Easiest and cheapest ways to buy crypto in Tanzania
No matter where they live, people always seek the easiest and cheapest way to buy bitcoin. Buying crypto in Tanzania is a bit harder than in some other countries so we have compiled a list of exchanges where Tanzania can buy Bitcoin.
👛 Ease of Use – Medium 👛 Fees – Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, AUD, RUB
Binance is widely considered the largest cryptocurrency exchange in the world. It was launched in July of 2017 and in a short period of time became the exchange with the largest trading volume with more than $10 billion on a daily basis.
How did Binance become so big so quickly? There are various reasons – low trading fees, professional attitude, the large number of cryptocurrencies supported by the platform, and friendly and transparent CEO. Some of the features available on Binance are Earn (locked and fixed savings, DeFi staking, and yield farming), Pool (join their mining and staking pools and earn rewards for keeping your chosen blockchains safe), Liquid swap, Liquidity pools, Automated trading bots, spot trading, futures and margin trading, and P2P trading.
⚡️ Deposit fees: Free ⚡️ Withdrawal fees: Vary from crypto to crypto ⚡️ Trading fees: 0.1% ⚡️ Payment Methods: Debit Card, Credit Card, SWIFT, Bank Transfer (SEPA), and more ⚡️ Supported fiat: USD, EUR, GBP, AUD, RUB, and 15+ more
High liquidity It supports a large number of crypto assets Widely considered the largest crypto platform Various advanced features and services One of the lowest fees among top exchanges
Not available in the US Not fully registered Hacked in 2019
👛 Ease of Use – Easy 👛 Fees – Average 👛 Verification – 2-3 Days 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, JPY, CAD
Established in 2011, Kraken has carved a niche for itself as a trusted and reliable crypto exchange. It boasts support for an impressive roster of over 220 digital assets, encompassing major cryptocurrencies like Bitcoin, Ethereum, Cardano, and many others. Security has always been a cornerstone for Kraken, making it a go-to choice for many.
Its global footprint is vast, covering a majority of countries with only a few exceptions such as Iran and Washington state. On the convenience front, Kraken doesn’t disappoint. Users have a wide array of payment options at their disposal, and the platform is also flexible when it comes to fiat currency transactions. Additionally, seasoned traders can leverage advanced features to optimize their trading strategies.
⚡️ Deposit fees: EUR SEPA Deposit (Free) – EEA countries only USD Bank Wire Deposit ($5 USD) – US onlyEUR Bank Wire Deposit (€10) – outside the US only USD Bank Wire Deposit ($10 USD) – outside US onlyJPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan-only USD, Wire Deposit (Free) ⚡️ Withdrawal fees: Cryptocurrency: Fees vary, SEPA Withdrawal (€0.09) – EEA countries only USD Bank Wire Withdrawal ($5 USD) – US only USD Bank Wire Withdrawal ($60 USD) – outside US onlyEUR Bank Wire Withdrawal (€60) – outside US onlyJPY Bank withdrawal (¥20) – Japan onlyCAD EFT Withdrawal ($10 CAD) ⚡️ Trading fees: Maker: 0.16%Taker: 0.28% ⚡️ Payment Methods: Fedwire, Bank Transfer (SEPA), SWIFT, Wire Transfer, Etana Custody, Silvergate Exchange Network (SEN), FPS, CHAPS, and BACS, PayID, Osko ⚡️ Supported fiat: USD, EUR, GBP, JPY, CAD
Available almost worldwide High security Over 90 cryptocurrencies Various payment methods
Fees slightly above the industry average No tax support
👛 Ease of Use – Easy 👛 Fees – High 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, RUB
Cex.io is one of the oldest exchanges in the crypto world. It was launched in 2013 as a Bitcoin exchange and cloud mining provider, but today it is a global multi-functional crypto platform with over 4 million users.
CEX.IO is a regulated global cryptocurrency exchange that offers a range of services including spot trading, margin trading, staking, leverage, lending, and savings. The platform supports over 100 digital currencies and tokens and is available in almost all countries and 48 states in the US. It is suitable for both experienced traders and beginners, but may be overwhelming for those new to crypto due to the number of products and services offered. CEX.IO has over 4 million users and is known for its regulatory compliance, but it has lower liquidity compared to some other leading exchanges. It is important to note that cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC), so investors using a custodial exchange could potentially lose their funds as unsecured creditors.
Reputation is high Longevity on the crypto market Over 4 million users Advanced features such as spot trading, margin trading, staking as a service, crypto loans, and savings accounts
Extensive Verification Process to Increase Purchasing Limits
👛 Ease of Use – Easy 👛 Fees – Low 👛 Verification – 1 day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, AUD, CAD + 20 more
KuCoin, founded in 2017, has carved a niche for itself. Operating out of Hong Kong, this exchange is celebrated for its vast array of over 600 cryptocurrencies, ensuring that both mainstream and emerging coins are accessible to traders
Their in-house trading platform, renowned for its user-friendly design, caters to both novices and experts, providing a seamless trading journey. A unique feature that sets KuCoin apart is its profit-sharing model, where holders of KuCoin Shares (KCS) are rewarded with 50% of the platform’s trading fees. In addition to its extensive crypto offerings, KuCoin supports a whopping 50 fiat currencies, further simplifying the trading process.
With advanced trading options like futures and margin trading, it’s no wonder that KuCoin has a presence in 200+ countries, with a significant user base in Asia, the UK, US, Canada, and Australia.
⚡️ Deposit fees: Free ⚡️ Withdrawal fees: 0 – 16$ (average) ⚡️ Trading fees: 0 – 0.1 % ⚡️ Payment Methods: Debit and Credit card, Apple and Google Pay ⚡️ Supported fiat: USD, EUR, GBP, AUD, CAD + 20 more
Wide range of coins Low fees Mobile App (Android and iOS) No forced KYC 10+ M users Innovative and quick to add new features
Not licensed in the U.S. Limited payment methods
Best Bitcoin Wallets in Tanzania
It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body, etc). That is why you should use one of the wallets we list below to store your digital assets.
But, which bitcoin wallet is available in this country?
The safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.
👛 Ease of Use – Easy 👛 Fees – High 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, CAD, AUD
Coinmama is one of the oldest centralized cryptocurrency exchanges on the market. It was founded in Israel in 2013. Today, Coinmama’s head office is in Dublin, Ireland. Using this crypto exchange, you can easily and quickly buy and sell 10 different cryptocurrencies.
Coinmama is a cryptocurrency exchange that allows users to buy and sell a small selection of digital assets using various payment methods, including credit cards, bank account transfers, and payment apps. It is known for its easy-to-use platform and fast verification process, but it has high fees and a limited selection of cryptocurrencies. It also does not offer a wallet service and has mediocre educational content. Coinmama may be a good fit for those who want to make occasional small crypto purchases, but it may not be suitable for long-term use due to its high fees and limited features.
⚡️ Deposit fees: 0 – 5 % ⚡️ Withdrawal fees: None ⚡️ Trading fees: 2.9 – 3.9 % ⚡️ Payment Methods: Bank Transfer (SEPA), SWIFT, Fedwire, Bank cards, Open Banking, Google Pay, Apple Pay, Skrill ⚡️ Supported fiat: USD, EUR, GBP, CAD, AUD
150+ countries supported Mobile App (iOS and Android) Various payment methods Quick verification process
Fees above the industry average Only 10 cryptocurrencies No wallet or trading options, just purchases or sells
👛 Ease of Use – Easy 👛 Fees – Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, and more
LocalBitcoins is one of the oldest P2P online marketplaces where you can buy and sell Bitcoin. It is considered the largest peer-to-peer crypto platform. LocalBitcoins is based in Helsinki, Finland.
LocalBitcoins was founded by Jeremiah Kangas in 2012. It operates in more than 240 countries worldwide. The platform is a peer-to-peer network that connects sellers with buyers in the local area. Users post ads on the platform in which they state payment methods and exchange rates for purchasing or selling Bitcoins. Then, other users reply to these ads in order to make a transaction. LocalBitcoins has a great reputation in the crypto market and it pays a lot of attention to regulations and security of the platform.
👛 Ease of Use – Easy 👛 Fees – Average 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, CAD, AUD + more
Paxful is “the Uber of the Bitcoin”. It is a crypto exchange based in the US that has over 200 employees. Paxful was launched back in 2015 so it has been around for quite some time now. The founders of Paxful are Artur Schaback and Ray Youssef.
The headquarters of the company is in NY, US. Paxful offers a simple, easy way to buy crypto assets. Moreover, if you would like to spread the word about Paxful while generating a 2% revenue from any amount bought, there is Paxful’s affiliate program called “virtual kiosk”.
⚡️ Deposit fees: Free ⚡️ Withdrawal fees: 0.5% – 5% ⚡️ Trading fees: No buyer fee, seller fee varies from 0.5% to 5% ⚡️ Payment Methods: Over 350 payment methods are available ⚡️ Supported fiat: USD, EUR, GBP, CAD, AUD, and many more
An incredible number of payment methods Easy-to-use platform Available in more than 180 countries Security is on a high level
No trading features It is not regulated
How can I buy bitcoin in Tanzania❓
You can buy Bitcoin in Tanzania on various exchanges with Binance and Paxful being the most popular ones.
Can you use PayPal in Tanzania❓
No, you cant get paid via PayPal in Tanzania, sadly Tanzania is registered on send only country so if u have a PayPal account registered in Tanzania you will only be able to send cash but not to receive.
Is Binance supported in Tanzania❓
Yes, Binance is available in Tanzania. Binance has added support for the Tanzanian Shillings (TZS).
How do I withdraw money from Binance in Tanzania❓
Log in to your Binance account and go to [Wallet] – [Fiat and Spot]. 1. Click [Withdraw]. 2. Under the [Fiat] tab, select [USD] – [Bank transfer (SWIFT)] and enter the withdrawal amount. … 3. Enter the account details (Your name will be filled automatically on the [Receiver Name]). 4. Check the details and confirm the withdrawal.
How do you trade forex in Tanzania❓
You can trade Forex by registering yourself & opening a Trading account with a licensed broker. The regulatory authorities in Tanzania have not allowed any forex brokers to allow online retail forex trading services in the country currently & there are no regulated brokers in Tanzania currently.
Is bitcoin legal in Tanzania❓
As of 2019, cryptocurrencies are largely banned in Tanzania after the country’s central bank said the digital assets were not recognized by local law.
As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge.
Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!