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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.
- Popular Exchanges to Buy Bitcoin in Senegal
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Coinmama- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
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eToro- Supports Bitcoin, Ethereum & 15 other coins
- Start trading fast; high limits
- Your capital is at risk.
We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Coinmama Popular Buy Bitcoin Read Review
Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.
- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
- Some of the highest fees among credit/debit card bitcoin brokers
LocalBitcoins Popular Buy Bitcoin 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.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
- Beware of scams; always follow the rules!
- Harder to buy large amounts of bitcoins compared to large exchanges
- Slightly to significantly higher prices than regular exchanges; premium for higher privacy
Kraken Buy Bitcoin Read Review
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.
- Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
- Very low maker fee, falling to 0% with sufficient trading volume
- Highly-rated for security and data protection
- Requires ID verification, so not private
Bitcoin ATMs Buy Bitcoin
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%.
- Our map makes it super easy to find a Bitcoin ATM near you
- Bitcoin ATMs often have 5-10% fees per purchase
Mycelium Local Trader Buy Bitcoin
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
- Easy and cheap way to buy bitcoins with cash
- Private way to buy bitcoins, no personal information required beyond cellphone number
- Users in sparsely populated areas will have trouble finding sellers
How to Buy Bitcoin in Senegal
Senegal is Bitcoin, and blockchain-friendly - they launched their cryptocurrency back in 2016, based on Senegal's currency. Although Senegal's cryptocurrency more or less flopped, they're still open to Bitcoin in the country. Citizens of Senegal are allowed to buy and sell Bitcoin as they please, granted they're not using it for illicit purposes.
Senegal doesn't have a ton of exchanges available to it, but all of the popular options are there, including Coinmama and eToro.
Both require identity verification before purchase due to laws in their home countries. It's not a big deal for most, although mandatory identity verification is an invasion of privacy and walks on one of the original benefits of Bitcoin: anonymity.
If you'd like to buy Bitcoin privately in Senegal, LocalBitcoins is your best bet, as Senegal doesn't have any Bitcoin ATMs.
LocalBitcoins is a platform that matches buyers and sellers on the Bitcoin blockchain, facilitating peer to peer exchanges without needing to reveal your identity. You may end up trading with someone in Senegal, or across the world.
However, using LocalBitcoins isn't as secure as an exchange like Coinmama, since you're dealing with an anonymous third party, rather than a trusted and reputable exchange. But if you follow their rules, you'll be fine.
It's also important to protect your investment, regardless of your exchange of choice. Centralized exchanges - unlike the Bitcoin network itself - are vulnerable to hackers. Storing your Bitcoin on a cold storage hardware wallet is the best and only way to protect your investment from thieves completely.
We recommend the Legder Nano X, one of the most popular and trusted Bitcoin wallets on the market. With your wallet situation square away, buying Bitcoin in Senegal is easy. Verify your identity (if necessary), connect a payment method, and buy away.
Bitcoin Mining in Senegal
Electricity is one of the most important factors to consider when determining mining profitability. If the value of your newly mined Bitcoin is greater than your electricity bill, you're profitable.
Using mining hardware with a high hash rate to power consumption ratio is one way to improve Bitcoin mining profitability. But even with the most efficient mining hardware, you won't make a dime if electricity is too expensive.
Most large mining operations are in countries with dirt-cheap electricity - $0.05 per kWh or less. Senegal's electricity prices, on the other hand, are approximately $0.16 per kWh.
While Senegal's electricity isn't too high on the global scale (for comparison, the United States averages $0.12 per kWh), it's far too high for profitable Bitcoin mining.
Even with the latest and greatest mining hardware, you'd lose several thousand dollars per year per miner, on top of your significant upfront investment.
For most, buying Bitcoin directly from a Senegal supported exchange is the easiest and fastest way to acquire Bitcoin.
