Did you know, you can buy bitcoin with mobile money in Uganda? This makes it possible for the over 20 million mobile money subscribers to purchase bitcoin.
Mobile money in Uganda is as old as the existence of bitcoin. It has been a little over ten years since mobile money was introduced in Uganda. Since then, the payment method has become the go-to for many in the Eastern African country.
Since it is a popular payment method, many people ask if they can transfer funds from mobile money to Bitcoin in Uganda. The answer to that question is yes, and we show you how in this article.
Step By Step Guide: Buy Bitcoin With Mobile Money In Uganda on Binance
Binance is one of the best options for buying bitcoin with mobile money in Uganda. The biggest cryptocurrency exchange in the world enabled direct mobile money deposits from Uganda in 2020.
You can purchase bitcoin with mobile money in Uganda using the steps below:
Here is a quick summary of the steps involved:
- Sign up on Binance.
- Go to your wallet and search for ‘Ugandan Shillings (UGX)’Â
- Click on deposit
- Enter your payment details and complete the transaction
- Go to the ‘Buy Crypto” tab and select ‘Cash Balance.’
Step #1 – Sign up on Binance
To get started, you have to register on Binance. Use our referral link to get a 10% discount on trading fees.
You can sign up with your telephone/email. The next thing will be to verify your email/phone. Binance requires you to verify your identity too.
You can complete the KYC process with a government-issued ID card like a passport or driver’s license. Now that you have an account, you are ready to buy bitcoin with mobile money in Uganda.
Step #2 – Make a deposit via Mobile Money
You have to deposit Ugandan shillings via mobile money on Binance. To do this, go to your wallet. Search for ‘UGX’ and click deposit when Ugandan shillings pops up.
Select the mobile money option as your deposit method. At the time of writing, mobile money is the only method available, so it is selected by default. Enter the amount of money you want to deposit and click continue.
Follow the instructions by the payment processor to complete the transaction. If the transaction goes through, your deposit will be created into your account.
Step #3 – Purchase Bitcoin
You can buy bitcoin with mobile via the web app or mobile or desktop application.
On the web app, click on ‘Buy Crypto’ on the navigation bar and select ‘Cash Balance’ in the dropdown menu. Select your fiat currency on the new page. In this case, you will select Ugandan Shillings (UGX) since you are buying from Uganda.
Next, you have to enter the amount of shillings (UGX) you want to spend on buying bitcoin. Click on ‘Buy BTC’ to proceed.
Bottom Line
Buying bitcoin with mobile money in Uganda is simple on Binance. It comes with a 3% deposit fee every time you add cash to your wallet.
Aside from that, it is one of the best ways to purchase bitcoin in Uganda. Have you ever used Binance to purchase bitcoin in Uganda? Let us know how it went in the comment section below.
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