best options for Kenyans, especially considering its regulations through the Capital Markets Authority (CMA).
👉 HFM has spread from 0.0 pips EUR/USD and offers MT4, MT5, and the HF App to Kenyans. HFM also provides more than 1,000 instruments that can be traded, competitive conditions, and several solutions for beginner traders.
Best NDD Crypto Broker in Kenya
👉 Overall, Tickmill is the best NDD Crypto Broker in Kenya. Tickmill is a No-Dealing Desk broker that offers STP and ECN execution, zero-pip spreads, and over 80 instruments that can be traded via MT4 and MT5.
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 is a well-regulated STP and ECN broker offering Kenyans thousands of trading options.
👉 In addition, FP Markets offers several crypto CFDs that can be traded via powerful software using dynamic trading accounts.
Best Sign-up Bonus Broker in Kenya
USD 1 / 116 KES
Account Activation Time
👉 Overall, InstaForex is the best sign-up bonus broker in Kenya. InstaForex offers an ideal crypto CFD trading environment that features competitive fees, powerful trading software, and a range of trading tools and resources.
👉 Kenyans can use the $1,000 no-deposit bonus to explore the markets risk-free and test InstaForex’s platform and overall offer. The no-deposit bonus is more than what other brokers offer, and the terms and conditions associated with the bonus are fair and transparent.
Basics of Investing in Crypto in Kenya
👉 Hundreds of cryptocurrencies are on the market, each with a unique intrinsic worth. However, investors should be aware that a cryptocurrency might appear one day and then vanish the next, rendering your investment useless.
👉 Therefore, Kenyans must understand risk management and have a solid plan for investing in cryptocurrencies.
👉 Beginner crypto investors should examine transaction costs, the kinds of cryptocurrencies accessible on a platform, educational tools, and other characteristics that correspond with their interests and ambitions.
👉 Several cryptocurrency exchanges are available to Kenyans, including TradeStation, Coinbase, eToro, and Gemini.
👉 The better return potential of Cryptocurrency attracts investors. However, keep in mind the volatile nature of these assets, and the function cryptocurrencies will play in your portfolio.
👉 Bitcoin plummeted to a 16-month low in May, about $26,000, before recouping some of its losses. Therefore, Kenyans must adopt a balanced approach to investing in Crypto, dedicating 2% to 5% of their investment portfolio to the sector due to its volatility, which can produce extreme fluctuations in value.
👉 Bitcoin is seen as a “risk on” asset, comparable to high-growth speculative tech companies, which have fared similarly in an environment of increasing interest rates.
👉 While the association between Bitcoin and the stock market, particularly the technology sector, has risen recently, some analysts believe a decoupling will occur soon.
👉 Cryptocurrency may potentially be used as an inflation hedge by investors. Some cryptocurrencies, such as Bitcoin and Ether, could even offer stability to your crypto portfolio since their inflation protection balances out their volatility.
👉 Cryptocurrency is a novel and interesting approach to money. The first and most crucial step, according to experts, is to educate yourself on these developing digital currencies and the underlying technology so that you grasp the dangers and advantages.
👉 You could expose your portfolio to cryptocurrencies without acquiring coins, but you should approach carefully and do the same due diligence as any other risky investment. As with any cryptocurrency investment, you must be ready to accept the inherent risks.
What is the best way to invest in Cryptocurrency?
The best way will depend on every investor’s unique situation, investment goals, available funds, and overall risk tolerance. While buying Cryptocurrency from an exchange is a popular investment option, Kenyans can also consider investing indirectly via ETFs, Stocks, mutual funds, and others. If you already have Cryptocurrency you can consider lending via a loan platform or staking the coins to make a passive income.
Which Cryptocurrency is the best to invest in for beginners?
Well-known cryptocurrencies are often the best for beginners, including Bitcoin, Ethereum, Dogecoin, and more. However, regardless of their status, these cryptocurrencies are subject to extreme volatility, and beginners must not risk more than 1% of their capital.
Should Kenyans invest in Crypto in 2023?
Cryptocurrency is a risky investment regardless of when you invest. Whether you should or can invest in Crypto will depend on your risk tolerance.
Keep updated with technical analysis on crypto prices and analysts’ forecasts to evaluate whether you should invest now.
Is Cryptocurrency legal in Kenya?
Cryptocurrency is not outlawed in Kenya. However, the Central Bank has warned that Cryptocurrency is not legal tender or regulated in Kenya.
Therefore, investors are not protected if they lose funds because of fraud, theft, or other criminal activity.
How much money do I need to invest in Crypto in Kenya?
There is no set amount that you must invest. Kenyans can buy Cryptocurrency in fractions, and there are several crypto coins, especially meme coins, which are cheap, allowing you to start investing with any given amount, even 119 KES / 1 USD.