How to Sell Crypto in Kenya in 2022

Selling crypto in Kenya? You’re not alone!

Kenya is ranked as the third-largest bitcoin (BTC) market in Sub-Saharan Africa. With the stellar year we saw in 2021, many people are in profit and looking to sell in 2022. However, as a crypto holder or trader, getting the best exchange or wallet to sell your crypto/virtual money for Kenyan Shillings may be quite challenging.

How to Sell Crypto in Kenya

This guide will walk you through how to sell your crypto easily on the best platforms which offer the lowest possible fees and highest security standards.

Is it Legal to Trade Crypto in Kenya?

The Central Bank of Kenya published an article that warned Kenyans about the risks of trading cryptocurrencies in 2015. However, the CBK did not prohibit cryptocurrency trading for Kenyans

Hence, Kenyan crypto businesses are still able to buy and sell cryptocurrencies. Kenya has more than $1.5 billion worth of Bitcoin alone, equating to 2.3% of Kenya’s GDP. From this Freeman Law data, it’s evident that despite the CBK’s warnings, cryptocurrency is still widely accepted in Kenya.

How to Sell a Large Amount of Crypto

Selling large amounts of Bitcoin and other cryptocurrencies can be quite risky and difficult. Traders looking to sell a large amount of crypto could be restricted by policies in some trading platforms and could face suspicion from local regulators.

As a result, OTC trading is one of the best and easiest methods to sell off large amounts of crypto. Trading activities done through OTC are reliable and don’t negatively affect the market price of the cryptocurrency.

How to Sell Large Amounts of Crypto Using OTC 

  • Approach an OTC broker about the amount of crypto you want to sell and the preferred method for obtaining cash. Usually, this could be done by filling a form on a website. 
  • The broker reviews your details and finds a buyer with the matching amount of crypto and notifies both of you about the potential trade. Always confirm the merchant’s performance and trading history on the platform to be on the safe side.
  •  You can conclude with specific requests about the trade with the buyer. Once you both agree on the terms, the funds will be sent to you through Bank transfer or M-Pesa.

How to Choose the Best Crypto Exchange 

Being a successful crypto trader begins with choosing the right crypto or Bitcoin exchange for trading. You should consider an exchange that allows you to trade crypto with the National currency of Kenya and other African currencies. 

In addition, there are other factors to consider to help you choose the right crypto exchange.

  • Consider the exchange’s authenticity and security. Ensure you conduct some research and choose an exchange that provides a high level of security for your funds. Some trading platforms will expose your funds to fraudsters and may even deny you access to your digital assets.
  • Compare exchange fees and rates across different platforms. Most crypto exchanges operate with different fee structures and transaction fees. If you want to choose a good exchange to trade with, compare various exchanges available and avoid the ones with high transaction fees, Go for an exchange that offers discounted trading and transaction fees.  Most times an exchange that has more tokens has lesser transaction fees than those without tokens or with a lesser number of tokens.
  • Understand the different types of crypto exchanges that exist. There are 3 types of exchanges: a broker exchange, a P2P exchange and a trading platform. Compare the pros and cons of each and choose the one that best suits your trading needs.
  • Consider how easy it is to buy or sell crypto in an exchange. Different exchanges offer varying methods for buying or selling crypto. Some platforms require you to buy crypto with PayPal or bank transfers, while others accept debit and credit cards. And you may be required to purchase using cryptocurrency in some exchanges. To choose the right exchange, find out how long it takes to successfully buy or sell crypto there.
  • Consider if an exchange has a high or low liquidity volume. An exchange with a high liquidity volume or trading volume will make it easy to complete trades on time without dealing with the price volatility of a particular trade.

The Best Exchanges to Sell Your Crypto in Kenya

2 CEX.io

Cex.io is a multi-functional trading exchange that offers an easy and secure platform for trading cryptocurrencies to over 4 million customers worldwide.

  • Ease of use: Easy
  • Fees: Fees are high, but high-volume traders enjoy some commission.
  • Verification: 1-day, requires ID

3 Coinmama

Coinmama is a major cryptocurrency exchange where you can buy and sell bitcoin and other cryptocurrencies with a credit card and/or bank transfers.

  • Ease of use: Intermediate
  • Fees: High fees
  • Verification: 1-day verification

4 LocalBitcoins

LocalBitcoins is a decentralized exchange that enables (peer-to-peer) Bitcoin trades where users can list advertisements for their Bitcoin, set a price, and arrange a transaction. Payment may be processed through PayPal, wire transfer, or even in-person with cash in some cases. Some users sell Bitcoin below or above the market rate depending on supply and demand.

  • Ease of use: Intermediate
  • Fees: Low fees
  • Verification: 1-day, phone and email only

5 Kraken

Kraken is a safe and reliable trading exchange that offers a wide range of cryptocurrencies and convenient payment methods for its users at a competitive price. The exchange is one of the most trusted in the industry and it typically handles high volumes of traffic.

  • Ease of use: Easy
  • Fees: Average fees
  • Verification: 1 – 3 days, government ID required

6 BitMEX

BitMex is a derivatives trading exchange that is extremely fast and secure. It supports leveraged trading through Perpetual and futures contracts.

  • Ease of use: Advanced
  • Fees: Average
  • Verification: Instant, email only

7 Paxful

Paxful is a peer-to-peer crypto trading platform that offers over 350 different payment methods.

  • Ease of use: Intermediate
  • Fees: Low fees
  • Verification: 1 – 2 days, government ID required

8 Changelly

Changelly is a cryptocurrency exchange that delivers the best real-time prices for each trading pair. It offers an easy-to-use platform and fast transaction duration.

  • Ease of use: Easy
  • Fees: Average
  • Verification: 1 – day

FAQ

How do I trade crypto in Kenya?

To cash out your crypto easily in Kenya, Look for buyers in your local area. They could be people that you know or people that someone you trust has referred to you.

When you find a buyer, decide on the best terms that suit both of you. Get their crypto wallet address and make the transfer to it. Once they have received the crypto, they should send you the payment immediately.

Is it legal to sell crypto for cash?

It’s legal to sell crypto for cash in most countries except in countries where there are local regulations that prohibit crypto trading. It’s legal to sell crypto in Kenya.

Which is the best crypto wallet in Kenya?

The best crypto wallet in Kenya is CryptoWallet. CryptoWallet is highly secure and compatible with several major cryptocurrencies and you can spend crypto anywhere you go with the crypto debit card!

Is crypto allowed in Kenya?

Although cryptocurrency is gaining great adoption in Kenya, it isn’t allowed as a legal tender by the central bank of Kenya.

How do cryptocurrencies help the unbanked?

Cryptocurrencies help the unbanked by making financial services accessible to them in an easier, efficient, and open manner through Blockchain technology.