Any crypto novice has definitely heard of Binance or has transacted once or twice on the platform. But are they the best crypto exchange platform in Kenya?
In this article, we take a comprehensive look at Binance in Kenya, understanding it all right from account creation to withdrawing your funds. At the end of it all, you will have a clue about Binance in Kenya and why they just might be the best.
The Rise of Binance in Kenya
The story of Binance started in 2017 when they launched with an ICO (Initial Coin Offering) of BNB tokens. The journey onwards hasn’t been easy, but it has been a steady upward trajectory. As part of the growth, Binance in Kenya was launched.
They started by offering blockchain training across Kenya and Africa at large. At some point, they hosted the first-ever Swahili webinar for crypto enthusiasts in Tanzania with over 613 live attendees and over 4,000 views on YouTube. The high rates of crypto adoption in Kenya can be partially influenced by Binance’s mobilization projects.
As a leading global cryptocurrency exchange, Binance offered Kenyan users access to a diverse portfolio of digital assets, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
The platform’s intuitive interface, coupled with advanced security protocols, has quickly established it as a preferred choice among local crypto enthusiasts. The best bit of it all is that they guaranteed 0% fees on escrow trades, better known as P2P. This also made it easier for crypto traders in Kenya to trade with M-Pesa.
Getting Started With Binance In Kenya
If you are new to Binance in Kenya, the sign-up process is very easy. Users can just navigate to their website, click the sign-up button, and begin the process. For a more seamless process, it is advisable to use the Google account option. This will use your existing Google information to create your account.
After account creation, the next step is KYC verification. This is a fairly simple process aimed at ensuring the transparency and safety of users transacting on the platform. All you are required to do is scan your ID documents and pass the liveness check. Binance KYC verification takes a few minutes, and once approved, you can begin trading on the platform.
After your account is verified, Binance asks a few questions to tailor the experience to your crypto knowledge. If you’re a beginner, you’ll see a simplified interface with just the basics; if you’re experienced, you’ll have access to the full platform with all its advanced features.
Compared to other crypto exchanges, Binance isn’t the easiest. The liveness check when scanning your face can be stubborn at times, especially if you are using an older device. If you experience that, just be patient and try again. But it is overall a straightforward process.
Binance To M-Pesa Integration
We have touched on a bit about Binance’s escrow service and how it might have influenced the platform’s growth in Kenya. The integration of M-Pesa into Binance’s peer-to-peer (P2P) platform represents a significant breakthrough in making cryptocurrency accessible to the average Kenyan. By enabling direct transactions in Kenyan shillings (KES), Binance has effectively eliminated one of the major barriers to entry in the crypto market—the complexity of fiat-to-crypto conversions.
Through this integration, users can seamlessly purchase and sell cryptocurrencies using their M-Pesa accounts, a service that millions of Kenyans are already familiar with. This natural extension of existing financial habits has helped demystify cryptocurrency trading for many newcomers to the space.
Buying Crypto In Binance
For Kenyans looking to enter the cryptocurrency market, Binance offers a straightforward process for buying crypto. The journey begins with creating and verifying a Binance account, followed by accessing the P2P trading section on the platform where they can buy USDT. Users can then browse through various offers from sellers, comparing prices and seller ratings to make informed decisions.
The purchase process is notably user-friendly: after selecting a suitable offer, users can transfer funds directly through M-Pesa. Once the seller confirms receipt of payment, the USDT is automatically released to the buyer’s Binance wallet. This secure, escrow-based system ensures safe transactions for both parties. After USDT is deposited, the user can utilize Binance’s convert feature to convert their USDT into bitcoin.
Earning With Binance In Kenya
Binance offers multiple avenues to earn income from cryptocurrencies. You can engage in active trading to capitalize on market fluctuations or use its advanced tools for technical analysis to make strategic trades. Additionally, Binance provides passive income options through staking and savings products, where you can earn rewards or interest on your holdings.
The platform also features programs like Binance Earn and Launchpool, which let you participate in new project initiatives and yield-boosting opportunities. Moreover, by joining Binance’s referral program, you can earn commissions by inviting others to trade. With a combination of these methods and proper risk management, Binance can help you build a diversified income stream in the crypto market.
The Future Of Binance In Kenya
Binance’s successful integration with M-Pesa in Kenya represents a model for cryptocurrency adoption in emerging markets. By leveraging existing financial infrastructure and local payment methods, the platform has created a blueprint for expanding cryptocurrency access in other regions. Its collaboration with local influencers has also improved its credibility, making it more relatable. With its Binance Academy, many more people are getting the training they need to navigate the crypto market.
Conclusion
The marriage of Binance’s global cryptocurrency expertise with M-Pesa’s local financial infrastructure has created a powerful platform for Kenyan users to participate in the digital economy. Through thoughtful integration and user-centric design, Binance has successfully lowered the barriers to cryptocurrency trading in Kenya, setting a new standard for accessibility in the African crypto market.
Trading cryptos carries risk, and proper knowledge and understanding are required. Get started with our crypto trading training to learn more. You can also read about crypto for beginners to get a gist about what digital currencies are all about.
FAQ
Is Binance available in Kenya?
Binance has established a significant presence in Kenya’s cryptocurrency market. By partnering with prominent local influencers, Binance has enhanced its credibility and expanded its reach within the Kenyan community.
What is the Binance minimum deposit in Kenya?
The minimum deposit is Ksh. 1,000 when depositing via P2P and Ksh. 1,500 when depositing via credit card. If trading via P2P, different traders will have their own minimum purchase amounts. Use the filter option to find traders within your budget.
What are Binance alternatives in Kenya?
KuCoin, OKX, Bybit, and Coinbase are some of Binance’s competitors in Kenya.