How to Buy Bitcoin in Ghana

How to Buy Bitcoin in Ghana

How to Buy Bitcoin in Ghana-Africa is getting more interested in cryptocurrency every year, with the number of new traders becoming increasingly significant. Alongside other African countries like Nigeria and South Africa, Ghana is expected to have established a great threshold with cryptocurrency, especially bitcoin.

Bitcoin is a digital currency that has come to be of great importance on the internet, making international transactions way easier that it was forty years ago.

This highly valuable digital currency is a great alternative for fiat currencies. Ghanaians and other Africans looking to use cryptocurrency may often encounter some problems with P2P transactions.

Many African banks do not support foreign transactions yet so you have to resort to other options. What payment methods are accepted when buying bitcoin in Ghana?

What is the easiest method of buying bitcoin in Ghana? This article will answer important questions you have about how to buy bitcoin in Ghana. When trying to buy bitcoin, a huge tip you must use is to be wary of unknown traders. You may lose your money if you are new to cryptocurrency trading.

There are a lot of people who are just scammers and have no other job but to go about ripping people of their money or bitcoin. If you follow the secure steps that will be explained below, you will save yourself from losing money to such people.

How to Buy Bitcoin in Ghana

There are different ways you can buy Bitcoin in Ghana, and one of those is P2P transaction on crypto platforms. You can also buy bitcoin over the counter, called OTC. Here is a list of ways you can buy Bitcoin in Ghana:

  • P2P (Peer to Peer) Wallet Exchange
  • OTC (Over the Counter) Exchange
  • PayPal and Coinbase
  • Use FIAT trading system

1. P2P (Peer to Peer) Wallet Exchange

There are several platforms that support P2P transactions for Ghanaians. All of these platforms are suitable for bitcoin purchase. Some of these include Capital.com, Crypto.com, Binance, and many others.

Some card payments will not work with some of these platforms but there is a way for every person to trade bitcoin no matter where you are from.

Capital.com

Capital.com is one of the top platforms to buy bitcoin easily in Ghana. The process is very fast once your account is set. You just need to fund your wallet and enter the worth of bitcoin you want to buy. Follow these steps to buy bitcoin on Capital.com in Ghana:

  • Start by opening an account. Visit the capital.com website and register an account. Remember to check the URL properly and the account creation is completely free.
  • Enter your details in the fields provided. Some of the required information include your full name, phone number and ID.
  • After verifying your identity by following the prompts, deposit money into your account. This is the major reason why Capital.com is one of the suggested bitcoin trading platforms for Ghanaians. You can fund your account using Ghanaian banks on this website.
  • After making a deposit, proceed to bitcoin purchase and enter the worth of bitcoin you wish to purchase.
  • Confirm payment and your bitcoin will be deposited as soon as possible.

Crypto.com

Crypto.com is a nice trading platform that allows people to buy bitcoin in Ghana. On this platform, you can invest in bitcoin as well as other digital currencies.

This platform was well prepared and fully established in 2019, offering large scale trading. Apart from bitcoin, there are more than a hundred digital currency listed on this platform.

When you buy other digital currencies, you can easily trade them for bitcoin on Crypto.com. You also get free deposits which mean there are no charges for deposits.

There is so much more than just buying bitcoin on Crypto.com. You can learn about trading volumes and stakes and make a lot of money on this app. They have an operating license and are very professional. Glitches, if they ever happen are fixed fast and you get good customer service when you have complaints.

This makes it one of the best platforms to buy bitcoin in Ghana. However, you have to learn about the layout and functions before using it. This is because there are so many options and the app can be confusing for beginners.

Binance

Binance is currently the biggest cryptocurrency exchange in the world in terms of users and trade volume. Binance is not just a place where you can buy bitcoin. You can trade on a large scale with Binance thanks to its impressive features.

The platform has listed more than 400 digital currencies since its establishment, supporting traders in every way.  Traders are allowed spot orders, carry out P2P transactions, margin orders and staking. There are different payment methods, which is the main reason it is considered one of the best platforms to buy bitcoin in Ghana.

The layout is a little complex for beginners but Binance is very constant with helpful emails. After signing up, you will get emails about how to make your deposit and how to start trading.

 You need an equivalent of 10$ to start trading on Binance. Everything is made simple on the platform so that you just need to download the app, sign up and start trading bitcoin. No matter the volume of transactions, the charge is less than 0.2%.

The transaction fee is reduced even more if you have Binance’s native crypto token, the BNB.

2. OTC (Over the Counter) Exchange

As the name implies, OTC exchanges are people who trade bitcoins over the counter or informally. This means that they use no standard means. The transaction is carried out between two people between whom there is constant conversation for confirmation of payment.  This is one of the ways Ghanaians can buy Bitcoin.

There are trusted bitcoin vendors in Ghana that will send bitcoin to you as soon as you make payment for it. This makes things very much easier because you do not have to worry about payment methods or anything.

Both the seller and the buyer are Ghanaians so you just need to make payment through native Ghanaian banks. You can see some of the bitcoin traders on your Whatsapp who buy and sell digital currencies like bitcoin and eth.

In order not to get scammed, choose a trusted trader or use an escrow to trade the coin. An escrow is someone that both of you trust. You can send the money to the escrow and the other person sends the bitcoin to you.

You just need to confirm that you received the bitcoin and the escrow will transfer the funds. You may have to pay an escrow fee for this. All of this can be avoided if you are sure that the bitcoin trader can be trusted.

Contact the trader and send the money to their Ghanaian bank account after agreement. After this, the transaction will be complete when you get your bitcoin deposit.

3. PayPal and Coinbase

This method of buying bitcoin is quite suitable for Ghanaians with a PayPal and Coinbase account.

To buy bitcoin using these platforms, open an account on Coinbase and link it to your PayPal account. You can pay a trusted vendor to send you bitcoin to the Coinbase address. After doing this, you can choose to sell your coins and withdraw safely to your PayPal wallet.

When you receive the money in your PayPal, you can easily transfer the money to your Ghanaian bank account. Coinbase is one of the top cryptocurrency trading platforms in the world and Ghanaians can use it comfortably, if they have Paypal.

Frequently Asked Questions

Here are frequently asked questions and answers about how to buy Bitcoin in Ghana:

Here are some of the easiest ways to buy bitcoin in Ghana:

  • P2P (Peer to Peer) Wallet Exchange
  • OTC (Over the Counter) Exchange
  • PayPal and Coinbase
  • Use FIAT trading system

Follow this process to buy bitcoin in Ghana with capital.com:

  • Start by registering an account. Visit the capital.com website and create an account.
  • Enter your details in the fields provided. Some of the required information include your full name, phone number and ID.
  • After verifying your identity by following the prompts, deposit money into your account. You can fund your account using Ghanaian banks on this website.
  • After making a deposit, proceed to bitcoin purchase and enter the worth of bitcoin you wish to purchase.
  • Confirm payment and your bitcoin will be deposited as soon as possible.

Here is a list of some of the best bitcoin wallets in Ghana:

  • Coinbase
  • Binance
  • Crypto.com
  • Capital.com

Conclusion

Africa is fast adapting to technology and the digital world, with so many people going into NFTs and cryptocurrency. Ghana is one of the pioneers of this African movement and the citizens have been looking for new ways to invest. This article explains how to buy bitcoin in Ghana in very easy ways.

References

Yellowcard.io

Business2community.com

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