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Nov 11
2020
How To Buy Bitcoin in Kenya and Make Money With Cryptocurrency

As Bitcoin adoption increases and more investors flock to this revolutionary asset, it's crucial to ensure you know how to buy Bitcoin with the lowest possible fees and highest security standards. Binance P2P makes it easy to buy and sell Bitcoin and other cryptocurrencies in Kenya. You can convert your KES into BTC in a fast, easy, and secure way without paying fees. If you want to start making money trading Bitcoin, keep reading this step by step guide.

First, you'll need to register on Binance. You can do this on your computer by visiting Binance.com or downloading the Binance Desktop Client, or using our intuitive and straightforward Binance App for iOS or Android. To buy Bitcoin with KES, you need to complete level 2 identity verification (Know Your Customer - KYC), which will increase account security and increase your daily withdrawal limits.

Then add at least one payment method. Binance P2P now supports over 60 payment methods, including M-PESA

What’s next?

  • How to buy and sell Bitcoin in Kenya?

  • How to post ads on Binance P2P?

  • Five ways to make money with Bitcoin on Binance P2P 

How to buy and sell Bitcoin in Kenya?

One of the significant advantages of Binance P2P is that you can trade wherever and whenever you need it because it is available on the Binance App. Here is how to buy and sell Bitcoin step by step on Binance P2P using the App.

Buy Bitcoin with Kenyan shilling

Step 1: Specify the search criteria.

  1. Open the Binance App and select “P2P Trading.”

  2. Click the Buy tab and select BTC.

  3. Click the filter icon at the top right of your screen and select the Bank payment method and the KES currency to buy the crypto. Then, tap “Confirm.”

Step 2: Select the best offer.

  1. Now you’ll see a list of offers where you can pick the one that works best for you. 

  2. Enter the amount of BTC you wish to purchase or the amount of KES you want to spend.

  3. Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit. You can use the chatbox to communicate with the seller.

  4. Make sure that you send the money to the seller and tap on “Transfer“ next.

Step 3: Receive your Bitcoin.

  1. Tap on Confirm. Please do not click Confirm if you have not made any transactions. Doing that will violate the P2P User Transaction Policy.

  2. The status will change to “To be released.” 

  3. Congratulations! You have completed a trade and get your Bitcoin! 

Still not clear? Don't miss this short video about how to buy crypto on Binance P2P via the app. 

Sell Bitcoin with Kenyan shilling

The best way to cash out your Bitcoins is Binance P2P because you can choose among multiple buyers, and there’s no withdrawal limit on P2P. Remember, as we said at the beginning of this guide, you need to complete your account verification. Follow the next three easy steps to sell your Bitcoins.

Step 1: Specify the search criteria.

  1. Open the Binance App. Click “P2P Trading”.

  2. Choose the Sell tab and the BTC crypto. Then select the filter icon at the top-right part of your screen.

  3. Select the Bank payment method and the KES currency to sell the crypto. Then, tap Confirm.

Step 2: Start trading. 

  1. Choose the offer that works best for you and click on Buy.

  2. Enter the quantity you want to sell, select a payment method, and click on Sell BTC.

  3. Wait to get the payment in KES in your Bank account. You can use the chatbox to communicate with the buyer.

Step 3: Receive your Kenyan shilling.

  1. After you confirm the receipt of money from the buyer, tap Release BTC. 

  2. Tap on Confirm to release the crypto to the buyer’s account.

  3. Congratulations, you have cashed out your Bitcoin.

How to post ads on Binance P2P?

On the Binance P2P platform, you can post your trade ads and set the prices and the payment methods you prefer. Here is a short video on how to post an advertisement on Binance App.

Step 1: Specify search criteria

  1. Open the Binance App. Select “P2P Trading”

  2. Click the “...” button on the top right of the P2P trading page and select “To Advertisement mode.”

  3. When you are in the advertising mode, click on “Ads” at the bottom.

  4. Click the “+” button on the top right. 

Step 2: Setting up your ad 

  1. Set the ad type (buy or sell), crypto asset, and the fiat currency for the ad, and then select the price type. You can choose either “Floating” pricing or “Fixed” pricing.

  2. Set the total trading amount, order limit, and add at most three payment methods for your ad. 

  3. Add information to your advertisements like remarks, auto-reply, and counterparty conditions.

Step 3: Post your Ad 

  1. Pass a 2-factor authentication (2FA)

  2. Congratulations, you have successfully published your ad.

Five ways to make money with Bitcoin on Binance P2P

  • Determine your profit margin

Before you start trading, you need to set up your profit margin. Observe the market prices and configure your price strategy (floating or fixed) to ensure your profits.

  • Publish a buy and a sale ad and earn with the spread or differential

The difference between the two prices is the spread. Place a sale and a buy ad. The sale ad at a higher price than the buy ad. If both ads are taken successfully, you earn the spread.

  • Create your own local crypto trading business

Buy and sell crypto in your local market at Binance P2P; you can earn from a couple of hundred to over $ 5,000 every day. You have the opportunity to post your ad and provide a competitive price that other traders could not resist to buy.  

  • Trade-in an international market

Binance P2P is a global platform supporting more than 30 fiat currencies. You can buy crypto using your local currency, take advantage of a competitive price in your market and sell that crypto in other markets worldwide where people are willing to pay more for the same amount of crypto.

  • Take advantage of multiple payment methods. 

Binance P2P has more than 60 payment methods that you can use. People will often pay a higher price to use a specific payment method that they prefer. You can take advantage of this by buying crypto at a competitive price through a very convenient payment method and then sell it using a less convenient payment method. There will be people willing to pay more just to use that payment method that is harder to find.

You may also like to read about:

Buy Bitcoin in Kenya via M-Pesa

How Does Binance P2P’s Escrow Service Work?

Tips to Protect your Bitcoins and Avoid Scams