How to buy Bitcoin in Rwanda
How to Buy Bitcoin in Rwanda revealed. We tested the best way to buy Bitcoin in Rwanda for Rwandan Traders.
This is a complete guide to buying Bitcoin in Rwanda.
In this in-depth guide you’ll learn:
- What is Bitcoin?
- How does Bitcoin work in Rwanda?
- How much is Bitcoin worth in Rwandan Franc?
- How to Buy Bitcoin as a Beginner Trader?
- Which brokers offer a sign-up bonus for first-time crypto traders in Rwanda?
- Which brokers offer a low minimum deposit of to buy Bitcoin of $5 (2 102 RWF)?
And lots more…
So if you’re ready to go “all in” with the best-tested way to buy Bitcoin in Rwanda…
Let’s dive right in…
10 Best Forex Brokers in Rwanda for 2024
Rank
Broker
Review
Regulators
Min Deposit
Official Site
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- Louis Schoeman
Bitcoin’s Place in the Rwandan Market
Never-before-seen levels of acceptance of Bitcoin and other cryptocurrencies may be attributed to Rwanda’s economic downturn. The daily transaction volume has increased from $1,3 million in February 2017 to about $200 million in 2020.
Bitcoins may be obtained in several ways. A few years ago, bitcoin mining was one of the most popular methods to get bitcoins.
However, the rise indicates that hundreds of users are seeking to establish wallets, and purchase, or sell cryptocurrency on several exchanges.
There are also Bitcoin ATMs that have been introduced in a few regions of the globe, and customers may purchase bitcoins at these ATMs. However, the issue of their location and their high transaction fees have hindered their acceptance by clients.
How to buy Bitcoin in Rwandan Step-by-Step
Research reputable wallet providers and select one that suits your needs. This usually involves providing your personal information, email verification, and sometimes identity verification. Follow the instructions provided by the exchange to verify your account.
Deposit funds:
Once your account is verified, deposit Rwandan Francs (RWF) or another accepted currency into your exchange account.
Buying Bitcoin through a Bitcoin Exchange
Cold Wallet:
A non-internet-connected, hardware-based digital wallet for storing Bitcoin, like an extremely high-tech flash drive for storing cryptocurrency. Cold wallets include numerous levels of protection and are more difficult to hack than their online counterparts.
Hot Wallet:
Hot wallets are another name for online wallets.
Certain businesses have emerged as dependable crypto hardware wallet producers throughout the years. Ledger, for instance, has produced cold wallets for years and might be a suitable starting point, and Trezor is yet another prominent hardware wallet brand for Rwandans.
In addition, if you want a digital wallet, most of the largest cryptocurrency exchanges provide an online wallet with your user account.
Non-custodial hot wallets are not hosted by a third party and use a higher level of protection than conventional hot wallets. Users get a “private key” or “seed phrase” that could be used to access their wallets.
Typically, these keys are 12 words long and are only known by the user. It is suggested that you save this passphrase offline since it makes it more difficult to hack. However, if you lose the phrase, you cannot access your own wallet.
In addition, cold wallets produce a key phrase that can only be accessed by the user. This phrase is used to get access to the wallet.
They are purposefully slower to use than other types of Bitcoin wallets since they are used for long-term or high-security investments.
Evaluate Exchanges and Choose One:
After selecting a wallet and configuring it, it is time to choose an exchange and conduct your first Bitcoin transaction. Look for a crypto exchange that is regulated, since not all are.
Binance, KuCoin, OKX, Coinbase, Gemini, Kraken, and Gate.io, among others, are a few recognized and regulated cryptocurrency exchanges that are quite secure. To establish which exchange is optimal for your requirements, you will need to conduct some research.
What safety precautions do they employ?
Do they have a Know Your Customer (KYC) policy for identification verification?
Connect to a payment option:
After selecting an exchange, you must assemble your documentation.
After the exchange has confirmed your identification, you will be required to link a payment method. You may link your bank account or a debit or credit card to most exchanges.
Bitcoin is legal in Rwanda; however certain banks could question or prohibit deposits to cryptocurrency-related websites or exchanges. It is prudent to confirm that your bank enables deposits at your preferred exchange.
Another common tactic is the dollar-cost-average (DCA) method, which is purchasing a little amount of Bitcoin each week or month without paying any attention to price swings. In this approach, you may continue to develop your investment at the rate you choose, while keeping it for the long term.
Experts advise investing a negligible proportion of your portfolio in cryptocurrency investments, particularly when first getting started. A single-digit percentage, such as 5% of your whole portfolio, is fair.
Place your first order to buy Bitcoin:
After selecting an exchange and linking a payment method, you may purchase Bitcoin (or other cryptocurrencies).
In recent years, bitcoin exchanges have gradually gained popularity. In terms of liquidity and diversity of features, they have expanded tremendously. Changes in the operational structure of Bitcoin exchanges reflect the evolution of cryptocurrency awareness.
An industry that was formerly considered a scam or one with dubious methods is progressively transforming into a genuine one, attracting the attention of all the major players in the financial services sector.
Currently, bitcoin exchanges have the same feature set as their stock brokerage equivalents. Today’s cryptocurrency exchanges provide a variety of order types and investment options.
All cryptocurrency exchanges provide market and limit orders, with some additionally supporting stop-loss orders.
Stop Order – Sets the price at which you want to purchase or sell Bitcoin. This sort of order may be used to sell Bitcoin at a price peak before the price falls, although its execution can take longer than a market order.
Trading Bitcoin via a CFD Broker
Look for a broker with a strong reputation, reliable trading platform, competitive fees, and proper regulation. Some popular CFD brokers that provide Bitcoin trading include eToro, Plus500, and IG.
Find Bitcoin in the trading platform:
After funding your account, log in to the broker’s trading platform. Look for the available financial instruments and locate Bitcoin (BTC) or any other cryptocurrencies offered by the broker.
Place a trade:
Once you’ve performed your analysis and decided to trade Bitcoin, choose the appropriate trade type. CFD brokers typically offer options to go long (buy) or short (sell) on Bitcoin. Enter the desired trade size and select the appropriate order type (market order or limit order).
Set risk management parameters:
Managing risk is crucial in trading. CFD brokers usually offer risk management tools such as stop-loss and take-profit orders. Set these parameters to automatically close your position if the market moves against you or to secure profits when the market reaches your desired level.
Monitor and manage your trade:
After placing the trade, monitor your position closely. Keep an eye on the price movements and market conditions. You can adjust your stop-loss or take-profit levels if necessary based on market developments.
Review and refine your strategy:
After each trade, take the time to review your performance and analyze the outcome. Identify what worked well and areas for improvement. Continuously refine your trading strategy based on your experience and market observations.
Buying Bitcoin from a Bitcoin ATM
Rwanda had its first Bitcoin ATM installed in 2020 by BlockStale. The ATM is in Lagos and offers Rwandans a local option to buy and sell their Bitcoin.
Bitcoin ATMs function similarly to in-person exchanges.
Bitcoin ATM purchases incur two fees:
a purchase fee and a conversion fee for turning fiat cash into bitcoin. Both costs are quite expensive in comparison to other possibilities.
For instance, the global average buying cost at Bitcoin ATMs is 8.4% (of the purchase amount), whereas the average sales fee is 5.5%.
Buy Bitcoin using PayPal
Rwandans can also purchase Bitcoin using the payment processor PayPal Holdings, Inc. (PYPL)
This technique is less convenient than the first since very few third-party websites let consumers buy Bitcoin using the PayPal button. PayPal enables direct purchases of four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
During the purchasing procedure, PayPal will show the cryptocurrency’s price.
PayPal profits from the crypto spread, or the gap between Bitcoin’s market price and its USD conversion rate when you purchase Bitcoin straight from it. Additionally, the firm charges a transaction fee for each transaction. These costs are proportional to the purchase amount.
Using P2P Exchanges to Buy Bitcoin
Some peer-to-peer (P2P) exchange platforms allow a more direct link between users, in contrast to decentralized exchanges which match buyers and sellers anonymously and assist all parts of the transaction. Local Bitcoins are an exchange of this kind.
After making an account, users may submit requests to purchase or sell Bitcoin, along with payment method and pricing information. Then, users peruse lists of purchase and sell offers, selecting the trade partners with whom they desire to do business.
P2P exchanges may not provide the same level of anonymity as decentralized exchanges, but they enable users to shop around for the cheapest price. Many of these exchanges feature rating systems so that users can examine prospective trading partners before doing business.
4 Best Exchanges in Rwandan to Buy and Sell Bitcoin
Luno
Luna was first known as Bitx when it was founded in 2013 and changed its name to Luno (meaning moon) in 2017. Luno has spread from Singapore to 44 countries globally, and since its rebranding, it has enjoyed unanticipated growth.
Luno services approximately 10 million consumers with offices in Singapore, Cape Town, Australia, Rwanda, Singapore, and London.
Luno has raised around 13 million dollars from investors such as Digital Currency Group and British Venture Capital. Luno excels in making cryptocurrency investments as simple as possible.
By holding cryptocurrencies offline and making them tough to access, Luno makes it far more difficult for anybody to steal its customers’ cash.
Paxful
The buyer transfers funds to the seller’s account via Paxful’s payment options, such as prepaid VISA, Gift Card Code, or Western Union.
After confirming receipt of payments from Paxful’s escrow service, the seller releases Bitcoins straight to the buyer. In addition to the ability to accept more than 85% of foreign customers, sellers may accept more than 300 distinct payment methods.
The site is accessible worldwide, and the minimum purchase amount on Paxful is merely ten dollars. In contrast to centralized exchanges, Paxful users do not need to establish a login or password to access the marketplace; just their email address is required.
Paxful is one of the greatest choices available to you if you live in a nation in which centralized cryptocurrency exchange platforms are either illegal or inaccessible for some reason. You can use Paxful from any place if you have access to the internet.
Even though Paxful is not a regulated business in any of the countries where it operates, its platform is protected by KYC (Know Your Customer) and AML (Anti-money laundering) procedures.
In addition, Paxful produces a fresh wallet for each deposit and withdrawal session, lowering the chance of an attack. Paxful has strengthened the security of user accounts over time by implementing ID verification and two-factor authentication using Google Authenticator.
It is user-friendly since it enables multi-sig wallets, and this feature provides users with a variety of wallet security configuration options.
Yellowcard
Yellow Card, which was founded in 2016, is a Rwandan cryptocurrency exchange that enables you to buy and sell crypto in Africa using your local currency via any of its agents or online using mobile money, cash, bank transfer, debit card, or credit card. Yellow Card is a legitimate and safe cryptocurrency platform, authorized to operate in African nations and certified by FinCEN. Yellow Card is a secure and user-friendly broker for Bitcoin, Ethereum, and Tether transactions. In addition, withdrawals are quick for P2P and other payment methods.
Yellow Card does not impose any fees for the purchase or sale of cryptocurrencies. Yellow Card’s services and products include purchasing and selling cryptocurrency and the Bitcoin Wallet.
Binance P2P
Peer-to-peer (P2P) marketplaces and conventional crypto exchanges are both platforms that enable users to trade Bitcoin and other cryptocurrencies for their chosen currency. The two platforms provide comparable services, but the trading experiences are fundamentally different.
P2P marketplaces, such as Binance P2P, allow users to trade crypto directly with one another using their chosen payment method and local currency, while standard crypto exchanges utilize an automated engine to conduct buy and sell transactions.
Binance P2P provides over 300 distinct payment options and over 70 local currencies, including the Rwandan Franc. P2P trading is more convenient than a standard crypto exchange, but it comes with its own set of concerns.
At Binance P2P, there is an escrow service that protects Rwandan buyers and sellers. After a buyer completes an order, Binance P2P temporarily stores the seller’s cryptocurrency until both parties confirm the transaction was completed.
The Best Bitcoin Brokers in Rwanda
In this article, we have listed the best brokers that offer Bitcoin and crypto trading to traders in Rwanda. We have further identified the brokers that offer additional services and solutions to Rwanda traders.
Best MetaTrader 4 / MT4 Bitcoin Broker in Rwanda
Overall Rating
- 4.6/5
Min Deposit
USD 10
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, FXTM is the best MT4 Bitcoin broker in Rwanda. FXTM has established itself as a market leader in developing and frontier areas. Additionally, traders will get access to newer versions of the MetaTrader 4 and 5 platforms as well as a proprietary copy trading service.
Best MetaTrader 5 / MT5 Bitcoin Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
USD 100
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, AvaTrade is the best MetaTrader 5 Bitcoin broker in Rwanda. AvaTrade offers CFD trading on Bitcoin and Altcoins versus fiat currencies, as well as The Crypto Market Index 10 (B10), which is regarded as the benchmark index for the top ten crypto coins or tokens by market capitalization.
Rwandans can choose from several trading options and a powerful suite of trading platforms that include MetaTrader 5 on mobile, desktop, and web browsers.
Best Bitcoin Broker for Beginners in Rwanda
Overall, ThinkMarkets is the best Bitcoin broker for beginners in Rwanda. ThinkMarkets is a well-known and even award-winning broker that provides its clients with a variety of learning opportunities.
Rwanda traders can expect written advice, comprehensive video tutorials on a broad range of topics, and frequent webinars.
Best Low Minimum Deposit Bitcoin Broker in Rwanda
Overall Rating
- 4.5/5
Min Deposit
USD 20
Regulators
CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon
Trading Desk
Market maker
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Capital.com is the best Low Minimum Deposit Bitcoin Broker in Rwanda. Besides Bitcoin, Capital.com serves over 470 other cryptocurrency marketplaces. Rwanda traders can easily get started with Capial.com with a low minimum deposit of 20 USD / 20,39 RWF.
Best ECN Bitcoin Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
100 USD/101 652 RWF
Regulators
ASIC, CySEC, FSCA, CMA
Trading Desk
MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, FP Markets is the best ECN Bitcoin broker in Rwanda. Australian broker FP Markets was established in 2005 and focuses on CFD trading. With ECN and DMA access, their service features more than 10,000 assets.
Best Islamic / Swap-Free Bitcoin Broker in Rwanda
Overall Rating
- 4.8/5
Min Deposit
USD 5
Regulators
CySEC, FSC, CFTC
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
No
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, HF Markets is the best Islamic / Swap-Free Bitcoin broker in Rwanda. Four of HFM’s six account types, including the Micro Account and Auto Account, provide Islamic accounts for all Muslim traders.
With spreads beginning at 1 pip, a minimal minimum deposit of 5 USD, and the availability of hedging, scalping, and copy trading, the Micro Account offers particularly favorable trading conditions overall.
Best Bitcoin Trading App in Rwanda
Overall, Crypto.com is the best Bitcoin trading app in Rwanda. Crypto.com is a trusted Bitcoin exchange that offers a wide range of digital currencies that can be bought and sold. With Crypto.com, Rwandans can earn interest up to 14.5%.
Crypto.com can use the innovative iOS and Android app that allows traders flexible accounts, lending services, and competitive fees.
Best Franc Trading Account Bitcoin Broker in Rwanda
Overall Rating
- 4.2/5
Min Deposit
12 USD / 12271 RWF
Regulators
No Regulation
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, 7B Forex is the best Franc trading account Bitcoin broker in Rwanda. 7B Forex is an online brokerage service that provides traders with access to the MT4 trading platform. They employ the STP execution method to get access to interbank markets.
Rwandan traders can expect a range of trading solutions offered by 7B Forex and the advantage of an RWF-denominated account.
Best Lowest Spread Bitcoin Broker in Rwandan
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, RoboForex is the best lowest spread Bitcoin broker in Rwanda. RoboForex offers a large array of tradable instruments including Bitcoin. Rwandans can use leverage up to 1:200 and choose between MT4, MT5, or a proprietary platform.
Rwandans can expect zero-pip spreads on major financial instruments such as EUR/USD while BTC/USD has competitive spreads.
Best RWF Bitcoin Broker in Rwanda
Overall Rating
- 4.8/5
Min Deposit
USD100
Regulators
FSA
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
154
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, CM Trading is the best RWF Bitcoin broker in Rwanda. You could trade a variety of Forex and CFD products using the NDD model used by South African online broker CM Trading.
They strive to make trading as easy and pleasurable as possible while using the most recent technology, always inventing, and enhancing their offerings to assist you in achieving your financial objectives.
Best STP Bitcoin Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
200 USD / 21 7071 RWF
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradeView
Crypto
Yes (Not available in Africa)
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Pepperstone is the best STP Bitcoin broker in Rwanda. Pepperstone is a well-known MT4, MT5, and cTrader broker that offers STP and ECN trade executions. Pepperstone also offers dynamic trading accounts and instant deposit methods.
Best Sign-up Bonus Broker in Rwanda
Overall Rating
- 4.5/5
Min Deposit
USD 1
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, SuperForex is the best sign-up bonus broker in Rwanda. Rwandan traders can start their Bitcoin trading journey with SuperForex when they sign up for a live trading account. Once their account is verified, Rwandan traders can receive a $88 no-deposit bonus to use to trade Bitcoin.
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FAQ
Which app can I use to buy Bitcoin in Rwanda?
Some of the best crypto trading apps in Rwanda that you could use to buy Bitcoin include BREET, Permit, Binance, Coinbase Pro, and KuCoin.
Could I purchase Bitcoin with 5,000 RWF?
Unfortunately, purchasing Bitcoin with 5,000 Rwandan Francs (RWF) would be challenging. Bitcoin is traded in fractions, and its price can fluctuate significantly. With 5,000 RWF, it would be difficult to buy even a small fraction of Bitcoin. Additionally, most cryptocurrency exchanges and platforms have minimum deposit requirements, which are typically higher than 5,000 RWF.
Which Bitcoin wallet is the best in Rwanda?
There are several Bitcoin wallets available that offer secure storage and convenient features for users in Rwanda.
Coinbase Wallet
Trezor
Ledger Nano
Exodus
Is there a Bitcoin ATM in Rwanda?
They typically require users to have a Bitcoin wallet to receive the purchased Bitcoin.
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