As Bitcoin continues to gain popularity in Africa, we would like to help you know sites where you can buy or sell Bitcoin in Ghana.
- Jack Dorsey, Co-Founder and CEO of Twitter, recently attended Bitcoin meetup in Ghana to discuss the adoption of Bitcoin payments in Ghana and Nigeria.
- Bitcoin is a decentralised cryptocurrency without a central bank or single administrator that can be sent from user to user on the Bitcoin network without the need for intermediaries.
- Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009.
- Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
How Bitcoin Works
- Bitcoin is stored in a digital wallet on your computer or smartphone.
- You can also use a Bitcoin hardware wallet or a paper wallet, which is a public and private key printed on a paper.
- All your transactions are permanently and transparently recorded in a public ledger called the Blockchain and are secured using cryptography.
What You Need Before Buying or Selling Bitcoin in Ghana
As stated above, Bitcoin transactions require a Bitcoin wallet. Your transactions, however, will take place in a Bitcoin exchange, a digital marketplace where traders can buy and sell Bitcoin or peer-to-peer market place where a buyer directly pays to the seller.
You will then need either fiat money (if you want to buy) or Bitcoin (if you want to sell). Like other traditional financial transactions, you have to choose your preferred payment method such as credit/debit card, bank transfer, Western Union, Moneygram, gift cards, cash in person, or mobile money.
Things to Consider Before Buying or Selling Bitcoin
When you want to buy or sell Bitcoin in Ghana, you need to take into consideration several key factors. When choosing an exchange, make sure you conduct necessary due diligence to find out, for instance, its reputation in the Bitcoin industry, how long it has been in the market, the team behind it, its insurance status, etc.
Another key piece of information you need to find out from the exchange is their fees. Review their trading fees, withdrawal fees, deposit fees etc. In addition, know the transaction limit. Transaction limits vary between exchanges.
If you decide to use peer-to-peer market place to sell or buy your Bitcoin, you need to be extra careful because with this option you will be conducting your transaction with a stranger. Find out if the person has verified details, the level of trusts he commands on the platform, if he has been blocked by users, etc. If you have to meet physically, choose a public place and ask a friend or a relative to go with you.
When choosing a wallet, you need to consider features such as security, access to private keys, mobile app integration, anonymity features (if you want to transact anonymously) and the exchanges where the wallet can be used on. Your exchange of choice may also recommended wallets to use.
Exchanges offer different payment methods. Choose an exchange that offers a payment method that is convenient and available to you . Note that the method you choose will determine the time it will take for your transaction to be completed.
Bitcoin prices vary worldwide. You need to compare rates from major Bitcoin exchanges with the exchange you have choosen. You can use CoinDesk to make the comparison.
Where to Buy and Sell Bitcoin in Ghana
We have selected 9 platforms where you can buy or sell Bitcoin in Ghana.
PayPlux is one of the oldest Bitcoin exchangers in Ghana. It was established in order to make digital currency accessible in Africa. PayPlux allows users in Ghana and beyond to buy, sell and exchange various digital currencies such as Bitcoin, Litecoin and Ethereum using mobile money.
eBitpoint is a digital currency exchange platform based in Accra, Ghana. You can buy and sell Bitcoin, Ethereum, Bitcoincash, Litecoin , etc.
Founded in 2013, BitPesa is a cryptocurrency exchange for individuals and institutions across Africa. BitPesa licensed by the UK’s Financial Conduct Authority in the UK and follows stringent KYC practices.
Coindirect was founded in 2017 in South Africa. It accelerates African cryptocurrency adoption by building a bridge between the decentralised world of crypto and the centralised world of traditional finance. The platform supports over 40 different coins and altcoins.
Remitano is incorporated in Seychelles. It provides escrowed P2P Bitcoin marketplace where people buy and sell Bitcoin easily and safely in Ghana. It also has service in the United States, Australia, Malaysia, Nigeria, Vietnam, Cambodia and China.
Paxful is one of the best exchanges to buy and sell Bitcoin with over many payment options including bank transfers, gift cards, Paypal, debit/credit cards, etc.
Often our biggest problems revolve around money, earning it and transporting it. We are dedicated to unlocking the power of people by building a global peer to peer payment logistics platform of the future. Paxful is PayPal + Uber and the people’s Wall Street.
Coinbase was founded in June of 2012 in the United States. It is a digital currency wallet and platform where merchants and consumers in Ghana can transact with digital currencies like Bitcoin, Ethereum, and Litecoin.
LocalBitcoins is a Bitcoin company based in Helsinki, Finland. It was founded in 2012. It facilitates peer to peer Bitcoin exchanges. It has a reputation and feedback mechanism for users and an escrow and conflict-resolution service.
Based in the UK and Lithuania, SpectroCoin is an all-in-one solution for Bitcoin in many countries including Ghana. It offers an exchange platform and a secure Bitcoin wallet.
Buying and selling Bitcoin should not be a complex task. With these 9 Bitcoin exchanges, you will be able to buy and sell Bitcoins in Ghana. As cryptocurrencies grow in popularity in Ghana and elsewhere, take your time to learn more about Bitcoin trading and do a bit of research on the platforms we have listed here. You should look for the platform’s fees, payment methods, available cryptos, KYC requirements, etc.
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