A popular way of making transactions and investments in Tanzania and many other countries around the world have become cryptocurrency. However, the buying and selling of crypto in Tanzania can be a bit tricky for someone without the right information on the right ways and platforms to use it. Nevertheless, a few ways exist for the buying and selling of cryptocurrencies in Tanzania, such as through the use of a cryptocurrency exchange or a peer-to-peer marketplace and the use of Crypto Wallets like GetPaid.Africa
1. Buying crypto using Exchanges
The most popular and widely used method of buying and selling cryptocurrency in Tanzania is through a cryptocurrency exchange. Exchanges such as Binance, Paxful, and Remitano allow users to buy and sell a variety of different cryptocurrencies using local currency or other forms of payment.
One of the major challenges of using these exchanges in Tanzania is that these payment methods are often associated with high charges which lead to most people finding them unfriendly methods of buying cryptocurrencies.
2. Using peer-to-peer marketplace
Another way to buy and sell cryptocurrency in Tanzania is through a peer-to-peer marketplace, such as Localbitcoins. These marketplaces allow individuals to buy and sell bitcoin directly with each other, without the need for a middleman. This can be a great option for those who want more privacy but again most time peer-to-peer is associated with merchants who put a big margin on the exchange rate for them to profit on the trade therefore buying on peer-to-peer can be associated with high cost.
3. Buying crypto Using GetPaid.Africa Wallet Tanzania
GetPaid is Africa’s solution to receive payments through cryptocurrency and get in and out of cryptocurrency using local African currencies. GetPaid gives you the flexibility and a variety of options to buy and sell cryptocurrencies in Tanzania, you can easily use payment methods like Mobile Money, Local Bank Transfer, SEPA, and even Card to buy a cryptocurrency and above all, it comes with very affordable exchange rates so you do suffer losing the value of your money after buying.
Registering for GetPaid is simple, To get started, you will need to sign up for an account on the GetPaid Wallet you can signup here. This will be providing your email address and creating a password. You will then receive a verification link to your email address upon clicking the verification link you will provide your phone number for 2-factor authentication, GetPaid uses this to increase the level of security in your wallet.
Once you are registered you will have the ability to start buying and selling cryptocurrencies with GetPaid. With GetPaid you can also accept crypto deposits and withdraw from and to other exchanges like Binance, Remitano, and Paxful with little to no fees on some platforms.
To be able to buy and sell cryptocurrency using local currency via methods like Mobile Money or Locabank account you be required to do the next step of verification which involves providing your government-issued ID like National Identity or your driver’s Licence and proof of residence which can be a Bank Statement or a utility bill in most cases. This is a standard procedure for most exchanges and is required to comply with anti-money laundering regulations.
In conclusion, buying and selling crypto in Tanzania is possible, GetPaid will be a great starting point since it will give you access to a wide range of pay-in and pay-out methods, and good exchange rates.