Cryptocurrency has taken the world by storm, and Kenya is no exception. According to data from Statista, the crypto revenue in Kenya was over Ksh 2 trillion in 2023. As more and more people in Kenya become interested in cryptocurrency trading, finding reliable and secure exchange platforms is important.
The government was put on check after Worldcoin screened the irises of thousands of Kenyans without proper regulations. This led to the formulation of crypto laws to regulate the cryptocurrency industry in Kenya. In this article, we will explore the top 10 cryptocurrency exchange platforms in Kenya. But first, let’s find some factors to consider when choosing a crypto exchange platform.
Factors to Consider When Choosing a Cryptocurrency Exchange Platform
Forbes reports that there are close to 600 crypto exchange companies. With such overwhelming numbers, selecting a provider that meets your needs can be challenging. But here are some factors you can keep in mind:
- Security: Look for a platform that prioritizes security measures, such as two-factor authentication, KYC procedures, anti-money laundering, and cold fund storage.
- Trading Fees: Most crypto exchange platforms charge between 0.10% and 0.60% of the amount as a taker and maker fees; the lower the fees, the better the deal.
- Supported Currencies: How many currencies does the platform support? Flexibility to shift from one currency to another is essential for crypto traders dealing with several coins.
- User-Friendliness: The user interface and overall user experience of the platform determine how easy or difficult it is to navigate through the site or app.
- Customer Support: Like in any other finance, customer support is essential to address any issues or concerns you may have.
After highlighting the factors to consider, let’s explore the top crypto exchange platforms in Kenya.
1. Binance
Binance is one of the most popular cryptocurrency exchange platforms in the world. In Kenya, Binance commands around 40% of the market share. Founded in 2017 by Changpeng Zhao, Binance supports over 360 cryptos, including Bitcoin and Ethereum.
It is licensed as a Digital Asset Services Provider across African countries, Europe, the Americas, Asia, and Australia. Binance also offers various advanced trading features, such as margin trading and futures contracts, catering to the needs of more experienced traders looking to maximize their profits.
Pros
- Global availability
- Low trading fees (0.1%)
Cons
- Slow customer support
- Centralization, which might not appeal to some traders
2. eToro
eToro is a social trading platform that has revolutionized how people invest in financial markets. Founded in January 2007 in Tel Aviv-Yafo, Israel, eToro has become one of the world’s leading online trading platforms, with millions of users from over 140 countries.
The platform’s user-friendly interface and innovative features have made it a popular choice for novice and experienced traders.
One of eToro’s standout features is “CopyTrading,” which allows users to replicate the trades of successful investors in real time. This unique social trading tool enables users to follow and copy the trading strategies of top-performing traders, providing an opportunity for beginners to learn from the best and potentially earn profits without having to trade.
Pros
- The copy-trading helps replicate successful users’ investment
- Wide range of financial assets (over 5,000)
Cons
- It doesn’t provide margin trading in the US
- Simplistic features that disadvantage experienced traders
3. Kraken
Kraken is a well-established cryptocurrency exchange platform that has been in operation since 2011. It offers a wide range of cryptocurrencies for trading and has a reputation for its security measures.
Kraken also provides advanced trading features for experienced traders. One of the key features that sets Kraken apart from other cryptocurrency exchanges is its high level of security. The platform uses industry-leading security measures to protect user funds and personal information.
The trading platform stores most user funds in cold storage, meaning they are not connected to the internet. This means they are less vulnerable to hacking attempts. Additionally, Kraken offers two-factor authentication for an extra layer of security when logging in or making transactions.
The user-friendly interface caters to novice and experienced traders. Besides, the platform offers various order types, including:
- market orders
- limit orders
- stop orders
This allows traders to execute their strategies with precision. Kraken provides access to advanced charting tools and real-time market data, empowering traders to make informed decisions. With its commitment to security and user experience, Kraken continues to be a top choice for cryptocurrency enthusiasts worldwide.
Pros
- Advanced security features
- Easy-to-use user interface which favours all traders
Cons
- Limited deposit and withdrawal options: banks and wire transfers
- Some programs, like Instant Buy, attract higher fees
4. Coinbase
Coinbase is one of the most popular cryptocurrency trading platforms in Kenya. It offers a user-friendly interface and a wide range of cryptocurrencies for trading. Coinbase focuses on security and is licensed and regulated in multiple jurisdictions across Europe, the Americas, Africa, and Asia.
One of the key features that sets Coinbase apart is its ease of use, making it an attractive option for beginners and experienced traders. The platform provides a simple and intuitive way to buy, sell, and store various cryptocurrencies, allowing users to navigate the world of digital assets easily.
Additionally, Coinbase offers educational resources and guides to help users understand the complexities of the cryptocurrency market and make informed decisions. The digital trading platform has established itself as a leader in the industry by prioritizing compliance with regulatory standards.
They adhere to strict security measures to safeguard users’ funds and personal information, including two-factor authentication and cold storage of digital assets. With a commitment to transparency and trust, Coinbase has gained a reputation as a reliable and secure platform for individuals looking to explore the world of cryptocurrency trading.
Pros
- Advanced security features
- Wide range of cryptocurrency assets and payment options
Cons
- They charge higher fees compared to other crypto trading platforms
- Limited trading features on basic accounts
5. OKX
OKX is a global cryptocurrency exchange platform that has become a key digital asset trading industry player. With a user-friendly interface and several trading options, OKX caters to amateur and seasoned investors alike.
The platform’s intuitive design allows users to easily navigate the various markets and trading pairs, making it a popular choice among cryptocurrency enthusiasts.
One of the standout features of OKX is its support for spot, futures, and margin trading. This diverse range of options allows you to use different trading strategies based on your risk tolerance and investment goals.
Spot trading lets users buy and sell cryptocurrencies at the current market price, while futures lets traders speculate on digital asset price movements. Additionally, margin trading on OKX allows users to amplify their trading positions by borrowing funds, increasing the potential for higher returns (but also higher risks).
Pros
- Supports spot, margin, and future trading
- it has a user-friendly interface
Cons
- It is not available in the USA
- Some assets have low liquidity
Conclusion
Choosing a trading platform you can trust requires careful consideration before committing your money. This list has highlighted some of the top cryptocurrency exchange platforms in Kenya based on client reviews and personal experience.
Disclaimer: The content on this blog post is meant for informational purposes but not a guide to making financial decisions. That said, it is advisable to dig deeper and find out how each platform aligns with your goals.
