Bitcoin is a digital asset that is disrupting the financial world with its decentralised feature that makes its operation devoid of the meddlesome of third parties like the government or financial regulators. As a great asset, there are some best platforms to sell Bitcoin in Kenya.
It is noteworthy that Bitcoin investment is one of the most lucrative ways of making money online due to its staggering value. As of the time of writing this article, the price of Bitcoin is about $24,400 with a market cap of over $470 billion, which makes the coin retain its spot as the largest and most expensive crypto asset in the world.
In all of this, you can imagine buying Bitcoin when it had a bearish price hovering around $20,000 a few months ago and making a decision now to sell your Bitcoin in Kenya at its current price. You can be assured of making a huge return on investment (ROI) for yourself.
Kenya is one of the largest Bitcoin-adopting countries in Africa, and by extension, globally. According to data from United Nations Conference on Trade and Development (UNCTAD), Kenya has the highest proportion of crypto ownership than any other African country and is fifth-highest in the world.
In proper context, the data shows that 8.5% of the Kenyan population owns and hold cryptocurrency, while the second and third largest countries are South Africa and Nigeria, with ownership rates of 7.1% and 6.3%, respectively.
Therefore, the data translates to how Kenyans are buying and selling crypto assets like Bitcoin for varying intended purposes. The main essence of buying Bitcoin is to make a profit when you decide to sell it. But what is the importance of selling Bitcoin in Kenya?
- You can sell Bitcoin for cash to make more money
- You can sell Bitcoin to buy gift cards
- You can sell Bitcoin to buy other cryptocurrencies
The foregoing, this article aims to highlight the best platforms to sell Bitcoin in Kenya, with emphasis on some factors to consider when selling your Bitcoin in Kenya.
Criteria For Choosing The Top 10 Best Platforms To Sell Bitcoin In Kenya
1. Exchange Fees
Similar to the fees that traditional banks impose on their transfers, there is an exchange fee when you are sending Bitcoin to another address. This exchange fee varies with crypto exchanges, hence, the need to surf different crypto exchanges for an exchange fee that is far enough for your trade.
Therefore, you need to consider this criterion when you sell your Bitcoin in Kenya to avoid an exorbitant exchange fee that would narrow your profit margin.
2. Security Measures
Bitcoin is largely characterised by its decentralised feature which makes its transactions anonymous concerning the address of the sender. Because of the possibility of losing your Bitcoin with little or no certainty of recovering it back, you must sell your Bitcoin on a crypto platform that has a sophisticated security infrastructure.
Crypto scams are on the rise every day, with so many people falling prey to a variety of shenanigans being perpetrated by scandalous people to rip crypto investors of their funds, this is why you must ensure your preferred crypto exchange has a formidable security framework that can not be easily breached. One such security structure must be a two-factor authentication (2FA).
3. User Interface
New investors are entering the Bitcoin system every day because of its undoubtedly enticing potential. Most of these newbies are novices of how Bitcoin trade works concerning the navigating features available on crypto exchanges. As such, it is best to sell your Bitcoin on a platform that has a user-friendly interface for both beginners and experts in the Bitcoin trade.
4. Customer Support
Responsive customer support on any crypto platform is the green light to being safe on that platform. A crypto exchange must be more proactive than reactive to resolve your queries in time and not leave you hanging while you watch your Bitcoiin being tampered with.
Also, ensure that your preferred platform has crypto support that is always available, regardless of the time of the day, because a good platform will understand the geography of its teeming customers to always be available for their crypto needs.
Top 10 Best Platforms To Sell Bitcoin In Kenya
1. Paxful
Paxful is a crypto exchange with over 6 million active customers across the world. This platform supports over 350 payment methods, a feat that makes it one of the best crypto exchanges in Africa. You can sell your Bitcoin in Kenya on Paxful, which is one of the three cryptocurrencies (Bitcoin, Ethereum, and Tether) available on the platform.
Exchange fees on Paxful are relatively low with a selling fee of 0.5% and all the trades on the platform are secured with an escrow protocol.
2. Binance
Binance is currently the largest crypto trading platform in the world by its daily trading volume. This platform supports a wide range of cryptocurrencies and over 50 fiat currencies with features like sophisticated charting tools that a successful trading process.
You can sell Bitcoin in Kenya via Binance with a selling fee of 0.5% of your Bitcoin amount.
3. LocalBitcoins
LocalBitcoins is a top peer-to-peer (P2P) Bitcoin trading platform as it is a decentralised marketplace where you can buy and sell Bitcoin anywhere in the world. This platform has a strong security infrastructure that enables the safety of your Bitcoin on the crypto exchange.
Unlike every other crypto that charges a percentage of the Bitcoin amount, LocalBitcoins charges a fee of 0.00020001 BTC when you are selling your Bitcoin in Kenya.
4. BitPesa
BitPesa is a digital platform that leverages the power of blockchain technology to enable Africans to send and receive money from any part of the world. BitPesa is reputable for its low fees and fast transaction times with a wide range of payment options.
You can sell your Bitcoin on BitPesa and this platform will either convert the coin to the local currency of the recipient or the preferred cryptocurrency, as the case may be. The trading fee on this platform is 1%.
5. Remitano
Remitano is a P2P crypto exchange that enables the buying and selling of Bitcoin and other crypto assets. This platform is notable for its fast transaction time and simple user interface for its users.
The trading on Remitano is 1%, so you can easily sell your Bitcoin in Kenya even as this platform supports multiple cryptocurrencies.
6. Luno
Luno is one of the oldest Bitcoin exchanges and it is a crypto exchange that offers trading services in just Bitcoin and Ethereum. The trading fees of Luno are considered one of the most competitive in the crypto trading industry, as Luno charges a 1% trading fee for all its transactions.
In terms of security, Luno has put in place structures like deep freeze storage, encrypted backup wallets, multi-signature hot wallets, 2FA, and whatnot to safeguard the transactions taking place on the platform.
7. Coinmama
Coinmama is a crypto exchange on which you can buy and sell Bitcoin in Kenya. This is a platform that is beginner-friendly, meaning that newbies can easily use this platform to trade crypto. Coinmama charges 0.9% when you sell your Bitcoin on the platform and the platform does not have a wallet for its users.
8. Bitzlato
Bitzlato is a new and user-friendly P2P platform that enables you to sell Bitcoin in Kenya. Apart from Bitcoin which this platform supports, it supports mostly Altcoins. You can sell your Bitcoin at low fees on Bitzlato.
9. Bit2Me
Bit2Me is the largest crypto exchange and asset in Spain. In turn, this platform is available for Kenyans to sell their Bitcoin. This platform has multi-layer model systems and cold security vaults that protect cryptocurrencies. Bit2Me has a wallet in which you can keep your Bitcoin and other cryptocurrencies that the platform supports.
10. Bitwala
Bitwala (now Nuri) is a blockchain banking service that enables SEPA and SWIFT money transfers by exchanging Bitcoin or Altcoins over a score of fiat currencies across the world. In this view, you can sell Bitcoin on this platform in Kenya to receive payment directly in Kenyan Shilling.
Tips For Selling Bitcoin In Kenya
1. Know The Current Bitcoin Market Value
The first and the best way to go with selling your Bitcoin in Kenya is to have the current price overview of Bitcoin value across different crypto exchanges. For instance, the current price of Bitcoin on Paxful is $24, 287 while the price on Luno is $24, 229. On average, this should inform you that the current Bitcoin market value is around $24,000, which is at par with the price of Bitcoin we gave at the beginning of this article.
2. Verify Your Account Before Selling Bitcoin
It is important to evaluate the position of your account in terms of accessibility and visibility to ensure that your account is capable of sending the amount of Bitcoin you want to sell. This can be likened to how our traditional bank account works. Some banks can not transfer beyond a certain amount of money.
Therefore, ensure you properly verify your account to enable you to have a wider limit of transfers. This is always a function of the level of information to supply to your account.
3. Choose A Secure Platform
There is a proliferation of the Bitcoin market with different crypto exchanges. You must then have to assess and access these platforms to get the one whose features perfectly suit you in terms of exchange fees, user interface, security, and others.
4. Avoid Scams By Only Selling To Reputable Buyers
You must stay woke to the fact that scammers are lurking around the crypto space to defraud people (especially the newbies) of their money. Therefore, it is not advisable to sell your Bitcoin directly to people you don’t trust. Alternatively, you can sell your Bitcoin on credible P2P exchanges as you can be assured of the safety of your Bitcoin and money.
Do you want to sell Bitcoin in Nigeria and Ghana, use Prestmit? We are one of the best crypto trading platforms in Nigeria and Africa at large.
Conclusion
Selling your Bitcoin in Kenya can be easy if you take your time to go through the different platforms we have listed above as regards their features like exchange fees and security. We understand that Bitcoin opens the door to many possibilities and that is why it is important to sell your coin on a trusted platform.
However, it is essential to know the potential of scams when you are selling Bitcoin and being conscious of your details on any platform you use must be a top priority.
Let’s close our discussion with the affirmation that Prestmit is your best platform to buy and sell Bitcoin if you are considering Bitcoin trading.
