Top 8 Locally Based Brokers
5 Best NFT Trading Platforms in Kenya
The 5 Best NFT Trading Platforms in Kenya revealed. We tested and verified the best NFT Trading Platforms for Kenyan Traders.
This is a complete list of NFT Trading Platforms in Kenya.
In this in-depth guide you’ll learn:
- What is an NFT Trading Platform?
- What isthe best NFT marketplace for artists?
- Our recommended TEN NFT trading platforms for Kenyan Beginner Traders?
- How to compare NFT trading platforms against each other?
- How can I trade Bitcoin for $5 (602 NGN)?
- Which brokers offer a signup bonus on a $5 (602 NGN) deposit?
And lots more…
So if you’re ready to go “all in” with the best-tested NFT trading platforms in Kenya…
Let’s dive right in…
- Louis Schoeman
5 Best NFT Trading Platforms in Kenya (Updated 2023)
What is an NFT Marketplace?
👉 NFT markets are specialized trading platforms where individuals sell or add to their token collections. These platforms resemble typical eCommerce markets and enable you to sort tokens by price, category, or author and bookmark the most intriguing NFTs.
👉 There are two trading alternatives for NFTs: selling a token at a set price or an auction. Blockchain is the only technology capable of producing tokens and assuring the immutability of transactions for NFT trading platforms.
👉 Every activity on the blockchain is securely recorded. Thus, it is simple to see the history of transactions and trace each token back to the moment of its creation, confirming that you are purchasing an original work.
👉 Certain systems need accompanying paperwork to avoid instances of minting a non-ownership asset, subsequently increasing their reliability.
👉 Smart contracts are also crucial to the functional and efficient operation of NFT markets. They guarantee that all transaction requirements are satisfied; otherwise, the transaction is refused.
1. NBA Top Shot
Overview
👉 NBA Top Shot is a young blockchain NFT platform since it was just founded in October 2020, during the historic “bubble” season and coronavirus outbreak.
👉 Dapper Labs, the startup behind the popular CryptoKitties project, developed the platform. As a result, NBA Top Shot has garnered more engagement and interest than any other NFT collectible set throughout its brief life.
👉 While individual NBA Top Shot NFTs have fetched six-figure sums, the overall sales volume of NBA Top Shot NFTs dwarfs that of any other collectible of its kind, including CryptoPunks and CryptoKitties.
👉 Roham Gharegozious, CEO of Dapper Labs, has said that NBA Top Shot has more than one million users. Due to the current success of the platform, the NBA will investigate further opportunities to participate in the NFT market
👉 The greatest benefits of NBA Top Shot relate to its broad appeal. This is not a difficult-to-use and-understand blockchain or bitcoin product.
👉 The platform has been designed with the ordinary NBA fan in mind from the ground up. For instance, customers do not need to be concerned about cryptocurrency while purchasing NBA Top Shot packs.
👉 The company advises customers to stay with credit and debit cards rather than the more complicated crypto-powered alternatives.
👉 Moreover, the Dapper Labs wallet used on this platform is entirely custodial. Unfortunately, making the platform custodial eliminates the broad ethos of decentralization associated with blockchain technology’s fundamental value proposition.
👉 However, it enhances the user experience and functionality for people not used to maintaining their own non-custodial crypto wallets.
👉 Notably, NBA Top Shot employs Flow instead of Ethereum as its blockchain of choice, which will keep costs low if the platform’s non-custodial structure is implemented.
👉 Some crypto communities might see using a more centralized base blockchain and custodial wallet as sacrilegious. However, optimizing for decentralization in the NFT market does not provide many benefits.
👉 NBA Top Shot’s mass appeal is heightened by the fact that it is an officially licensed NBA product. NBA Top Shot has also fostered a continually active community, with many users hailing from the conventional sports trading card environment.
👉 The frequent release of a vast number of new packs also plays an important part in maintaining this community’s interest in the product.
Features
➡️ Dapper Labs’ Flow blockchain powers the platform. It allows users to exchange digital assets based on NBA game video clips.
➡️ This NFT marketplace is devoted only to the National Basketball Association. So naturally, it is a paradise for NBA fans to earn remarkable income.
➡️ Moments, like other NFTs, are only worth as much as a buyer is prepared to pay for them on the secondary market. Rare Moments from elite players may fetch massive amounts, while others can be purchased for a few dollars.
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Flow blockchain offers cheaper transaction costs than Ethereum. | Due to Dapper Labs’ long authentication procedure, collectors hoping to benefit from a speedy sale may be disadvantaged. Moments’ values change. Therefore, delays could be expensive. |
| Dapper Labs created NBA Top Shot with bitcoin and NFT novices in mind. | As with any investment, NBA Top Shot NFTs can result in a loss. Some collectors have reported finding that the Moments included inside packs are worth less than the packs’ cost. |
| NBA Top Shot mints and licenses all Moments it makes, controlling the market’s product supply. | NBA Top Shot’s Moments, like all NFTs, are only worth what someone is willing to pay for them. On their own, they have no inherent worth; basketball enthusiasts determine values. |
| NBA Top Shot does not mandate cryptocurrency payments from users. | |
| Many are considered the most successful NFT collectible, with a strong focus on mass market appeal. | |
| New drops are available often. | |
| Collecting actual trading cards requires careful preservation and storage and the possibility of authenticity verification. Moments are kept digitally and online, so they cannot be destroyed, stolen, or deteriorate over time like physical cards. |
2. Rarible
Overview
👉 Alexei Falin and Alexander Salnikov, the company’s proprietors, and co-founders, established Rarible Inc in 2020.
👉 Rarible is a community-owned NFT marketplace whose “owners” possess the RARI ERC-20 token. Rarible grants the RARI token to active platform users who purchase or sell on the NFT market. Each week, it distributes 75,000 RARI.
👉 The portal emphasizes artistic materials. Creators may utilize Rarible to “mine” fresh NFTs to sell their works, such as books, music albums, digital art, and movies.
👉 The designer may also provide a sneak look of their product to anybody who visits Rarible but restrict access to the whole project to purchasers only.
👉 Rarible purchases and sells NFTs in various areas, including art, photography, games, metaverses, music, domains, and memes.
👉 The exchange token cannot be bought; it must be won by engagement on the site. This is a step toward becoming a fully Decentralized Autonomous Organization (DAO), where platform users have all decision-making authority.
👉 Voting entails staking your RARI for a certain time, limiting the risk of short-term opportunistic governance assaults.
👉 Rarible supports seven different crypto wallets, all of which are compatible with the Ethereum network, which is the network used by Rarible. Kenyans can connect the following wallets:
➡️ Coinbase
➡️ Formatic
➡️ My Ether Wallet or MEW
➡️ Portis
➡️ Torus
➡️ MetaMask
Features
➡️ RARI, the platform’s native cryptocurrency, was the first governance token introduced to the NFT market. It is named after the platform itself.
➡️ Your NFTS never leave your wallet until they are sold since Rarible is non-custodial. When a sale happens, the smart contract you agreed to when advertising your NFT activates and removes it from your wallet, depositing the money you are entitled to in exchange. Everything is protected and verified through the blockchain.
➡️ Rarible is an open-source NFT marketplace that allows any user to purchase, mint, and sell digital things. These products may include photographs, movies, audio, and domains.
➡️ Rarible has a “Buy it Now” auction-style with open-ended offers.
➡️ Payments can be made in ATRI, RARI, DAI, WETH, or ETH.
➡️ Regarding royalties, creators can decide on the percentage they wish to receive from secondary sales.
Pros and Cons
| ✔️ Pros | ❌ Cons |
| There is community governance that will allow Rarible to become a DAO. | Support is limited. |
| The marketplace is open-source and non-custodial. | There is currently no official roadmap or whitepaper for the project. |
| The platform has substantial investor backing. | There are adverse environmental impacts because the platform is on Ethereum, which still uses a Proof of Work consensus. |
| There is a governance token (RARI). | There is no API or IPFS storage. |
| The overall experience on the marketplace is user-friendly, even for complete beginners. | Rarible does not currently have a mobile app. |
| Kenyans do not need any previous experience or knowledge of coding to use the platform. |
3. SuperRare
Overview
👉 SuperRare gives the NFT a more gallery-like vibe. It is a New Fintech Trade (NFT) marketplace that prioritizes art and authenticity and seriousness of purpose above memetic appeal. Unfortunately, SuperRare does not have a lot of NFTs of famous people.
👉 It might seem snobbish that only 1% of artists who submit are approved, but this ensures that the works included in the collection have been carefully selected for quality and interest.
👉 The method and rule of SuperRare, which allows its artists to mint one of their originals, provide the image of a high-end gallery. Therefore, there are fewer of them, making them more uncommon. SuperRare is one of the top NFT markets regarding serious art and artists.
👉 After creating an account, accessing SuperRare’s basic UI is straightforward. The activity feed shows artwork for sale and auctions that are about to conclude as the user scrolls down the landing page.
👉 Members could personalize this activity stream and show NFTs from certain artists within their SuperRare network, adding a social network feature.
👉 The activity stream is not the only approach to discovering new artworks for sale. The Market tab lists all available products. In addition, you may customize the display to show Artists or Artworks and apply other filters to restrict your results.
👉 This is the simplest approach for first-time SuperRare users to sort through artworks they may desire to acquire. Additionally, users may search for paintings using the Search tab. You can input keywords, artwork names, or artists to locate the desired item.
👉 The Features tab is one of the most key features of the platform. This is the SuperRare internet showroom, which hosts exclusive collections and promotes partnerships.
👉 For aficionados of NFTs and crypto art, the Features area is a terrific opportunity to highlight the best of what SuperRare has to offer. However, it may seem a little overwhelming for newbies in the non-fungible tokens’ world.
👉 Once you have familiarized yourself with the SuperRare interface, you may locate an NFT you desire to acquire. The actual purchasing procedure is straightforward and relies on the asset’s sale.
👉 Some NFTs are only accessible via auction, which means you can make an offer to the vendor, who will either accept it or let the auction continue.
👉 Other possibilities include ‘buy it now’ NFTs, which are available for a fixed fee. If they are not willing to pay the listed price, users could still make an offer on these art pieces.
👉 Ensure that your associated wallet has the appropriate quantity of cryptocurrency (which will be ETH) for the artwork. Then, depending on the NFT’s list type, choose either “Buy Now” or “Make an Offer.”
Features
➡️ SuperRare is an Art-only marketplace that runs on the Ethereum blockchain featuring NFTs from Mr. Misang, Krista Kim, Reisinger Andres, mbsjq, and others.
➡️ SuperRare has an exceptionally good filter system, making the platform easy to navigate.
➡️ SuperRare’s gallery fees are 15% for artists, and creators receive 10% royalties for secondary sales per sale.
Pros and Cons
| ✔️ Pros | ❌ Cons |
| The artists of SuperRare must be invited to the site and undergo verification. This guarantees that the work offered on the market is of superior quality and greater value. | On SuperRare, not just anybody can mint and sell NFTs. Artists must be asked to distribute their work on the market. Each month, SuperRare only accepts a handful of new artists. |
| Each piece of digital art offered from SuperRare’s curated collections is a one-of-a-kind, single-edition item, meaning there is only one available, increasing each piece’s uniqueness. | SuperRare’s high-end character may not appeal to most new individuals to NFTs, despite the site’s basic navigation. |
| SuperRare is built on Ethereum’s blockchain. This allows smart contracts, establishes decentralized data management, enhances accessibility, and reduces fraud. | The fees charged by SuperRare are among the highest of any NFT marketplace. |
| SuperRare maintains a foot in traditional art and is attempting to introduce digital art. |
4. OpenSea
Overview
👉 OpenSea asserts confidently that it is the biggest NFT marketplace. It provides access to various non-fungible tokens, such as art, censorship-resistant domain names, virtual worlds, trading cards, sports, and collectibles.
👉 It consists of both ERC721 and ERC1155 assets. You may purchase, sell, and discover unique digital assets like Axies, ENS names, CryptoKitties, and Decentraland, among others.
👉 Using OpenSea’s item minting tool, creators may generate their own blockchain-based assets. You may use it to create free collections and NFTs without writing a single line of code.
👉 If you are constructing a smart contract for a game, digital collectible, or blockchain-based project involving unique digital objects, you may be included in OpenSea.
👉 Kenyans can sell products on OpenSea for a set amount, create a listing with a falling price, or create an auction listing.
Features
➡️ OpenSea is the first and biggest NFT trading platform. It provides all types of NFTs.
➡️ As of July 2023, OpenSea is a household brand for non-fungible tokens (NFTs), with over 1.9 million users on the network.
➡️ The most outstanding feature of OpenSea is its NFT choices. Millions of NFTs are accessible, and new drops and collections are often added.
➡️ If you wish to generate NFTs, OpenSea’s minting method is straightforward. The marketplace’s prominence may also aid in drawing more attention to your NFT collection.
➡️ Design-wise, NFT markets might be haphazard. However, OpenSea excels in this category because of its user-friendly interface and navigation.
Pros and Cons
| ✔️ Pros | ❌ Cons |
| OpenSea’s service cost is a competitive 2.5% of the selling price, which is lower than many other NFT marketplaces’ service fees. | On OpenSea, artists may establish a royalty rate of up to 10% for the resale of their work. |
| On OpenSea, there is a vast selection of NFTs. | Numerous NFT marketplaces provide inadequate customer service and no live customer assistance, and OpenSea is no different. |
| Many NFT markets require artists and project partners to undergo rigorous verification before minting NFTs. However, OpenSea makes it simple for new producers to get started. |
5. Mintable
Overview
👉 Mintable is a marketplace for non-fungible tokens based on the Ethereum network. It allows creators to mint their NFTs for free and facilitates the sale or auction of your goods.
👉 Mintable is supported by Mark Cuban, a wealthy entrepreneur, and investor, despite being new to the market (it was created in 2018).
👉 Numerous individuals, such as musicians and animators, may develop, distribute, buy, sell, and exchange their digital goods on Mintable. The platform allows creators to create digital assets on the blockchain using smart contracts without knowing how to code.
👉 It also enables artists to convert digital items like PDFs and MP4s into NFTs that they can sell through their own Mintable shop. Mintable is simple to use and allows developers to mint and display products utilizing the gasless functionality of the platform (if you mint using Immutable X).
👉 Mintable’s massive library of digital assets, which can vary from art to games, makes it so enticing to both makers and consumers.
👉 Kenyans can visit the Mintable Academy if they are new to selling NFTs; it covers subjects such as how to start your own shop, sell more things, and market them.
👉 Before Kenyans can use Mintable, they must acquire Ethereum through exchanges like Gemini and Binance. Then, Kenyans must link a wallet, where they will keep their digital assets and cryptocurrencies, to Mintable for all marketplace transactions to be processed.
Features
➡️ Mintable is a platform based on Ethereum that enables users to produce, sell, distribute, purchase, and digital exchange products for NFTs.
➡️ On Mintable, you may purchase art, collectibles, gaming items, music, domains, templates, and films as non-fungible tokens.
➡️ Mintable provides NFTs with functionality, such as website domains.
➡️ The minting of NFTs from JPEGs, GIFs, sound snippets, video clips, and more are free for users.
➡️ On Mintable, artists may elect to collect a share of their art’s perpetual sales forever.
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Mintable is a user-friendly platform where Kenyans can easily create, buy, and sell NFTs across several categories. | The transaction fees are extremely high. |
| Free listings are available on Mintable. | There is a limited number of crypto wallet integrations. |
| Anyone can use the platform without any previous experience or skills. |
How to Choose the Right NFT Marketplace 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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.
The Benefits of NFT Marketplaces
👉 NFT markets are drawing an increasing number of people seeking to amass digital assets. In 2021, an astounding $44.2 billion was spent on NFT platforms, and numerous factors contributed to this success.
Rewards
👉 By exchanging their artworks on NFT marketplaces, producers may profit from their works and earn money from the original sale and each resale.
👉 The typical NFT royalty is between 5 and 10% of the transaction price. Upon each subsequent sale on the secondary market, the funds are automatically routed to the author.
Convenience
👉 The architecture of many NFT markets closely resembles that of conventional eCommerce platforms. It makes navigating the categories, searching for token descriptions, and locating the specifics of transactions simple.
👉 Some markets also contain blogs that discuss current trends and provide data and recommendations.
Transparency
👉 Metadata contains all information about an ETF, including the history of its owners and pricing. Therefore, while purchasing on an NFT marketplace, you can be certain of the token’s legitimacy and liquidity.
Being a part of a community
👉 Marketplaces for non-fungible tokens attract a community of fans and producers, hence increasing the general interest in these tokens.
👉 In addition, these debates regarding NFTs accelerate market expansion by attracting fresh individuals and ideas.
Conclusion
👉 The expansion of the NFT market is a new development with a rising market value. As the price of non-fungible tokens increases, the network draws a growing number of users due to its alluring qualities.
👉 Kenyans interested in buying NFTs have endless options in terms of NFT trading platforms depending on the NFTs in which they are interested.
👉 However, as with any other type of investment, Kenyans must ensure that they only invest what they can afford to lose.
👉 Kenyans must conduct extensive research into different platforms to familiarize themselves with the fees, specifics, requirements, and several other components that differ between marketplaces.
FAQ
Are NFTs available in Kenya?
NFTs are not widely known in Kenya, but they are becoming a widespread financial instrument. In 2021, Eliud Kipchoge was the first Kenyan to launch and sell digital representations of his career, tokenizing them on the Ethereum blockchain.
What is the minimum amount I need to buy an NFT?
According to Coinbase, you need a minimum of at least 50 USD / 6,000 KES to start investing in cheap NFTs.
Can I buy NFTs and sell them in the same place?
You might not be able to buy and sell NFTs on the same platform where you purchased cryptocurrency.
To use your crypto towards NFTs, you need to join a marketplace where NFTs are highlighted.
How do I invest in NFTs on Binance?
You can register a Binance account to purchase crypto. Next, you can use the Binance NFT Marketplace to buy a range of NFTs.
The benefit of using Binance is that the transaction fees are some of the lowest in the industry.
Where can I sell my NFTs in Kenya?
You can easily sell your NFTs on platforms like OpenSea, BakerySwap, AtomicMarket, Foundation, SuperRare, and other marketplaces.
Top 4 Brokers
