Over the years, cryptocurrency has been making inroads in several new markets. One such place is Namibia. This Southern African country too has gone from being hostile towards cryptocurrencies to eventually approving a law to license and regulate the crypto sector. Hence, crypto exchanges are legally allowed to operate in Namibia.
To help you learn more about these crypto exchanges, we have compiled a list of the best Bitcoin exchanges in Namibia. Therefore, read on to find out more about top crypto exchanges in Namibia.
7 Top Crypto Exchanges in Namibia
Coinbase
Crypto beginners would be right at home with Coinbase because it is an accessible exchange for crypto traders starting from zero. With over 250 tradable assets, there is no shortage of options here.
If you’re looking for something more advanced though, you should check out Coinbase’s Pro platform. There are many advanced charting and market tracking tools on Coinbase Pro in contrast to the basic version which is meant more for basic crypto buying/selling.
In addition, Coinbase has an excellent mobile app that works on both iOS and Android devices. The app has all the features of the web version so you can trade anytime anywhere. You can employ the platform’s portfolio manager to keep track of your assets and investments.
Although Coinbase already keeps the majority of the assets in offline storage, you can also use the Coinbase Vault with time-delayed withdrawals for added safety.
Traders interested in further exploring Web3 apps can use Coinbase for that. You can easily access popular apps such as Galxe, OpenSea and Magic Eden with the Coinbase mobile app.
Features
✔️Over 250 assets available for trading
✔️Public company listed on NASDAQ
✔️Two versions available
✔️Offline storage and Coinbase Vault for securing funds
Pros and Cons
✅Straightforward interface ❌Costly trades on basic version
✅Great crypto collection ❌Poor customer service reviews
✅Fantastic mobile app
✅Trades on Coinbase Pro are
less expensive
Trading Fees
Coinbase fees explained
Customer Reviews
Coinbase is an exchange trusted by users
Coinbase’s customer service needs an overhaul
Why We Picked It
Coinbase is a straightforward exchange that maintains a high standard of transparency and accountability. The Coinbase basic and pro platforms have been developed keeping in mind the needs of beginner and advanced traders respectively. It has a fantastic mobile app that works the same as the web version.
Crypto.com
Crypto.com is slightly different from other crypto exchanges in that it focuses on developing and promoting its mobile app more than its web version. Its efforts seem to be paying off as the Crypto.com mobile app is one of the fastest growing crypto trading apps with approximately 50 million active users in 2022.
With over 250 cryptocurrencies, it has a variety of assets available for trading including its native Cronos(CRO) token. Plus, you don’t have to pay anything for token deposits or crypto-to-crypto conversions on Crypto.com. There is also a Crypto.com wallet where you can store your assets, an NFT marketplace for users who are into art tokens, a healthy number of assets for staking as well as a prepaid Visa card.
You can also get discounts on the trading fees paid if you stake a certain amount of CRO tokens. In addition, Crypto.com has adopted multi-factor authentication(MFA), address whitelisting and cold storage to ensure the safety of user assets and data.
Features
✔️Promotes mobile app-based trading
✔️Over 250 cryptocurrencies available for trading
✔️Supports crypto lending
✔️Cronos(CRO) is native token
Pros and Cons
✅Fantastic coin selection ❌Insufficient educational resources
✅Competitive fee rates ❌Not exactly beginner-friendly
✅Native Web3 wallet
✅MFA and address whitelisting
Trading Fees
Crypto.com fees explained
Customer Reviews
Crypto.com has a terrific app
Users have reported problems with withdrawals on Crypto.com
Why We Picked It
You can trade on the go with the Crypto.com mobile app. The fees here are fairly low and you can further reduce them by staking CRO. You can also explore NFTs on Crypto.com and use the app for making merchant payments.
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.
Uphold
Uphold, launched in 2015, is a multi-asset platform for trading different types of assets such as fiat currencies, precious metals like gold and silver as well as cryptocurrencies. There is no commission for trading on Uphold though it does charge a spread for the same. The spread is generally around 1.8% for regions outside Europe.
There are many opportunities for staking assets on Uphold and you can earn rewards for the same. Its “Cryptionary” section teaches you about terms associated with crypto trading and even about the crypto world in general.
Maintaining strong passwords and enabling 2FA is standard security procedure on Uphold. Security audits and penetration tests are also conducted here on a regular basis.
Features
✔️Several asset types supported
✔️200+ cryptocurrencies available for trading
✔️Offers a debit card with rewards
✔️2FA and security audits to maintain platform safety
Pros and Cons
✅Wide variety of assets ❌Spreads are costly
✅Supports cross-asset trading ❌Limited customer support
✅Crypto staking opportunities
✅Comprehensive learning resources
Trading Fees
Uphold service fees explained
Customer Reviews
Uphold is an easily navigable platform
Withdrawing funds can be a frustrating experience on Uphold
Why We Picked It
Uphold has a wide variety of assets- bet it fiat currencies, precious metals or cryptocurrencies. Even among cryptocurrencies, it has a great selection of 200+ coins for trading. You can easily trade crypto with fiat or precious metals like gold or silver here.
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.
4 Top P2P Exchanges in Namibia
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, but 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 place 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.
UniSwap
Any discussion about decentralized exchanges is incomplete without the mention of UniSwap. Launched in 2018 on Ethereum, it is the exchange that started the DeFi wave a few years later. While decentralized exchanges have a reputation for being difficult to use, UniSwap is relatively accessible and beginner-friendly.
On UniSwap, everything from the creation of liquidity pools to the swapping of tokens is automated with the help of smart contracts. This system is known as Automated Market Maker(AMM) and helps to reduce the risk of manipulation on the platform.
For using UniSwap, all you have to do is get a crypto wallet, fund it and then connect it to the platform. You don’t need to submit any other information or hand over the custody of your assets. There are three tiers for pool fees on UniSwap and fees are charged generally according to the nature or stability of the pair being traded.
Features
✔️Created on the Ethereum network
✔️Employs the AMM protocol
✔️Native token is known as UNI
✔️Governed collectively by UNI holders
Pros and Cons
✅Get access to ERC-20 tokens ❌Coins are not vetted before listing
✅Ensures users’ privacy
✅Easy-to-navigate platform
✅Active bug bounty program
Trading Fees
Pool fees tiers for UniSwap exchange
Customer Reviews
UniSwap is an accessible decentralized exchange for swapping tokens
UniSwap has no official system to review customer complaints
Why We Picked It
UniSwap is an established, popular and accessible decentralized cryptocurrency exchange. The whole process here is automated by AMM to reduce the possibility of price manipulation. UniSwap gives you instant access to tons of ERC-20 tokens for trading as soon as you connect your crypto wallet to the platform.
PancakeSwap
PancakeSwap was launched in the DeFi golden year of 2020 and has grown by leaps and bounds since then. It is one of the most successful DeFi projects out there and has a lot to offer to crypto traders of different backgrounds.
Its use of the BNB Chain keeps it free from frequent problems of slowed-down transactions and high gas fees. You can swap a number of BEP-20 tokens and some ERC-20 tokens as well at very low fees. Even then, PancakeSwap offers lower slippage and more efficiency especially for stable pair trades via its StableSwap feature.
Features
✔️Created on the BNB Chain network
✔️Four-tiered trading fee system
✔️Native utility token is known as CAKE
✔️CAKE holders govern the network
Pros and Cons
✅Non-custodial exchange ❌Bitcoin is not available
✅Access to many BEP-20 tokens ❌Issue of persistent scams
✅Efficient stable pair trades with
StableSwap
✅Staking in yield farms
Trading Fees
Trading fees for PancakeSwap exchange
Customer Reviews
PancakeSwap has a plethora of tokens available at reasonable fees
There is a persisting problem of low-quality coins on PancakeSwap
Why We Picked It
PanckaeSwap gives you access to tons of BEP-20 tokens for swapping and that too, without any issue of extremely costly gas fees. Its native token CAKE can be staked in syrup pools and it is also compatible with other chains like Ethereum and Aptos. Along with being an efficient exchange, PancakeSwap simply makes crypto trading fun.
Is Cryptocurrency Legal in Namibia?
Cryptocurrency had been illegal in Namibia till 2023 when the Virtual Assets Act was passed to regulate the crypto sector. Before that, Namibian authorities had had a hostile attitude towards cryptocurrencies.
In 2017, the Namibian central bank had declared that crypto exchanges were illegal in the country. People were also discouraged from trading or investing in cryptocurrencies as the central bank did not recognize them as commodities.
This stance was reversed in 2023 when the Virtual Assets Act was passed which provides for a regulator to supervise the crypto sector and includes licensing requirements for cryptocurrency exchanges.
With the new changes, crypto businesses in Namibia are also subject to the Financial Intelligence Act’s anti-financial crime provisions and the Companies Act. There are also provisions for consumer protection, prevention of market abuse and money laundering.
Conclusion
There are several cryptocurrency exchanges operating in Namibia. The country’s changed stance on cryptocurrencies is good news for crypto traders who can now expect a wider variety in the market and consumer protection standards that enable people to trade safely.
Despite this, it should be remembered that cryptocurrencies are inherently volatile assets. You can make big money with cryptocurrency but also lose that money instantly. Hence, you should be cautious and invest in cryptocurrencies only after thorough research and introspection.