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How to Trade Crypto in Kenya

How to Trade Crypto in Kenya

How to Trade crypto in Kenya revealed. We tested and verified how to trade crypto for Kenyan traders.

This is a complete guide on how to trade crypto in Kenya.

In this in-depth guide you’ll learn:

  • What is crypto
  • How does crypto Trading work?
  • Our recommended crypto brokers for beginner traders?
  • How to compare crypto trading brokers against each other?
  • How to make money from crypto trading in Nigeria?
  • Is crypto Trading Legal in Nigeria?
  • Which brokers offer an App on Android and IOS?
  • How to trade crypto online in 2022?
  • Which crypto brokers offer a low minimum deposit of $5 (602 KES)?
  • Which brokers offer a signup bonus for first-time traders?


And lots more…

So if you’re ready to go “all in” with crypto trading for Kenyans

Let’s dive right in…

Updated : September 30, 2022

Crypto Trading versus Investing

👉 Investing and trading consist of purchasing and selling different cryptocurrencies. Nonetheless, the time between acquiring and selling these assets will change significantly between investment and trading.

 

👉 In trading, you keep assets for brief durations depending on certain indications and then sell them for a profit shortly afterward. In contrast, investing involves purchasing assets that you believe will increase exponentially in the next months or years without a specified selling price.

 

👉 While there are numerous additional distinctions between investing and trading, the significance of a reputable cryptocurrency exchange might be the only similarity between the two.

How to Trade Crypto in Kenya

Understand what Crypto Trading Involves

👉 A cryptocurrency exchange involves a buyer and a seller. Because there are two opposing sides to a transaction — a buy and a sell — one party is sure to benefit more than the other. Consequently, trade is a zero-sum game: there is a winner and a loser.

 

👉 Kenyans must understand how the crypto market functions, as this could minimize loss and maximize potential gain.

 

👉 When a buyer and seller agree on a price, the deal is performed (through an exchange), and the asset’s market value is determined. Most of the time, buyers place orders at a lower price than sellers, producing the order book’s two sides.

 

👉 When there are more purchase orders than sell orders for a cryptocurrency, the price often increases due to the increased demand for the asset.

 

👉 In contrast, the price decreases when there are more sellers than buyers. In several trading interfaces, purchases and sales are denoted by distinct colours. This is to provide a rapid indicator of the current market situation to the trader.

Decide How you Want to Trade Crypto

👉 The next step is selecting a trading technique since they are all distinct and need distinct methods. In certain instances, the same cryptocurrency exchange may provide several trading styles.

 

👉 There are three primary short-term cryptocurrency trading methods: trading crypto directly with other coins, trading crypto CFDs, or investing in crypto derivatives.

 

Trading Crypto-to-Crypto

👉 You may trade a pair of cryptocurrencies directly against another or fiat money to generate a profit by purchasing cheap and selling high.

 

👉 This may include purchasing a cryptocurrency before a significant event (such as Cardano’s addition of smart contracts) and converting it to a stablecoin after the hoopla subsides.

 

👉 If done correctly, your money will increase. On the other hand, if you make a mistake, your money will diminish over time since poor investments and fluctuating markets may erode your assets.

 

👉 The value of your cryptocurrency may fluctuate, but there is no immediate danger of losing all your funds due to a poor deal. However, this strategy involves proper market timing, which could be challenging and requires much study.

➡️ This trading method is ideal for Kenyans who want to avoid undue risks and those who want to simplify the trading experience.

➡️ This method is not recommended for Kenyans who want high-risk and high-reward strategies where traders profit from falling markets.

 

Trading Crypto CFDs

👉 Cryptocurrency CFDs (contracts for difference) are a special sort of derivative that enables you to wager on the price movement of an underlying asset.

 

👉 Like other derivatives, they enable traders to go long (wager on price increases) and short (wager on price decreases) and use leverage without owning the underlying asset. However, unlike conventional derivatives, CFDs do not require purchasing and selling derivatives on an open market.

 

👉 Instead, you purchase from and sell to the trading platform you use. While most cryptocurrency derivatives regard crypto as a commodity, CFDs often take a forex-like approach to cryptocurrency trading.

➡️ This trading method is ideal for Kenyans who want to use leverage to increase their profits, those who want to make fast profits, and experienced traders. In addition, they are familiar with forex trading and want to try crypto.

➡️ This method is not recommended for beginners. Crypto CFDs are inherently risky, and there is always the potential for significant losses. In addition, Crypto CFDs have additional tools and jargon with which traders must be familiar.

 

Trading Crypto Derivatives

👉 Crypto derivatives can be traded without the possession of cryptocurrency. You can instead “bet” on the markets.

 

👉 Derivatives trading provides far more freedom than the simple purchase and sale of cryptocurrencies. However, it is also more sophisticated and suitable only for traders with extensive expertise.

 

👉 There are several derivatives, including futures, options, and perpetual swaps, each of which has its own subtleties and may be employed concurrently. In addition, leverage is often used in crypto derivatives trading, which may significantly amplify earnings and losses.

 

👉 Traders may also create short positions to benefit immediately from a decline in the price of a cryptocurrency, minimize their risk by hedging, and execute large deals even when markets are calm. Additionally, derivatives can be a very quick way to lose money.

➡️ This method of trading is ideal for Kenyans who are comfortable using leverage, those who want to make large profits and fast gains, and those who use substantial risk/reward strategies.

➡️ This method is not recommended for beginners because of the risks involved and the complexity of trading these instruments while maintaining effective risk management.

 

Centralized and Decentralized Exchanges Overview

👉 As its name suggests, centralized cryptocurrency exchanges serve as an intermediary between buyers and sellers. Virtually all crypto transactions occur on centralized exchanges, which gives more reliability.

 

👉 Centralized exchanges are platforms that let users purchase and sell cryptocurrencies in return for fiat currencies such as the US dollar or digital assets such as BTC and ETH. They typically function as custodians, storing and protecting your funds and as dependable brokers in transactions.

 

👉 No central authority exists in a decentralized exchange, making it an attractive alternative to centralized systems. Smart contracts and decentralized applications are used to automate transactions and trades instead of conventional centralized exchanges.

 

👉 This solution is far more secure since security breaches are impossible if the smart contract is correctly built.

 

👉  Decentralized cryptocurrency exchanges differ from centralized cryptocurrency exchanges in enabling users to retain control over their assets by executing their crucial operations on the blockchain.

 

👉 Thus, how does decentralized exchange operate? For example, Decentralized exchanges use AMM (Automated market maker) or standard order book models.

 

Differences between CEX and DEX

Overall Security

👉 At a centralized exchange, fraud is uncommon. However, investors in unproven monies lose everything when the scheme is exposed as a scam, and the perpetrators make millions in digital cryptocurrency.

 

👉 Similarly, the centralized exchange stores your wallet, which is your personal security. This implies that if you forget your password, you could request that the exchange reset it.

 

👉 However, if you lose money on a decentralized exchange, there is no way to recover it. Additionally, since you own your wallet, you cannot reset your password if you forget your seed phrase, which consists of a sequence of random phrases provided to you during wallet setup.

 

Features

👉 In terms of functionality, centralized crypto exchanges have the edge over decentralized ones. You could get better results from your trading if you use margin trading, tools for managing your portfolio, and various advanced order types.

 

👉 On the other hand, customers of decentralized cryptocurrency exchanges have limited access to order types. In addition, they cannot engage in margin trading (or equivalent services). When more complex decentralized systems are introduced to the market, they will provide greater capabilities.

 

Liquidity

👉 One of the greatest disadvantages of decentralized exchanges is that they have not achieved similar liquidity levels to centralized exchanges. As a result, some DEXs have recently implemented a new liquidity mechanism to address this problem: Automated Market Makers (AMMs).

 

👉 Although the AMM model offers a major value proposition, centralized liquidity cannot replace the accuracy and performance of centralized order books.

 

Fees

👉 Most cryptocurrency traders are worried about transaction fees. A white-label DEX functions similarly to a centralized exchange in that it charges a percentage of the transaction fee, while a centralized exchange charges a per-trade fee.

 

👉 When a deal is complete and ready to be listed on a decentralized exchange, the buyer or seller must pay a gas fee, which varies in price from chain to chain, so that the transaction may be validated on the blockchain.

 

Asset Diversity

👉 There are about 20,000 distinct cryptocurrencies on the market as of 2022.

 

👉 For an asset to be listed on a CEX, it must fulfil the following requirements:

➡️ Security standards

➡️ Commercial activity

➡️ Regulatory requirements

 

👉 However, in contrast, any coins can be listed on a DEX. This could increase your risk, but it will also allow you to trade new, in-demand assets. If you do not do an exhaustive investigation, you could find yourself with worthless assets.

 

Usability

👉 In terms of usability, centralized exchanges are superior to decentralized ones. They are much simpler to use than decentralized exchanges. By delegating transactions to an agent and paying a little charge, users have convenient access to their funds (such as ATMs and debit cards).

 

👉 In addition, they have access to technologies such as online banking applications that enable them to see their assets on aesthetically attractive platforms.

 

Authority

👉 The fact that the user owns their assets is another benefit of DEX bitcoin. The exchange keeps full control of the currency in a CEX.

 

👉 In contrast, delaying the key exchange may result in a faster execution since the user is not needed to provide access. However, this might result in crypto theft.

 

Transaction Speed

👉 Speed is a factor that works in favour of centralized exchanges because they are more efficient than decentralized markets.

 

👉 For example, a centralized exchange requires an average of 10 seconds to complete a transaction. In contrast, a decentralized exchange requires 15 seconds to match and execute the order.

 

Overall Compliance

👉 There have always been regulatory obstacles around cryptocurrency and its facilitators. In addition, decentralized exchanges have been a topic of discussion about compliance.

 

👉 The fact that centralized exchanges follow the legislation and follow the requirements of the various local regulatory authorities gives them an edge over decentralized exchanges in this regard.

 

👉 Centralized exchanges employ both a Know Your Customer database and software to ensure that all transactions are conducted in a secure environment.

 

Regulations

👉 Most centralized exchanges are licensed and regulated by the government. In countries such as China, South Korea, India, and Russia, crypto exchanges could be illegal. Thus it is in CEX’s best interest to adhere to the legislation.

 

👉 In contrast, governments and regulators have no impact on decentralized exchanges. They cannot suddenly be disabled, and this is their biggest advantage. However, there are several disadvantages, and customer service is not on their side.

 

Pros and Cons of Centralized Exchanges

✔️ PROS❌ CONS
Platforms and interfaces that are easy to useEasily compromised by hackers or other cyber dangers
Complementary assurance of safety and reliabilityCentralized exchanges offer their services at a charge that might be excessive, especially for beginners
Having a single point of control, they are theoretically easier to disable

 

Pros and Cons of Decentralized Exchanges

✔️ PROS❌ CONS
Entirely confidential and untraceableThe use of fiat cash in commercial transactions is prohibited
There is no need to assign property to another personPotential short-term loss for liquidity providers
Liquidity providers share the feesThere may be a lack of buyers and sellers available, making it challenging to fulfil massive purchases

Which one to choose, CEX or DEX

👉 A decentralized exchange is a revolutionary concept that will become the industry norm in the future, even though a centralized exchange is more user-friendly and safer.

 

👉 However, while trading bitcoin and other crypto assets, you are more concerned with generating money now or tomorrow than with the future.

 

👉 CEXs provide a secure introduction to cryptocurrency trading in terms of short-term benefits. However, DEXs are a riskier environment with greater potential profits if you play the game properly.

 

👉 Kenyans can try both to find the best option that suits their trading strategy. First, however, traders must remember the golden rule of cryptocurrency trading: never invest money they cannot afford to lose.

 

 

Sign up for a Crypto Exchange

Crypto Exchange

👉 Unless you currently own cryptocurrency, you must create an account with a crypto exchange. Coinbase, eToro, and Gemini are the top cryptocurrency brokerages available.

 

👉 All three platforms include an intuitive user interface and an extensive selection of cryptocurrencies. Identifiable information is required to create an account with a crypto brokerage, just as it would be with a stock brokerage.

 

👉 Know Your Customer (KYC) criteria include submitting your address, date of birth, Identity Number, and email address when opening an account. If you use a decentralized exchange to trade crypto, you might not be subject to a KYC process, which makes it easier to start trading quickly.

 

Choose a Crypto Wallet Compatible with your Exchange

👉 Kenyans must use a cryptocurrency wallet to engage with a blockchain network. Hardware, software, and paper wallets are the three primary forms of crypto wallets. They may be further classed as cold or hot wallets based on their work.

 

👉 Hardware-based wallets are the most secure, while software-based wallets are the most accessible and handy. Unfortunately, printed on paper, paper wallets are becoming unstable and outdated.

 

👉 Crypto wallets serve as a tool for interacting with the blockchain, creating the required information to receive and transmit funds via blockchain transactions.

 

👉 The information includes private and public key pairs. Based on these keys, an address-like alphanumeric identification is created. This address identifies the place where money may be transmitted to the blockchain.

 

👉 The address may be shared to receive cash, but private keys should never be divulged. The private key can be used to access the cryptocurrency on any wallet. Funds are available on any device so long as the private key is known.

 

👉 Additionally, coins are exchanged between addresses without ever leaving the network. You can select the wallet that best suits your demands but frequently back it up and uses the most recent software.

 

Add Funds to Your Online Wallet or Account

👉 You could link your bank account, debit, or credit card to most centralized exchanges. Although you can use a credit card to acquire cryptocurrency, the volatility of cryptocurrency prices mixed with credit card interest might increase the entire cost of acquiring a coin.

 

👉 Because most decentralized exchanges do not take money, the procedure of adding funds will vary. For example, you could be required to convert your cash to cryptocurrency on a centralized platform before transferring the funds to your DEX, where you can trade cryptocurrencies.

 

👉 For instance, if the DEX you are using is built on the Ethereum network, you will need to purchase some ETH before you can use it to make any purchases of decentralized cryptocurrencies. This transaction needs a self-hosted wallet.

 

👉 Transferring ETH to your self-custody wallet is straightforward, whether you use a mobile app or browser extension wallet. In addition, you can instantly transfer money if your account is connected to your wallet.

 

👉 Using a mobile app wallet, you may purchase the necessary crypto tokens from inside the app. Simply hit the Trade tab to exchange ETH for the token. Next, tap the “Choose Coin” option and choose the digital asset you want to acquire.

 

👉 Choose the quantity of ETH you want to trade. Then, confirm the order and finish the transaction by following the on-screen instructions.

 

Choose a Cryptocurrency to Trade

Choose a Cryptocurrency to Trade

👉 Many cryptocurrency investors invest in Bitcoin and Ether. However, trading using technical indicators is viable since the price movements of major cryptocurrencies are more predictable than those of lesser altcoins.

 

👉 Numerous cryptocurrency investors allocate a part of their wealth to altcoins. Although riskier than big market capitalization cryptocurrencies, mid-market capitalization cryptocurrencies offer more upside potential.

 

Decide on A Crypto Trading Strategy

👉 Four active trading tactics are often used throughout the market. An active trading strategy is buying and selling while evaluating short-term market trends and profiting from the market’s volatility.

 

👉 Most Kenyan experts feel that active trading strategies must adapt to long-term plans in which investors purchase and retain assets. The four most popular strategies are outlined below: scalping, day trading, swing trading, and position trading.

 

Scalping

👉 Scalping is the most short-term trading approach, and many professionals use it to make fast money. The coins are held for a few seconds or minutes in this dealing. However, the profit is modest in comparison to other trading systems.

 

👉 The objective of scalping is to amass tiny gains throughout the trading day. The optimal moment to execute a transaction is when the market is highly active, and the likelihood of making a profit is at its highest. Certified cryptocurrency traders and specialists use scalp trading to benefit from slight price fluctuations.

 

Day Trading

👉 This sort of cryptocurrency trading comprises a one-day holding period. Day Trading is sometimes referred to as “intraday trading” since traders enter and leave positions during the same day.

 

👉 When engaging in this sort of trading, it is important to consider fundamental technical analysis by using technical indicators to ascertain the state of the market and spot emerging trends.

 

👉 This kind of trading likewise yields modest gains but shields you from overnight market volatility. Day trading often lasts a few hours.

 

Swing Trading

👉 The Swing trading technique holds positions for several days or weeks. This form of trading often follows short- to medium-term trends from one to thirty days.

 

👉 This trading technique is suitable for those who devote their time to their employment and are not engaged regularly. Furthermore, you do not need to be concerned with daily price fluctuations in swing trading since you do not keep the cryptocurrency for a single day.

 

👉 Keeping up with the trend and reviewing the daily analysis will allow you to maximize your gains.

 

Position Trading

👉 In this trading technique, you must concentrate on long-term price fluctuations. To maximize profits, trading professionals consider significant price fluctuations. Position trading is sometimes called “trend trading” since traders prefer to keep their position longer.

 

👉 In addition, monitoring weekly and monthly price charts will help you assess market patterns. Traders adopting this sort of trading technique are unconcerned with modest price swings. Instead, they are primarily concerned with the most significant market movements and respond appropriately.

 

Diversify Your Portfolio and Remain Updated on Trends

👉 The adage “don’t put all your eggs in one basket” applies to equities and digital assets. Investing in digital assets might be beneficial, but there is also the risk of suffering a complete loss.

 

👉 Diversifying among many cryptocurrencies allows you to mitigate losses if the value of one cryptocurrency declines.

 

👉 Because of the quick evolution of the cryptocurrency trading industry and the overall market, Kenyans must stay abreast of new advancements and noteworthy trends.

 

👉 Therefore, possessing a platform where you can gather data to assess trends and user views accurately may be advantageous.

How to choose the Right Crypto Exchange 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

👉 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

👉 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.

 

Trading Platform

👉 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:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

 

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ 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 CFD Brokers in Kenya

👉 In this article we have listed the best Forex Platforms in Kenya that offer trading platforms in Kenya. We have further identified some forex brokers that offer additional services and solutions to Kenyan traders.

 

Best MetaTrader 4 / MT4 trading platform broker in Kenya

Best MetaTrader 4 / MT4 trading platform

👉 Overall, Exness is the best MetaTrader 4 / MT4 trading platform in Kenya. Exness has offices in Cyprus, the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao.

 

👉 Exness provides a number of benefits such as low commissions, instantaneous order execution, and the opportunity to withdraw money immediately via various instant withdrawal alternatives.

 

Best MetaTrader 5 / MT5 Forex Platform broker in Kenya

Best MetaTrader 5 / MT5 Forex Platform

👉 Overall, HF Markets is the best MetaTrader 5 / MT5 trading platform in Kenya. HF Markets was previously known as HotForex. It offers a variety of pricing alternatives and account types. HF Markets has competitive fees and spreads that average 0.1 for the EUR/USD currency pair.

 

Best Forex platform for beginners in Kenya

Best Forex platform for beginners

👉 Overall, Tickmill is the best trading platform for beginners in Kenya. Tickmill is reputable and trustworthy forex and CFD broker. Tickmill is regulated by top-tier regulators like FSCA (South Africa), FCA (UK), and CySEC.

 

👉 Tickmill offers instant internet banking deposit methods and quick bank transfer withdrawals.

 

Best Minimum Deposit Forex platform in Kenya

How to Trade Crypto in Kenya

👉 Overall, FBS is the best trading platform for the lowest minimum deposit in Kenya. FBS is in operation since 2009 and has evolved to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Kenyan traders.

 

Best ECN Forex platform in Kenya

Best ECN Forex platform

👉 Overall, Oanda is the best ECN platform in Kenya. Oanda gives customers access to a variety of financial products for seasoned investors.

 

👉 Oanda offers quick and reliable transaction execution. Oanda’s research resources are superior to industry standards. Its user interfaces are easy to understand and it has a good track record of regulatory oversight.

 

Best Islamic / Swap-Free Forex platform in Kenya

Best Islamic / Swap-Free Forex platform

👉 Overall, BD Swiss is the best Islamic Forex Broker in Kenya. BD Swiss is a well-regulated and reputable broker with a large international clientele. BD Swiss offers a wide range of products for trading. BD Swiss also offers trading in many cryptocurrencies.

 

Best trading platform Forex Trading App in Kenya

Best trading platform Forex Trading App

👉 Overall, OctaFX has the best forex trading app for traders in Kenya. OctaFX operates from Saint Vincent and the Grenadines. OctaFX serves traders from all over the world, including those in African countries like Kenya.

 

👉 Kenyan traders can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.

 

Best Lowest Spread Forex platform in Kenya

Best Lowest Spread Forex platform

👉 Overall, Alpari is the best Low spread Forex platform in Kenya. Alpari is trustworthy and reliable as a market maker broker. Alpari is regarded as a broker with a low level of risk. Trading speeds are guaranteed to be swift. More than 2 million customers are enrolled with Alpari.

 

Best Nasdaq 100 Forex platform in Kenya

Best Nasdaq 100 Forex platform

👉 Overall, FXTM is the best Nasdaq 100 forex platform in Kenya. FXTM aims to provide the best trading conditions for traders of all levels. For the safety and security of their clients’ cash, they keep such funds in segregated accounts.

 

👉 The broker is ideal for active trading and investment opportunities for traders of all skill levels.

 

Best Volatility 75 / VIX 75 Forex platform in Kenya

Best Volatility 75 / VIX 75 Forex platform

👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 Forex Platform in Kenya. AvaTrade is trustworthy and well regulated. AvaTrade offers a single live trading account but traders have the choice to trade with either a Retail trading account or a Professional trading account.

 

Best NDD Forex platform in Kenya

Best NDD Forex platform

👉 Overall, XM is the best NDD forex platform in Kenya. XM is regulated by strict financial regulators in all relevant jurisdictions. XM offers a balanced mix of all the features that users value: security, support, ease of account funding, and withdrawal. XM charges low fees.

 

Best STP Forex platform in Kenya

Best STP Forex platform

👉 Overall, Pepperstone is the best STP Forex platform in Kenya. Pepperstone gives traders across the world access to all markets backed up by very good customer care. Pepperstone also offers modern technology, low spreads, and high-speed execution.

 

Best sign up bonus trading platform in Kenya

Best sign up bonus trading platform

👉 Overall, FP Markets is the best Sign Up bonus trading platform in Kenya. FP Markets offers stocks, indices, foreign exchange (forex), commodities, and cryptocurrencies to trade. FP Markets has a user-friendly mobile app and a variety of account types to choose from.

Conclusion

👉 Cryptocurrency is a highly volatile asset that attracts many investors. If you can time the market correctly, crypto trading could provide larger returns than conventional investing. However, with the potential of great profits comes the risk of significant loss.

 

👉 The crypto market has seen drastic and dramatic changes, reaching astronomical highs in the past year and dipping below all-time lows.

 

👉 Kenyans must understand what crypto trading entails before they risk funds. In addition, they must ensure that they protect their capital against loss.

FAQ

Can you trade crypto in Kenya?

Cryptocurrencies may not be legal tender in Kenya, but it is legal to trade cryptocurrencies.

 

Which crypto wallet should I use in Kenya?

The Coinbase wallet is one of the best mobile wallets for Kenyans.

 

Where can Kenyans buy Bitcoin easily?

Paxful is one of the best trading platforms where Kenyans can easily buy Bitcoin, with the advantage that Kenyans have over 450 payment options.

 

Can I buy crypto using M-Pesa in Kenya?

Paxful is one of the best exchanges where Kenyans can trade crypto using M-Pesa.

 

Does Binance accept M-Pesa as a payment option in Kenya?

Yes, Binance has over 62 supported payment methods, and M-Pesa was added in mid-2022 to accommodate African crypto traders.

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