The second-largest cryptocurrency by market capitalization, Ethereum, has become very popular, leading to questions like: How can I buy ethereum in Kenya?
In this article, you will learn how to sell and buy ethereum in Kenya with payment methods like MPESA, bank transfer, and credit card.
Quick Summary
For readers who want a fast summary of this article, this section covers the most important things to note when getting started with ethereum in Kenya.
- Download a cryptocurrency wallet (almost all support ethereum).
- Buy ethereum – LocalCryptos (MPESA and bank transfer), Binance (bank transfer).
- Transfer ethereum to the wallet.
- Back-Up your wallet.
A more detailed step-by-step guide can is down below:
- What is ethereum?
- Get an ethereum wallet.
- Places to buy ethereum in Kenya.
- How to exchange bitcoin to ethereum.
What is ethereum?
Ethereum was launched in 2015 as an open-source and decentralized blockchain software platform. The ethereum blockchain enables people to create decentralized applications and smart contracts in a trustless manner.
What’s more, ethereum is also a programming language that runs on the blockchain and allows developers to build applications using protocols like ERC20.
Get An Ethereum Wallet
Almost every cryptocurrency wallet supports storing, receiving, and sending ethereum. You will need an ethereum wallet to keep your ethereum after you have purchased it from an exchange.
Some of the top ethereum wallets available on mobile and desktop include Exodus and Trust Wallet. You can also get a Ledger hardware wallet for extra security.
Now that you have selected your wallet, you can proceed with buying ethereum (ETH) in Kenya.
Top Places To Buy Ethereum in Kenya
There are several ways to buy ethereum through cryptocurrency exchanges and peer-to-peer (P2P) marketplaces if you are in Kenya.
Top platforms to buy bitcoin in Kenya include LocalCryptos, Binance, and Remitano.
Buy Ethereum on LocalCryptos
LocalCryptos initially started out as LocalEthereum, a peer-to-peer exchange that allows people to buy and sell Ethereum. Despite the rebranding to LocalCryptos, the platform still enables users to trade ethereum.
You can buy ethereum in Kenya on LocalCryptos using MPESA, AdvCash, Airtel Money, bank transfer, chipper cash, and 20 other payment options.
The main difference between LocalCryptos and other P2P platforms is that it provides a non-custodial escrow service where the exchange has no control over your funds.
To buy ethereum on LocalCryptos, follow the steps below.
Step 1: Create a free account.
The first step is to register for an account on the LocalCryptos website.
After, you are required to verify your email address. Unlike other cryptocurrency exchanges, LocalCryptos does not require identity verification.
Step 2: Start buying ethereum.
Once you have set up your account, you can start buying ethereum on LocalCryptos. Click on “view the marketplace” or “browse” to enter the trading interface.
At the top of the interface, you can select the cryptocurrency you want to trade, in this case, ethereum. You will also have to choose Kenya as your country and select a payment method.
A list of traders selling ethereum in Kenya will appear from which you can select who to trade with. To select a particular offer, you have to click the “buy” button.
A new interface will open with a guide on how to complete your purchase of ethereum (ETH).
Buy Ethereum on Binance
Binance is one of the few cryptocurrency exchanges with support for buying and selling using the Kenyan Shilling. You can sell or buy ethereum in Kenya using Binance P2P.
Binance P2P is a peer-to-peer trading section of the Binance global exchange. Currently, trades on Binance P2P in Kenya can be made using bank transfer.
To get started, you need to create a binance account, verify your identity, and select Binance P2P, KES, as your currency and move to the ETH trading dashboard.
You will find various offers from people selling. Select any of them to purchase ethereum.
Buy Ethereum on Remitano
The final site on our list is Remitano. Remitano was built in 2016 and is based in Seychelles. Also, another peer-to-peer platform, Remitano, connects buyers and sellers directly.
You can buy ethereum in Kenya on Remitano using payments via Loop Bank or MPESA Safaricom. Fees on Remitano from sellers are slightly higher compared to LocalCryptos. However, it is still a decent platform for quick ethereum trades in Kenya.
To buy ethereum (ETH) in Kenya on Remitano, you are required to create an account. Go through the list of sellers based on your preferred currency.
Finally, open a trade with any trader of your choice and complete it to get your ethereum.
How to Exchange Bitcoin To Ethereum in Kenya
If you already own bitcoin, you can exchange the bitcoin for ethereum. You can use Binance to exchange bitcoin to several other cryptocurrencies.
You will have to create an account on Binance, send your bitcoin to the platform, and use the exchange to sell your bitcoin for ethereum.
It is a longer and more expensive process to buy bitcoin before buying ethereum. If your goal is to buy ethereum (ETH), it is better practice to buy it directly.
Do you have any questions about buying ethereum in Kenya? Ask in the comments section below. Also, remember to join us on Telegram to get the latest cryptocurrency updates.
The post How To Buy Ethereum In Kenya – The Ultimate 2020 Guide appeared first on BlockNewsAfrica.
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