Digital is the new way of life. Especially in the financial domain. Even in developing and less-developed countries in Africa, people are turning to their mobile phones to pay for transactions instead of cash.
For example, data from the Rwanda Utilities Regulation Authority(RURA) shows that mobile money transactions grew by 450% in just three months at the beginning of 2020.
This shows that the public is receptive to new technologies and means of payment. Cryptocurrency, however, is a different ball game.
While crypto trading does take place in Rwanda, it remains a niche domain and most Rwandans are probably unaware of cryptocurrency.
This is in large part due to the fact that the country’s national bank has essentially declared cryptocurrencies illegal. It may have put a damper on the development of the crypto industry in the country but many Rwandans continue to invest in cryptocurrencies.
For such people in Rwanda who want to trade cryptocurrencies, we have compiled a list of the best cryptocurrency exchanges working in Rwanda.
However, do note that in the absence of a regulatory framework, crypto trading in Rwanda can be unpredictable since you do not know what kind of restrictions may be suddenly placed on the industry.
Top 7 Crypto Exchanges Operating in Rwanda
Yellow Card
The first exchange on our list is Yellow Card- a platform that is seeking to build a pan-African crypto network. It is available in 16 countries on the continent including Rwanda. Yellow Card makes Bitcoin services accessible for people in the country by enabling them to buy cryptocurrency with the Rwandan franc(RWF).
It supports multiple payment methods for deposits and withdrawals including Mobile Money(MoMo) to instantly transfer funds and start trading. Yellow Card also has a Refer and Earn program where you can refer your friends to the exchange and earn rewards every time they make a transaction on the platform.
With Yellow Pay, you can instantly send and receive money across Africa using cryptocurrency. There are no fees charged for the same. However, note that the exchange rates are calculated against the USD for Yellow Pay.
Features
✔️Developed for African traders
✔️7 cryptocurrencies available
✔️Supports fiat currency including RWF
Pros and Cons
✅Free deposits and withdrawals ❌Limited cryptocurrencies available
✅Instant transfer with MoMo
✅Referral program
✅Yellow Card Academy for
educational resources
Trading Fees
Yellow Card trading fees
Customer Reviews
Yellow Card is a reliable exchange
Yellow Card’s KYC verification process can be complicated
Why We Picked It
Yellow Card is developing a pan-African crypto network and helping to build a crypto community in different countries on the continent. It supports RWF so users can directly buy crypto with fiat and even use MoMo for instant transfers. Moreover, deposits and withdrawals are free on Yellow Card.
Coinbase
Traders that want to trade on an international cryptocurrency exchange with high accountability and transparency standards often turn to Coinbase. After all, it is a publicly traded company in America that is listed on NASDAQ. Coinbase was launched way back in 2012 and is one of the old-timers in the crypto industry.
Coinbase has over 250 assets available for trading which is more than enough if you’re still new to crypto trading. It has a simple and straightforward layout meant to make crypto trading less intimidating and confusing for beginner traders.
The Coinbase mobile app has received good reviews too and has the same features as the desktop version.
Your assets are safe on Coinbase in its cold storage facilities and it auto-enrolls users for 2-factor authentication(2FA) when they make an account on the platform. You are also encouraged to set a strong and unique password for your account keeping in line with the basic recommended security norms.
Features
✔️More than 250 assets available
✔️Company listed on NASDAQ
✔️Basic and Pro versions available
✔️Cold wallets and 2FA for security
Pros and Cons
✅Straightforward UI ❌Basic version is costly
✅Satisfactory crypto selection ❌Bad reviews for customer service
✅Excellent mobile app
✅Inexpensive trades on Coinbase Pro
Trading Fees
Coinbase trading fees explained
Customer Reviews
Coinbase is a secure platform for crypto trading
Coinbase’s customer support has poor reviews
Why We Picked It
Coinbase is a beginner-friendly exchange that adheres to a high standard of transparency and accountability. It offers many products keeping in mind the specific needs of beginner and advanced traders. Coinbase also has a great mobile app that provides a seamless experience as well.
Kraken
Kraken is one of the oldest cryptocurrency exchanges and the first to be approved as a Special-Purpose Depository Institution(SPDI) in America. Beginning with just Bitcoin, Litecoin, and Euro trades, it now has 200+ cryptocurrencies available for spot, margin, and futures trading.
Along with that, Kraken also offers crypto indices, OTC services, and the opportunity to stake assets to earn interest on them. It has both bonded and flexible products and you can choose between them as per your needs and goals.
Kraken has made its Proof-of-Reserves report publicly available on its website so that anyone can access and verify its reserves. There is also a bug bounty program where people who report vulnerabilities in its code are rewarded as per the severity of the reported bug.
Kraken users are encouraged to enable 2FA and set up Global Settings Lock(GSL) for the highest level of security.
Features
✔️Over 200 cryptocurrencies available
✔️One of the oldest exchanges in business
✔️Public proof-of-reserves reports
✔️2FA, GSL and bug bounty program for security
Pros and Cons
✅Diverse coin collection ❌Kraken basic version fees is high
✅Several trading types ❌Not the best option for beginners
supported
✅Several products for staking
✅Accepts multiple fiat currencies
Trading Fees
Trading fees for Kraken Instant Buy
Trading fees for Kraken Pro
Customer Reviews
Kraken’s customer support is helpful
Accounts are closed on Kraken without notice
Why We Picked It
Kraken is stable, regulated and an overall reliable exchange. It supports several trading types such as spot and margin and also offers OTC services along with investment options for crypto indices. There is also a Kraken Pro platform with more sophisticated tools for advanced traders.
OKX
OKX, previously known as OKEx, is a cryptocurrency exchange founded by Star Xu and known for its low fees, fast transactions and powerful APIs. It even has a native blockchain called OKX Chain and a native token OKB which powers the ecosystem of the exchange.
OKX supports spot, margin and options trading as well as enables perpetual swaps. Crypto mining services and crypto loans can also be availed on this exchange. OKX exchange’s native OKX Wallet supports 40+ networks and can be used to explore DeFi apps on the platform. With its Jumpstart Mining initiative, you can also farm DeFi tokens.
For security, OKX uses a special network communication protocol that remains partially offline in order to prevent online attacks.
Features
✔️Over 400 cryptocurrencies available for trading
✔️OKX Chain is the native blockchain
✔️40+ networks supported by OKX Wallet
✔️Jumpstart Mining for farming DeFi tokens
Pros and Cons
✅Relatively low fees ❌Fee structure is complicated
✅Supports many payment options ❌Customer service is not good
✅Learning resources available
✅Has a demo trading mode
Trading Fees
Trading Fees for OKX
Customer Reviews
OKX is a platform suitable for beginners
OKX’s customer service is not up to the mark
Why We Picked It
You can do spot, futures and options trading on OKX. It also has a demo trading feature where you can practice your strategies before actually implementing them. Further, you can try crypto mining, explore DApps and also farm DeFi tokens on OKX.
Crypto.com
Crypto.com focuses on developing and promoting mobile app-based trading instead of from a computer. In fact, the Crypto.com mobile app is one of the fastest growing crypto trading apps that reached 50 million active users in 2022.
It features over 250 cryptocurrencies for trading including its native token Cronos(CRO). Further, Crypto.com charges zero fees for depositing tokens or for crypto-to-crypto exchanges. It also offers users a Crypto.com wallet to store their assets, an NFT marketplace to explore tokens, a prepaid Visa card and several assets for staking.
Plus, you can get discounts on the trading fees if you stake a certain amount of the CRO token. To ensure the security of user assets and information, Crypto.com has adopted cold storage for storing funds, multi-factor authentication(MFA) for account security and has enabled address whitelisting.
Features
✔️Focus on app-based trading
✔️250+ cryptocurrencies for trading
✔️Crypto loans available
✔️Native coin is Cronos(CRO)
Pros and Cons
✅Diverse coin selection ❌Scant educational resources
✅Competitve trading fees ❌Not beginner-friendly
✅In-built wallet
✅Cold wallet and MFA for security
Trading Fees
Trading Fees for Crypto.com
Customer Reviews
Crypto.com app has many intriguing features
Users have had trouble withdrawing funds from Crypto.com
Why We Picked It
Crypto.com enables trading on the go with its solid mobile app. It has competitive trading fees and you can get discounts on the same by staking the CRO token. Crypto.com also has other crypto-related products such as a Visa card and an NFT marketplace.
KuCoin
Nothing beats KuCoin when it comes to providing users access to a wide variety of crypto coins. With over 700 cryptocurrencies, it has one of the biggest cryptocurrency collections. Combined with the platform’s low fees, KuCoin is an excellent option for intermediate level traders willing to sift through hundreds of coins to find an underrated gem.
Further, KuCoin allows you to conduct trades within a certain limit without verifying your KYC.
Along with the usual account password, KuCoin gives users the choice to opt for an additional trading password. The exchange also encrypts all data and enables multi-factor authentication for added security.
Features
✔️Over 700 cryptocurrencies for trading
✔️Supports 16+ languages
✔️Multi-factor authentication and 2FA for security
✔️Native coin is KuCoin Token(KCS)
Pros and Cons
✅Massive crypto variety ❌Fee structure is very complex
✅Low trading fees ❌No vetting process for coins
✅Can trade without KYC to
some extent
✅Trading bots for automatic
trades
Trading Fees
Trading fees for KuCoin
Customer Reviews
KuCoin has a plethora of cryptocurrencies to explore
KuCoin’s customer service may not be the best
Why We Picked It
KuCoin is a good option for people whose highest priority is the number of cryptocurrencies available on a platform. It may not have the best design but its low fees along with features like trading bots make it an attractive option for many crypto traders.
CEX.io
CEX.io’s main selling point is its simplicity. It aims to reduce the complexity of the cryptocurrency trading process and make it accessible to everyone. CEX.io is committed to providing a flawless and convenient trading experience.
Providing more than 200 cryptocurrencies for trading, CEX.io divides its users into three categories- Everyone, Traders and Businesses. The Instant Buy option is designed for ‘Everyone’ to instantly purchase cryptocurrencies via any of the multiple supported payment methods.
‘Traders’ also get to participate in spot and margin trading while ‘Businesses’ get access to institutional-grade services with CEX.IO PRIME. Like every major exchange, it stores the majority of the user funds in cold wallets and encrypts all data for security.
Features
✔️200+ cryptocurrencies available for trading
✔️Licensed exchange
✔️Divides users into three categories
✔️CEX.io Earn to earn interest on crypto assets
Pros and Cons
✅Satisfactory crypto selection ❌Lengthy verification process
✅Decent staking opportunities ❌Lower liquidity
✅24/7 customer service
✅Spot trading fees are low
Trading Fees
Trading fees for CEX.io
Customer Reviews
CEX.io has a good interface and works smoothly
Deposits may be withheld on CEX.io
Why We Picked It
CEX.io has obtained the relevant licenses in several places so it is not a completely unregulated platform. It supports several payment methods for buying and selling cryptocurrency and also offers good staking rewards. CEX.io is good for users who regularly perform high-volume trades.
Top 3 P2P Cryptocurrency Exchanges in Rwanda
Paxful
Paxful is a P2P exchange popular in several African countries where it can be hard to use traditional financial channels for cryptocurrency trading. It is a platform that does not interfere in trades and allows crypto buyers and sellers to directly interact with each other.
Here, you can choose any of the 350+ methods to pay for your crypto. You can use online wallets, debit and credit cards or even cash to pay for cryptocurrency. Paxful also allows sellers to set their own rates for Bitcoin.
Businesses can use Paxful Pay to accept crypto payments from a global user base at a transaction fee of 1% and without having to worry about chargeback issues. You can also win rewards on Paxful by inviting others to the platform and growing your network.
Features
✔️350+ supported payment options
✔️Can use BTC and USDT to buy and sell
✔️Paxful wallet available for storing BTC
✔️Supports escrow trading
Pros and Cons
✅Plethora of payment options ❌Sales can be costly
✅Paxful Pay for merchants ❌Probability of scams
✅Freedom for sellers to set BTC rates
✅Referral scheme
Trading Fees
Paxful fees explained
Customer Reviews
Paxful is liked for its convenience and efficiency
Users have faced scams on Paxful
Why We Picked It
Paxful is a fast and efficient platform that supports a variety of options for making payments and you do not even need to pay any fees for buying cryptocurrency. For merchants, Paxful Pay is a good option due to its relatively lower fees. Plus, it has no chargeback issues for you to worry about.
Bisq
Bisq is known for being the most decentralized cryptocurrency exchange out there. It has a very hands-off approach and simply acts as a platform where crypto buyers and sellers negotiate with each other without anyone acting as a middleman.
Bisq is an open-source desktop software that is governed as a decentralized autonomous organization(DAO) to make sure that it remains a self-sustaining and censorship-resistant platform. It is an inclusive platform as anyone anywhere with a computer and an internet connection can use it without any restrictions.
Plus, not only do you retain control of your private keys while using Bisq, you don’t need to furnish any identifying information to trade on the exchange. Therefore, if you want to maintain privacy while trading crypto, Bisq is the palace to go.
Features
✔️Free desktop software
✔️Run as a DAO
✔️Native coin is called BSQ
✔️Fees are always in terms of BTC or BSQ
Pros and Cons
✅Completely decentralized ❌BTC or BSQ compulsorily needed
✅Private keys are controlled by user ❌Only for advanced traders
✅Can be used worldwide
✅Bisq code is open-source
Trading Fees
Bisq fees explained
Customer Reviews
Bisq is a purely P2P platform liked by users
Bisq’s interface needs some improvements
Why We Picked It
Bisq is a platform that strives to remain independent and true to the spirit of cryptocurrency. It is purely P2P and tries to ensure secure trading to the maximum extent and does not require any sort of data to be submitted by users for trading. All the data is locally stored in the user’s device which reduces the possibility of loss of data due to a cyber attack on the exchange.
Remitano
Remitano is a famous P2P if you want to quickly settle trades. It claims to take less than 1 minute to complete transactions making it ideal for traders that don’t want to get into the hassle of constantly checking the status of pending transactions.
This exchange supports RWF so you can directly buy your desired cryptocurrency with your fiat money. Remitano also has a conversion calculator to give you a rough estimate of the RWF-to-crypto conversion rates. Further, Remitano has an escrow system to provide a secure environment for crypto trading.
Features
✔️Over 30 cryptocurrencies available for trading
✔️Enables cryptocurrency lending
✔️Native token is called RENEC
✔️Earn rewards by completing learning courses
Pros and Cons
✅Transactions are quickly ❌Accounts may get locked
settled
✅Supports RWF
✅Referral program for users
✅Escrow system for secure trading
Trading Fees
Remitano fees explained
Customer Reviews
Remitano is a great platform for P2P trading
Deposited funds may get locked on Remitano
Why We Picked It
Since it supports RWF, you can instantly buy crypto on Remitano with your fiat money. Its referral program promises good rewards for users and you can get your KYC verified to get additional benefits. There is also a learn and earn scheme on Remitano where you get incentives for completing the courses.
Is Crypto Legal in Rwanda?
Cryptocurrency is not explicitly banned in Rwanda but the government is not enthusiastic about them either. Since 2018, the National Bank of Rwanda(NBR) has been warning the citizens about the perils of investing in cryptocurrency.
According to the NBR, crypto assets are unregulated and hence, the investors do not have the same safeguards that regulated financial products have.
As a result, crypto investors are vulnerable to scams and other problems associated with crypto trading. However, despite the warnings, Rwandans have continued to engage in crypto trading.
This led to the NBR tightening the noose on cryptocurrencies. In 2023, it reiterated its stance on cryptocurrencies and directed Rwanda’s regulated financial service providers from enabling crypto-related transactions.
Rwanda does not have a regulatory framework for cryptocurrency. Though its letter to the financial service providers did state that financial service providers are not to engage in crypto-related activities till a regulatory framework for the same is not put in place, there have been no further developments on that front.
Conclusion
There are several cryptocurrency exchanges offering their services in Rwanda including some that have been designed mainly for African traders. While it is easy to get caught up in the idea of making huge profits via crypto trading, it is also important to understand the risks and implications of investing in cryptocurrency. Moreso in a country that has a hostile attitude towards digital assets.
Extreme price volatility is the main characteristic of cryptocurrencies and they don’t have the kind of consumer safeguards that regulated assets have. Hence, it is important to do your research, get advice from a professional and weigh the pros and cons before investing your money in cryptocurrencies.