Best Crypto Exchanges in Ethiopia
The cryptocurrency market in Ethiopia operates under strict regulatory oversight. While crypto trading is legal, the National Bank of Ethiopia maintains stringent controls over foreign currency transactions. Local traders primarily use credit cards and bank transfers on international crypto exchanges. ETB (Ethiopian Birr) has limited direct support, requiring most traders to use USD or EUR. The primary regulatory authority is the National Bank of Ethiopia, which oversees financial transactions and implements compliance measures for digital asset trading. Here are the best crypto exchanges in Ethiopia:
Best Crypto Exchanges in Ethiopia
Ethiopian cryptocurrency traders require reliable platforms that support international transactions and offer strong security measures. While the Ethiopian Birr (ETB) isn’t directly supported on major exchanges, traders can use USD or EUR through credit cards and bank transfers. The following analysis details the top cryptocurrency exchanges accessible to Ethiopian users, factoring in security protocols, trading fees, and available trading pairs.
1. Binance
Users:
200m
Free Demo:
Mobile App:
Bonus:
$100
Cryptos:
400+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.05%
Pros
- Most comprehensive crypto exchange
- Most advanced features and products
- 24/7 customer support
- 400+ cryptocurrencies
- Reputable with over 200 million users
- Best liquidity
Cons
- Not beginner friendly
- Restricted in many regions due to regulations
- EU traders must use BNFCR for futures trading
Overview
Reaching over 200 million registered users in 2024, Binance is by far the largest crypto exchange in the world. The platform is incredibly comprehensive, offering crypto traders all the tools they need to make a profit in the crypto market.
With over 400 cryptocurrencies to trade, leverage of up to 125x, directly integrated charts from TradingView with tons of technical analysis tools, and many more features, Binance has secured its spot as one of the best crypto exchanges.
Binance offers a wide variety of products, including spot, margin, futures, and options trading, staking, lending, P2P, automated bot trading, copy trading, and even an NFT marketplace. It is safe to say that crypto geeks will find everything they are looking for on Binance.
The trading fees on Binance are very affordable. Binance charges 0.1% trading fees on the spot market (makers and takers alike), which is the industry standard. Where Binance excels is the futures market with fees of only 0.02% for makers and 0.05% for takers.
2. 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.
3. MEXC
Users:
15m
Free Demo:
Mobile App:
Bonus
$20,000
Cryptos:
2400+
Leverage:
200x
Spot Fees:
0.02%
Futures Fees:
0%/0.02%
Pros
- Lowest Trading Fees
- 2000+ supported crypto assets
- 200x leverage and deep liquidity
- 24/7 customer support
- Best for altcoin and leverage trading
Cons
- Not available in the US
- Newly launched coins pose high risk
- May request KYC in the future
Overview
MEXC is known as the crypto exchange with the lowest fees. What makes MEXC stand out is its 0% maker fee offer, meaning you can trade without any fees. However, the spot and futures taker fees start at 0.02%. No crypto exchange can compete with the MEXC fee structure.
If you are a day trader seeking high leverage, MEXC may be one of your best options. With 200x leverage over 400 futures contracts and by far the lowest fees, MEXC is truly a day trading heaven.
Even if you are not interested in leverage trading, MEXC has you covered with over 2000 supported cryptocurrencies on the spot market. While MEXC offers tons of new altcoins, we recommend being cautious as the legitimacy of newly listed projects may be questionable.
All in all, MEXC is arguably the best option for high-frequency traders seeking low fees to get the best value for money.
4. Kucoin
Users:
30m
Free Demo:
Mobile App:
Bonus
$10,500
Cryptos:
800+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Beginner friendly
- 800+ supported crypto assets
- 125x leverage and deep liquidity
- 20+ fiat currencies
- Great 24/7 customer support
Cons
- Lacks advanced features
- Not the best liquidity
- Regulatory issues in the US
- Variable spot fees
Overview
Kucoin focuses on offering the best spot trading experience. With over 800 supported cryptos on the spot market, Kucoin is one of the most versatile crypto exchanges when it comes to supported assets. You can trade popular cryptos such as Bitcoin or Ethereum but also less-known cryptos and even meme coins. If you are on the hunt for new and shiny coins that are not popular yet, Kucoin might be your best shop.
Spot fees on Kucoin are relatively average, ranging from 0.1% to 0.32% based on the liquidity of the asset. Futures trading on Kucoin starts at a maker fee of 0.02% and a taker fee of 0.06%.
Kucoin has integrated and ready-to-use crypto grid trading bots to automate your income. You can set up grid bots based on several parameters to trade for you 24/7.
5. 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.
Is Crypto Legal and Regulated in Ethiopia?
Cryptocurrency trading is legal in Ethiopia, but operates under strict regulatory frameworks. The National Bank of Ethiopia (NBE) serves as the primary regulatory authority overseeing cryptocurrency activities. In 2020, the NBE issued a directive clarifying that while cryptocurrencies are not recognized as legal tender, trading is permitted within regulatory guidelines.
The Ethiopian government has taken steps toward blockchain adoption, particularly through the Ministry of Education’s partnership with Cardano for educational record-keeping. However, foreign currency controls remain strict, with the NBE maintaining oversight of international transactions.
Key regulations include mandatory registration for cryptocurrency service providers and compliance with anti-money laundering (AML) protocols. The Ethiopian Financial Intelligence Unit monitors transactions for compliance with these regulations.
Is Crypto Taxable in Ethiopia?
Cryptocurrency taxation in Ethiopia falls under the jurisdiction of the Ministry of Finance and follows standard capital gains guidelines. Profits from cryptocurrency trading are subject to capital gains tax rates between 15% and 30%, depending on the income bracket.
Short-term gains from trading held less than one year are taxed at the standard income tax rate. Long-term holdings exceeding one year may qualify for reduced rates. Mining income is classified as business income and taxed accordingly, with specific provisions for equipment depreciation and operational costs.
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 Ethiopia.
How to Buy Crypto in Ethiopia
Ethiopian residents can purchase cryptocurrency through international exchanges. Binance provides the most accessible platform for Ethiopian traders, with support for multiple payment methods and a straightforward buying process.
- Select Your Exchange: Choose a reputable platform, such as Binance, that supports Ethiopian users and offers preferred payment options.
- Register an Account: Sign up on the exchange and complete identity verification with a government-issued ID and proof of address.
- Fund Your Account: Deposit funds via credit card or bank transfer. Use your local bank to convert ETB to USD or EUR if needed.
- Purchase Cryptocurrency: Select Bitcoin, Ethereum, or another cryptocurrency and enter the desired amount.
- Confirm Your Transaction: Double-check the details, then complete the purchase.
- Secure Your Assets: Move your cryptocurrency to a secure wallet for long-term safety.
Best Crypto Wallets in Ethiopia
Ethiopian cryptocurrency users have access to secure wallet options for safeguarding their digital assets. Hardware wallets offer robust protection, while software wallets add convenience for frequent trading.
Top hardware wallet options include Ledger and Trezor, both supporting multiple digital currencies and providing offline storage security. For mobile access, Trust Wallet and Exodus offer easy-to-use interfaces with reliable security features.
Desktop users may find MetaMask suitable for managing Ethereum and ERC-20 tokens. For added security, consider using multiple wallet types: hardware wallets for secure, long-term storage and software wallets for day-to-day trades. Regular backups and secure key management are essential for Ethiopian users managing their digital assets.
Bottom Line
For Ethiopian cryptocurrency traders, the best crypto exchanges in Ethiopia that deliver optimal performance are Binance and Bybit. Binance offers comprehensive trading options with competitive fees, while Bybit provides advanced trading features and reliable customer support. Both platforms maintain strong security measures and support multiple payment methods accessible to Ethiopian users, ensuring a secure and efficient trading experience.
