Best Apps and Places to Buy Bitcoin & Crypto in Cameroon. Should You Buy Cryptocurrency in Cameroon?
There is a misconception that Cameroonians rely upon outdated cell phones with a limited internet connection. While this may have been true a decade ago, the number of smartphone users has risen sharply in Cameroon in recent years.
High Adoption of Bitcoin, Ethereum, and Crypto in Cameroon
According to Chainalysis global crypto adoption index, Cameroon is in the top 200 globally in overall rankings. The index captures the total cryptocurrency activity and peer-to-peer (P2P) trading volume.
Despite the initial government crackdown, Cameroonians' interest in buying and trading Bitcoin grows before its eventual adoption. Bitcoin P2P trading using the Cameroon XAF has increased significantly.
How to Open a Bitcoin Account in Cameroon?
To start buying Bitcoin or other cryptocurrencies in Cameroon, you could use a cryptocurrency exchange. Thankfully, most exchanges are mobile-friendly and easy to set up. Apart from that, Cameroonns can use P2P trading to obtain Bitcoin. Some of the most popular P2P sites in Cameroon are Remitano, Binance Cameroon P2P, LocalBitcoins, and Paxful. Read the complete guide here.
Crypto apps can benefit traders who travel and primarily access their trading accounts via smartphones. Despite the proliferation of cryptocurrency apps, only a few are optimized to support Cameroonian users. If you fall into this category, this guide will give you an overview of the best crypto-app options currently out there.
There are tons of cryptocurrency apps in the Cameroon market, making choosing the right one difficult for a crypto newbie. It is important to note that, at a minimum, a good crypto app should provide a secure platform that enables you to transact crypto assets.
Best Apps and Places to Buy Bitcoin & Crypto in Cameroon
Some of the best cryptocurrency apps accessible in Cameroon include products from:
1. Binance Cameroon App
Binance is a cryptocurrency exchange that first launched in China in 2017. Binance is regarded as one of the best platforms to buy, sell and trade cryptocurrencies. Due to increasingly stringent anti-cryptocurrency regulations in China, Binance is now a completely decentralized company. The exchange also offers a mobile app version for smartphone users.
The Binance app is an optimized version of the web platform and offers similar features for all users worldwide. In addition, Binance has a local presence in Cameroon, which differentiates it from its competitors on this list.
Moreover, Binance supports the Cameroonian Francs CFA (XAF) as a fiat currency on its mobile apps, which Cameroonians can use for trading in the Bitcoin (BTC) and Tether (USDT) markets. Binance also provides an alternative by offering peer-to-peer (P2P) trading for Cameroonian customers.
The Binance app is handy for its wide array of features that enable users to access crypto services such as Defi, staking, and liquidity farming, as well as trading.
2. Luno Cameroon App
Founded in 2013 as Bitx and later rebranded to Luno, the first crypto exchange to launch in Africa. Luno's most significant markets are South Africa and Cameroon, and it is currently the most popular exchange in Cameroon. The crypto exchange features an easy-to-use platform for Bitcoin and crypto trading and claims to be trusted by over 9 million users.
Luno features an exchange and wallet mobile app where users can quickly sign up and get started buying cryptocurrencies. The mobile trading app provides sophisticated trading tools for Cameroonian crypto traders to trade on the go. Luno wallet app allows Cameroonian crypto users to easily store or send Bitcoin and another crypto to their friends. Cameroonian users can also earn up to 4% interest in Luno's Bitcoin savings wallet and up to 7.6% interest in other cryptocurrencies.
3. Coinbase Cameroon Wallet App
Coinbase is a United States-based cryptocurrency platform that was first launched in 2012. It has since built a solid reputation for providing a safe and user-friendly way to buy and trade multiple cryptocurrencies. Its mobile wallet app is one of the most popular in Cameroon; since its launch, over 45 million customers globally have used Coinbase's crypto wallet services to store their holdings.
Coinbase wallet is accessible in more than 100 countries, including Cameroon, and supports many different crypto assets. It is important to note that although Cameroonns can use Coinbase's wallet services to transfer their existing crypto holdings between wallets, trading on the exchange itself is not supported in Cameroon.
The number of cryptocurrencies supported via the app varies depending on the country you are based in. For example, if you download the app in Cameroon, you will be able to access over a dozen cryptocurrencies, including well-known coins such as Bitcoin (BTC) and Ether (ETH).
Coinbase is renowned for its ease of use. Novice traders can easily use the platform without getting lost amid many advanced features. Meanwhile, more experienced traders can access cutting-edge tools to manipulate the Coinbase Pro app. One of the unique features of the mobile wallet includes its advanced management tools and the ability to monitor fluctuations in the market in real-time.
Аlthough you can download the Coinbase Wallet, you can not trade on Coinbase as an exchange, as Cameroon is not one of Cameroon's supported countries as of May 2021.
Cameroonians can easily download the Coinbase wallet app for free on the official Google Play and App Store platforms. Once the app is downloaded, you'll need to go through the registration steps before using its wallet services.
4. Kraken Cameroon App
Kraken is a United States-based crypto exchange that first launched in 2011. Since its inception, it has become one of the largest platforms. Kraken offers a mobile app that Cameroonians can easily download and use to buy, sell, store, and trade cryptocurrencies.
Cameroonians can trade more than 20 different cryptocurrencies in over 100 markets on Kraken. Kraken charges the lowest transaction fees among exchanges and offers competitive withdrawals while supporting zero-fee deposits. Funds stored on Kraken are deemed highly secure: it was the first crypto exchange to pass a Proof of Reservation crypto audit and provides its crypto market pricing data to Bloomberg Terminal.
Kraken's app has an optimized trading interface and is easy for users to buy and sell cryptocurrencies. The app is limited compared to other platforms on this list for Camerooiann traders. It does not support a standalone crypto wallet like Coinbase, nor does the exchange have a local presence like Binance. Nevertheless, it is a good platform for users seeking a safe platform for transacting cryptocurrencies.
5. CoinMarketCap Cameroon App
CoinMarketCap is not a crypto exchange but a crypto data aggregator. Today, it is the most popular crypto price aggregator on the web and was first launched in 2013. The platform was acquired by Binance in April 2020.
CoinMarketCap is an essential tool for every crypto trader and enthusiast, as it provides a detailed breakdown of individual assets in the crypto market. CoinMarketCap released its mobile app in 2018 and downloaded over 2 million times.
The mobile app offers a user-friendly platform and is available for Cameroonns to download on the Android Playstore and Apple App Store. Users can access the app's features and set customized alerts to receive notifications about the price fluctuations of individual cryptocurrencies.
Bitcoin in XAF
Cameroon crypto users who want to find out the real-time price of Bitcoin in XAF (FCFA) can simply use any mobile app converter feature in the apps above. Merely tap the converter icon on the app and input the amount in XAF or BTC.
Should You Buy Cryptocurrency in Cameroon?
With a young and tech-savvy population in Cameroon, it is no wonder that this African country is one of the leading countries adopting crypto. With El Salvador passing Bitcoin as legal tender, we could see more countries following in its footsteps soon.