How To Use Bitcoin P2P Exchanges in Kenya

Bitcoin P2P exchanges function like online marketplaces for cryptocurrency. Instead of trading with a central platform, you connect directly with another person to buy or sell Bitcoin.

Bitcoin P2P exchange

The popularity of Bitcoin and cryptocurrency, in general, has grown immensely in Kenya. However, the traditional ways of exchanging could prove inconvenient at times and unavailable to all of us. In such cases, Bitcoin P2P exchange does come in handy.

Peer-to-peer exchange allows direct dealing or transactions among buyers and sellers concerning bitcoin. No intermediary entity holds your funds, which is the case in traditional exchanges. This has its own benefits, from faster transactions to a wide range of payment options and, at times, more favorable rates.

This guide will teach you how to buy or sell bitcoins in Kenya using a peer-to-peer exchange.

Choosing a Kenyan Bitcoin P2P Exchange

Several reputable P2P exchanges operate in Kenya. Below are some of the factors that you should consider picking one:
  • Security: Check if the exchange has reasonable security measures for protecting user funds and transactions—this includes 2FA and escrow services, among others.
  • Payment Methods: Make sure that the platform supports most Kenyan payment options, such as M-Pesa and bank transfers.
  • Reputation: Observe what the internet says about that exchange. Check if users have left any comments; if so, read about their experience. Look out for news on security breaches or scandals the platform has gone through.
  • Trading Volume: Trading volume generally explains the liquidity, and a higher volume may indicate better prices.
  • Fees: Compare the costs to buy and sell bitcoin on the different platforms. Some exchanges charge transaction fees, while others may have fees built into their exchange rates.

How to Set up a Bitcoin Peer-to-Peer Exchange

When you have the platform in mind, you acquire the platform's booked account and link. An individual can sign up for free on the account by giving an email with a created password and then possibly a Know Your Customer (KYC) verification. KYC is applied to prevent fraudulent activities and issues related to money laundering. Depending on the platform and the amount of bitcoin you are going to buy or sell, it may vary in the data that would be required for KYC.

buying Bitcoin on P2P exchange

Purchase Bitcoin on a Peer-to-Peer Exchange

Just log in and navigate to the "buy offers" section. You will get several listings from various sellers offering to sell their bitcoins at different prices, with varying payment methods.
  • Refine Your Search: For refinement purposes, you should be able to filter your searches according to a preferred mode of payment, in this case, M-Pesa, price, and seller rating. Search for sellers with a high percentage of completed orders and positive feedback.
  • Choose a Seller: Choose a seller offering a reasonable price, offering the payment method you want to use, and with good ratings. Very often, one can click on the profile of the seller to get a look into past transactions and comments left by other buyers.
  • Place the Trade: Choose one of the sellers from the selected offers and click the offer. Enter the desired amount of Bitcoin to buy from this seller. You will be shown the instructions of the seller to make the payment—some details for the transfer.
  • Escrow and Payment: Most p2p exchanges utilize an escrow service. That means that most times, a platform will hold the seller's bitcoin until you confirm that you received the funds as agreed. So, you initiate a payment using their preferred method, say, M-Pesa, and then inform the seller of the payment. After that, you must log into the platform and mark the payment complete.
  • Receive Bitcoin: After confirmation of the successful payment, the platform will release the bitcoin from escrow to your digital wallet address.

How to Sell Bitcoin on a P2P Exchange

  • Create a Sell Offer: Click on the "sell bitcoin" section of the platform. Then, specify the amount of your bitcoins to sell, your preferred amount per coin in making this investment, and the preferred payment method.
  • Wait for a Buyer: Buyers can quickly browse all the sell listings and start the purchase if your price and terms match their attention.
  • Escrow and Payment: Once a buyer initiates a trade, the platform places the buyer's funds in escrow. Confirm reception of the payment and release the bitcoin from escrow to the buyer.

Important Tips on How to Use Bitcoin P2P Exchanges Safely

  1. Never send your Bitcoin from escrow until you've confirmed that the payment has been made to you.
  2. Sell only to good reputation sellers with a high completion rate or buy from good reputation buyers.
  3. Be wary of offers with significantly lower or higher prices than the market average.
  4. Never share your private keys or login credentials with anyone.
  5. Create a strong password and enable two-factor authentication on your exchange account.
  6. Securely store and back up your Bitcoin in a digital wallet.

Through such platforms for selling and buying Bitcoin, even P2P Bitcoin exchanges are present within the ease and comfort of Kenyan parameters. Follow the guide to use the p2p platform easily, securely, and effectively when trading cryptocurrency.

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