Kenya is one of the top countries in the world in terms of crypto ownership and adoption; ranking 19th out of the top 20 countries in Chainalysis’ 2022 Global Cryptocurrency Adoption Index Report.
It’s also one of Africa’s crypto big three, with Nigeria and South Africa being the other two. In 2022, it was estimated that 10.71% of Kenyans own cryptocurrency, the highest percentage of crypto ownership across the entire African continent. And with more and more Kenyans using crypto for remittances, blockchain peer-to-peer (P2P) payments, and long-term investment, this figure may continuously grow.
If you’re from Kenya and you own Bitcoin or other crypto but don’t know how to sell or cash them out, this guide is for you. Also, sign up on Ka.app now.
3 Easy Ways to Sell Bitcoin & Crypto in Kenya
Here are the most beginner-friendly ways to sell Bitcoin or other crypto in Kenya:
1. Through a Crypto Payment App
As its name suggests, a crypto payment app is an easy-to-use crypto wallet that allows you to make quick and convenient crypto payments. For instance, with Ka.app, one of the apps like Cash App, you can send crypto and Bitcoin within seconds using just a QR code or mobile number.
Buying and selling crypto is often easy with crypto payment apps as they’re designed with intuitive screens, perfect for new crypto users on the go.
How to Sell Bitcoin & Crypto
The exact flow of selling Bitcoin & crypto may vary depending on the crypto payment app you will use. Generally, this is how it may go:
a. Choose a reliable crypto payment app and sign up for an account on the platform.
b. Once your account is ready, go to the home screen.
c. Deposit the crypto you want to sell, whether it’s from an external exchange or wallet.
d. Tap the sell icon or functionality.
e. Enter the amount you want to sell.
f. If the platform offers different cash options, you may need to select your preferred currency to swap cryptocurrency into cash (e.g., US dollar or euro).
g. Confirm the transaction with your PIN code.
h. Choose from the available options for cashing out your funds. These may include bank transfers, IBAN withdrawals, or transferring funds to an e-wallet.
i. Enter the required details and confirm with your PIN code.
j. Wait for the funds to reflect in your external account.
2. Through a Crypto Exchange
A crypto exchange is a digital platform where you can buy, sell, and trade cryptocurrencies. What sets it apart from a crypto payment platform is that a crypto exchange is designed for various types of investing on the crypto market, rather than using crypto for everyday transactions.
How to Sell Bitcoin & Crypto
The process of selling crypto in exchanges may vary a little due to different platform layouts, features, and interfaces. However, to give you an overview, this is how it may go, assuming you already have an account on the platform and are already holding crypto in the exchange:
a. Log in and go to the home screen.
b. Go to the trading screen.
c. Click on the trading pair that matches the crypto you want to sell (e.g., BTC/USDT for selling Bitcoin).
d. Place a sell order by clicking the sell option and entering the amount of crypto you want to sell.
e. Choose the type of order you want to place. A 'market' order will sell your crypto immediately at the current market price. A 'limit' order allows you to set a specific price at which you want to sell.
f. Click on the sell button to confirm your order.
g. Once your trade is complete, go to your spot account.
h. Locate the crypto you’ve sold and click on the withdraw functionality.
i. If you haven't added your bank account as a withdrawal method, you'll need to do so. Follow the instructions to link your bank account.
j. Enter the amount you want to withdraw and confirm the withdrawal details.
k. Wait for the exchange to process your details. Check your bank account once the transaction has been confirmed.
3. Through a Bitcoin ATM
Using a Bitcoin automated teller machine (ATM) is a great way to get immediate access to your digital funds. Please note though that there’s only one Bitcoin ATM in Kenya as of writing, and it’s located in Nairobi. If you’re near the area, it may be more convenient for you to cash out your crypto through the ATM.
How to Sell Bitcoin
Please not that the process of withdrawing cash using a Bitcoin ATM is different from the usual ATMs from banks.
a. Look for the “sell Bitcoin” option in the ATM.
b. The Bitcoin ATM will provide a QR code where you can send your Bitcoins.
c. Once the machine has received the assets, specify the amount of Bitcoin you want to sell.
d. The ATM may display the current exchange rate of Bitcoin to your currency.
e. Review the withdrawal details, including the exchange rate, transaction fee (if any), and the total amount you will receive.
f. Confirm the transaction and wait for the ATM to dispense your cash.
12 Safety Tips for Selling Bitcoin & Crypto
Here are a few tips that can help you keep your funds and personal information safe when selling crypto in Kenya:
1. Use a secure and reputable platform.
Be sure to research the crypto platform you’re planning to use. Read reviews, learn more about their security features, and check their customer support ratings for more insights.
2. Report suspicious activity.
If you encounter suspicious activity in your account or believe you've been targeted by a scam, report it to the relevant authorities and the platform’s customer support.
3. Use strong, unique passwords.
Incorporate unique symbols and characters to your passwords and never share them with anyone.
4. Keep your software updated.
Ensure your computer and mobile devices are regularly updated with the latest security patches and antivirus software.
5. Enable two-factor authentication (2FA) on your exchange account.
This adds an extra layer of security by requiring a second verification step, usually through a mobile app or text message, in addition to your password.
6. Be cautious of phishing attempts.
Double-check website URLs and never click on suspicious links or download unknown attachments.
7. Beware of social engineering.
Be wary of unsolicited messages or phone calls requesting your crypto information. Scammers may impersonate customer support or trusted individuals.
8. Protect your private keys, if any.
Your private keys are the keys to your digital funds. Keep them offline and in a secure location. Do not share them with anyone.
9. Back up your data.
Regularly back up your wallet data and important documents related to your crypto holdings. Store backups securely.
10. Use secure Wi-Fi networks.
Be sure to use secure, trusted Wi-Fi networks or consider using a VPN for added protection when conducting transactions on mobile devices. Avoid conducting crypto transactions on public Wi-Fi networks, as they can be less secure and susceptible to hacking.
11. Use a dedicated device.
If possible, consider using a dedicated device for cryptocurrency transactions to minimize the risk of malware or keyloggers.
12. Stay informed.
Stay informed about common cryptocurrency scams and frauds as well as the latest technologies or tools available for protection. Knowledge is your best defense against potential threats.
The Bottom Line
Selling Bitcoin and other cryptocurrencies in Kenya has become increasingly accessible and convenient through various methods like crypto payment apps, crypto exchanges, and Bitcoin ATMs. You just have to choose the platform based on your needs and preferences while keeping in mind security and the protection of your funds.
And in case you’re looking, we also have a guide on how to buy crypto in Kenya.
Is cryptocurrency considered legal in Kenya?
Cryptocurrency remains in a legal gray area within Kenya as of now. While the Kenyan government has yet to establish specific regulations governing the use and trade of cryptocurrencies in the country, it’s essential to note that cryptocurrency itself is not considered illegal. However, the absence of regulatory guidelines underscores the importance of exercising caution and thorough research when engaging in any cryptocurrency-related activities.
Which banks in Kenya facilitate cryptocurrency transactions?
As of late 2021, Kenyan banks have generally been cautious about directly supporting cryptocurrency transactions. This cautious approach stems from the lack of a formal regulatory framework addressing cryptocurrencies in Kenya. While some banks may permit customers to conduct transactions with cryptocurrency exchanges through their accounts, it's essential to recognize that this practice may vary among different financial institutions.
Is it easy to purchase cryptocurrencies, including Bitcoin, in Kenya?
The process of buying cryptocurrencies in Kenya is relatively straightforward. There are no legal barriers prohibiting cryptocurrency transactions in the country, providing you the freedom to acquire various coins and tokens. However, the ease of purchasing cryptocurrencies may depend on the specific platform or exchange you choose to use. To ensure a convenient crypto purchase experience, consider selecting a user-friendly crypto wallet.