The crypto market has been rapidly expanding in Africa. Sudan has also not remained untouched by this phenomenon. As the country battles an economic crisis following a military coup, the interest in cryptocurrency has grown among the citizens. Though still small, a trend of parking money in cryptocurrencies like Bitcoin and Ether has emerged in Sudan.
In such a scenario, it is important to know about the various Bitcoin exchanges operating in Sudan. Therefore, we have compiled this list of the best crypto exchanges in Sudan for your perusal.
Best 5 Cryptocurrency Exchanges in Sudan
Kraken
Kraken is an old and reliable cryptocurrency exchange founded over a decade ago. Since its inception, this San Francisco-based exchange has grown by leaps and bounds and is now the first crypto platform to be approved as a Special Purpose Depository Institution(SPDI) in the USA.
On Kraken, you have access to 200+ cryptocurrencies for spot, margin and futures trading. In addition to that, there are crypto indices, OTC and crypto staking services available for users. There are many flexible and bonded products that you can explore and choose based on your investment goals.
Kraken runs a bug bounty program where anyone who reports bugs is rewarded depending on the severity of the reported vulnerability. Here, You have the option to turn on 2-factor authentication(2FA) and Global Settings Lock(GSL) for added security.
Features
✔️Over 200 cryptocurrencies available
✔️Basic and Pro platforms for users
✔️Supports spot, margin and futures trades
✔️2FA, GSL for security
Pros and Cons
✅Satisfactory coin collection for trading ❌Expensive Instant Buy
✅Kraken Pro has lower fees ❌Not the best for novices
✅Assets with high APYs for staking ❌Funding restrictions in Sudan
✅Active bug bounty program with rewards
Trading Fees
Kraken Instant Buy fees breakdown
Kraken Pro trading fees explained
Customer Reviews
The withdrawal process on Kraken is seamless
Verification on Kraken can take time
Why We Picked It
There are many types of trades available on Kraken and it offers many investment options suitable for intermediate and advanced-level crypto traders. It has an extensive collection of educational resources to help you learn in-depth about crypto trading. Kraken’s proof-of-reserves report is made publicly available to maintain a certain standard of transparency.
Bybit
Bybit is one of the most preferred cryptocurrency exchanges with a range of interesting features and attractive offers for users. While it is a platform mainly for derivatives trading, Bybit has plenty for spot traders as well including 280+ spot trading pairs.
Perpetual swapping is one of the most popular options on Bybit for which you can use USDC and USDT as collateral. USDC can additionally become collateral for inverse contracts and options contracts. You can also practice copy trading on Bybit where you can simply copy the strategies of other traders without needing to dive into complex topics.
Bybit’s native crypto wallet is useful for exploring the world of Web3 and DApps. Personalized recommendations for investment tools are given on Bybit. For this, AI is used which analyzes your investment profile to come up with suggestions best suited to your profile.
Features
✔️Platform for derivatives trading
✔️280+ spot trading pairs available
✔️Has biggest USDC Options marketplace
✔️Supports copy trading for users
Pros and Cons
✅Fantastic user interface ❌Trading stats reported are unverified
✅Inexpensive crypto trading
✅Demo trading feature
✅Native Bybit wallet
Trading Fees
Bybit exchange trading fees explained
Customer Reviews
Bybit offers a good interface and interesting features
Bybit’s customer service is not up to the mark
Why We Picked It
Bybit is an overall great exchange with a smooth user interface. Combined with its low fees, Bybit is an attractive option for derivatives traders. There are also many other lucrative crypto-related products available. This includes an in-built wallet for exploring DApps and a card for making payments with cryptocurrency.
OKX
OKX, founded by Star Xu, relies on its fast transaction speeds and robust APIs to attract customers. It is a platform suitable for beginners with an easily navigable UI and fantastic crypto selection. Plus, you have the option to customize the layout while using OKX’s Pro platform.
The exchange’s native blockchain is known as OKX Chain. It is powered by the OKX exchange’s native token OKB. The OKX Wallet is a good choice if you want to explore DApps as it is compatible with over 40 networks. Various types of trades including options trading and perpetual swapping are supported on OKX.
You can look at the Jumpstart Mining initiative if you’re into finding new interesting projects and farming DeFi tokens.
Features
✔️400+ cryptocurrencies available for trading
✔️Has its own OKX Chan and OKB token
✔️OKX Wallet can be used with 40+ networks
✔️Jumpstart mining initiative to farm DeFi tokens
Pros and Cons
✅Fees are not very high ❌Fee structure is convoluted
✅Several payment types supported ❌Unresponsive customer support
✅Rich resources for crypto
learning
✅Has demo trading mode
Trading Fees
Trading fees for OKX exchange
Customer Reviews
OKX as a platform is easy-to-use
OKX’s customer service is often not responsive
Why We Picked It
There are several trading types supported on OKX and it has a great selection of cryptocurrencies. Here, you can use the demo trading feature to practice your trades before implementing strategies on the real platform. OKX Pro even lets you customize the layout to improve your trading experience.
KuCoin
While KuCoin is mainly known for its massive crypto collection, it has much more to offer to users. The regular spot and margin trading options are available on KuCoin at very low fees. Along with that, it also supports derivatives trading as well as cryptocurrency lending.
With KuCoin Earn, you get some good opportunities to invest in various types of products and increase the value of your crypto holdings. You can also buy, sell, swap or simply explore several NFT collections in KuCoin’s NFT marketplace. Plus, you can get up to 20% commission if you invite your friends to the platform.
Further, asset security on KuCoin is ensured with multisig technology. It also encrypts data during transit, storage and while the data is being used. Accounts are also monitored for suspicious activity and instant alerts are sent out to users in case such activity is detected.
Features
✔️Over 700 available cryptocurrencies
✔️Exchange supports many languages
✔️KuCoin token(KCS) is the native coin
✔️Employs encryption technology for security
Pros and Cons
✅Huge coin collection ❌Fees calculation is difficult
✅Fees are towards the lower end ❌No proper vetting of coins
✅Runs a referral program
✅NFT marketplace available
Trading Fees
KuCoin cryptocurrency exchange fee levels
Customer Reviews
There are lots of cryptocurrencies to explore on KuCoin
KuCoin’s customer service needs improvements
Why We Picked It
KuCoin is a great platform if you have the ability to sift through hundreds of cryptocurrencies to find something worthwhile. Not just that, you can use KuCoin Earn to earn interest and grow your crypto holdings. KuCoin also has an NFT marketplace with interesting collections.
Nexo
Nexo is a centralized cryptocurrency exchange that was launched in 2018. Among a sea of similar platforms, it has distinguished itself with its unique value-add feature that allows users to unlock the value of their crypto without having to sell it.
Nexo is a heavily regulated platform and has obtained licenses from relevant authorities in different states of the USA, Australia, Seychelles, Poland, Italy etc. While it does not have the widest collection of cryptocurrencies, it makes up for that with its robust security system.
Nexo does not charge any fees for trades on its basic version. Users can make unlimited trades up to $250,000 per trade. On the Pro version, the maker-taker model is used for determining fees.
Nexo enables 2-factor authentication(2FA) via SMS, e-mail as well as authenticator apps. You can also set up biometric identification so that no one else can access your account. You are also provided with regular log-in alerts and withdrawal confirmations to flag suspicious activity as quickly as possible.
Features
✔️60+ digital assets available
✔️KYC-compliant exchange
✔️Smart routing system
✔️2FA for security
Pros and Cons
✅No lock-in period ❌Fewer benefits without Nexo token
✅Non-custodial Nexo wallet ❌Complicated loyalty program
✅No fees on basic version
✅Earning opportunities
Trading Fees
Trading fees for Nexo Pro
Customer Reviews
Nexo has good customer service
Transaction settlement can be slow on Nexo
Why We Picked It
Nexo has interesting features and a robust security system. It supports crypto borrowing and lending, has zero fees on the basic platform and offers a loyalty program for users. There is also a non-custodial Nexo wallet for exploring Web3.
Top 6 Decentralized Exchanges in Sudan
UniSwap
Decentralized exchanges like UniSwap are generally the choice of traders whose top priority is privacy. While centralized exchanges like Coinbase have mandatory KYC requirements, this is not the case with decentralized platforms like UniSwap. These platforms give users the freedom to trade crypto as they want.
UniSwap also lets users trade as they want without asking for any sort of identifying information. If you have a crypto wallet, you are good to go. There are no middlemen here but a bunch of smart contracts that detail how liquidity pools are to be created and liquidity is to be provided.
You can instantly swap a ton of ERC-20 tokens on UniSwap at fees that are proportional to the nature of the pair being swapped. A part of the collected fees is given as compensation to liquidity providers.
Features
✔️Built on the Ethereum blockchain
✔️Uses the AMM system
✔️UNI is the native token
✔️Smart contracts are open-source
Pros and Cons
✅Access to many ERC-20 tokens ❌Coins are not vetted
✅NFTs available for buying and ❌Issue of high Ethereum gas fees
selling
✅Buy crypto with bank account
✅Governed by the community
Trading Fees
Pool fees tiers for UniSwap exchange
Customer Reviews
UniSwap exchange comes with a minimalistic UI
High gas fees are a major issue on UniSwap
Why We Picked It
One of the main advantages of UniSwap is that you can immediately start trading cryptocurrency by connecting a crypto wallet. It is an accessible platform with a slick user interface. Further, holding the UNI token gets you the right to vote on governance proposals on the platform.
PancakeSwap
Like UniSwap, PancakeSwap is a famous decentralized exchange. It is similar to UniSwap in many ways except that it runs on the BNB Chain and therefore, primarily facilitates BEP-20 token swaps.
Using BNB Chain also helps PancakeSwap avoid network congestion issues and as a result, users do not have to pay exorbitant gas fees here. In addition, PancakeSwap is full of interesting features and products with various types of rewards for users.
In syrup pools, you can stake PancakeSwap’s native CAKE token and earn passive income by staking assets on yield farms. There are also lottery programs that give you the opportunity to earn CAKE tokens and Initial Farm Offerings(IFOs) where you can access new tokens.
Features
✔️Developed on the BNB Chain
✔️Employs the AMM protocol
✔️CAKE is the native token
✔️Smart contracts are time-locked
Pros and Cons
✅Access to BEP-20 tokens ❌Bitcoin not supported
✅Innovative crypto product suite ❌Listing of low-quality coins
✅Trading fees are low
✅Staking opportunities for users
Trading Fees
Four trading fee tiers at the PancakeSwap cryptocurrency exchange
Customer Reviews
PancakeSwap is one of the biggest and most popular DEXs
Cryptocurrencies are not verified on PancakeSwap
Why We Picked It
PancakeSwap is a cute and colorful exchange that makes crypto trading fun. The trading fees here are lower than the industry average and with the implementation of the v3, you get a much better trading experience. There are several products like IFOs and lottery programs that are bound to pique your interest.
Changelly
Launched in 2015, Changelly is a non-custodial exchange for cryptocurrency trading. It has 500+ crypto assets listed which makes it a good option for people whose first priority while choosing a platform is the number of assets it hosts.
Apart from fiat-to-fiat trades, Changelly also supports fiat-to-crypto trades. You can directly buy cryptocurrency with the United States Dollar(USD), the British Pound(GBP) and the Euro(EUR) though the fees can be high for the same.
Changelly has floating fixed rates for fees. The fixed rate remains unchanging while the floating rate can change while the transaction is being processed.
Changelly also facilitates anonymous trading since it does not need any sort of identity verification for trading. The only thing you need to trade is an e-mail address and a crypto wallet and you are good to go. However, you may need to provide more personal information for paying with fiat currencies.
Features
✔️Non-custodial exchange
✔️500+ cryptocurrencies available
✔️Has two types of fee rates- fixed and floating
✔️Partnership with Trust Wallet
Pros and Cons
✅Ease of use
✅No KYC needed ❌High fees for fiat-to-crypto exchanges
✅Diverse coin collection ❌Floating rate system can be complicated
✅Supports fiat-to-crypto and
crypto-to-crypto trades
Trading Fees
Trading fees for Changelly
Customer Reviews
Changelly is an easily navigable platform
Funds can get locked on Changelly
Why We Picked It
Changelly lets you retain control of your assets and private keys. No identifying information is needed to trade the vast variety of cryptocurrencies available on the platform.
Bisq
Bisq is slightly more complicated than other crypto exchanges. It is not an online platform developed on a chain like Ethereum or BNB Chain; Bisq is rather a computer application. It is a free application that you need to download and install on your computer for cryptocurrency trading. There is no mobile app and Bisq can be used only on a computer.
This may sound inconvenient but on the flip side, nothing can compete with Bisq in terms of privacy and decentralization. It is an open-source software accessible to anyone with a computer and internet connection. Further, it is a very community-driven platform that is governed as a decentralized autonomous organization(DAO).
Another advantage of Bisq is that since its servers are geographically scattered, there is no possibility of a central failure. Even then, your funds always remain safe and in your custody, because Bisq itself is a non-custodial platform.
Features
✔️Free and downloadable computer application
✔️Platform is run as a DAO
✔️Native token is known as BSQ
✔️No fiat currency is supported
Pros and Cons
✅Complete decentralization ❌Need BTC/BSQ for payments
✅Community governance ❌Scant learning material
✅Servers are scattered worldwide
✅User retains control over private keys
Trading Fees.
Trading fees for Bisq exchange
Customer Reviews
Bisq follows the principle of complete decentralization for P2P trading
Bisq can be hard to navigate
Why We Picked It
Bisq is an exchange that strives to remain faithful to the principle and spirit of cryptocurrency. Here, no one interferes with crypto buyers and sellers and they are free to negotiate and conclude their trades. With Bisq, users retain custody over their private keys and therefore, don’t have to give up control of their funds.
Curve Finance
For Curve Finance, stability is supreme. That is why, this decentralized exchange which specializes in stablecoin trading, is a bastion of stability in a sea of unpredictable platforms.
If you want to invest in stablecoins at a relatively low-risk platform, Curve Finance is the go-to place. Since it does not have a central order book, it utilizes the Automated Market Maker protocol which is a collection of smart contracts to facilitate trading on the platform.
These smart contracts automate the process by using algorithms to price the assets in a liquidity pool. Curve Finance also has a native token CRV. It plays a major role in the development of the platform as CRV holders are the ones who vote on proposals related to the platform.
Fees for liquidity pools on Curve Finance can be between 0.04% to 0.4%.
Features
✔️Built on the Ethereum network
✔️Employs Automated Market Maker
✔️Provides liquidity for stablecoins
✔️Native token CRV
Pros and Cons
✅Low-risk exchange ❌Not suitable for beginners
✅Compatible with multiple
blockchains
✅Community governance by
CRV holders
Trading Fees
Trading fees for Curve Finance
Why We Picked It
Curve Finance is a stable platform where algorithms price the assets in a liquidity pool. There are fewer chances of price manipulation and you can earn healthy sums in the short and long term via its liquidity pools.
DODO
DODO is a relatively new entrant in the decentralized crypto exchange space. While it is another Ethereum-based exchange, its use of the Proactive Market Maker system differentiates it from its contemporaries. This helps DODO provide better pricing to users as its oracles mimic human trading.
You can use Initial DODO Offerings(IDOs) to easily list tokens at a negligible cost. There are also no minimum deposit requirements to become a liquidity provider which has helped in making DODO a more inclusive exchange.
Features
✔️Built on the Ethereum network
✔️Uses Proactive Market Maker
✔️Native token DODO Coin
Pros and Cons
✅Cross-chain trading allowed ❌No fiat currency can be used
✅Nearly free listing of tokens
✅No minimum deposit needed
✅Liberty to create liquidity market
Trading Fees
Trading fees for DODO
Why We Picked It
DODO has low slippage and pretty much no possibility of impermanent loss. Its oracles help to provide the best possible price. Anyone can create a liquidity market on DODO and the listing of tokens is a simple and cost-effective process here.
Is Bitcoin Available in Sudan?
Sudan does not have any specific legislation to regulate cryptocurrencies. Though the country has an Electronic Transactions Act, it only addresses electronic payments in general and does not include cryptocurrency. Largely though, the authorities in the country are not very open to digital assets.
The Central Bank of Sudan(CBOS) has also warned citizens against investing in cryptocurrencies due to the high risk associated with them. It also stated that crypto assets are not classified as money or property as per the regulations of the country.
Conclusion
Crypto trading has been growing in Sudan in the wake of its economic crisis. The authorities, however, have a cautious attitude towards cryptocurrencies. Crypto assets, therefore, operate in a legal grey area in the country. There are only a few crypto exchanges operating in Sudan. However, they do offer a good number of services to traders in the country.
Still, it is important to do your research before investing in cryptocurrencies. These are high risk assets and you need to carefully weigh the pros and cons before putting your money in them.