Ease of Use
With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market.
Ease of Use
Coinmama is a leading cryptocurrency exchange that allows you to buy and sell bitcoin and other cryptocurrencies with a credit card and/or bank transfers.
Buying bitcoin and other cryptocurrencies in Somalia is a simple process and usually takes less than 10 minutes to get fully setup.
The first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.
The exchange you choose will be interoperable with most devices, desktop and mobile, and will allow you to withdraw to your own personal hardware wallet.
here are also several options available for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more advanced users.
Before purchasing, there are a couple of important things you'll need to prepare:
1. Create an account with an exchange
Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.
Exchanges will differ by fees, security, payment methods, and other features, so explore the "info" tab on the exchanges listed above to find which one is the right fit for you.
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.
Also it's important to note that you can always sign up to other exchanges later.
2. Complete the KYC verification process
After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Somalia.
To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document.
In most cases your verification will be approved instantly and at most can take 1-2 days.
3. Make a fiat deposit
To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.
Some of the payment methods provided by Kraken and Coinmama are: Electronic Funds Transfer, Bank Transfer (SEPA), Wire Transfer.
Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.
4. Buy cryptocurrency
Once your account has been funded, you are ready to buy your first bitcoin. It's important to note that you do not need to buy a full bitcoin.
Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency.
5. Send your bitcoin to a personal wallet
Once you've purchased bitcoin or your cryptocurrency of choice it's important to withdraw it to your own secure personal wallet.
Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.
You can review each of these exchanges and find best exchange that works for you. Bitrawr ranks exchanges in Somalia based on fees, users, and security while giving placement preference to exchanges located in Somalia or specifically catering to users in Somalia.
Most of the exchanges operating in Somalia have debit/credit card payment options available. Remember that this requires completing KYC.
No! For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a hardware wallet as it keeps private keys safe and entirely offline.
Bitcoin ATMs are an excellent way to buy bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside of convenience stores, shops, restaurants, malls or airports. Find one near you using our ATM map.
Find the best and most-trusted Bitcoin and cryptocurrency wallets that work for you.
Everything you need to know about Bitcoin mining hardware, software, and pools.
View bitcoin price models, adoption metrics, and onchain analytics