How to Buy Cryptocurrency in Kenya

How to Buy Cryptocurrency in Kenya. Kenya is ranked as one of the top, well-known countries trading cryptocurrencies in large volumes. Cryptocurrency has proved to be a great boom for the countries undergoing financial crises. Through bitcoin, Kenya and many other African countries have kind of stabilized their economic conditions.

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Bitcoin is a kind of Cryptocurrency being widely traded (purchased and sold) in Kenya. It is a revolutionary asset there, and its adoption for trade has increased as investors flock to it. The most important thing is to buy Bitcoins with a high standard of security and minimum possible fee to earn maximum profit.

Is Bitcoin Legal In Kenya?

There is no law banning Bitcoin in Kenya. CBK reiterates that Bitcoin and similar products are not legal tender nor are they regulated in Kenya. The public should therefore desist from transacting in Bitcoin and similar products. Bitcoin is not legal tender in Kenya and the Central Bank of Kenya discourages people from trading in it. And even though the CBK issued a public warning in 2015, Bitcoin and other cryptocurrencies are not outrightly illegal in the country.

What is Cryptocurrency, and why should you invest in it?

A cryptocurrency, crypto-currency, crypto, or coin is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

The difference between Bitcoin and traditional money is that Bitcoin is not regulated by central banks or governments – it is completely decentralised. Bitcoin exists as multiple identical records (called ledgers, just like accounting ledgers) stored on over a million computers worldwide.

How  Is Bitcoin Created

Bitcoin is created when computers are used to execute and store blockchain transactions. This is called mining.

As you can imagine, it takes a lot of computing power to refer to millions of copies of the same document and make sure they are the same, write new entries to the documents and then verify and encrypt them all at once.

The people who allow their computers to do this, miners, are rewarded in new Bitcoin (ie. Bitcoin that is being introduced to the network for the first time. The way digging for gold would introduce new gold to the market for the first time.) Bitcoin was created with a limited supply. There will only ever be 21,000,000 coins available.

The following steps should be followed to purchase Bitcoins in Kenya.

Primary requisite

The first crucial need for buying bitcoin is any technical gadget. An android mobile/laptop/PC is the primary requisite for trading in cryptocurrency.  Simply visit the website on a laptop or PC or download the app on android mobile.

Registration

How to Buy Bitcoin with Kenyan shilling

Step 1: Specify the search criteria.

1. Open the Binance App and select “P2P Trading.”

2. Click the Buy tab and select BTC.

3. Click the filter icon at the top right of your screen and select the Bank payment method and the KES currency to buy the crypto. Then, tap “Confirm.”

Step 2: Select the best offer.

1. Now you’ll see a list of offers where you can pick the one that works best for you. 

2. Enter the amount of BTC you wish to purchase or the amount of KES you want to spend.

3. Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit. You can use the chatbox to communicate with the seller.

4. Make sure that you send the money to the seller and tap on “Transfer“ next.

Step 3: Receive your Bitcoin.

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1. Tap on Confirm. Please do not click Confirm if you have not made any transactions. Doing that will violate the P2P User Transaction Policy.

2. The status will change to “To be released.” 

3. Congratulations! You have completed a trade and get your Bitcoin! 

How to Sell Bitcoin with Kenyan shilling

The best way to cash out your Bitcoins is Binance P2P because you can choose among multiple buyers, and there’s no withdrawal limit on P2P. Remember, as we said at the beginning of this guide, you need to complete your account verification. Follow the next three easy steps to sell your Bitcoins.

Step 1: Specify the search criteria.

1. Open the Binance App. Click “P2P Trading”.

2. Choose the Sell tab and the BTC crypto. Then select the filter icon at the top-right part of your screen.

3. Select the Bank payment method and the KES currency to sell the crypto. Then, tap Confirm.

Step 2: Start trading. 

1. Choose the offer that works best for you and click on Buy.

2. Enter the quantity you want to sell, select a payment method, and click on Sell BTC.

3. Wait to get the payment in KES in your Bank account. You can use the chatbox to communicate with the buyer.

Step 3: Receive your Kenyan shilling.

1. After you confirm the receipt of money from the buyer, tap Release BTC. 

2. Tap on Confirm to release the crypto to the buyer’s account.

3. Congratulations, you have cashed out your Bitcoin.

How to post ads on Binance P2P?

On the Binance P2P platform, you can post your trade ads and set the prices and the payment methods you prefer. Here is a short video on how to post an advertisement on Binance App.

Step 1: Specify search criteria

1. Open the Binance App. Select “P2P Trading”

2. Click the “…” button on the top right of the P2P trading page and select “To Advertisement mode.”

3. When you are in the advertising mode, click on “Ads” at the bottom.

4. Click the “+” button on the top right. 

Step 2: Setting up your ad 

1. Set the ad type (buy or sell), crypto asset, and the fiat currency for the ad, and then select the price type. You can choose either “Floating” pricing or “Fixed” pricing.

2. Set the total trading amount, order limit, and add at most three payment methods for your ad. 

3. Add information to your advertisements like remarks, auto-reply, and counterparty conditions.

Step 3: Post your Ad 

1. Pass a 2-factor authentication (2FA)

2. Congratulations, you have successfully published your ad.

Five ways to make money with Bitcoin on Binance P2P

• Determine your profit margin

Before you start trading, you need to set up your profit margin. Observe the market prices and configure your price strategy (floating or fixed) to ensure your profits.

• Publish a buy and a sale ad and earn with the spread or differential

The difference between the two prices is the spread. Place a sale and a buy ad. The sale ad at a higher price than the buy ad. If both ads are taken successfully, you earn the spread.

• Create your own local crypto trading business

Buy and sell crypto in your local market at Binance P2P; you can earn from a couple of hundred to over $ 5,000 every day. You have the opportunity to post your ad and provide a competitive price that other traders could not resist to buy.  

• Trade-in an international market

Binance P2P is a global platform supporting more than 30 fiat currencies. You can buy crypto using your local currency, take advantage of a competitive price in your market and sell that crypto in other markets worldwide where people are willing to pay more for the same amount of crypto.

• Take advantage of multiple payment methods. 

Binance P2P has more than 60 payment methods that you can use. People will often pay a higher price to use a specific payment method that they prefer. You can take advantage of this by buying crypto at a competitive price through a very convenient payment method and then sell it using a less convenient payment method. There will be people willing to pay more just to use that payment method that is harder to find.