The cryptocurrency landscape in Africa is rapidly evolving, with an increasing number of exchanges catering to the diverse needs of African traders and investors.

Here’s a look at the top 10 African exchanges, their pros and cons, accessibility to African users, P2P and mobile app availability.

At a quick glance, here are the top 10 cryptocurrency exchanges you can use as a crypto trader in Africa:

1. Binance
2. Obiex
3. Luno
4. Bitget
5. Bybit
6. Nairaex
7. Valr
8. Busha
9. OKX
10. Kucoin

  1. Binance

Binance is one of the largest cryptocurrency exchanges globally and has a significant presence in Africa. It offers a wide range of cryptocurrencies, advanced trading features, and high liquidity.

Pros:

• Wide range of cryptocurrencies
• Wide selection of trading options and order types
• Advanced trading tools

Cons:

• Complex interface for beginners
• Past regulatory issues

Accessibility to Africans: Highly accessible with localised support and services in several African countries, including Nigeria and South Africa.

P2P Availability: Binance offers a P2P platform allowing users to trade directly with each other.

Mobile App: Yes, available on both iOS and Android.

  2. Obiex

Obiex is a pioneering cryptocurrency exchange dedicated to empowering traders across the African continent. Established in 2019, Obiex recognised the potential of cryptocurrency to reform financial inclusion in Africa and has swiftly evolved from a simple webpage service to a comprehensive platform serving over 80,000 users in multiple African countries.

Pros:

• User-friendly interface for beginners and advanced users
• Local currency support for P2P and withdrawals
• Zero transaction fees on coin swaps
• Users can pay for utilities with crypto
• Supports withdrawals to local NGN and GHS bank accounts.

Cons:

• Limited range of cryptocurrencies

Accessibility to Africans: Highly accessible, with a strong emphasis on local markets and currencies, including XAF for Cameroon, GHS for Ghana and NGNX for Nigeria.

P2P Availability: Obiex has a P2P marketplace for trading XAF directly with other users.

Mobile App: Yes, available on both iOS and Android.

  3. Luno

Established as BitX in 2013 and rebranded to Luno in 2016, Luno is a well-established exchange with a strong presence in several African countries, including South Africa, Kenya and Nigeria.

Pros:

• Easy to use for beginners and advanced traders
• Offers savings wallet
• Strong security measures
• Educational resources for beginners
• Supports local currencies

Cons:

• Limited range of cryptocurrencies
• Higher fees for certain transactions

Accessibility to Africans: Highly accessible with a presence in countries like South Africa, Nigeria, Kenya and Uganda.

P2P Availability: No, Luno does not offer P2P trading.

Mobile App: Yes, available on both iOS and Android.

  4. Bitget

Launched in 2018, Bitget is an exchange where you can trade cryptocurrencies and derivatives. It is also one of the biggest platforms for trading derivatives.

Pros:

• Offers copy trading and futures trading
• Offers staking and earning

Cons:

• High fees for certain trades and crypto purchases

Accessibility to Africans: Accessible in African countries, including South Africa, Nigeria and Kenya.

P2P Availability: Yes, Bitget offers P2P trading options.

Mobile App: Yes, available on both iOS and Android.

  5. Bybit

Bybit is a global cryptocurrency exchange known for its derivatives trading platform. It has gained popularity in Africa for its advanced trading features, such as limit orders, market orders, and leverage/options trading.

Pros:

• Advanced trading features
• Competitive fees
• Robust security

Cons:

• Complex for beginners
• Primary focus on derivatives may not suit all traders

Accessibility to Africans: Accessible, but primarily attracts more experienced traders due to its advanced features.

P2P Availability: Yes, Bybit offers a P2P trading platform.

Mobile App: Yes, available on both iOS and Android.

  6. Nairaex

Nairaex is a crypto exchange that caters primarily to the Nigerian market. It offers easy conversion between Naira and cryptocurrencies.

Pros:

• Local currency support
• Simple user interface
• Strong customer support

Cons:

• Limited to the Nigerian market
• Limited range of cryptocurrencies

Accessibility to Africans: Highly accessible within Nigeria, but less so outside the country.

P2P Availability: No, Nairaex does not offer P2P trading.

Mobile App: No mobile app.

  7. Valr

Valr is a South African-based cryptocurrency exchange known for its user-friendly platform and a wide range of cryptocurrencies available for trading.

Pros:

• User-friendly interface
• Wide range of cryptocurrencies
• No trading fees for makers
• VALR Pay for sending ZAR (Rand) internationally

Cons:

• Primarily focused on South Africa
• Limited fiat currency support

Accessibility to Africans: Highly accessible within South Africa, with expanding services in other African countries.

P2P Availability: No, Valr does not offer P2P trading.

Mobile App: Yes, available on both iOS and Android.

  8. Busha

Busha is a cryptocurrency exchange launched in 2019 to offer crypto users a simple and secure way to buy, sell, and store cryptocurrencies.

Pros:

• Easy to use
• Local currency support
• Busha Spend for purchasing utilities
• Low fees

Cons:

• Limited range of cryptocurrencies

Accessibility to Africans: Highly accessible within Nigeria and Kenya, with plans to expand to other countries.

P2P Availability: No, Busha does not offer P2P trading.

Mobile App: Yes, available on both iOS and Android.

  9. OKX

OKX is a global cryptocurrency exchange offering a secure platform for trading digital assets across countries, including South Africa and West African and East African countries. However, OKX announced it will cease operations in Nigeria from August 16, 2024, due to recent government regulations.

Pros:

• Low fees for futures and spot trading
• Offers cryptocurrency staking and earn
• Offers trading bots

Cons:

• Limited liquidity for some cryptocurrencies.
• Occasional difficulty with fiat withdrawals.

Accessibility to Africans: Highly accessible, especially for East African countries and users in South Africa

P2P Availability: OKX offers a P2P trading platform.

Mobile App:  Yes, available on both iOS and Android.

  10. KuCoin

KuCoin is a global cryptocurrency exchange with an established presence in African countries, including Kenya and Nigeria. It offers a wide range of cryptocurrencies and advanced trading features.

Pros:

• Wide range of cryptocurrencies
• Advanced trading features such as staking and lending
• Competitive fees
• Offers a crypto trading bot

Cons:

• Complex for beginners
• Limited liquidity for some cryptocurrencies.

Accessibility to Africans: Accessible, with an increasing focus on African markets.

P2P Availability: Yes, KuCoin offers a P2P trading platform.

Mobile App: Yes, available on both iOS and Android.

  Conclusion

Africa’s cryptocurrency landscape is diverse and rapidly growing, with exchanges catering to various needs, from simple buy/sell platforms to advanced trading platforms.

The top 10 exchanges listed above provide a variety of features, pros, and cons, offering something for every type of trader and investor. Whether you’re looking for local currency support, advanced trading options, or P2P trading, these exchanges have you covered.