General

7 Best Cryptocurrency Exchanges For Africans In 2022

Cryptocurrency has piqued the interest of a wide range of people, from financial institutions to everyday consumers. Bitcoin, Ethereum, and Dogecoin are just some of the digital currencies that may be purchased and sold through a cryptocurrency exchange account.

Kenya, Nigeria, South Africa, Ghana, Tanzania, and Togo are Africa’s leading proponents of cryptocurrency adoption. The volume of P2P transactions in Kenya and Nigeria has been significant.

Cryptocurrency trading has been largely handled by global platforms throughout Africa, but local firms are stepping in to fill the gap. Here are a few African cryptocurrency exchanges where you can buy and sell cryptocurrencies with ease.

Disclaimer: This article should not be considered an endorsement of these platforms.

7 Best Cryptocurrency Exchanges For Africans

1. Prestmit

Prestmit is a peer-to-peer marketplace for the exchange of cryptocurrencies, gift cards, and non-fiat currency tokens (NFTs). Web and mobile users can access the Prestmit platform, which has been developed specifically for the Nigerian and Ghanaian markets.

You may get Naira for any gift card on the site, and the gift card exchange rates are very competitive.

Features:

  • Security: its security framework includes a two-factor authentication (2FA)
  • Multiple stages of verification
  • Gift cards trading
  • Instant transaction
  • Prestmit wallet: this enables its users to hold and store their money

Pros:

  • User-friendly interface
  • Rate calculator available
  • Low fees
  • Fast transactions
  • Ideal for beginners
  • Responsive customer support

Con:

  • Limited crypto asset

2. BuyCoins

Users can buy, sell, trade, and store cryptocurrencies instantaneously with BuyCoins, a cryptocurrency trading website. The service is only offered in Nigeria. However, it offers a wide range of services to cryptocurrency dealers. You may discover more about the site by reading the BuyCoins review.

Features

  • P2P service: users on the platform can do peer-to-peer trading of Bitcoin and USDT
  • BuyCoins wallet: the wallet is for its users to store and trade coins
  • Instant buy/sell: allows the instant purchase and sale of crypto
  • CoinLock: the crypto exchange enables its users to lock their USD coin or NGN token for a specific time in a bid to earn interest
  • Additional features: provides its users with more features, like instant deposit/payment, users price alert, and live chat-based customer support
  • BuyCoins’ security is enabled with 2FA and escrow service to prevent crypto scams

However, bitcoin’s most loyal customers have access to other services, which are not available to the wider public. Customers can, for example, borrow cryptocurrency from the exchange and resell it for a profit. Loan repayment is due within six hours for customers.

BuyCoins Fee Structure

1. There is a standard 500 Naira fee for any transfer from the platform’s wallet to a user’s bank account.

2. The exchange does not charge trading, deposit, and fee.

3. There is a network fee for any transaction from a BuyCoins wallet and a third-party wallet.

Pros:

  • Low fee and simple user interface
  • Supports popular cryptocurrencies
  • Trade can be performed both on the website and mobile app
  • Unlimited funds can be stored in BuyCoins wallet

Con:

  • Operates exclusively in Nigeria

3. LocalBitcoins

On LocalBitcoins, peer-to-peer trading in Bitcoin has never been easier. Apart from the usual features of 2-factor authentication and Escrow, LocalBitcoins now offers the additional security measures of HTTPS encryption and login guard.

LocalBitcoins exclusively accepts Bitcoin as its cryptocurrency. There is a maximum purchase amount that varies based on the level of verification required for the transaction. Personal information such as name, country, email ID, and mobile phone number must be verified at Tier 1 later to get a loan of up to $20,000 at this level.

LocalBitcoins Fee Structure

1. A 1% fee is charged for every completed transaction on paid advertisements.

2. The exchange provides free registration, which also includes Bitcoin trade.

3. A transfer from a LocalBitcoins wallet to an external wallet incurs a network fee.

Pros:

  • Wide global coverage
  • Availability of escrow services
  • Private and fast cognitive fees
  • Several steps of security for user verification

Cons:

  • High probability of fraud
  • Not suitable for newbies in crypto trading
  • Poor customer support

4. Remitano

Cryptocurrency exchange Remitano provides P2P services, including crypto trading, on its platform. Swaps and mining are among the other features offered by the website.

Features

  • Margin trading: the exchange enables its users to have a crypto investment with a 2X margin
  • Invest: its users can invest in multiple altcoins with significant profit margin potential
  • Remitano wallet: the platform has a wallet for both crypto and fiat currencies
  • P2P trading: there is a peer-to-peer sale and purchase of cryptos at anytime
  • Swap: coins can be easily swapped on the platform. In addition, your assets can be withdrawn and stored in hardware wallets
  • Remitano supports many cryptocurrencies

Remitano Fee Structure

Depending on the manner of payment, a transparent charge structure is proposed.

1. Trading fits: its portal has trading costs in the price of every cryptocurrency. There is a 1% trade fee levied on every advertisement for sale.

2. Remitano swap fees: the platform is also characterized by a fixed charge from the projected value of the swap.

Pros:

  • Enables the withdrawal of fiat currencies
  • Easy sign-up process
  • Transparent fee structure
  • Constant margin trading
  • Active customer support

Cons:

  • Largely unregulated
  • Fewer crypto assets
  • Multiple fees charged

5. Luno

Luno is a Bitcoin and Ethereum-focused cryptocurrency exchange. 3 million traders utilize the site, which is available in 40 countries. Additional services are provided to consumers as well.

Features

  • Luno wallet: it provides a custodial Bitcoin wallet for both Android and iOS devices
  • Luno API: allows developers to trade cryptocurrency and execute automated strategies with the API
  • Crypto trading platform: the platform extends its operation from Bitcoin to fiat transactions. Its other features include advanced charts, various indicators, trade history, and CVS export
  • Luno supports popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. It also supports fiat currencies like Euro, Naira, etc

As part of the portal’s safe environment are deep-freeze storage, SSL Secured C, channel and backup wallets with encryption and a multi-signature feature.

Luno Fee Structure

1. There is no fee placed on credit or debit cards.

2. Premium fee is available for some of its services. However, the fee varies with country and amount of funds used in transactions.

3. There is a fee for instant purchases, depending on the country and amount of cryptocurrency.

4. Luno has a deposit limit, depending on the verification level:

  • Minimum of €1000 per month after email and ID verification
  • Minimum of €100,000 per month after additional residence proof

Pros:

  • Low transaction fees
  • Ideal for bigger companies
  • Advanced features

Cons:

  • Unresponsive customer support
  • Fewer cryptocurrencies
  • Ambiguous fee structure

6. Coindirect

Coindirect is a peer-to-peer exchange for buying and selling cryptocurrencies and tokens. Additionally, it offers a wide range of other services and features.

Features

  • Mobile app: the platform is available on mobile apps, both on Android and iOS devices
  • International payment: fast and secure cross-border payments can be made within 24 hours
  • Payment gateway: cryptocurrency payment structure is flexible
  • It supports over 40 crypto assets, including Bitcoin and Ethereum

Coindirect Fee Structure

1. Fees on cryptocurrency purchases are not imposed.

2. There is no transfer, sending, or receiving fee.

3. P2P transactions on the platform are relatively free. But, the exchange charges a 0.2% taker fee for selling via the platform.

Pros:

  • Simple fee structure
  • Provision of crypto arbitrage
  • Supports multiple cryptocurrencies

Con:

Poor mobile interface

7. Paxful

Paxful is a peer-to-peer exchange that enables its users to buy, sell, spend, and accept Bitcoin on its platform.
Buying and selling on Paxful are done using a live chat interface, with all money being held in a safe Escrow account. Nigeria, South Africa, Kenya, Mozambique, Mauritius, Algeria, Egypt, and Rwanda are just a few of the African nations that have access to the site.

Over 300 payment options are available, including bank transfer and Western Union, as well as credit cards such as Visa, MasterCard, and Discover. With 1.7 million monthly active users all over the world, the Paxful marketplace provides traders with adequate liquidity for their Bitcoin holdings.

Features

  • Paxful wallet: users’ crypto-assets can be stored and transferred from the water let other wallets or bank accounts
  • Secure escrow: this service is provided to every Paxful user. Paxful’s escrow account receives Bitcoin once a trade has been confirmed by both parties
  • Paxful is for only Bitcoin traders

Paxful Fee Structure

1. Buyers are not charged with any fee.

2. There is a varying fee for sellers on the platform. Paxful takes a 1% fee for each successful sale. The fee is deducted from the proceeds of the sale and placed in escrow with the client’s chosen amount.

Pros:

  • Robust customer support system
  • Adaptable user interface
  • Low fees

Con:

  • Limited crypto assets

Conclusion

Bitcoins have been prohibited in North Africa. Traders, on the other hand, are intrigued by the possibility of trading bitcoin. LocalBitcoins is a wonderful alternative for individuals looking for a global crypto market.

The general population still relies on Peer-to-Peer platforms. All of the aforementioned platforms, including BuyCoins, Coindirect, LocalBitcoins, Luno, Remitano, Paxful, and Prestmit, offer peer-to-peer trading with escrow-based security.

Related Articles