Summary
Cryptocurrency trading in Zambia operates under the supervision of the Bank of Zambia (BoZ), though without explicit regulations. The Zambian Kwacha (ZMW) is supported by select crypto exchanges through various payment methods, including mobile money services like MTN Money and Airtel Money. Here are the best crypto exchanges in Zambia ranked by security, fees, and local payment support:
Best Crypto Exchanges in Zambia
The cryptocurrency market in Zambia continues to develop, with several exchanges now supporting the Zambian Kwacha (ZMW). Mobile money transfers and bank deposits serve as primary payment methods for local traders, with platforms adapting to meet specific regional requirements.
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. 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. Coinbase
Users:
100m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
250+
Leverage:
5x
Spot Fees:
0.4%/0.6%
Futures Fees:
0.02%/0.05%
Pros
- Most beginner-friendly exchange
- Fully regulated and licensed
- Great customer support
- Reputable with over 100 million users
- Comprehensive fiat deposit methods
- Great wallet for on-chain access
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
Coinbase Overview
Coinbase is one of the largest and most well-known cryptocurrency exchanges for buying cryptos.The platform currently has a user community of over 100 million users worldwide. What makes Coinbase special is its user-friendly interface. The platform is designed to be easy to use, making it accessible for beginners. Coinbase offers a clean and intuitive interface for buying, selling, and managing cryptocurrencies.
Crypto traders have access to over 250 cryptos for active trading. One downside of Coinbase is the fee structure. When you place an order at the market price that gets filled immediately, you are considered a taker and will pay a fee of 0.60%, which is very expensive.
Another thing about Coinbase is that it offers a wide range of crypto services. These include wallets, NFT, crypto staking, Coinbase cards, and many more to help improve the overall trading experience on the platform. One of our favorite features is the Coinbase wallet.
It is suitable for beginners but also offers advanced trading tools including real-time charts, technical indicators, and many more for advanced traders.
5. 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.
Is Crypto Legal and Regulated in Zambia?
The Bank of Zambia (BoZ) maintains oversight of financial activities in Zambia. In 2019, the BoZ issued a statement acknowledging cryptocurrency activities while emphasizing they are not legal tender. The Securities and Exchange Commission (SEC) of Zambia monitors investment products but has not established specific cryptocurrency regulations.
The Financial Intelligence Centre (FIC) requires cryptocurrency exchanges operating in Zambia to implement anti-money laundering (AML) and know-your-customer (KYC) procedures. Trading cryptocurrencies remains legal, though without explicit regulatory protection.
Recent developments include:
- The Ministry of Finance established a task force to study cryptocurrency regulation
- Implementation of the National Payment Systems Directives 2018, affecting digital currency transactions
- Enhanced monitoring of cross-border cryptocurrency transactions by the BoZ
The Zambian Parliament is currently reviewing draft legislation for digital assets, focusing on consumer protection and market stability. The proposed framework includes licensing requirements for cryptocurrency service providers and mandatory security protocols for digital asset custody. Additionally, the Zambia Institute of Chartered Accountants (ZICA) has initiated discussions on establishing accounting standards for digital assets, recognizing their growing importance in the financial sector.
Is Crypto Taxable in Zambia?
The Zambia Revenue Authority (ZRA) has not issued specific cryptocurrency tax guidelines. However, existing tax frameworks apply to crypto-related income. Capital gains from cryptocurrency trading fall under the standard capital gains tax rate of 35%. Business income from cryptocurrency activities is subject to corporate tax rates ranging from 25% to 40%.
Current taxation considerations include:
- Mining income classified as business income, taxed at standard rates
- Value Added Tax (VAT) implications for crypto-related services at 16%
- Property transfer tax considerations for crypto-asset transfers
The ZRA has established a specialized digital economy taxation unit to address emerging challenges in cryptocurrency taxation. Key focus areas include international tax reporting standards, cross-border transaction monitoring, and the implementation of the OECD‘s cryptocurrency reporting framework. Additionally, the authority requires detailed record-keeping of all cryptocurrency transactions, including exchange rates at the time of transactions and the source of funds.
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 Zambia.
How to Buy Crypto in Zambia
Purchasing cryptocurrency in Zambia requires selecting a reliable exchange platform. Binance offers comprehensive services with support for local payment methods and the Zambian Kwacha.
- Select an Exchange: Choose a cryptocurrency exchange that supports ZMW and local payment options.
- Register and Verify: Register on the platform and verify your account with a valid Zambian ID.
- Fund Your Account: Deposit funds using mobile money services (MTN Money, Airtel Money), bank transfers, or credit cards.
- Choose Your Cryptocurrency: Select the cryptocurrency you wish to buy, such as Bitcoin, Ethereum, or stablecoins like USDT.
- Make Your Purchase: Purchase your crypto at the current market rate.
- Transfer to a Secure Wallet: Move your newly acquired assets to a secure wallet for safekeeping.
Best Crypto Wallets in Zambia
Zambian cryptocurrency users need secure storage solutions for their digital assets. Hardware wallets like Ledger and Trezor offer offline protection for long-term asset storage. Mobile wallets, such as Trust Wallet and MetaMask, provide convenient access for daily use.
The Exodus desktop wallet balances security with a user-friendly experience, supporting multiple cryptocurrencies and featuring built-in exchange functions. Many local traders manage both cold storage for long-term assets and hot wallets for frequent transactions.
Bottom Line
For Zambian cryptocurrency traders seeking reliable platforms, the best crypto exchanges in Zambia prioritize security and local payment integration. Binance leads with extensive trading options and P2P capabilities supporting ZMW transactions through local payment methods. MEXC provides comprehensive trading services with competitive fees starting at 0.02% and advanced security features specifically designed for Zambian traders. Both platforms maintain strict compliance with local regulations while offering robust trading infrastructure for the Zambian market.
