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How To Buy Bitcoin in Africa [2020 Review] - BlockNewsAfrica
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How To Buy Bitcoin in Africa

In this article, we provide a list of the most prominent places to sell and buy bitcoin in Africa. These exchanges offer their services in several African states, which separates them from other exchanges that provide their services locally.

The top 5 exchanges to buy Bitcoin in Africa include Luno, Paxful, Remitano, LocalBitcoins, and Belfrics. In some cases, bitcoin ATMs are available for the same purpose.

If you are new to the bitcoin or cryptocurrency ecosystem, you should read our Bitcoin explained article and go through our list of things you need to have before you proceed with purchasing bitcoin.

For users who want to read our review of the best exchange options, you can skip this list and go to our review of the best exchange options below.

What Do I Need to Buy Bitcoin?

Bitcoin wallet: A bitcoin wallet is an application software that allows you to store bitcoin. You will need a bitcoin wallet before you buy bitcoin since it is best practice for you to transfer your bitcoin from an exchange to your wallet.

You only have absolute control of your bitcoin if you have it on your wallet. To select a wallet, check out our review of the best bitcoin wallets. Further, the most secure wallets are hardware devices dedicated to storing bitcoin; you could get a Ledger Nano X or Trezor to store your coins.

Personal documents: Most jurisdictions require that exchanges collect personal data of individuals who want to purchase bitcoin. This means that to buy bitcoin in Africa, you will need a national identification card.

This will be required to complete the Know-Your-Customer (KYC) and Anti-Money Laundry (AML) procedures of various exchanges.

Bank Account, debit/credit card, or Mobile Money: You will also need to deposit funds to purchase bitcoin. Most African bitcoin exchanges accept bank account transfer or payments through mobile money and debit/credit cards.

You are required to have at least one of these accounts before you purchase bitcoin,

Bitcoin Exchange: Several bitcoin exchanges allow you to buy bitcoin in Africa. The best bitcoin exchange may differ depending on your location, payment method, and technical know-how. The rest of the article provides a list of the best trading platforms for buying bitcoin.

Here is a quick review of the top 6 ways to buy bitcoin in Africa:

Luno

Luno is a popular trading platform that is currently available in 4 African countries, including South Africa, Nigeria, Uganda, and Zambia. Luno runs a cryptocurrency exchange, brokage platform, and wallet making it easier for new users to buy bitcoin in Africa.

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The exchange platform is South African owned with offices in 5 countries, including South Africa and Nigeria. Luno also made the list of the top 20 bitcoin exchanges curated by CryptoCompare.

You can buy bitcoin on Luno through bank transfer, cash deposits, and credit/debit cards. Beyond bitcoin, you can also purchase ethereum (ETH) and bitcoin cash (BCH) on Luno. 

How to buy bitcoin on Luno:

  1. Sign up at Luno.com.
  2. Verify your identity with your phone number, national ID, and proof of residence.
  3. Deposit funds via bank transfer or credit/debit card.
  4. Buy your bitcoin quickly via the brokage platform or place an order on the exchange.
  5. You will receive your bitcoin after your order gets filled.

For an in-depth look at the Luno platform, check out our Luno exchange review.

Paxful

Paxful is a peer-to-peer bitcoin exchange which is very popular on the African continent. As of October 2019, Paxful is now 3 million wallets strong, with over 50,000 trades every day globally. 

The platform’s exponential growth has been as a result of massive patronage from the continent. Paxful recorded over a 64 percent increase in trade volume from Africa in 2019.

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You can buy bitcoin on Paxful in all African countries except Burundi, Libya, Somalia, South Sudan, and Sudan. Paxful offers over 300 payment methods for you to buy bitcoin.

This includes traditional bank transfer and credit card deposits. Further, you can buy bitcoin in Africa on the Paxful platform through iTunes gift card, Amazon gift card, PayPal funds, ApplePay, Western Union, MoneyGram, Perfect Money, etc.

How to buy bitcoin on Paxful:

  1. Visit and create an account on paxful.com.
  2. Confirm your email and phone number. Verify your identity by providing your national ID.
  3. Buy bitcoin. Enter your preferred amount, payment method, and currency. Search through the results produced and complete the trade.
  4. Once completed, you will receive your bitcoin in your Paxful wallet.
  5. Optional: Add two-factor authentication to secure your wallet.

Remitano

Remitano is another peer-to-peer cryptocurrency marketplace. The platform allows you to buy bitcoin in Africa by finding people around you who want to sell. 

The platform is owned by Babylon Solutions Limited incorporated in Seychelles. Remitano is available in Ghana, Nigeria, Kenya, South Africa, Namibia, Zimbabwe, Cote de Voire, Uganda, and Tanzania.

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You can buy bitcoin through bank transfer and mobile money (e.g., MTN Mobile Money in Ghana, Mpesa in Kenya). 

Moreover, Remitano’s latest user interface update makes it one of the easiest ways to buy bitcoin in Africa. The user experience is intuitive and smooth.

How to buy bitcoin on Remitano:

  1. Register on remitano.com.
  2. Verify your account with your phone number and email. Provide your national ID to complete KYC requirements.
  3. Search for various orders for selling bitcoin and select one that suits your preferred currency, payment method, and amount.
  4. You will receive your bitcoin after the trade is complete.

LocalBitcoins

LocalBitcoins is a leader in peer-to-peer bitcoin trades. The platform claims to be available in all African countries, making it the platform with the most coverage on this list.

You can buy bitcoin on the platform using over 50 payment methods, including bank transfers, mobile money, and other online payment platforms, depending on your jurisdiction.

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LocalBitcoins ranks sellers based on transactional history, and users are advised to go for sellers with high reputational scores. This ensures that you are trading with only trusted traders to minimize risks.

How to buy bitcoin on LocalBitcoins:

  1. Create an account at localbitcoins.com.
  2. Confirm your email address and verify your phone number.
  3. Enter the amount of bitcoin you want to buy in your traditional currency and select your preferred payment option.
  4. You will receive your bitcoin after you complete the trade.

Belfrics

Belfrics is regulated by the Labuan Financial Services Authority, Malaysia. The platform allows you to buy bitcoin in 12 countries, including Nigeria, Kenya, and Tanzania. 

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It is a multi-feature trading platform for digital assets & cryptocurrencies, including bitcoin (BTC), ethereum (ETH), ripple (XRP), litecoin (LTC), bitcoin cash (BCH) and belrium (BEL).

You can load your Belfrics account with local currency via bank transfer. Belfrics will charge you a 0.50 percent fee per every transaction. 

How to buy bitcoin on Belfrics:

  1. Register an account at belfrics.com 
  2. Provide your national ID to complete your KYC requirements. 
  3. Deposit funds via bank transfer.
  4. Place your order on the exchange.
  5. Once your order gets filled, you will receive your bitcoin.

Bitcoin ATMs

Bitcoin ATMs work just like standard ATMs. They allow you to buy bitcoin in Africa quickly and anonymously. Bitcoin ATMs usually don’t require ID verification, which provides an option for individuals who may not be able to provide their personal information.

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There are several Bitcoin ATMs on the continent. Check out our list of bitcoin ATMs in Africa to find one near you.

If you are looking for a more localized version of this article, check out our guide on ways to buy bitcoin in Ghana, Nigeria, and Uganda.

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Elisha (GHCryptoGuy)

Elisha has been spreading cryptocurrency since 2016 and is working to bring in more adoption and people from Africa. He is with us at BlockNewsAfrica as our Chief Editor. Elisha has contributed to other cryptocurrency and financial sites including bitcoingarden.org, bitcoinafrica.io, financemagnets.com and many more.

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