We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure.
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.
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
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%.
-
Senegal is a member of the World Trade Organization and has developed a great tourist industry. Other sectors of the Senegalese economy’s sector include mining, fishing, agriculture, construction, and foreign trade. Unfortunately, the country is negatively affected by a poor education system, high degrees of polticial corruption, an inefficient justice system, and grinding bureaucracy, hampering development.
In 2016, Senegal announced it would be the first country to have a cryptocurrency based on its national currency. A Senegalese financial institution was ment to manage the development and the integration of eCFA (the digital currency). Also, the government of Senegal declared that this new digital currency would have the same legal framework as a legal tender. The project ultimately failed (unsurprisingly), however the country remains farily open to Bitcoin and other cryptocurrencies.
One of the easiest ways to buy Bitcoin in Senegal is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Senegal, 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
Another option for Buying Bitcoins in Senegal is through peer-to-peer exchanges like LocalBitcoins. On platforms like these, users buy and sell with other individuals directly. More on how these work in Chapter 6.
-
Senegal has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
-
There are three main types of Bitcoin wallet and all of them are supported in Senegal:
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.
-
As of January of 2021, we could find no exchange hacks or significant scams affecting Senegal or its citizens. We will update this page if/when any news of scams or exchange hacks occur 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.
-
Coinbase does NOT support customers in Senegal as of September of 2020.
At this time, there are no Bitcoin ATMs in Senegal.
The current price of Bitcoin in Senegal is XOF19,730,831.49, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a West African CFA franc trading pair will allow you to sell your Bitcoin for fiat currency. eToro has XOF trading pairs for many popular coins.
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.
