Free Guide: How to Buy Cryptocurrency in Benin

May 8, 2020 9:51 AM UTC

If you are looking to buy cryptocurrency in Benin, you will need to use a cryptocurrency exchange. There are over the counter (OTC) methods to buy cryptocurrencies, however, this article only focuses on how to buy cryptocurrency in Benin using online exchanges.

There are numerous online exchanges to buy cryptocurrencies, but due to regulations, not all of them are available in Benin. Therefore, this article intends to outline twenty exchanges that you can use to legally buy cryptocurrency in Benin and get started with trading cryptocurrencies.

1. Paxful – Buy Cryptocurrency in Benin

Paxful is an exchange to get people started in the cryptocurrency industry. Paxful is similar to Coinhub, but I personally believe Paxful is actually a better exchange to get people started in the cryptocurrency industry.

Paxful Benefits for Buying Cryptocurrency in Benin

• Paxful is easy to use and has a user-friendly interface
• Paxful offers fiat to cryptocurrency trading for almost every currency on the planet; Beninese XOF is listed on Paxful
• Paxful has low fees for Beninese Crypto buyers

Paxful Negatives for Buying Cryptocurrency in Benin

The negatives of using Paxful to Buy cryptocurrency in Benin are a very limited array of cryptocurrencies available for trading. In fact, only Bitcoin is available for trade. Also, there is growing proof that most sellers on Paxful offer prices above the market price in an attempt to rip off buyers. Lastly, the Paxful platform may have attracted some scammers.

Paxful Fees for Buying Cryptocurrency in Benin

The fees of using the Paxful platform to buy cryptocurrency in Benin are very high. Paxful has a 1% fee for trading on their platform that is only payable by the seller. Depositing bitcoins and/or fiat on Paxful does not have a fee. Withdraws made on the Paxful platform are charged a fixed fee of 0.0005 BTC.

2. Coindirect – Buy cryptocurrency in Benin

Coindirect is a popular and well-established cryptocurrency exchange that is used in most countries, including Benin.

Coindirect Benefits for Buying Cryptocurrency in Benin

• A consistently high trade volume for Beninese traders
• Easy to use and user-friendly interface
• The ability to trade cryptocurrencies with fiat currencies for Beninese traders
• KYC check is not a requirement for trading cryptocurrencies on Coindirect

Coindirect Negatives for Buying Cryptocurrency in Benin

The negatives of using Coindirect to buy cryptocurrency in Benin are high fees and a limited array of cryptocurrencies available for purchase for Beninese cryptocurrency traders.

Coindirect Fees for Buying Cryptocurrency in Benin

The fees for buying and selling cryptocurrencies in Benin on Coindirect tend to be very straightforward. Coindirect does not charge anything for purchases made on their platform, however, sellers are subject to a 1% fee. There are no hidden fees for withdrawals or deposits.

3. Binance – Buy cryptocurrency in Benin

From personal experience I can say that Binance is one of the best exchanges for buying and selling cryptocurrencies in Benin.

Buy Bitcoin in Benin

Binance Positives for Buying Cryptocurrency in Benin

• Binance offers very low fees to Beninese traders
• Binance is easy to use and has a user-friendly interface
• No national ID verification necessary for signing up
• Binance allows users to buy cryptocurrency in Benin using Ugandan Shillings.
• Binance is the most popular exchange worldwide and has one of the highest trade volumes among cryptocurrency exchanges that are available in Benin.

Binance Negatives for Buying Cryptocurrency in Benin

The negatives of using Binance to buy cryptocurrencies in Benin is the fact that Binance is not very well regulated.

Binances Fees for Buying Cryptocurrency in Benin

The fees for buying cryptocurrencies in Benin, on Binance, are extremely low. Binance does not charge any deposit or withdrawal fees. Also, Binance only charges a 0.1% fee for trading cryptocurrencies. Fiat deposits are charged a fee of 1.5% and withdrawals are charged 250 Ugandan Shillings.

4. KuCoin – Buy cryptocurrency in Benin

From personal experience, we can say KuCoin is one of the easiest platforms to buy cryptocurrencies in Benin.

KuCoin Benefits for Buying Cryptocurrency in Benin

• KuCoin offers low fees for buying cryptocurrency in Benin
• an easy to use and user-friendly interface
• no national ID verification required to trade
• a large array of cryptocurrencies available for trading.

KuCoin Negatives for Buying Cryptocurrency in Benin

The negatives of using KuCoin to buy cryptocurrency in Benin include the inability to exchange cryptocurrencies with fiat and liquidity issues due to low volumes for certain cryptocurrencies.

KuCoin Fees for Buying Cryptocurrency in Benin

The fees for buying cryptocurrencies on Kucoin in Benin are very low. There are no deposit fees, however withdrawals made on Kucoin are subject to varying fees. Fee for buying and selling cryptocurrencies is at a rate of 0.1%.

5. Bitfinex – Buy cryptocurrency in Benin

While going through the Bitfinex platform, it is easy to notice that the intent of its design is to cater to more advanced traders.

Bitfinex Benefits for Buying Cryptocurrency in Benin

• Bitfinex offers Beninese Crypto buyers’ ability to exchange cryptocurrency for fiat
• Bitfinex has a lot of liquidity due to high trading volumes
• Bitfinex has a large array of cryptocurrencies to choose from
• Bitfinex offers advanced trading features

Bitfinex Negatives for Buying Cryptocurrency in Benin

The negatives of using Bitfinex to buy cryptocurrency in Benin is that it is not easy to use and may prove difficult for inexperienced users to start their trading journey. Also, Bitfinex may require national ID verification for certain cryptocurrencies or to expedite the deposit/withdrawal process.
It is important to note that Bitfinex has varying levels of legal cases against it due to its failure to safeguard user funds in the past.

Bitfinex Fees for Buying Cryptocurrency in Benin

The Fees for buying and selling cryptocurrency on Bitfinex in Benin are slightly on the higher end. Deposits for cryptocurrencies are free, however fiat deposits are charged 0.1%. Trading fees are highly variable, but most traders will be subject to 0.1 to 0.2% fees. Withdrawal orders have varying fees based on the cryptocurrency being withdrawn, while fiat deposits have a 0.1% fee or 1% fee for express withdrawals.

6. Kraken – Buy cryptocurrency in Benin

From personal experience of buying and selling cryptocurrencies, we can say that Kraken is a better version of Coinbase.

Kraken Benefits for Buying Cryptocurrency in Benin

• Kraken has ample liquidity due to high trading volumes
• Kraken offers margin trading for buying cryptocurrency in Benin
• Kraken offers access to futures
• Kraken also has an OTC desk, dark pools, and additional tools such as indices

Kraken is a leading cryptocurrency exchange accessible to Beninese who need an exchange that supports exchange between fiat and cryptocurrencies. (Only certain fiat currencies are supported)

Kraken Negatives for Buying Cryptocurrency in Benin

The negatives of using Kraken to buy cryptocurrency in Benin include a limited array of cryptocurrencies and a varying fee structure that could make it expensive for most users. Also, Kraken does not support Benin’s national currency.

Kraken Fees for Buying Cryptocurrency in Benin

The Fees for buying cryptocurrency on Kraken in Benin are among the highest in the industry. Trading fees can be as high as 0.26%. However, the low end of fees is 0%, but this offer is only available for high roller trades (million-dollar trades).
Deposits are mostly free or charged a very small fee for certain cryptocurrencies, however Kraken does have a one-time fee to create a deposit address. Withdrawal fees vary but are very low.

7. Bittrex – Buy cryptocurrency in Benin

Beninese aiming to trade cryptocurrency on Bittrex will notice that it is similar to large global exchanges like Binance, but with higher fees.

Bittrex Benefits for Buying Cryptocurrency in Benin

• Bittrex allows Beninese traders orders between fiat and cryptocurrencies
• Bittrex has a very wide selection of cryptocurrencies for trading
• Bittrex is easy to use

Bittrex Negatives for Buying Cryptocurrency in Benin

The negatives of using Bittrex to Buy cryptocurrency in Benin include dealing with a highly regulated exchange, therefore national ID verification is a requirement. Also, due to Bittrex’s highly regulated nature, users can end up waiting a long time for ID verification and deposits/withdrawals.

Bittrex Fees for Buying Cryptocurrency in Benin

The fees for buying cryptocurrency on Bittrex in Benin are some of the highest in the market. Buying and selling cryptocurrencies on Bittrex comes at a fee of 0.25%. Bittrex does not charge any deposit fees. Bittrex charges a very low withdrawal fee to cover the cost of utilizing the respective blockchain’s service.

8. Changelly – Buy cryptocurrency in Benin

Changelly is meant to be good for first timers across the world, including Beninese who want to buy cryptocurrency. The primary reason that makes Changelly good for first timers is its very intuitive interface for beginners looking to buy cryptocurrency in Benin.

Changelly Benefits for Buying Cryptocurrency in Benin

• Changelly has the largest selection of cryptocurrencies on the market
• Changelly allows users to buy cryptocurrency using fiat currency
• Changelly does not require national ID verification; it is one of the few exchanges to buy cryptocurrency using fiat without national ID verification

Changelly Negatives for Buying Cryptocurrency in Benin

The negatives of using Changelly to buy cryptocurrency in Benin are that Changelly has one of the highest fees for trading, withdrawals, and deposits. Also, even though Changelly allows users to buy cryptocurrency on their platform with fiat, the platform does not actually permit users to trade cryptocurrencies for fiat.
This means Changelly can be used to convert fiat to crypto, but crypto cannot be converted to fiat on the platform.

Changelly Fees for Buying Cryptocurrency in Benin

The fees for buying cryptocurrency on Changelly in Benin are relatively high. Buying and selling cryptocurrency on Changelly will be accompanied with a 0.25% trading fee. Changelly charges a very high 5% fee for fiat deposits. Changelly charges a very low withdrawal fee to cover the cost of utilizing the respective blockchain’s service.

Buy Bitcoin in Benin

9. Huobi Global – Buy cryptocurrency Benin

Huobi is one of the largest and most liquid exchanges in the world. Even though Huobi is based in China, is it easily usable by traders looking to buy cryptocurrency in Benin.

Huobi Benefits for Buying Cryptocurrency in Benin

• Huobi has a wide selection of cryptocurrencies for Beninese traders
• Huobi has low fees for buying Crypto in Benin
• Huobi has a lot of liquidity due to its extremely high trading volume
• Huobi does not require national ID verification
• Huobi is probably the only exchange that can compete with Binance in     liquidity.

Huobi Negatives for Buying Cryptocurrency in Benin

The negatives of using Huobi to buy cryptocurrencies in Benin are that Huobi is loosely regulated. Additionally, Huobi has more advanced trading features which can be complicated for novice traders. Even Huobi’s trading fee tiers are complex, as users, including cryptocurrency traders in Benin, can avail far lower fees by buying Huobi Points, but this process is not easy for new users.

Huobi Fees for Buying Cryptocurrency in Benin

The fees for using Huobi to buy cryptocurrency in Benin are on the high side. Huobi charges fees of 0.2% for trading cryptocurrency on their platform. Huobi has no deposit fees on their platform, and Huobi charges a very low withdrawal fee to cover the cost of utilizing the respective blockchain’s service.

10. Bitforex – Buy cryptocurrency in Benin

Beninese traders looking to buy and sell cryptocurrency in Benin should note that Bitforex has a poor reputation due to it faking most of its volume, but it is still a convenient marketplace for Beninese Crypto buyers as it has many cryptocurrencies not accessible on other Benin-accessible exchanges. Traders looking to buy cryptocurrency in Benin can access Bitforex with ease as it is a fairly easy to use exchange, although the interface can lag a bit.

Bitforex Benefits for Buying Cryptocurrency in Benin

• Bitforex has low fees
• Bitforex does not need national ID verification from Beninese traders
• Bitforex has a wide selection of cryptocurrencies, and a lot of liquidity due to high trading volumes

Bitforex Negatives for Buying Cryptocurrency in Benin

The negatives of using Bitforex to buy cryptocurrency in Benin are similar to Binance and Huobi, Bitforex is loosely regulated. Additionally, the exchange lacks advanced trading feature, fakes most of its volume, and often lags.

Bitforex Fees for Buying Cryptocurrency in Benin

The fees for using Bitforex to buy cryptocurrency in Benin are relatively very low. Bitforex does not charge any fees for deposits made to their platform, to make withdraws users pay a very low withdrawal fee to cover the cost of utilizing the respective blockchain’s service. Bitforex only charges a 0.1% fee for trading on the platform.

11. Coinmetro – Buy cryptocurrency in Benin

Coinmetro has perhaps the lowest volume among global fiat exchanges, making it the last option any Beninese trader or Beninese Crypto buyer should resort to. However, Coinmetro uses market makers on every pair so Beninese Crypto buyers will be able to access volume if they end up using this exchange.

Coinmetro Benefits for Buying Cryptocurrency in Benin

• Coinmetro allows fiat-to-cryptocurrency trading for Beninese
• Coinmetro has low fees for buying cryptocurrency in Benin

Coinmetro Negatives for Buying Cryptocurrency in Benin

The negatives of using Coinmetro to Buy cryptocurrency in Benin are that the exchange has little volume, few cryptocurrency options, and requires national ID verification.

Coinmetro Fees for Buying Cryptocurrency in Benin

The fees for using Coinmetro to buy cryptocurrency in Benin are among the lowest possible. Coinmetro allows fiat deposits to be made on their platform. Using a credit or debit card to make fiat deposits from Benin, the user will pay 4.99%, but you can wire the money for just 1 Euro. Cryptocurrency deposits are free.
Trading fees are 0.1%, but if Beninese traders create a market making trade offer, the fee is -0.05%, which means the exchange pays you. Withdrawal fees are 0.15%.

12. Poloniex – Buy Cryptocurrency in Benin

Poloniex used to be one of the leading cryptocurrency exchanges available to Beninese traders. While the exchange has lost some popularity, buying cryptocurrency in Benin from Poloniex is still a good option.

Poloniex Benefits for Buying Cryptocurrency in Benin

• Poloniex has high liquidity for Beninese traders
• Poloniex offers many different cryptocurrencies available for trading, margin trading and stop-limit orders
• Poloniex accepts fiat deposits, and unlike other exchanges, does not charge a fee on fiat deposits

Poloniex Negatives for Buying Cryptocurrency in Benin

The negatives of using Poloniex to buy cryptocurrency in Benin: Does not support fiat currencies. Withdrawing cryptocurrencies from the exchange can be problematic without national ID verification.

Poloniex Fees for Buying Cryptocurrency in Benin

The fees for using Poloniex to buy cryptocurrency in Benin are fair. Poloniex does not charge Beninese any deposit or withdrawal fees for fiat and cryptocurrencies. Trading fees on Poloniex are high though, Poloniex charges between 0.15%-0.25% for trading.

13. Bancor – Buy cryptocurrency in Benin

Bancor is meant to be a hybrid between a decentralized and centralized exchange, but it is not good at either. Even then, Bancor’s partial decentralized nature keep it accessible to most users, including those seeking to buy cryptocurrency in Benin.

Bancor Benefits for Buying Cryptocurrency in Benin

• Bancor has the lowest fees in the market for Beninese Crypto buyers
• Bancor has a very large number of cryptocurrencies available for trading
• Bancor uses third party services that allow Beninese users to use fiat           currencies to buy cryptocurrency.

Bancor Negatives for Buying Cryptocurrency in Benin

The Bancor exchange has a history of security issues. In fact, the exchange has been compromised a few times in the past. Bancor also lacks order book depth, giving it poor liquidity. The Bancor user experience is also lacking, making it difficult for new Crypto buyers, even those from Benin.

Bancor Fees for Buying Cryptocurrency in Benin

The fees of using Bancor to buy cryptocurrency in Benin are the lowest that can possibly be offered. Cryptocurrency deposits to Bancor have no fees, but fiat deposits Bancor uses third party services that charge a 3.5% fee.
There are no trading fees on the Bancor platform. Bancor platform does not charge any withdrawal fees.

14. Coinbase – Buy cryptocurrency in Benin

Coinbase is the first cryptocurrency exchange I ever used to buy and sell cryptocurrencies in Benin, and I imagine its probably the first exchange most people tend to use for buying and selling cryptocurrencies.

Coinbase Benefits for buying cryptocurrency in Benin

• Includes a consistently high trade volume
• Easy to use and user-friendly interface
• A trusted and reliable exchange

Coinbase Negatives for buying cryptocurrency in Benin

The negatives of using Coinbase to buy cryptocurrency in Benin are a lack of privacy due to Coinbase requiring users to verify their national IDs before they can use the platform, high fees, and a very limited array of cryptocurrencies.

Coinbase Fees for buying cryptocurrency in Benin

The fees for buying and selling cryptocurrencies in Benin on Coinbase tend to vary. Purchases made using credit/debit card have a 3.99% fee for deposits. The Withdrawal fee on Coinbase is 1.49%.

15. Livecoin – Buy cryptocurrency in Benin

I do not have much personal experience using Livecoin, but I will list some of the positives and negatives I know about using this platform.

Livecoin Benefits for Buying Cryptocurrency in Benin

• Livecoin has a very large selection of cryptocurrencies to trade
• Livecoin allows fiat to cryptocurrency exchange
• The website is easy to use and has a user-friendly interface

Livecoin Negatives for Buying Cryptocurrency in Benin

The negatives of using Livecoin to buy cryptocurrency in Benin are that users may be asked to provide national ID verification to make deposits and withdrawals using fiat currencies. There’s also lower liquidity than many of the other exchanges mentioned here and the exchange has high trading fees for Beninese buying cryptocurrency.

Livecoin Fees for Buying Cryptocurrency in Benin

The fees of using Livecoin to buy cryptocurrency in Benin are fairly high. Livecoin charges Beninese traders a trading fee of 0.18%, however high rollers (million-dollar traders) are offered better rates. Depositing cryptocurrencies on the Livecoin platform is free, but if you are depositing fiat currencies you can expect to pay anywhere from 6-10% in fees.
Withdrawing cryptocurrencies on Livecoin is free, but similar to almost every other exchange, you will have to cover the blockchain service fees, which are very low. Withdrawing fiat currencies comes at a fee of 1-3%.

16. BitMEX – Buy cryptocurrency in Benin

BitMEX is unlike other cryptocurrency exchanges because its primary function is not trading spot markets. Instead, the primary purpose of Bitmex is to trade financial derivatives using cryptocurrencies, and it is the leading option for Beninese cryptocurrency buyers who want up to 100x exposure to cryptocurrency movements.

Buy Bitcoin in Benin

BitMEX Benefits for Buying Cryptocurrency in Benin

• BitMEX is great for experienced and advanced traders, because BitMEX provides numerous advanced trading features, financial derivatives, options and futures
• BitMEX offers 1-100x leveraged trading to Beninese looking to buy cryptocurrency

BitMEX Negatives for Buying Cryptocurrency in Benin

The negatives of using BitMEX to Buy cryptocurrency in Benin are that it is not beginner-friendly, and offers a limited selection of cryptocurrency derivatives, because. Also, Beninese traders will also notice a lack of fiat deposits and withdrawals.

BitMEX Fees for Buying Cryptocurrency in Benin

The fees of using BitMEX to buy cryptocurrency in Benin are among the highest in the market. Trading cryptocurrency on BitMEX has a fee of 0.075%. However, at 100x, this fee is 7.5% of user’s funds.
Beninese Crypto traders only pay a withdrawal fee to the blockchain network being used; BitMEX itself does not charge any withdrawal fees. Deposits are made free of charge for the most part.

17. BitPesa – Buy cryptocurrency in Benin

BitPesa was originally designed back in 2013 to provide a low-cost blockchain powered alternative method for fiat transfers to and across Africa. BitPesa’s business model is still centered around providing consumers in Africa a cheaper alternative to Western Union and MoneyGram.

BitPesa Benefits for Buying Cryptocurrency in Benin

• BitPesa has decent liquidity for Beninese traders, due to a consistent trade volume
• BitPesa is easy to use and has a user-friendly interface
• BitPesa allows Beninese cryptocurrency buyers the ability to trade cryptocurrencies with fiat currencies
• BitPesa is one of the few exchanges in the market that accepts Nigerian Naira and Ghanian Cedi deposits

BitPesa Negatives for Buying Cryptocurrency in Benin

The negatives of using BitPesa to buy cryptocurrency in Benin are that there is not a lot of cryptocurrencies available for trade on this exchange because the primary business target is the remittance market. Also, national ID verification may be required. The Bitpesa platform is not designed to be an exchange for traders, rather a remittance service for African nations with the ability to support trading services for Beninese who want to buy cryptocurrency.

BitPesa Fees for Buying Cryptocurrency in Benin

The fees for using BitPesa to buy cryptocurrencies in Benin are astronomically high. Bitpesa charges a 3% rate for transfers between fiat and crypto. This is for both deposit and Withdrawals.

18. OKEx – Buy Cryptocurrency in Benin

OKEx has a lot of similarities with Bittrex, but there are a few differences between these platforms that could make you prefer one over the other.

OKEx Benefits for Buying Cryptocurrency in Benin

• OKEx offers low fees for buying cryptocurrency in Benin
• OKEx has a lot of liquidity due to high trading volumes
• OKEx offers a wide selection of cryptocurrencies to trade
• The exchange is easy to use and has a user-friendly interface

OKEx Negatives for Buying Cryptocurrency in Benin

The negatives of using OKEx to buy cryptocurrency in Benin are that USD and CNY are the main fiat deposits, National ID verification may be required, and the exchange is largely unregulated.

OKEx Fees for Buying Cryptocurrency in Benin

The fees for using OKex to buy cryptocurrency in Benin are some of the lowest in the industry. OKEx does not have any deposit or withdrawal fees for Beninese traders, but users will still have to pay their blockchain network for the withdraws. OKEx has a low 0.1% fee for trading.

19. DDEX – Buy Cryptocurrency in Benin

DDEX is one of the most popular decentralized exchanges to date. Beninese traders interested in decentralized exchanges are likely to find more volume here than most other options.

DDEX Positives for Buying Cryptocurrency in Benin

• DDEX withdrawal and deposit fees are only blockchain gas costs
• DDEX uses market markers, offering liquidity to Beninese looking to buy cryptocurrency on a DEX
• Almost every cryptocurrency on the market is available on DDEX
• DDEX offers Beninese Crypto buyers extreme privacy because no ID verification is necessary and no account creation is required for Beninese Crypto buyers

DDEX Negatives for Buying Cryptocurrency in Benin

The negatives of using DDEX to buy cryptocurrency in Benin are that no fiat deposits/withdrawals are supported. Beninese traders will face a lack of concentrated liquidity due to trading volume being spread over so many different cryptocurrency pairs.
Buying cryptocurrency in Benin should likely not start with DDEX for people who are new to cryptocurrencies because it can be somewhat difficult to make deposits on this exchange compared to regular centralized exchanges.

DDEX Fees for Buying Cryptocurrency in Benin

There are no fees for using DDEX to buy cryptocurrencies in Benin. Beninese traders also face no fees for using DDEX for deposits or withdrawals, beside blockchain gas payments.

20. IDEX – Buy Cryptocurrency in Benin

IDEX is a completely decentralized exchange. Decentralized exchanges operate very differently to centralized exchanges and come with their own set of benefits and negatives.

IDEX Benefits for Buying Cryptocurrency in Benin

• IDEX offers Beninese Crypto traders the widest selection of cryptocurrencies
• IDEX gives Beninese Crypto buyers a straightforward interface
• No national ID verification required, in fact, traders can use this exchange without even creating an account

IDEX Negatives for Buying Cryptocurrency in Benin

The negatives of using IDEX to buy cryptocurrency in Benin are no fiat deposits/withdrawals and lack of liquidity. I would not recommend IDEX to Beninese buying cryptocurrency for their first few trades. IDEX is slightly more difficult to use than any regular centralized exchange.

IDEX Fees for Buying Cryptocurrency in Benin

IDEX charges market takers 0.2% and maker makers 0.1%. There are also no fees for using IDEX to make deposits or withdrawals, beside the blockchain gas fees.

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