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How to Buy & Sell Crypto in Ghana

by Pat

Content Manager

Sub-Saharan Africa has historically represented one of the smallest crypto markets in the world. However, despite this, crypto adoption in some countries in this region, such as Ghana, ranked high on the Global Crypto Adoption Index conducted by Chainalysis from July 2022 to June 2023.

Ghana ranked 29th on the index; and according to the same report, the country has the potential to catch up to the crypto adoption levels in Kenya and Nigeria, which ranked 11th and 19th on the Global Crypto Adoption Index.

That said, if you’re from this region, and interested in learning how to buy and sell crypto in Ghana, this article is for you.

Disclaimer: Not financial advice

Crypto Usage in Ghana

Countries in Sub-Saharan Africa have been facing the challenge of rising inflation and increasing debt in recent years. Ghana’s inflation rate surged to 42.5% in June 2023, the highest level observed in the country in two decades.

Because of this and limited financial prospects, many Ghanaians have sought refuge in cryptocurrencies, seeing them as an attractive option for preserving wealth, protecting savings, and pursuing increased financial independence.

It’s also worth mentioning that the crypto market in the Sub-Saharan region appears more influenced by retail activity, with a higher proportion of transaction volume occurring in transactions valued at less than $1 million.

4 Ways to Buy & Sell Crypto in Ghana

If you’re new to crypto, here are some ways you can buy and sell crypto in Ghana:

1.   Crypto Wallets

Some crypto wallet apps, such as Ka.app, offer not only crypto management and transfer services but also the ability to buy and sell cryptocurrencies directly from the app.

You can fund your wallet through wire transfers, credit/debit card payments, or other payment methods, and then proceed with the buy or sell transaction. Crypto wallets are user-friendly and convenient if you prefer an all-in-one solution for your crypto needs.

Create a crypto wallet to get started.

2.   Crypto Exchanges

Crypto exchanges are online platforms that facilitate the buying and selling of various cryptocurrencies. They provide liquidity and often offer a wide range of cryptocurrencies, making them suitable for both beginners and experienced traders.

You can create an account, deposit funds, and place orders to purchase or sell digital assets.

3.   Bitcoin Automated Teller Machine (ATM)

Bitcoin ATMs are relatively less common in Ghana but are gradually increasing in number.

To buy or sell crypto, you must locate a Bitcoin ATM in your vicinity, approach the machine, and follow the on-screen instructions to complete the transaction. These machines usually allow you to buy or sell crypto using cash or credit/debit cards. However, they may have different features and supported cryptocurrencies, so it's essential to check for one that suits your needs.

4.   Over-the-Counter (OTC) Desks

OTC desks are services offered by crypto brokers or firms that cater to high-volume traders and institutions. Ghanaians with substantial cryptocurrency holdings may choose to use OTC desks for larger transactions. These desks provide personalized service, liquidity, and competitive pricing.

To use an OTC desk, you must contact the provider, discuss their requirements, and negotiate terms for buying or selling cryptocurrencies.

How to Buy Crypto in Ghana Using Ka.app

To show you how easy it is to buy crypto in Ghana, let's walk through the process of acquiring crypto on Ka.app, one of the popular apps like Cash App.

how to buy crypto in Ghana
  1. Sign up on Ka.app.
  2. Log in and click the “Buy” icon.
  3. Choose the crypto you want to purchase (e.g., Bitcoin or the KASTA token).
  4. Enter the amount of crypto you want to buy.
  5. Choose from the payment options available (i.e., debit/credit card, wire transfer, etc.)
  6. Enter your PIN code to confirm the purchase.
  7. Wait for the assets to reflect in your wallet.

SIGN UP ON KA.APP

How to Sell Crypto in Ghana

Meanwhile, here’s how you can conveniently sell crypto in Ghana using a crypto wallet:

  1. Set up a crypto wallet.
  2. Log in and go to the home screen.
  3. Click any “Sell” icon or functionality.
  4. Choose the crypto you want to sell.
  5. If the platform offers different cash options (e.g., US dollar, euro, etc.), select your preferred currency when converting crypto to fiat.
  6. Enter the amount of crypto you want to sell.
  7. Confirm the transaction with a one-time password (OTP) or your PIN code.
  8. The converted funds will show up in your wallet.

Final Thoughts

Crypto usage in Ghana is steadily gaining momentum, with a growing number of individuals and businesses relying on digital assets to beat inflation, explore earning opportunities, and send or receive funds across borders.

Moreover, the accessibility and convenience offered by crypto platforms like Ka.app—sending crypto and Bitcoin for free, making quick crypto conversions, and more—are poised to accelerate crypto adoption in the country.

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WITH KA.APP

FAQ

Are there crypto regulations in Ghana?

As of writing, there are no comprehensive regulatory frameworks in place for buying, selling, or trading cryptocurrencies in Ghana.

However, it's crucial for anyone involved in crypto activities to stay updated about regulatory developments, as the government and regulatory authorities may introduce new rules or guidelines in the future. Consulting legal experts or local authorities is advisable to ensure compliance with any potential changes in the law.

What is KYC and why is it required by many crypto platforms?

KYC, short for "Know Your Customer," is a due diligence process mandated by regulatory authorities in many countries to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Crypto platforms are considered financial institutions in some jurisdictions and must adhere to these regulations to prevent illegal activities through their platforms.

At the same time, KYC helps mitigate risks associated with fraud and identity theft. By verifying user identities, crypto platforms can identify and prevent impersonation, scams, and unauthorised access to user accounts. This enhances the security of the platform and safeguards users' assets and personal information.

What are the fees associated with buying and selling crypto?

Fees associated with buying and selling crypto can vary depending on several factors, such as the crypto platform you will use, the payment method you will select, and the type of transaction.

Crypto exchanges usually charge trading fees, which are typically a percentage of the total transaction amount. These fees may range from as low as 0.1% to 1% or more, depending on the platform. Some exchanges offer reduced fees for high-volume traders or users who hold their native tokens.

You may also encounter fees related to depositing or withdrawing funds. For instance, bank transfers and crypto deposits may have lower fees compared to credit card payments or alternative payment options. Additionally, some exchanges may charge withdrawal fees based on the crypto you are withdrawing.

Crypto network fees, also known as blockchain transaction fees, must also be considered. These fees are associated with processing transactions on the blockchain and are required for the network's miners to validate and confirm transactions. Network fees can vary based on network congestion and the specific crypto you will use.

How do I store my crypto safely?

Proper crypto storage is paramount to protecting your digital assets against theft, hacking, and loss. The first thing you have to consider on this is the platform you will use. Be sure to read about their security measures, the technology they’re using, how often they update their platform, and how they comply with regulations.

Likewise, you must observe security best practices yourself. These include using unique passwords, being cautious of phishing scams, securing your private keys, instaling antivirus and antimalware software in your device, avoiding public WiFi networks, monitoring your account activity, and educating yourself about the latest security threats and protocols.

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