Cryptocurrency adoption as a whole has been increasing in the continent of Africa. Chainalysis has reported a 1,200% increase in value received between 2020 and 2021. This growth is driven by rising inflation, weak financial infrastructure and a young tech-savvy generation looking for alternative financial resources.
Coming to Uganda, it is estimated that about 2% of Ugandans use cryptocurrency. As per Chainalysis, cryptocurrency worth $4.8 billion was received by Ugandans between March 2019 and March 2022.
While the Bank of Uganda and other authorities have long been wary of cryptocurrencies, grassroots adoption has picked up pace. It is seen that most people prefer trading on P2P platforms simply because regulatory ambiguity in the country made it difficult to use centralized exchanges.
In June 2022, the Bank of Uganda signalled that it was softening its stance and allowed cryptocurrency in its regulatory sandbox. Either way, the growing popularity of cryptocurrency in the country cannot be denied.
If you’re also looking for options for cryptocurrency trading in Uganda, then you are in the right place. We have compiled a detailed list of the best cryptocurrency exchanges in Uganda for your perusal.
Top 7 Cryptocurrency Exchanges Operating in Uganda
Coinbase
If you’re new to cryptocurrency, there is no better place than Coinbase. It has extremely simple and accessible buy/sell features that are great for traders starting from scratch. There are over 250 assets for trading so there is no dearth of options for you.
One thing to note here is that the Coinbase exchange has two versions- a basic and a pro one according to the experience and ability of traders. The basic version is straightforward and meant more for basic crypto buying/selling while the pro version features advanced charting and tracking tools as well.
If you’re interested in Web3 applications, Coinbase has you covered on that front too. You can access several popular DApps like Galxe, OpenSea and Magic Eden simply with a crypto wallet or the Coinbase mobile app.
The Coinbase mobile app works with both Android and iOS devices and has all the functionalities of the desktop version. Therefore, you can trade from anywhere with this app and stay on top of the game with price alerts.
Coinbase helps you keep track of all your assets and investments with its portfolio manager. While it keeps the majority of the user assets in offline cold storage, you can also store your assets in the Coinbase Vault with time-delayed withdrawals for added security.
Features
✔️More than 250 assets available for trading
✔️In-built crypto wallet
✔️Coinbase basic and pro versions
✔️Cold storage, Coinbase vault and 2-factor authentication for security
Pros and Cons
✅Decent coin selection ❌Higher fees on Coinbase basic
✅Portfolio manager ❌Customer service is not very good
✅Great mobile app
✅Uncomplicated UI
Trading Fees
The trading fees on Coinbase’s basic version are not fixed and are determined by variable factors such as order size, mode of payment and market conditions.
Coinbase fees explained
Customer Reviews
Coinbase offers a flawless trading experience
Network fees on Coinbase can make trades expensive
Why We Picked It
Coinbase is a prominent cryptocurrency exchange with a global presence. It has a simple UI, a great mobile app and a portfolio manager to help you keep track of your investments. Coinbase is also listed on the NASDAQ and adheres to a high standard of transparency and accountability.
Bybit
Bybit was launched in 2018 and it has quickly risen to become one of the top cryptocurrency exchanges with constant innovation and attractive offers for users. While primarily meant for derivatives trading, spot traders have plenty of options too on Bybit.
For derivatives, you can use both USDC and USDT as collateral for perpetual contracts. Bybit also supports inverse contracts and options contracts using USDC as collateral. You can also try copy trading where you can simply copy the strategies of top traders for your trades.
Bybit also offers users advanced charting and market tracking tools. This exchange analyzes your investment profile and uses AI to recommend tools specifically suited to your trading style and needs.
Bybit also has an in-built wallet with which you can also dive deeper into the world of Web3 and DApps. Its integrated DApp aggregator helps you conveniently access Web3 and related applications.
Features
✔️Over 280 spot trading pairs available
✔️World’s largest USDC Options marketplace
✔️Supports copy trading
✔️Has a Web3 wallet
Pros and Cons
✅Supports many trading types ❌Does not properly communicate
✅Personalized investment tools risks of derivatives trading
recommendations
✅Copy trading available
✅Advanced tools for expert traders
Trading Fees
Bybit divides users into VIP and non-VIP categories. Among other things, users on higher VIP levels are charged lower fees than other users across all trading types.
Bybit fees explained
Customer Reviews
Users have been comfortably trading on Bybit
Reports of accounts being locked on Bybit
Why We Picked It
Bybit has options suitable for expert as well as more casual traders. It supports spot trading and focuses particularly on derivatives trading. Bybit also supports copy trading and you can explore Web3 with its integrated DApps aggregator.
OKX
OKX, formerly known as OKEx, is a cryptocurrency exchange founded in 2017 by Star Xu. It has around 400 cryptocurrencies and hundreds of trading pairs available for spot, margin and derivatives trading.
OKX is known for its TradingView platform that lets you chart and trade without any limits. Here, you can access intuitive charting and other trading technologies with which you can chart and execute your trades all in one place. You can also join a robust crypto trading community and chat with it to expand your horizons and level up your skills.
OKX Earn has multiple investment options and you can choose any of them or a combination of them to earn interest and grow your assets. Simple Earn has both fixed and flexible-term products to help you use your idle assets and earn interest on them.
Features
✔️400+ cryptocurrencies available
✔️Native blockchain OKX Chain
✔️Native token is called OKB
✔️OKX Wallet supports 40+ networks
Pros and Cons
✅Massive coin collection ❌Complex fee structure
✅Supports multiple payment
options
✅Trading fees are relatively lower
✅Simple Earn to earn interest on
assets
Trading Fees
The final trading fees charged on OKX depend on several factors such as the level of OKB holdings and whether the user account is a regular or VIP one.
Trading fees for OKX
Customer Reviews
Users can create sub-accounts on OKX
OKX’s customer service needs improvements
Why We Picked It
OKX supports spot, margin and derivatives trading and charges very low fees. On its TradingView platform, you can chart and trade with no limits and also interact with an active crypto community to level up your skills. It also gives high APYs on assets.
KuCoin
If you want a wide variety of crypto coins, KuCoin is the place to go. At 700+ cryptocurrencies, it has one of the biggest altcoin collections out there. Along with spot and margin trading, you can easily convert one cryptocurrency into another at KuCoin at zero fees.
KuCoin is a multi-lingual exchange with 20+ global communities where you can interact with traders in your preferred language. It also features trading bots that can be used to automate crypto trades. You can use these bots for spot grid, dollar-cost averaging, futures grid, infinity grid and smart rebalance.
KuCoin’s Halo wallet acts as your gateway to Web3 and helps you discover the latest crypto market trends and make multi-chain swaps at the best possible price. It is a social wallet where you can follow other wallets and even track their on-chain activities in the form of a social feed.
Features
✔️More than 700 cryptocurrencies available for trading
✔️Over 20 languages are supported
✔️Native token is called KuCoin Token(KCS)
Pros and Cons
✅Wide variety of crypto ❌Complex fee structure
✅Zero fees for crypto conversion ❌Trading bots can glitch
✅Bots to automate trades
✅Halo wallet to explore Web3
Trading Fees
KuCoin has multiple levels and classes which are charged different fees depending on factors like trading volume and KCS holdings of the user.
KuCoin fees explained
Customer Reviews
Users can find underrated coins on KuCoin
KuCoin has poor customer service
Why We Picked It
KuCoin has a large number of cryptocurrencies available which increases your chances of finding a hidden gem here. It is a multilingual exchange with 20+ global communities. There are also trading bots available that automatically execute trades and a social wallet called Halo Wallet.
Bitstamp
The cryptocurrency exchange Bitstamp is all about making crypto trading easy, fast and reliable. This exchange, licensed as a Payment Institution in Luxembourg, has been a trusted exchange with bank-grade security and insurance since 2011.
Bitstamp has 82 assets available which you can trade either on the web platform or the mobile app with an intuitive interface. The exchange has instant deposit options and even has the cash out option available in some places.
In a different move from other exchanges, Bitstamp has launched two mobile apps for users. The Bitstamp app is meant for both new and experienced users and supports several payment methods such as bank transfers, debit/credit cards and PayPal.
The Bitstamp Pro app, however, is for crypto experts and pro traders. It gives access to all the same functionalities as the Bitstamp exchange. The app offers to users real-time charts, order book and many other analytical tools.
Features
✔️One of the oldest crypto exchanges
✔️Registered as a Payment Institution in Luxembourg
✔️82 assets available
✔️Separate mobile apps for newbie and expert traders
Pros and Cons
✅Internationally regulated exchange ❌Limited assets available
✅KYC is mandatory ❌Only two assets supported for
✅Trading fees are competitive staking
✅Easy to navigate ❌Margin trading not available
Trading Fees
There are no maker/taker fees for trades below $1,000 on Bitstamp. Above that, the maker/taker fees start at 0.30%/0.40% and consecutively goes down with higher trading volumes.
Trading fees for Bitstamp
Customer Reviews
Bitstamp has been trusted by users for years
Some users have had problems with withdrawals on Bitstamp
Why We Picked It
Bitstamp has been a trusted and reliable exchange for years and has obtained the relevant licenses in various countries around the world. It tries to cater to both beginners and advanced traders with its separate mobile apps and takes all relevant security measures to protect user assets.
Nexo
Nexo was launched in 2018 with the aim of bringing professional financial services to digital assets. It has 60+ assets available for trading and a value-add feature with which users can unlock the value of their crypto without having to sell it.
Nexo also offers a crypto card where you can have credit line rates starting from 0% APR. This card is integrated with Apple Pay and Google Pay and you can use it to pay merchants worldwide with your digital assets as collateral. The Nexo card does not require you to make regular monthly repayments and does not charge any inactivity fee.
You can put your idle assets to work on Nexo and start earning interest on them. The yield is paid out daily on Nexo and it does not charge any fees. There are both flexible and fixed-term products available and the assets are insured from third-party hacks, theft or loss of private keys.
Features
✔️Over 60 assets available for trading
✔️Google and Apple Pay integrated crypto card
✔️2-factor authentication(2FA) for security
✔️Insurance for assets
Pros and Cons
✅Value-add feature ❌Loyalty program is a bit complex
✅Does not have a lock-in ❌Need Nexo token for better benefits
period
✅Non-custodial wallet
✅KYC verification
Trading Fees
There are no fees for trading on Nexo’s basic version. Nexo Pro, however, uses the maker-taker system for charging fees.
Nexo Pro trading fees
Customer Reviews
Nexo has communicative customer service
Settlements for transactions can be slow on Nexo
Why We Picked It
Nexo has interesting features and zero fees for trades on its basic platform. It supports crypto borrowing and lending and gives daily yields on staked assets. There is a crypto card available that can be used for payments worldwide.
Gate.io
Gate.io is a cryptocurrency exchange known for its massive cryptocurrency collection. At over 1,400 coins, the variety on Gate.io is unparalleled. This exchange also supports around 20 fiat currencies which is much more than the average crypto exchange.
Gate.io supports spot, margin and derivatives trading and also features ETFs. It also has a strategy bot to automate your trades and increase profits. At the same time, copy trading enables you to copy the strategies of top traders and automatically execute them.
Gate.io also has an NFT marketplace where you can explore different types of NFTs, mint your own tokens and earn income via royalty on them.
Features
✔️Over 1,400 digital assets available
✔️Spot, margin, derivatives trading and ETFs available
✔️Has an NFT marketplace
✔️Native token is Gate Token(GT)
Pros and Cons
✅Giant coin collection ❌Previous hacking incidents
✅20+ fiat currencies supported
✅Strategy bot for automating trades
✅NFT marketplace to explore and mint
tokens
Trading Fees
Users on higher VIP levels pay lower fees on Gate.io.
Gate.io fees explained
Customer Reviews
Users find buying and selling easy on Gate.io
Gate.io’s KYC process can be difficult
Why We Picked It
Gate.io is suitable for users who have some prior experience with crypto trading and want an exchange with a diverse coin collection. Users interested in NFTs can mint and sell tokens. It also supports copy trading where you can use the strategies of top traders for your trades.
Top 3 P2P Cryptocurrency Exchanges in Uganda
Peer-to-peer or P2P cryptocurrency exchanges are those that do not have central order books to match buyers and sellers. These platforms do not act as intermediaries between buyers and sellers unlike their centralized counterparts such as Binance or Coinbase.
On such platforms, crypto buyers and sellers directly interact with each other to negotiate and settle trades. Such platforms often have lesser geographical restrictions on them which makes them popular among traders who cannot use more conventional channels to access cryptocurrency.
In Uganda too, where for a long time the authorities were hostile to cryptocurrency, P2P exchanges and other informal channels of trading cryptocurrency are more popular than centralized exchanges that may or may not offer their services in the country.
Paxful
Paxful is perhaps one of the largest P2P exchanges. It has steadily been gaining ground in several countries in Africa where it is often difficult to use traditional channels to access cryptocurrency. Paxful is a place where crypto buyers and sellers can directly engage with each other to trade cryptocurrencies.
On Paxful, you can choose between over 350 methods to buy and sell Bitcoin including using cash or online wallets like PayPal or debit and credit cards. Here, sellers can set their own rates for Bitcoin.
For businesses, Paxful offers Paxful Pay to enable them to conveniently accept crypto payments from a global user base. It charges a transaction fee of 1% for the same and there is no issue of chargeback here. There is also a rewards program where you get rewards for inviting other people to the platform and growing your network.
Features
✔️Over 350 payment methods
✔️Buying and selling with BTC and USDT
✔️Supports escrow trading
✔️Native Paxful wallet to store BTC
Pros and Cons
✅Several payment methods ❌High sales fees
supported ❌Chances of scams
✅Biometric verification available
✅Rewards program for users
✅Zero fees
Trading Fees
There are zero fees for buying crypto on Paxful but it does charge a selling fee depending on the type of payment method used.
Fees for Paxful
Customer Reviews
Convenience is a big selling point of Paxful
There is a possibility of scams on Paxful
Why We Picked It
Paxful enables direct interaction among crypto buyers and sellers, does not take any fees for ‘buy’ transactions and supports a wide variety of payment options. The fees for Paxful Pay too, are relatively lower and it also runs an active rewards program.
Remitano
Remitano is a P2P exchange that is known for fast transactions. It claims to take less than 1 minute to complete trades. This exchange categorizes users according to their country of residence and the bank used by them for swift transactions.
Remitano supports the Ugandan Shilling(UGX) and enables you to buy Bitcoin in minutes with the UGX. You can create an account here simply by linking your e-mail account, Google, Facebook or Apple ID. Also, it is better to get your KYC verified on Remitano to get additional benefits.
Features
✔️More than 30 cryptocurrencies available
✔️Enables crypto lending
✔️Has a Learn and Earn program
✔️Native token is RENEC
Pros and Cons
✅Simplicity of use ❌Accounts may get locked
✅Supports UGX
✅Fast transactions
✅Has a referral program
Trading Fees
Remitano has a 0.5% fee for stablecoin/fiat pairs and a 0.75% fee for fiat/altcoin pairs.
Fees for Remitano
Customer Reviews
Remitano is an exchange trusted by users
Funds and accounts may get locked on Remitano
Why We Picked It
You can directly buy BTC with UGX on Remitano. Its referral program has several attractive terms and the exchange also gives additional benefits to users with higher KYC levels. Remitano also features other services such as crypto lending.
Bisq
Bisq is an example of the most decentralized P2P exchange. In fact, Bisq is not even a website but an open-source desktop software that needs to be downloaded and installed on a computer. It is governed as a decentralized autonomous organization(DAO) which ensures that it remains self-sustaining and censorship-resistant.
On Bisq, you don’t need to get your account approved and ID verified by a central authority. You just need to have a computer and an internet connection to trade on Bisq. Its servers are scattered around the world so you don’t need to worry about losing your funds due to a central point of failure. While trading on Bisq, you always remain in control of your assets and private keys.
Features
✔️Free desktop software
✔️Platform is governed as a DAO
✔️Native token is called BSQ
✔️Deposits are in multisig wallets
Pros and Cons
✅Completely decentralized ❌Need to have prior experience
exchange with crypto
✅User authority over private keys ❌BTC or BSQ required for trading
✅Geographical barriers are eliminated
✅No chance of central failure
Trading Fees
The trading fees on Bisq are always communicated in terms of either BTC or BSQ.
Fees for Bisq
Customer Reviews
Bisq is a 100% decentralized P2P exchange
Bisq’s UI needs some work
Why We Picked It
You get to interact with a global community of P2P crypto traders on Bisq. It is a completely hands-off platform and lets you trade the way you want. You don’t have to transfer any assets or give away your identifying information to trade on Bisq.
Is Crypto Legal in Uganda?
Cryptocurrencies are not regulated in Uganda. However, they are not illegal either and can still be bought, held and traded. This means that while people in Uganda have access to cryptocurrency there are no regulations in place to protect them if things go south.
The Ministry of Finance had explicitly stated in 2019 that cryptocurrency is not legal tender in Uganda. No platform or organization selling crypto assets has been licensed by the authorities and therefore, crypto owners do not have the same consumer protection granted to other financial asset owners.
However, in December 2020, the country’s Financial Intelligence Authority(FIA) sought to bring virtual asset service providers(VASPs) to the list of “accountable persons” under the supervision of FIA. This was done in an attempt to curb cryptocurrency scams in Uganda.
Until May 2022, the Bank of Uganda(BoU) was also warning the public against using cryptocurrencies. It reiterated that no cryptocurrency exchange had been licensed by the BoU and warned that any entity dealing with cryptocurrencies would have to face stern consequences. Payment service providers could also lose their financial licenses due to this.
However, the BoU reversed its position in June 2022 and invited members of the Blockchain Association of Uganda(BAU) to participate in the regulatory sandbox and share their knowledge with the bank. This move signalled that perhaps the BoU was opening up to the idea of cryptocurrency trading.
Still, as of now, there has not been much progress towards clearly defining a regulatory framework for cryptocurrencies in Uganda and therefore, while people can hold and trade crypto they have to do so at their own risk without any sort of consumer protection.
Conclusion
With the growing popularity of cryptocurrency in Uganda, many cryptocurrency exchanges have started operations in the country. Many prominent international exchanges offer their services in Uganda while slowly, local African crypto exchanges have also started coming up. P2P exchanges have also been gaining popularity in the country.
While cryptocurrency can open up a world of opportunity for Ugandans, it is important to remember that extreme volatility is a major characteristic of digital assets. It is, therefore, important to educate yourself about cryptocurrency and cryptocurrency trading in order to avoid major losses and scams.