Summary
In Cameroon, cryptocurrency trading is currently unregulated but not explicitly illegal. The Central African Banking Commission (COBAC) has issued warnings about cryptocurrency use but hasn’t banned it. The Central African CFA franc (XAF) is supported by several crypto exchanges, with bank transfers and mobile money being the most popular payment methods. Here are the best crypto exchanges in Cameroon:
Best Crypto Exchanges in Cameroon
Cryptocurrency trading in Cameroon has grown significantly, with traders seeking reliable platforms that support local payment methods and the Central African CFA franc (XAF). Mobile money services like MTN Mobile Money and Orange Money are widely used for crypto transactions, along with traditional bank transfers.
1. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
2. Valr
Users:
500K
Free Demo:
Mobile App:
Bonus:
Earn a Share of 10,000 USDT
Cryptos:
107+
Leverage:
10X
Spot Fees:
0.40%/0.40%
Futures Fees:
-0.01%/0.1%
Pros
- Supports spot, margin, futures, and OTC trading
- Easy account setup and trading process
- Robust security measures and regulatory compliance
- 18-hour customer service and dedicated channels for businesses
Cons
- Primarily focused on the African market
- Advanced features may be challenging for beginners
Valr Overview
VALR is a cryptocurrency exchange serving 500,000 users, with a primary focus on the African market. The platform supports over 107 digital assets and offers multiple trading options including spot, margin, and futures trading with up to 10x leverage.
The exchange implements a competitive fee structure with -0.01% maker and 0.1% taker fees for spot trading. Futures trading fees are set at 0% for makers and 0.05% for takers. VALR provides additional revenue opportunities through referral commissions and liquidity provision rewards.
Security measures include mandatory KYC verification and regulatory compliance protocols. The platform offers staking and yield-generating products for passive income generation. Customer support operates for 18 hours daily, with dedicated channels for business clients. The mobile application enables trading on the go.
While VALR provides comprehensive trading features, the advanced functionalities present a learning curve for new users. The platform does not offer a demo account for practice trading. Geographic limitations restrict access primarily to African markets, and regulatory requirements vary across jurisdictions.
3. Luno
Users:
2M
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
25+
Leverage:
Not Supported
Spot Fees:
0.6%/0.4%
Futures Fees:
Not Supported
Pros
- Strong compliance and security focus
- User-friendly interface with mobile apps for Android and iOS
- Support for fiat currencies and credit card payments
- Low fees
Cons
- Limited cryptocurrency selection
- Lack of advanced trading features
- Limited Availability in Some Countries
Luno Overview
Luno, operating since 2013, is a cryptocurrency exchange focused on simplifying access to digital assets. The platform supports over 25 cryptocurrencies and prioritizes security and compliance, ranking among the most compliant exchanges globally as of November 2023 (CCData).
Luno offers spot trading with fees of 0.6% for takers and 0.4% for makers. Features include real-time market data, price alerts, and recurring purchases. The exchange provides mobile apps for Android and iOS, enhancing accessibility for users.
For developers and institutions, Luno offers an API for third-party integrations. Multi-signature wallets are used for secure asset storage. Luno lacks advanced features like leverage trading and futures contracts. While it offers a user-friendly experience for beginners and intermediate traders, it may not satisfy advanced traders seeking complex instruments.
Customer support is available via email and a knowledge base, but live chat and phone support are absent. Luno does not offer a free demo or sign-up bonus.
4. Kraken
Users:
10m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
220+
Leverage:
100x
Spot Fees:
0.25%/0.4%
Futures Fees:
0.02%/0.05%
Pros
- Very beginner-friendly
- Low futures trading fees
- Free demo trading
- Fiat supported
- 24/7 customer support
- Fully regulated
Cons
- High spot trading fees
- Lacks advanced features
- Poor liquidity for futures trading
- Complicated Demo trading
Kraken Overview
Kraken stands out as one of the most beginner-friendly crypto exchanges. With an easy to understand UI, simple features, and a straightforward approach, Kraken has onboarded over 10 million users to its platform from all around the world.
Spot traders can access over 220 cryptocurrencies for buying and selling. For traders seeking more buying power, Kraken offers a leverage trading platform with up to 50x leverage on selected assets such as BTC.
In terms of fees, Kraken has a different approach for spot and futures trading. While spot trading fees are relatively high (0.25% maker and 0.4% taker), the futures fees are very low (0.02% maker and 0.05% taker). Based on your 30-day trading volume, you can obtain additional fee discounts.
What we love about Kraken is its comprehensive fiat support. You can deposit funds using your credit card or bank transfer. Once you are done trading, you can withdraw fiat currencies such as EUR or USD back to your personal bank account to lock in your profits.
5. Busha
Users:
800K
Free Demo:
Mobile App:
Bonus:
Upto to ₦2,000 in Free Bitcoin
Cryptos:
54+
Leverage:
Not Supported
Spot Fees:
0.50%/0.50%
Futures Fees:
Not Supported
Pros
- Simple, beginner-friendly design
- Regulated, secure African exchange
- Auto-buy options and price setting
- Buy airtime, data, and earn cashback
- Accept stablecoins with no hidden fees
Cons
- Fewer coins than global exchanges
- Tied to Nigerian currency fluctuations
- No advanced options like margin trading
Busha Overview
Busha is a regulated cryptocurrency exchange serving over 800,000 users, primarily focused on the Nigerian market. The platform supports 54 cryptocurrencies and operates under SEC licensing for enhanced security and regulatory compliance.
The exchange implements a fee structure of 0.5% for both maker and taker orders in spot trading. Futures trading is not supported on the platform. Busha offers yield-generating opportunities with up to 7.5% APY on stablecoin holdings without mandatory lock-in periods.
Security measures include mandatory KYC verification and 24/7 human customer support. The platform provides recurring buy options and limit orders for automated trading strategies. Additional features include digital asset spending capabilities for airtime and data purchases with integrated cashback rewards. The mobile application enables trading and commerce integration for stablecoin acceptance.
The exchange’s limitations include dependency on Nigerian Naira currency fluctuations and the absence of advanced trading features like margin trading. While the platform offers essential cryptocurrencies, the selection is restricted compared to global exchanges. Users have reported occasional stability issues with the mobile application, including lag and freezing during peak trading periods.
Is Crypto Legal and Regulated in Cameroon?
Cryptocurrency operates in a legal gray area in Cameroon. The Bank of Central African States (BEAC) and the Central African Banking Commission (COBAC) have not established specific cryptocurrency regulations. In April 2022, COBAC issued a statement prohibiting financial institutions from processing cryptocurrency transactions, but individual trading remains unregulated.
The Ministry of Finance has acknowledged the growing cryptocurrency market but has not implemented formal regulatory frameworks. While there are no specific licenses required for cryptocurrency trading, businesses dealing with digital assets must comply with general financial services regulations.
The Central African Economic and Monetary Community (CEMAC) maintains specific requirements for financial transactions in the region, including:
- Mandatory reporting of transactions exceeding 5 million XAF
- Compliance with regional anti-money laundering directives
- Registration requirements for financial service providers
The government’s current stance focuses on monitoring rather than restricting cryptocurrency activities. However, traders should note that the lack of regulation means limited consumer protection in case of disputes or losses.
Is Crypto Taxable in Cameroon?
Cameroon’s tax treatment of cryptocurrencies remains unclear due to the absence of specific legislation. The Direction Générale des Impôts (DGI) has not issued explicit guidance on cryptocurrency taxation. However, general income tax principles may apply to crypto transactions.
Under current interpretation, cryptocurrency gains might be subject to:
- Personal income tax rates (ranging from 10% to 35%)
- Capital gains tax at 16.5% for significant trading activities
- Business tax rates if trading is considered a commercial activity
The Cameroon Treasury Department applies these key taxation principles:
- Mining revenue falls under business income category
- Regular trading may trigger commercial activity status
- International transfers require documentation for tax purposes
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in Cameroon.
How to Buy Crypto in Cameroon
Buying cryptocurrency in Cameroon requires selecting a reliable exchange that supports local payment methods. Bybit offers a secure platform with competitive fees and extensive cryptocurrency options.
- Choose a Crypto Exchange: Select an exchange that accommodates XAF transactions and local payment methods. Confirm the KYC process and the trading pairs available.
- Register for an Account: Provide the necessary identification documents to verify your account.
- Fund Your Account: Deposit XAF using methods such as MTN Mobile Money, Orange Money, or bank transfers.
- Select Your Cryptocurrency: Opt for well-known cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), or USDT.
- Place Your Order: Execute a market or limit order to buy your preferred cryptocurrency.
- Ensure Security: Move your assets to a personal wallet for added protection.
Best Crypto Wallets in Cameroon
Securing cryptocurrency holdings is vital for traders in Cameroon. Here are some wallet options to consider:
Hardware Wallets:
- Ledger – Offers top-tier security features along with extensive coin compatibility.
- Trezor – Known for its intuitive design combined with robust security.
Software Wallets:
- Trust Wallet – A mobile wallet that supports decentralized applications (DApps).
- Exodus – A desktop wallet featuring a built-in exchange.
- MetaMask – A key tool for transactions in decentralized finance (DeFi).
Bottom Line
For traders seeking the best crypto exchanges in Cameroon, Bybit stands out with its comprehensive platform, competitive fees, and reliable mobile money support. Valr offers an excellent alternative with its focus on African markets and strong integration with local payment systems. Both platforms provide secure trading environments and support for the Central African CFA franc (XAF).
