Cryptocurrency has been gaining popularity in many African countries as an alternative investment option and as a hedge against inflation and depreciating currency. The same is true for Mali. Even though cryptocurrency is not as popular here as in Nigeria or Ghana, it does have a small but growing crypto community.
There are limited cryptocurrency exchanges operating in Mali. We have compiled a list of some such exchanges so that you can learn about the best crypto exchanges in Mali.
Top 5 Cryptocurrency Exchanges in Mali
Kraken
Kraken is an exchange that segregates products and services according to the level of the users. There is the default Kraken platform that is geared towards beginners and the Kraken Pro platform which caters to advanced traders.
The fees on the default platform are decided by several dynamic factors such as transaction size, type of asset, market conditions and the payment method used. On the other hand, the conventional maker-taker system is used for determining trading fees on the Kraken Pro version.
Here, you can check out margin trading, invest in futures or crypto indices and check out OTC services. This exchange has very high liquidity and low spreads which provides for a seamless trading experience.
The fees on Kraken Instant Buy vary from trade to trade as they are determined by factors such as transaction size, payment method used and the type of asset.
To educate users, Kraken features a comprehensive compilation of educational resources in various audio-visual formats. You can also easily find information about Kraken affiliates and its Proof-of-Reserves on its website.
It is a KYC-compliant exchange and there are limits put on your deposits and withdrawals depending on your verification level. Kraken also requires users to enable 2FA for account security. Beyond that, there is the Global Settings Lock(GSL) which can be set up to act as the last line of defence if the account password and 2FA are compromised.
Features
✔️More than 200 cryptocurrencies available
✔️Kraken basic and Kraken Pro platforms
✔️Publicly available proof-of reserves
✔️2FA and GSL for security
Pros and Cons
✅Satisfactory coin collection ❌Fees are high on the basic version
✅Educational material ❌Funding restricted in Mali
✅Lower fees on Kraken Pro
✅Good APYs on staking
Trading Fees
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Kraken’s customer support is helpful
Some users have found their accounts being closed by Kraken
Why We Picked It
Kraken offers something for everyone. It is smooth sailing once you familiarize yourself with the layout of the platform. You can check out OTC services here and even invest in crypto indices or futures.
OKX
OKX, a cryptocurrency exchange founded by Star Xu and based in Seychelles, is known for its competitive fees, strong APIs and quick transactions. The whole ecosystem is powered by its native blockchain known as OKX Chain and its native token OKB.
On OKX, you can indulge in spot, margin and options trading as well as also dabble in perpetual swaps. Here, you can also avail of crypto mining services and crypto loans. The exchange has a native OKX Wallet which supports around 40 networks and you can use it to explore DeFi apps. Plus, you should check out the Jumpstart Mining initiative if you are interested in farming DeFi tokens.
Features
✔️400+ assets for trading
✔️Has native blockchain and native token
✔️OKX Wallet compatible with 40+ networks
✔️Farming DeFi tokens via Jumpstart Mining
Pros and Cons
✅Lower trading fees ❌Complex fee structure
✅Multiple payment options ❌Poor customer support
✅Extensive learning material
✅Demo trading available
Trading Fees
OKX trading fees explained
Customer Reviews
OKX is an easily navigable platform
OKX’s customer support needs improvements
Why We Picked It
You can indulge in several types of trades on OKX. There is a demo trading mode where you can practice and test out your strategies before applying them for actual trades. Crypto mining services and DApps are also available here.
Bybit
Bybit is one of the top cryptocurrency exchanges that is regularly introducing new features and attractive offers for its users. Though primarily focusing on derivatives trading, Bybit has plenty on offer for spot traders too.
If you are swapping perpetuals on Bybit, you can conveniently use USDC and USDT as collateral for the same. You can also use USDC as collateral for inverse contracts and options contracts. It supports copy trading as well which can be a great option for traders to imitate the strategies of top traders without needing to go through the details of complex trading strategies.
Bybit utilizes AI to analyze your investment profile and recommend tools that are best for your needs and trading style. It also offers an in-built wallet with which you can explore the world of Web3 and DApps.
Features
✔️Mainly for derivatives trading
✔️280+ pairs available for spot trading
✔️Has world’s largest USDC Options marketplace
✔️Copy trading available
Pros and Cons
✅Simple UI ❌Not the best for spot trades
✅Trades are not costly
✅Demo trading available
✅In-built wallet
Trading Fees
Bybit fees explained
Customer Reviews
Bybit has excellent features and coin selection
Users report accounts being locked on Bybit
Why We Picked It
Bybit is a fantastic exchange, particularly for crypto derivatives traders. It has a slick interface, a native Web3 wallet and it enables fast transaction settlement with its 100K TPS matching engine.
KuCoin
Traders who want a wide variety of crypto coins should definitely check out KuCoin as this exchange has one of the biggest altcoin collections out there. Apart from that, you can access KuCoin in 20+ languages. It has also nurtured global communities where you can interact with other traders in your preferred language.
KuCoin also features trading bots that can be used to automate trades. In other words, these bots can execute trades on your behalf. They can be used for spot grid, dollar-cost averaging, futures and infinity grid and smart rebalancing.
On KuCoin, you can discover the latest market trends related to crypto with its Halo wallet which functions as a gateway to Web3. In the Halo wallet, you get a social feed where you can keep track of the on-chain activities of the wallets that you are following.
Features
✔️700+ cryptocurrencies for trading
✔️Multiple languages supported
✔️Uses MFA for security
✔️KuCoin Token(KCS) is native token
Pros and Cons
✅Immense crypto variety ❌Complicated fee system
✅Trading fees are on the lower side
✅Limited trading without KYC
✅Automate trades with trading bots
Trading Fees
KuCoin fees explained
Customer Reviews
KuCoin can be used to find new coins
KuCoin has a poor customer support
Why We Picked It
If you want an exchange with an immense collection of cryptocurrencies, KuCoin is the way to go. The trading fees here are on the lower side and its trading bots help you automatically execute your trades. The Halo wallet can be used to access Web3 products.
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 upto $250,000 per trade. On Nexo Pro, 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 P2P Exchanges in Mali
Paxful
P2P crypto exchanges are gaining ground in many African countries where banks and other payment service providers are often hesitant to process crypto transactions. Paxful is one such exchange that is quite popular among crypto traders in the region.
It is simply a marketplace that allows crypto buyers and sellers to engage with each other and negotiate and settle their trades. Users have the option to choose any of the 350+ methods available to pay for their cryptocurrency. Be it online wallets like PayPal, debit or credit cards or even cash, you can use anything to buy crypto on Paxful.
For businesses, there is Paxful Pay which enables them to accept crypto payments from a global user base at a transaction fee of 1%. Paxful also has a referral program where you can grow your network by inviting people to the platform and getting rewards for the same.
Features
✔️More than 350 payment options
✔️BTC and USDT to buy and sell crypto
✔️Escrow trading available
✔️Has a wallet for storing BTC
Pros and Cons
✅Several payment options ❌Selling crypto can be expensive
supported ❌Scams are possible
✅Receive payments with Paxful
Pay
✅Has a Refer and Earn program
✅Sellers can set BTC rates
Trading Fees
Paxful fees explained
Customer Reviews
Paxful is a convenient and efficient exchange
There is always a possibility of scam trades on Paxful
Why We Picked It
Paxful is fast and efficient and does not charge anything for buying cryptocurrencies. There are a plethora of payment options available and you can trade the way you like. Merchants can check out Paxful Pay for its relatively lower charges.
Remitano
Remitano is a popular P2P platform for trading Bitcoin and other cryptocurrencies. It supports the West African CFA Cranc(XOF) and you can buy BTC with XOF in the simplest possible manner. Remitano also supports crypto lending and has a Gamehub where you can play games to earn coins.
There is a conversion calculator that can give you an estimation of the XOF-to-crypto conversion rates. The transactions here are fast and Remitano has an escrow system in place to provide a safe and secure crypto trading environment.
Features
✔️30+ cryptocurrencies available for trading
✔️Crypto lending supported
✔️Gamehub to earn coins
Pros and Cons
✅Quick transactions ❌Instances of accounts being locked
✅Supports XOF
✅Refer and Earn scheme
✅Safe trading with escrow system
Trading Fees
Remitano fees explained
Customer Reviews
Remitano is trusted by users
Reports of funds being locked on Remitano
Why We Picked It
Remitano is a good option if you want to buy crypto with XOF on a P2P platform. It has a Gamehub for earning tokens and a referral program with some good rewards. You can also get incentives for completing the learning courses on Remitano.
UniSwap
Decentralized exchanges used to be somewhat of a niche but UniSwap managed to become popular among the mainstream crypto community. This is, to a large extent, due to its beginner-friendly interface which even casual crypto traders can easily navigate.
Developed with the help of the Ethereum Foundation, UniSwap has a number of ERC-20 tokens available for trading. This makes it an attractive and convenient option for trading since users do not have to go through the hassle of KYC verification here.
UniSwap has three main tiers for pool fees- 0.05%, 0.30% and 1%. A new fee level of 0.01% was added in 2021.
UniSwap is built on the foundation of community governance where it is essentially the community which decides the future of the platform. Users who hold UNI tokens can vote on proposals related to the governance of the network which are then implemented as per the community’s wishes.
Features
✔️Built on the Ethereum network
✔️Uses Automated Market Maker(AMM) system
✔️Native token UNI
✔️Voting on governance proposals by the community
Pros and Cons
✅No KYC needed ❌No official customer support system
✅Access to ERC-20 tokens
✅Compatibility with major crypto
wallets
✅Highly liquid platform
Trading Fees
Trading fees for UniSwap
Customer Reviews
UniSwap is a fine decentralized exchange
UniSwap has no mechanism for grievance redressal
Why We Picked It
UniSwap is a popular decentralized exchange with high liquidity. It gives you access to a wide variety of ERC-20 tokens without the hassle of KYC verification. UniSwap can be used with any major crypto wallet such as Metamask.
PancakeSwap
PancakeSwap is quite similar to UniSwap at a foundational level though they differ in several other areas. For instance, PancakeSwap does not run on Ethereum but on the BNB Chain. Therefore, it primarily deals in BEP-20 tokens though it supports a few ERC-20 tokens as well.
PancakeSwap is committed to its food-based theme which is reflected in the nomenclature of its key products. Its native token is CAKE which can be staked in syrup pools. There are Initial Farm Offerings(IFOs) where users can get early access to newly-listed tokens.
With its newly-released v3, PancakeSwap has improved its capital efficiency and promises lower slippage than before for traders. It has also introduced four tiers with extremely low fees as compared to PancakeSwap v2’s single 0.25% fee rate. The new v3 has four trading fee tiers- 0.01%, 0.05%, 0.25% and 1%. The majority share of the fee collected goes to the liquidity providers.
Features
✔️Built on the BNB Chain
✔️Uses Automated Market Maker
✔️Four tiers for pool fees
✔️Native token CAKE
Pros and Cons
✅Access to BEP-20 tokens ❌No vetting of coins
✅Innovative products ❌Phishing scams
✅Trading with privacy
✅IFOs for access to new tokens
Trading Fees
Trading fees for PancakeSwap
Customer Reviews
PancakeSwap is a reliable DeFi platform
PancakeSwap does not vet coins before listing
Why We Picked It
PancakeSwap does not face the problems that Ethereum-based exchanges face. The fees here are among the lowest in the industry and there are a lot of innovative products for you to choose from.
Bisq
Bisq is as decentralized as a platform can get. It is a purely peer-to-peer exchange where there are just crypto buyers and sellers and no one else. In fact, it is not even a corporation per se. Bisq is instead a free software under GNU Affero General Public License.
Rather than going to a website and connecting a crypto wallet, you need to install the software on your computer to use Bisq. Its servers are located in several locations globally so a loss due to a central failure is not possible.
BTC or BSQ is compulsorily needed for trading on Bisq. The combined fee rate is 1.1% in the case of BTC and 0.55% in the case of BSQ
However, you need to remember that on Bisq you are responsible for your own safety. You are responsible for the security of your assets and should be wary of possible scams on the platform since it would be nearly impossible to recover the crypto assets once they are lost.
Features
✔️Downloadable computer application
✔️Globally scattered servers
✔️Native token BSQ
Pros and Cons
✅Completely P2P platform ❌Not many resources for learning
✅Central failure not possible ❌Only BTC and BSQ accepted for fees
✅User control over private keys
✅Community-driven exchange
Trading Fees
Trading fees for Bisq
Customer Reviews
There is no need for registration on Bisq
Bisq does not have the best UI
Why We Picked It
Bisq is the way to go if you want a completely decentralized platform. It is entirely community-driven and deals purely in cryptocurrency. Nothing more nothing less. There are no geographical restrictions on using Bisq and anyone with a computer can use it.
Curve Finance
Curve Finance mainly provides liquidity for stablecoins or wrapped versions of assets. It can, therefore, be considered to be a more stable platform than other DeFi projects.
The fees on Curve Finance depend on its internal oracle and can range from 0.04% to 0.4%.
A big advantage for this platform is that works on multiple chains including Ethereum, Avalanche, Polygon, and Arbitrum. It has a native token called CRV and the ones who hold these tokens are allowed to vote on proposals for the platform. This establishes a culture of community governance on Curve Finance.
Features
✔️Primarily for stablecoin swapping
✔️Highly liquid platform
✔️Uses Automated Market maker model
Pros and Cons
✅Pools are customizable ❌Not very beginner-friendly
✅Supported on multiple chains ❌Does not have a mobile app
✅Low transaction fee
Trading Fees
Curve Finance fee details
Why We Picked It
Curve Finance is perfect for people who want a totally decentralized exchange for trading. It is stable, efficient and has high liquidity to facilitate convenient cryptocurrency trading.
Is Cryptocurrency Legal in Mali?
There is no official ban on cryptocurrency in Mali. However, there is no legislation to regulate them either. Cryptocurrencies are, in fact, implicitly banned in the country. This means that while the government has not officially declared crypto assets or crypto trading to be illegal, it does make it difficult for banks and other financial financial institutions to facilitate crypto transactions.
Conclusion
Cryptocurrencies have not caught up in Mali as they have in other African countries. Therefore, there are few platforms that offer their services in the country. Still, the ones available do offer a good variety of crypto products to Malian traders.
However, at the end of the day, cryptocurrencies are extremely volatile assets and can witness dramatic highs and lows in just a few hours. The risk is further compounded by the lack of legal protections for crypto traders. Therefore, it is a good idea to always consult a professional before investing in cryptocurrency.