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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
Paybis Buy Now Paybis is a popular & cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
Kraken Buy Now Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries.
Deposits can be made via bank wire, SEPA, ACH and SWIFT. Users can buy bitcoin, ethereum, dogecoin and dozens of other coins.
LocalBitcoins Buy Now Read Review LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
Bitcoin ATMs Buy Now You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Unfortunately, Malawi doesn't have a ton of exchanges available to it. Popular exchanges are available in Malawi, like Coinmama and eToro, two of the most popular exchanges in the world. Both exchanges are easy ways to buy Bitcoin, but they require identity verification before facilitating trade.
LocalBitcoins is a better option if privacy is a concern for you - the platform matches buyers and sellers on the Bitcoin network, allowing them to trade safely without needing to verify their identities. You may trade with someone in Malawi, or on the other side of the globe.
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Malawi is located in the center of the African continent. Most of Malawi's citizens live in rural regions, which is why the economy is largely agrerian. The main challenges facing the Malawi government are environmental problems, poor education, and healthcare. And to make matters worse, the economy is largely dependent on economic assistance from the IMF and the World Bank.
This is why many in Malawi are trying to flee their domestic currency, the Kwacha, in favor of difigtal assets like Bitcoin.
Malawi does not consider Bitcoin legal tender, nor do they approve of its use in place of fiat currency. However, Malawi has not restricted cryptocurrency in the country. Citizens of Malawi are allowed to buy and sell Bitcoin as they please, provided they're not using it to break any laws.
One of the easiest ways to buy Bitcoin in Malawi is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Malawi, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
COMPARISON
LocalBitcoins is another option for Malawians who want to pay with cash. LocalBitcoins matches buyers and sellers on its website, both in Haiti and around the world, facilitating peer-to-peer Bitcoin payments.
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Malawi has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
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There are three main types of Bitcoin wallet and all of them are supported in Malawi:
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
ZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.
Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.
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In 2019, it was dicovered that many Malawian citizens were scammed by Coin Chambers. The scammers advertised themselves through Facebook and a website (which are now shuttered), where they encouraged people to invest their money in exchange for tiered guaranteed returns.
But like all schemes that advertise guaranteed returns, the project ended up being a ponzi scheme and all the money was eventually stolen.
The police eventually arrested two of three scammers and charged them with conspiring to commit fraud, defrauding investors, and money laundering.
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Most people buy their Bitcoin directly from an exchange, rather than investing in expensive mining hardware and paying an arm and a leg for electricity.
Electricity is one of the leading factors used to determine mining profitability. If the value of your mined Bitcoin is greater than electricity costs, you're profitable. There are a few other factors at play here like the hash rate and power consumption of your hardware, but we're not going to go into detail about that now.
Here's what you need to know if you want to mine in Malawi:
Mining is only profitable in countries with dirt-cheap electricity, and unfortunately, Malawi doesn't fit the bill. Most mining operations make use of electricity costs at or below $0.05 per kWh, and Malawi's electricity costs well exceed that number.
Even with the best Bitcoin mining hardware, you'd be hard-pressed to turn a profit. You'd most likely lose a few thousand dollars each year (per miner) minimum, on top of your initial investment.
Bitcoin mining isn't what it used to do. Buying Bitcoin directly from an exchange is the fastest and easiest way to acquire Bitcoin. It's the best option for most people.
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Coinbase does NOT support customers in Malawi as of September of 2020.
At this time, there are no Bitcoin ATMs in Malawi.
The current price of Bitcoin in Malawi is MWK27,974,649.70, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a Malawian Kwacha trading pair will allow you to sell your Bitcoin for fiat currency. Coinmama has MWK trading pairs for many popular coins.
As of January of 2021, there are unfortunately no Bitcoin ATMs in Malawi.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.
Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.
He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet's most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.
To learn more about Jordan, see his full bio.
