In this article, we will talk about “How to Buy Bitcoins in Ghana”. Well, there are a lot of cryptocurrency exchanges to buy any type of cryptocurrency in the world. Each exchange has its own account opening process, the fee for trading ( buying and selling Bitcoins, or exchange bitcoins with other cryptocurrencies) and other features.
For you, we will introduce the exchange, guide you about the account opening process, will do the review (pros and cons of exchange, user’s online reviews) and explain the complete trading process for beginners to get started. Before we get started, let me give you a short introduction of some terms like “cryptocurrency”, “Bitcoin wallet Wallet, “Blockchain Technology” and “Initial Coin Offerings (ICO)”.
- What is Cryptocurrency: Cryptocurrency is advanced money for which encryption systems are utilized to manage its utilization and produce it. Unlike fiat money — like US dollars, Euros and yen — Cryptocurrency is not directed or controlled by any bank, government or incorporated budgetary experts. Read more about it here.
- What is Bitcoin Wallet: Although Bitcoin is a decentralized worldwide currency with no need of Banks for its control and distribution, it needs a place of safekeeping. Bitcoin wallets are required just for this; just as Bitcoin is digital, so are most wallets. Yet, unlike a bank account, a Bitcoin wallet assures the anonymity of the wallet owner and is really easy and quick to open. In fact, it takes only a few minutes to open a wallet, which activates immediately. Read more about it here.
Related reading, see: How to Protect Your Bitcoin Wallet
- What is Blockchain Technology: The blockchain is a decentralized ledger used to record transaction or data across several computers, such that the record cannot be changed without changing all subsequent blocks in the network. This means that transactions cannot be deleted. It enables users to verify transactions easily. By being decentralized, it is difficult for hackers or cyber thieves to exploit Blockchain transactions. Read more about it here.
- What is Initial Coin Offerings (ICO): ICOs are basically an unregulated means by which market capital is raised for a venture. What really happens is that a white paper is created declaring the purpose and agenda of the project. It identifies the goals and objective and what amount of money is required to achieve them. It also specifies how long the ICO campaign is going to run for. Read more about it here.
How to Buy Bitcoins in Ghana
To buy bitcoins in Ghana, first, you need to open an account on the cryptocurrency exchange which is operated in the Ghana, and then follow the trading procedure for that exchange to buy bitcoins or any other cryptocurrency traded at that exchange. In this article, we will cover account opening procedure, trading guide, payment methods offered by that exchange, and security and features like fee, etc. charged by that exchange. So Let’s talk about best exchanges to buy bitcoins in Ghana.
Table of Contents
Buy Bitcoins in Ghana via HitBTC
HitBTC is a European platform for cryptocurrency exchange. HitBTC initiated in 2013. It is operated in Chicago by Hit Techs Limited. This platform provides access to multi-currencies from the list of altcoins under the single rooftop of HitBTC. HitBTC platform registered on Hong-Kong authority with the number 2510720. It is a private company limited by shares. In 2015 this exchange was hacked at the same time when BTER and Excoin hacked. But HitBTC did not reveal how many coins were stolen and give the statement that no user funds are affected by this hack. As it is an exchange of multi-currencies and an individual can also trade using fiat currencies. For the deposit and the withdrawal of fiat currencies within Europe, processed by using SEPA transfers and wire transfer can be used for the transfer of funds in other countries.
For Related HitBTC Guides, Please see:
Buy Bitcoins in Ghana via Cex.io
CEX.IO is one of the world’s famous platform, mostly used by the professional traders. It is a London/ UK oriented exchange initiated in 2013 that allows the user to sell, buy and trade with the cryptocurrencies. In the sea of cryptocurrency exchanges, the reason of fame for the CEX.IO is that it allows the withdrawal of fiat currency using credit cards. Many exchanges do not provide this facility. CEX.IO offers the number of different pairs of cryptocurrency for the trading purpose. Few of them are BTC/USD, BTC/GBP, BTC/RUB, ETH/BTC, ETH/ETH, LTC/USD, LTC/BTC, BTC/EUR, etc. Moreover, the exchange rates on CEX.IO are based on the market activity. Traders on CEX.IO exchange buy and sell the bitcoins at the time of rate fluctuation. The rate of the exchange is changing with the rates of the market, but it remains in between 0.5% to 2% of the market rate. The overall rates at CEX.IO exchange are higher as compared to other exchanges, so, it is important to note before an individual choose CEX.IO for trading purpose.
For Related Cex.io Guides, Please see:
Buy Bitcoins in Ghana via CoinMama
Coinmama is another popular Cryptocurrency Exchange. Using Coinmama, you do not require any form of account verification. It has an easy to use interface that is good for first-time Cryptocurrency buyers. It offers various features including;
- It makes use of popular payment methods such as Visa, MasterCard, Credit and Debit cards, etc. Users also have an alternative to buying using western union. On coin mama, most people make use of the credit card option for payment. Hence, it has a set global credit card fees.
- Coinmama supports many countries, and it is one of the exchanges with a wide range of countries supported. Coinmama also supports around fifteen US states which include; California, Florida, Illinois, Indiana, Massachusetts, Michigan, Texas, Pennsylvania, etc.
Buy Bitcoins in Ghana via LocalBitcoins
Local Bitcoins is a Finland based bitcoin exchange that operates using a different exchange method. It makes use of over the counter trading method that allows users to trade using their local currency for bitcoins. Local Bitcoin is different in the sense that it allows users to quickly find and connect with local Bitcoin traders. Local Bitcoin collects a one percent fee on each trade as this is in exchange for providing the platform and other resources for users. On Local Bitcoins, sellers put up ads on the website for potential buyers who are interested in buying Bitcoins.