Summary
Kenya maintains a progressive stance on cryptocurrency trading, though with regulatory oversight. The Central Bank of Kenya (CBK) monitors crypto activities while implementing KYC requirements. The Kenyan Shilling (KES) is widely supported across major crypto exchanges. Mobile money transfers through M-Pesa, bank transfers, and card payments are the primary payment methods. For accessing the best crypto exchanges in Kenya, here are our top recommendations:
- Binance – Extensive KES trading pairs, M-Pesa support
- Bitget – Competitive fees, reliable platform
- Valr – African-focused exchange
- Yellow Card – Local presence, excellent mobile support
- MEXC – Wide range of altcoins
Best Crypto Exchanges in Kenya
Kenya has emerged as a significant cryptocurrency market in Africa, with increasing adoption rates and trading volumes. The country’s tech-savvy population and widespread mobile money usage create an ideal environment for cryptocurrency trading. When selecting a crypto exchange in Kenya, factors such as KES support, M-Pesa integration, and compliance with local regulations are essential considerations.
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. Bitget
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Over 800 cryptos
- Fair trading fees
- Great for EUR SEPA transfers
- 24/7 customer support
- Very beginner friendly
Cons
- Not available in the US
- No TWAP order supported
- Mandatory KYC for new accounts
Overview
Bitget is a true powerhouse for crypto traders from over 100 supported countries. What makes Bitget special is its beginner-friendly trading platform, which has over 800 supported cryptocurrencies. With so many supported cryptocurrencies, if you are looking to trade altcoins, Bitget might be one of your best shots.
With fiat support for 6 currencies, including EUR and RUB, Bitget is a top choice, especially for European users looking to deposit and withdraw funds in their native currency with ease. The 0% fee for SEPA transactions makes Bitget stand out. Credit card payments are also supported.
Experienced crypto traders can trade futures contracts on Bitget with 125x leverage on selected assets such as Bitcoin or Ethereum.
The spot trading fees start at 0.1% for makers and takers, which is very common in the industry. For futures traders seeking leverage for their day trading activities, Bitget charges very low fees of 0.02% maker and 0.06% taker.
3. 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.
4. Yellow Card
Users:
1.4M
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
11+
Leverage:
Not Supported
Spot Fees:
18 ZAR (flat fee)
Futures Fees:
Not Supported
Pros
- Intuitive interface suitable for beginners
- Operates in 20 countries, facilitating cross-border transactions
- Affordable transaction fees, especially for Stablecoins
- Offers APIs and widgets for easy payment processing
- Provides content to educate users on cryptocurrency
Cons
- No futures trading available
- Primarily serves African markets, limiting global access
Yellow Card Overview
Yellow Card is a cryptocurrency exchange serving over 1.4 million users across 20 African countries, focusing primarily on facilitating cross-border transactions. The platform supports 11 cryptocurrencies, with an emphasis on stablecoins and major digital assets.
The exchange implements a flat fee structure of 18 ZAR per transaction for spot trading, making costs predictable for users. Yellow Card does not support futures trading. The platform provides business integration solutions through APIs and widgets for payment processing applications.
Security measures include mandatory KYC verification for all users. The platform offers a mobile application for trading and maintains educational resources to support user understanding of cryptocurrency markets. Yellow Card operates with consideration for local regulations in each served market.
The exchange’s limited cryptocurrency selection restricts trading options compared to global platforms. While the flat fee structure benefits high-volume traders, it may be less advantageous for smaller transactions. The platform does not provide a demo account for practice trading, and services are primarily restricted to African markets.
5. 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.
Is Crypto Legal and Regulated in Kenya?
Cryptocurrency trading is legal in Kenya, operating within a regulatory framework overseen by the Central Bank of Kenya (CBK). While the CBK initially issued warnings about cryptocurrency risks, it has since adopted a more balanced approach, focusing on monitoring rather than restricting crypto activities.
The Capital Markets Authority (CMA) has established guidelines for cryptocurrency businesses, requiring registration and compliance with anti-money laundering (AML) regulations. This includes mandatory Know Your Customer (KYC) procedures and transaction monitoring. Financial institutions must report suspicious transactions and maintain detailed records of crypto-related activities.
The Kenyan Parliament has been working on comprehensive cryptocurrency regulations, with the Capital Markets (Amendment) Bill 2022 proposing a framework for crypto asset taxation and exchange oversight. The bill introduces specific requirements for crypto exchanges, including:
- Mandatory registration with the CMA
- Implementation of cybersecurity measures
- Regular reporting of trading volumes and transaction data
- Establishment of customer protection mechanisms
The Financial Reporting Centre (FRC) also monitors cryptocurrency transactions to prevent money laundering and terrorism financing. Exchanges operating in Kenya must submit regular reports and maintain compliance with these regulatory requirements.
Is Crypto Taxable in Kenya?
Cryptocurrency transactions in Kenya are subject to taxation under the Kenya Revenue Authority (KRA) guidelines. Trading profits are typically classified as capital gains, taxed at 12.5% for transactions conducted within Kenya.
Mining income is categorized as self-employment income, subject to progressive tax rates ranging from 10% to 30%. Cryptocurrency received as payment for goods or services is treated as regular income and taxed accordingly. The KRA has implemented specific reporting requirements:
- Annual declaration of cryptocurrency holdings
- Detailed records of all trading activities
- Documentation of mining operations and associated costs
- Reporting of crypto-to-fiat conversions
For businesses accepting cryptocurrency payments, the Value Added Tax (VAT) implications depend on the nature of the transaction. Services provided in exchange for cryptocurrency are subject to standard VAT rates of 16%. Crypto-to-crypto transactions may have different tax implications based on the specific circumstances and whether they qualify as like-kind exchanges.
The KRA requires taxpayers to maintain comprehensive records of:
- Purchase and sale dates of cryptocurrencies
- The market value in KES at the time of each transaction
- Trading fees and associated costs
- Mining equipment expenses and electricity 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 Kenya.
How to Buy Crypto in Kenya
Purchasing cryptocurrency in Kenya has become increasingly accessible through regulated exchanges. Binance offers one of the most comprehensive platforms for Kenyan traders, supporting both M-Pesa and bank transfers.
The cryptocurrency market in Kenya has grown significantly, with M-Pesa’s widespread adoption making it one of Africa’s most active crypto trading markets. Here’s how to start trading:
- Select a Crypto Exchange: Verify KES support and M-Pesa integration capabilities. Leading exchanges in Kenya like Binance and Bitget offer dedicated Kenyan Shilling trading pairs and local customer support. Ensure the platform complies with Central Bank of Kenya (CBK) and Capital Markets Authority (CMA) regulations.
- Complete Registration: Submit your Kenyan National ID or passport, along with a recent utility bill or bank statement for proof of residence. For enhanced verification, some exchanges may require an Mpesa-registered phone number that matches your ID details. Verification typically takes 24-48 hours, with support available in both English and Swahili.
- Fund Your Account: M-Pesa is the preferred deposit method for most Kenyan traders, offering instant deposits with limits up to KES 150,000 per transaction. Alternative options include bank transfers through popular banks like Equity and KCB (1-2 business days), or card payments. Some exchanges offer special fee discounts for M-Pesa deposits.
- Choose Cryptocurrency: Popular choices among Kenyan traders include Bitcoin (BTC), Ethereum (ETH), and USDT for stability. The growing African crypto market has also seen increased interest in tokens focused on regional development and cross-border payments. Consider trading volumes on KES pairs when selecting your assets.
- Execute Trade: Place orders during peak liquidity hours for better prices, typically between 9 AM and 6 PM EAT. Market orders provide instant execution, while limit orders let you set specific prices. Most Kenyan exchanges offer mobile apps optimized for the local market, making trading accessible even with limited internet connectivity.
- Secure Storage: Transfer your cryptocurrencies to a personal wallet for enhanced security. Many Kenyan traders use a combination of mobile wallets for daily transactions and hardware wallets for long-term storage. Consider local cryptocurrency communities and social media groups for wallet recommendations and security best practices.
After completing these steps, join local cryptocurrency groups on Telegram and WhatsApp to stay updated on market trends and regulatory changes affecting Kenyan traders. Keep detailed transaction records as required by the Kenya Revenue Authority (KRA) for tax compliance.
Best Crypto Wallets in Kenya
To effectively secure your cryptocurrency investments, choosing the right wallet is crucial. Here are some of the top wallet recommendations for users in Kenya:
1. Hardware Wallets:
For those prioritizing maximum security, Ledger and Trezor are excellent choices. These hardware wallets store your private keys offline, significantly reducing the risk of online attacks and hacking attempts. They are particularly suitable for long-term storage of cryptocurrencies, offering peace of mind to users who wish to protect their digital assets from potential threats.
2. Software Wallets:
For a more accessible solution, Trust Wallet is a fantastic option, providing mobile users with easy access to multiple cryptocurrencies. It combines convenience with robust security features, making it ideal for everyday transactions. MetaMask stands out for its seamless integration with decentralized applications, allowing users to engage with the growing world of decentralized finance (DeFi). Additionally, Exodus is designed with an intuitive interface, making it a great choice for beginners looking to navigate the crypto space with ease.
By considering these wallet options, Kenyan users can enhance the security of their cryptocurrency holdings while also enjoying the flexibility of modern digital finance.
Bottom Line
For Kenyan cryptocurrency traders seeking the best crypto exchanges in Kenya, Binance stands out with its comprehensive M-Pesa integration and extensive trading options. Their platform offers direct KES trading pairs, low fees starting from 0.1%, and a user-friendly mobile app optimized for the Kenyan market. Bitget offers an excellent alternative with competitive fees starting from 0.065% and reliable customer support available in English and Swahili. Both platforms provide robust security measures including two-factor authentication, cold storage for user funds, and full compliance with local regulations. The integration with M-Pesa and support for bank transfers makes these platforms particularly accessible for Kenyan traders looking to enter the cryptocurrency market.
