While the continent of Africa has perhaps the lowest cryptocurrency transaction volumes of any region, crypto adoption has been rising at a fast pace considering the purchasing power and population of the region. While Nigeria and Kenya are seen as the primary drivers of this growth, Chainalysis reports reveal that Ghana will soon catch up with them.
This growth is largely driven by the youth of the country that sees cryptocurrency as a hedge against inflation in an economy with low opportunities. As per the State of Crypto: Africa Report, high inflation rates, lack of banking infrastructure, capital control and depreciating local currencies(Cedi in the case of Ghana) are driving people towards alternative financial systems.
Considering the rapid depreciation in the value of the Ghanian Cedi(GHS), many Ghanaians are turning to cryptocurrency particularly stablecoins such as USDT and USDC to store their wealth. Further, cryptocurrencies are often used for transferring money across borders since cross-border payments via traditional financial systems can be expensive.
In Ghana, while people are showing enthusiasm and curiosity towards cryptocurrency, the central bank is wary of the same. It has repeatedly warned the public about the risks of cryptocurrency trading yet the same does not show signs of abating.
When it comes to choosing the right platform for trading crypto, the number of available choices can be overwhelming. There are centralized and decentralized exchanges, some with native tokens that are an integral part of their ecosystem, others that allow crypto lending and staking besides trading.
To help you out, we have compiled a list of the best cryptocurrency exchanges operating in Ghana. This includes exchanges geared towards the African population as well as prominent international platforms. You can have a look at them and then choose the option that is the right fit for you.
Top 7 Crypto Exchanges Operating in Ghana
Yellow Card
Yellow Card is a cryptocurrency exchange made for African traders. Offering its services in 16 countries in the region, it seeks to build a pan-African crypto network. It is an accessible Bitcoin exchange where you can directly buy BTC and other cryptocurrencies with GHS.
On Yellow Card, you can also use Mobile Money(MoMo) to instantly transfer funds for trading. Further, you can get rewards every time your friends make a transaction if they join Yellow Card by your referral.
Yellow Card makes it easy to send and receive money from across Africa using cryptocurrency. It does not charge any fees for this though you should note that on Yellow Pay, exchange rates are calculated against the USD.
Features
✔️Seeks to develop pan-African crypto network
✔️7 cryptocurrencies available for trading
✔️Fiat currencies including GHS supported
Pros and Cons
✅Transfers via MoMo are instant ❌Low number of cryptocurrencies
✅Refer and Earn program available
✅Easy cross-border transfers ❌ Charges deposit and withdrawal fees
✅ Learning material available
Trading Fees
Yellow Card fees explained
Customer Reviews
Yellow Card is an exchange well-liked by users
KYC verification process on Yellow Card can be complex
Why We Picked It
Yello Card is developed for African traders and it is helping to build a vibrant crypto community in the region. You can use it if you want to directly buy crypto with fiat money. Yellow Card accepts MoMo transfers and makes it easy to send and receive money across borders.
Coinbase
Crypto beginners would be at home at Coinbase. It is a simple and accessible exchange for traders starting from zero. With around 250 tradable assets, there is no dearth of options for you.
If you’re looking for more advanced options though, you should check out Coinbase’s Pro platform. It has advanced charting and market tracking tools in contrast to the basic version which is meant more for basic crypto buying/selling.
Coinbase has a solid mobile app that works on both iOS and Android devices. It has all the features of the web version so you can trade anytime anywhere. You can utilize its 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.
Kraken
Kraken, one of the oldest cryptocurrency exchanges, is also the first exchange to be approved as a Special Purpose Depository Institution(SPDI) in America. It started operations more than a decade ago with just Bitcoin, Litecoin, and Euro trades and now has over 200 cryptocurrencies available for spot, futures and margin trading.
Besides that, Kraken offers crypto indices, OTC services and the opportunity to stake assets to earn interest on them. You can check out both flexible and bonded products and choose the ones that are compatible with your investment goals.
Kraken’s Proof-of-Reserves report is publicly available on its website so that any interested person can access and verify the results. People can report vulnerabilities in its system via the Kraken Bug Bounty program and receive rewards as per the severity of the reported vulnerability.
On a basic level, Kraken users are encouraged to turn on 2-factor authentication(2FA) and the Global Settings Lock(GSL) for the highest level of security.
Features
✔️200+ cryptocurrencies available for trading
✔️One of the oldest operating exchanges
✔️Proof-of-Reserves reports open to public
✔️Uses 2FA and GSL for security
Pros and Cons
✅Massive coin collection ❌Not a very good option for newbies
✅Several types of trades can be ❌Higher fees on Kraken basic
done
✅Many assets for staking
✅Different fiat currencies supported
Trading Fees
Kraken Instant Buy fees explained
Kraken Pro fees explained
Customer Reviews
Kraken is a convenient platform for trading
Transactions can involve high fees on Kraken
Why We Picked It
Kraken is in general a stable and reliable exchange. It offers several products apart from basic trading features that are suitable for both new and expert traders. It also follows the best industry practices for securing accounts and funds.
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.
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.
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.
Top 3 Decentralized Exchanges in Ghana
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 GHS and you can buy BTC with GHS 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 GHS-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 GHS
✅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 GHS 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.
Bisq
Bisq is a cryptocurrency exchange with a very hands-off approach. It does not interfere with the way trades are conducted and simply acts as a marketplace where crypto buyers and sellers can meet and trade with each other.
Bisq is not specifically a website but a software that you have to download and install on your device for trading.
Bisq is governed as a decentralized autonomous organization in order to ensure that it remains self-sustainable and censorship-resistant. There are no geographical barriers to using it and anyone with a computer and internet connection can join and trade with crypto traders across the globe.
Features
✔️Free open-source software
✔️Governed as a decentralized autonomous organization
✔️BSQ is the native token
✔️Fees determined in BTC or BSQ terms
Pros and Cons
✅Decentralized exchange ❌Need BTC or BSQ
✅Private keys are in users’ hands ❌Not suitable for novice traders
✅Zero geographical barriers
✅Code is publicly available
Trading Fees
Bisq fees explained
Customer Reviews
Bisq does not require accounts to be approved by anyone
Transactions can take time to be completed on Bisq
Why We Picked It
Bisq is independent of any central authority and users don’t have to wait for their accounts to be approved for trading. You don’t need to submit any identifying information to the exchange and your private keys always remain in your hands.
Is Crypto Legal in Ghana?
There are no regulations regarding cryptocurrency in Ghana. As a result, cryptocurrency trading is neither legal nor illegal in the country. But the various notices issued by the Bank of Ghana(BoG) warn the public that cryptocurrency is not legal tender and is not regulated under any law.
Therefore, there are no safeguards for people who indulge in cryptocurrency trading.
Ghana’s Securities and Exchange Commission(SEC) has a similar stance. In a notice issued in 2019, it reiterated that cryptocurrency is not legal tender and no online crypto trading platforms had been licensed by the government. Hence, people who trade cryptocurrencies were doing so at their own risk.
This means that while cryptocurrency trading continues to take place in Ghana, traders remain vulnerable to scams and other legal problems in the absence of a regulatory framework.
While the authorities in Ghana are wary of cryptocurrencies, this does not extend to the underlying technology. The BoG has been encouraging innovation and development in the financial technology(FinTech) sector and had even set up a FinTech and Innovation Office for innovation in the banking sector.
The BoG has also recognized the potential of blockchain technology. In 2022, it introduced the eCedi, Ghana’s Central Bank Digital Currency(CBDC) as a pilot project with the aim of boosting economic growth and financial inclusion in the country.
The Bottom Line
In Ghana, cryptocurrency adoption is increasing despite regulatory uncertainty. There are many online crypto trading platforms working in the country including P2P marketplaces where people directly negotiate and conclude trades.
The Bank of Ghana has launched a pilot of its CBDC called eCedi but is not in favor of legalizing cryptocurrency. Therefore, it is important to take the regulatory environment into consideration before indulging in crypto trading.
Understanding the financial implications of crypto trading is essential especially in a country where there are no safeguards for consumers in case things go south. Hence, you should do your due diligence and get advice from professionals before wading into crypto trading.