Cryptocurrency adoption is fast growing in Africa. Several factors contribute to this including – the interest in investing in crypto coins, the desire for financial inclusion, the need to hedge against volatile local currencies, the attraction of faster and cheaper international/cross border financial transactions.
With a much younger and increasingly digital savvy population countries like Nigeria, Kenya, Ghana, South Africa, Tanzania lead the way in adoption of cryptocurrency in the continent. More people are looking for a cryptocurrency trading platform that enables them take advantage of opportunities in the crypto world.
For young crypto enthusiasts finding the best cryptocurrency trading platform is important. They need to choose platforms that are are accessible, reliable, and compliant with local regulations.
Below are five cryptocurrency trading platforms or exchanges that support users in Africa and a simple step-by-step guide on how to use each.
1. Binance
Overview:
Binance is the world’s largest crypto exchange by trading volume and has a strong presence in Africa. It supports NGN and offers peer-to-peer (P2P) trading for easy fiat-to-crypto exchange.
Despite their run-ins with the Nigerian government, Binance continues to see use and adoption among younger Nigerians and other African countries.
How to Use Binance in Africa:
-
Sign up at Binance.com or via the mobile app.
-
Verify your identity (KYC) with a valid ID and facial verification.
-
Go to the P2P section (note that this feature has been disabled for Nigerians as at the time of writing this article), select your currency (e.g., NGN, KES), and choose a seller.
-
Transfer payment to the seller via bank transfer or mobile money.
-
After the seller confirms, your crypto (e.g., USDT, BTC) is released to your wallet.
-
Use your crypto to trade, hold, or convert within the app.
2. Bybit
Overview:
Bybit is a fast-growing exchange that supports African users and is known for derivatives trading, spot trading, and an easy-to-use mobile app. It supports peer-to-peer (P2P) and third-party fiat gateways for buying crypto. Bybit ranks second (by market volume) in list of world cryptocurrency exchanges.
How to Use Bybit in Africa:
-
Sign up at Bybit.com or download the app.
-
Complete KYC verification using a valid ID.
-
Tap on P2P Trading and filter by currency (e.g., NGN).
-
Choose a verified merchant, make a bank transfer, and receive crypto.
-
Trade or withdraw to another wallet, or stake to earn interest.
3. KuCoin
Overview:
KuCoin offers access to hundreds of cryptocurrencies and altcoins. It supports P2P trading and allows Africans to fund accounts via third-party services.
How to Use KuCoin:
-
Visit KuCoin.com and sign up.
-
Complete identity verification.
-
Go to the P2P section and select a seller.
-
Pay via bank transfer and receive crypto in your KuCoin wallet.
-
Use the spot trading feature to buy or swap altcoins.
4. Yellow Card
Overview:
Yellow Card is designed specifically for African users and is available in over 16 countries. It enables users to buy crypto using local bank transfers or USSD.
How to Use Yellow Card:
-
Download the app or visit YellowCard.io.
-
Create an account and verify with BVN or ID.
-
Fund your wallet via bank transfer or cash deposit agents.
-
Select the crypto (BTC, USDT, ETH) and buy instantly.
-
To sell, input the amount and receive funds in your bank account.
5. Luno
Overview:
Luno is a global crypto exchange that has been active in Nigeria and Africa for years. It is beginner-friendly and supports Naira deposits, withdrawals, and direct crypto purchases.
How to Use Luno in Nigeria:
-
Download the Luno app or visit Luno.com.
-
Register and verify your identity with a valid ID.
-
Deposit money via bank transfer or Paystack.
-
Choose from BTC, ETH, LTC, XRP, or USDC and buy instantly.
-
You can sell or withdraw back to your bank account at any time.
