Cryptocurrencies are a growing sensation globally and represent any form of currency that exists digitally or virtually and uses cryptography to secure transactions. This is however not supported in all countries in fact the Bank of Uganda recently came out to blacklist and caution the masses against using cryptocurrencies to transact businesses. Most cryptocurrencies such as Bitcoin and Ethereum are not protected by any assets or government guarantees, therefore holders of these cryptocurrencies are fully exposed to the risk according to the government.
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ALSO READ: BoU warns against using cryptocurrencies
This will not stop some Ugandans from trading in these digital currencies and mainly leverage the use of apps in order to trade. Here are 10 cryptocurrency apps that work in Uganda.
Yellow Card is a Cryptocurrency wallet that is set to create financial freedom in the Ugandan economy by allowing anyone to trade crypto, especially bitcoins from the comfort of their living spaces.
Offering multiple payment methods such as agents, ATMs, credit cards, debit cards, or Bank, Yellow Card is making it easy for anyone to earn some extra cash trading the first growing cryptocurrency in the World – Bitcoin, and Ethereum. The mobile Wallet app offers the easiest way to Buy, Sell & Store your crypto in Uganda. By valuing your time, the wallet makes it as easy as possible for you to quickly buy and sell Bitcoin. All you have to do is simply load your account, and convert to Bitcoin instantly. The app is available for both Android and iOS.
Coinbase is a fully regulated and licensed crypto exchange located in San Francisco and is one of the biggest bitcoin brokers in the World. With approximately 89 million verified users, 11,000 institutions, and 185,000 ecosystem partners in over 100 countries including Uganda, people use Coinbase to easily and securely invest, spend, save, earn, and use crypto via the apps. Payment methods for Ugandans are via Credit/Debit Card and supported crypto includes; Ethereum (ETH), bitcoin (BTC), ripple (XRP), Bitcoin Cash (BCH), Entrepreneurial Operating System (EOS), XLMedia (XLM), Tezos (TXZ). When it comes to fees coinbase charges $0.99 – $2.99
Available for both Android and iOS, Remitano is a peer-to-peer exchange with a wonderful user interface. it is the safest peer-to-peer exchange anyone can trade bitcoin when compared to other peer-to-peer exchanges. This exchange was founded in 2016 and it is currently used by 58 countries including Uganda. Services include; Wallet, Peer to Peer (P2P), and Invest. Invest supports mobile money transfer and EOS, BNB, ADA, and TZX crypto. P2P Supports BTC, ETH, LTC, and XRP crypto.
Binance is a good exchange to buy bitcoin in Uganda and offers a lot of services with a plethora of tokens. The sole owner of this exchange is a young man known as Changpeng Zhao. He founded this exchange in 2017 but the popularity of this exchange has since then grown like a wildfire.
On June 28, 2018, Binance extended its footprint to Africa and established Binance Uganda as an arm of Binance, and listed the Ugandan Shillings (UGX) on its exchange. Ever since then, Ugandans can now buy BTC, ETH, BNB, XRP, MTL,
BNB, LTC, and BCH. Exchange types include; Broker/Trading/P2P offering services like Instant Buy/Sell, OTC Trading, P2P, and Trust Wallet. Users can pay using all supported crypto as well as
Luno was founded in Singapore in 2013 as Bitx but rebranded to Luno in 2017, when the company’s popularity grew exponentially. If you are a crypto lover in Uganda but still new to the world of crypto, then, you must make your first crypto purchase from Luno. Supported crypto includes BTC, BCH, ETH, LTC, and XRP with a taker’s fee of 0.15 – 0.25% and withdrawal fees of UGX 2,000. Services include; Trading platforms, Instant Buy & Sell, and Wallet.
Kraken is a crypto exchange founded by Jesse Powell in 2011 and is based in San Francisco, US. It is one of the oldest bitcoin exchanges that is secure, and reliable. It is popularly known as the exchange with the highest Euro trading volume.
Kraken has a very strong support system and is very cautious of its user’s security. However, unlike the traditional exchanges, Kraken only offers advanced trading features for crypto experts. Services include; Funding Options, Margin Trading, Staking, and OTC. Crypts supported are BTC, BCH, ADA, ETH, and DAI with a maker fee that maxes out to 0.16%. It doesn’t support UGX currency.
Bitpesa is one of the popular crypto exchanges to buy bitcoin in Uganda. The company was founded by Elizabeth Rossiello in 2013. This platform happens to be the first blockchain company to be licensed by the UK’s Financial Conduct Authority.
It functions as a bitcoin exchange and as well as a payment platform focusing on African countries. You can buy any amount of Bitcoin on this platform using mobile money account when you go to MyBFX.co. The only exchange type supported is brokerage with services like Payment Gateway and Bitcoin buying. Payment methods include; Bank Transfer, Mobile Money, and Transfer LONG. It only supports Bitcoin with an unstable fee. There is no app for this but there is a website.
With over 1 million downloads on the Google PlayStore, Paxful is a peer-to-peer crypto exchange founded in 2015 by Ray Youssef and Arthur Schabacks. It allows buyers from different parts of the world to connect to multiple sellers using over 300 payment methods. Paxful is being regarded as the ‘Uber of Bitcoin’ because of the ease it brings to the purchase and sales of BTC.
It supports P2P Exchange with a range of payment methods that include; Giftcards, Bank transfers, and Debit/Credit Card and sells Bitcoin at a range of 0.5% – 3%.
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