How to Buy Crypto in Kenya

Kenya is a rapidly growing crypto market, with many turning to crypto to handle micro-transactions sent from abroad as well as for investment purposes. Cryptocurrency can be sent at any time of the day or night, anywhere in the world, posing a new challenge to banks and remittance companies!

How to Buy Crypto in Kenya

Kenyans can buy cryptocurrencies like Bitcoin and Ethereum at any online exchange that provides services in Kenya, which includes most exchanges. Buying crypto is easy! Let’s take a look at the best options in our step-by-step guide below.

Is Bitcoin a Pump and Dump Scheme?

No, Bitcoin is not a pump and dump scheme. Some of the world’s largest investment banks have invested in or integrated Bitcoin, including Goldman Sachs, BNY Mellon, and more. Bitcoin’s market capitalization has crossed $1 trillion in the past, and corporate adoption has grown significantly in the last year.

Cryptocurrency Regulation in Kenya

Crypto assets are unregulated in Kenya and not recognized as a form of currency. It’s likely that digital currencies will be recognized as securities in the future, rather than as a form of money.

A 15% tax rate applies to transactions involving crypto assets.

How to Choose a Crypto Exchange

We factor in ease of use, fiat compatibility, fees, and limits when evaluating an exchange. We’ve listed our top picks for cryptocurrency exchanges in Kenya below.

Here are the Best Exchanges to Buy Crypto in Kenya

2 eToro

eToro is an Israeli exchange and digital marketplace with 14 virtual currencies on offer as well as stocks and CFDs. Users can mimic the trades of other successful traders. A minimum deposit of $500 USD is required to begin trading.

  • Ease of Use: Intermediate
  • Fiat Compatibility: Yes
  • Fees: 1.5% – 4% for fiat purchases, up to 0.5% for crypto trades
  • Limits: $25,000 daily for KYC verified users

3 CEX.io

CEX is a UK digital marketplace licensed by the FinCEN financial regulator. As well as debit or credit cards, users can top up with services like Skrill as a payment method. A wide range of cryptocurrencies and fiat currencies is on offer.

Trades below 5 BTC come with a maker fee of 0.16%, which is lower than on most platforms.

  • Ease of Use: Easy
  • Fiat Compatibility: USD, EUR, GBP, and RUB
  • Fees: 0.25% taker fee, 0.16% maker fee
  • Limits: $3,000 USD daily deposit, $10,000 withdrawals for tier 1

4 Coinmama

Coinmama is a digital asset platform that sells eight different crypto assets with many online payment options including PayPal and Apple Pay. Fees start at 3.9% to buy and 4% to sell, which is relatively high. However, Coinmama remains one of the more popular exchanges due to its ease of use and selection of payment options.

  • Ease of Use: Intermediate
  • Fiat Compatibility: GBP, EUR, AUD, CAD, JPY, USD
  • Fees: Up to 3.9% for buys, up top 4% for sells
  • Limits: $15,000 USD daily

5 Kraken

One of the world’s most popular cryptocurrency exchanges is Kraken, a straightforward exchange based in San Francisco with over 50 cryptocurrencies to trade. Fees can go as low as 0.9% with stablecoins, or 1.75% with other trading pairs, and this is considered about average. No crypto banking features such as a debit card are available.

  • Ease of Use: Easy
  • Fiat Compatibility: USD, EUR, CAD, AUD, GBP, CHF and JPY
  • Fees: 0.9% – 3.75%
  • Limits: $5,000 – $10,000,000 daily

6 Bitpanda

Bitpanda is a digital marketplace with dozens of cryptos on offer. Fees are on the low side, starting at 1.49% for crypto pairs or even lower when using the native BEST token. Limits are capped at £1,300 before passing verification and can go much higher after verification is complete. Debit & credit card transactions can be used as a convenient payment method, and Bitpanda is considered a relatively advanced platform with stop loss features to protect crypto investors while trading.

  • Ease of Use: Intermediate
  • Fiat Compatibility: EUR, USD, GBP, CHF and TRY
  • Fees: 1.49% or lower
  • Limits: £1,300 withdrawals for unverified users

7 Coinbase

Coinbase is a leading digital marketplace that accepts debit & credit card payments and offers a wide range of cryptocurrencies. Users can also wire money from their bank as a form of payment.

Coinbase does not offer the most competitive price, with fees being around average. However, the digital marketplace is easy to navigate thanks to a user-friendly interface, and Coinbase is widely used by advanced trade types and more beginner traders alike, with many active users around the world. Identity verification is required, such as a passport or driver’s license.

  • Ease of Use: Easy
  • Fiat Compatibility: Yes
  • Fees: 1.5% – 4% for fiat purchases, up to 0.5% for crypto trades
  • Limits: $25,000 daily for KYC verified users

8 Bitstamp

Bitstamp is a digital marketplace that supports five different cryptos. While the selection is relatively small, fees are low starting at 0.25%. KYC is only necessary if you want to withdraw sums as fiat currency, meaning you can withdraw crypto to a hardware wallet or other coin exchange or software wallet without KYC.

  • Ease of Use: Intermediate
  • Fiat Compatibility: USD, EUR, GBP
  • Fees: 0.25% for trades under $10 million
  • Limits: 2500 USD/EUR/GBP daily

Kenya Crypto Exchange FAQs

Is Cryptocurrency legal in Kenya?

Cryptocurrency is legal in Kenya, and remains unregulated by regulatory authorities for the time being. The crypto marketplace is growing in Kenya due to the money remittance business well as demand for investment and trading.

Is Coinbase available in Kenya?

Yes, Coinbase is available in Kenya, and remains one of the world’s most popular peer-to-peer exchanges for crypto. You can find more info on this crypto marketplace in our step-by-step guide on exchanges above.

Which is the best Crypto wallet in Kenya

We recommend CryptoWallet, a wallet that allows you to earn and even spend crypto in stores or online!

Download CryptoWallet here.

Which is the best company to invest in Crypto?

We can’t give investment advice — however, we do recommend that you do your research before making an investment decision in crypto. You can use CryptoWallet to invest in cryptocurrencies.

Bitcoin Wallet App

To send Bitcoin, you simply need to copy the address or public key you’re sending money to and paste it into the recipient section.

This process is guided with on-screen instructions.

To open a Bitcoin wallet, simply download the app for Android or iOS below!

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