Best Bitcoin Trading Platforms in Africa

Current Coupons For Bitcoin Trading Platforms in Africa:

In some African Countries Bitcoin is banned and crypto related websites might not be accessable. If this is the case, citizens still have the possibility to use a VPN to circumvent the geo-blockade. By making use of a Virtual Private Network African citizens from any country can trade cryptocurrencies on international broker platforms.

Note that this is not an advice, just an objective finding. The author of this page is not responsible for your legal decisions.

Where To Buy Cryptocurrency Before You Can Start Using Bitcoin Trading Platforms in Africa

The above mentioned brokers are mostly unregulated cryptocurrency brokers that require an initial Bitcoin deposit. This means that through those brokers you trade cryptocurrencies for profit – most of them are not fiat-to-Bitcoin-exchanges. So in order to start trading crypto for profit you need to buy Bitcoin first.

Two of the above mentioned brokers take fiat deposits, so in those exceptions you might be able to start trading without owning Bitcoin yet (depending on your bank, if they will accept the transfer to a Bitcoin broker – just try it).

Those brokers are Simplefx and FXOpen.

Aside from that the best exchange to buy Bitcoin in your country is localbitcoins:

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Coins:

Bitcoin (BTC)

Accepted Currencies:

All national fiat currencies

Payment Methods:

P2P money transfer according to agreement (e.g. wire transfer, cash payment)

ID verification:

Not by default, but can be required under certain circumstances

Security:

Top Level

Everything (Un)Clear: Regulation Of Cryptocurrencies and Trading Sites In Africa

Pan-African Ecobank has produced a report on the regulation of cryptocurrencies in sub-Saharan Africa. The balance: Only in two of the sub-Saharan nations studied the authorities are positive about digital money.

Regulatory ambiguity is one of the main reasons why the mass adaptation of Bitcoin and its allies has yet to take place.

This lack of clarity is also reflected in a study by Ecobank that examines the regulatory status quo in Africa, particularly sub-Saharan Africa.

Almost half of the nations have no official position on cryptocurrencies. Only Namibia, South Africa and Swaziland, on the other hand, have officially banned them, while Bitcoin and Co. are officially well-disposed towards them. The official positions of the other nations fluctuate between suspicious observation and cautious approach.

Namibia: Complete Ban of Cryptocurrencies and Brokers, Because Not Centrally Covered

The report contains a map on which the nations surveyed are arranged in colour according to the current state of regulation. A red spot immediately catches the eye: Namibia.

The country in the southwest of Africa is the only one of the examined in which cryptocurrencies are officially forbidden. The reason can be found in a position paper of the Namibian National Bank from September last year. It says:

"Apart from the fact that the bank does not recognise virtual currencies in Namibia as legal tender, it also does not recognise that it is a foreign currency that can be exchanged for national currency. This is because virtual currencies are neither issued nor guaranteed by a central bank nor hedged by a commodity.

However, the same paper also recognizes the potential of cryptocurrencies to speed up remittances. Nevertheless, Bitcoin remains a moneta non grata in Namibia for the time being.

Green Light In South Africa And Swaziland

The situation in South Africa is different. Although cryptocurrencies do not yet enjoy full legality there, the government is very anxious to create a regulatory framework for the handling of cryptocurrencies. The cooperation between the government and the blockchain company Bankymoon, which has been in place since July 2017, serves this purpose.

The South African central bank also sent positive signals last year regarding the recognition of cryptocurrencies as legal means of payment. Meanwhile, the South African Revenue Services (SARS) is actively seeking ways to adequately tax transactions and investments in cryptocurrencies. In April of this year, it decided that income from cryptographic transactions must in principle be taxed as capital income.

Swaziland, a landlocked South African state, has also been open to cryptocurrencies. The central bank of the monarchy, which is one of the poorest countries in the world, spoke positively about virtual currencies at a conference last October:

"It would probably be unwise to reject cryptocurrencies and we at CBS [Central Bank of Swaziland] are learning and want to support innovation. If this is innovation, we don't want to nip it in the bud. We want to learn more about them."

Uncertainty Predominates

The regulatory authorities in nine of the 39 nations examined take a fundamentally critical view of cryptocurrencies. These countries include Nigeria, Ethiopia, the Democratic Republic of Congo and Kenya. However, there are said to be signs that these countries are closely monitoring developments in cryptocurrencies.

In six countries there are indications of research efforts in the crypto area, but these are often accompanied by warnings from the regulatory authorities. In addition to Senegal, Zimbabwe, Cameroon and Ghana are among those nations that are curious about cryptography.

With 21 investigated nations, the overwhelming majority have no official line against Bitcoin and Co. The situation in Africa does not really differ from the rest of the globe in this respect.