Best Crypto Exchanges in Ghana

Best Cryptocurrency Exchanges in Ghana

Following an analysis of the 14 crypto exchanges operating in Ghana, we identified the top options that comply with Securities and Exchange Commission (SEC) regulations. Our evaluation process considered several factors, including fee structures, platform features, available digital assets and GHS deposit methods. Here is a comparison table of the top 5 platforms for Ghanaian investors.

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1. Bybit

Bybit is the top cryptocurrency exchange in Ghana with over 39 million users in the country. The platform is popular for its high liquidity, with a daily trading volume exceeding $25 billion. It supports spot, futures, and options trading on over 1,300 digital assets with up to 100x leverage. The user-friendly interface is accessible in multiple languages and it accepts GSH deposits.

The platform offers a variety of additional services, including staking options for earning passive income, a marketplace for NFTs, crypto loans, and copy trading services that allow users to follow and replicate the trades of experienced traders. Bybit prioritizes transparency by regularly publishing its reserve holdings, highlighting all users' funds are backed on a 1:1 basis.

• Fees: Maker fee of 0.02%, taker fee of 0.055% for futures, and 0.1% for spot trading.
• Supported Assets: Over 1,300 digital assets.
• Regulation & Licensing: Complies with Ghana’s regulations and is globally licensed.
• GHS Deposit Methods: Bank transfer, credit card, debit card, MoMo, NTN Mobile Money, Google Pay, and Apple Pay.

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2. KuCoin

KuCoin is a leading exchange in Ghana, known for offering the most extensive range of crypto staking options. It provides users with access to a broad selection of over 700 digital currencies, making it a go-to platform for those looking to diversify their portfolios. Its user-friendly interface and advanced trading tools make it suitable for both beginners and experienced traders.

It also offers various services beyond trading, such as KuCoin Earn, which includes flexible and fixed terms and crypto-backed loans. There are nine types of staking options available, with APY ranging between 0.5% to 315%. These features make it an attractive platform for those interested in earning passive income through their digital assets. 

• Fees: Competitive trading fees start at 0.1%.
• Supported Assets: Over 700 cryptocurrencies.
• Regulation & Licensing: Globally regulated and available in Ghana.
• GHS Deposit Methods: Bank transfer, credit card, and debit card.

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3. Kraken

Kraken is a top choice for institutional traders in Ghana, offering comprehensive range of services tailored to high-volume trading. The platform supports over 280 cryptocurrencies to trade on spot and futures markets. It provides OTC trading, account management, and high-volume order execution, making it a reliable platform for professional Ghanian traders. 

The platform’s transparency and regulatory compliance further enhance its appeal to institutional clients. Kraken undergoes regular audits of its proof-of-reserves to give users peace of mind that their assets are being securely stored and always accessible. It is also highly regulated and holds multiple global licenses from FinCEN, the FCA and more.

• Fees: Maker fee is 0.16% for spot trading, and taker fee is 0.26%.
• Supported Assets: Over 280 cryptocurrencies.
• Regulation & Licensing: Fully regulated in multiple jurisdictions and available in Ghana.
• GHS Deposit Methods: Credit card and debit card.

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4. Binance

Binance is a great option for Ghanaians interested in copy trading, allowing users to follow and replicate the trades of over 200 million users on the platform. Binance is the world’s largest cryptocurrency exchange by trading volume, supporting over 350 cryptocurrencies and offering multiple trading options, including spot, futures, and margin trading with 50x leverage. 

Beyond trading, it offers various earning opportunities, such as staking, savings products, and crypto loans. The exchange also provides a comprehensive educational platform, Binance Academy, to help users enhance their trading skills. Binance’s robust security features, including two-factor authentication and SAFU (Secure Asset Fund for Users), ensure the protection of user funds.

• Fees: Trading fees are as low as 0.1%, with discounts available for BNB holders.
• Supported Assets: Over 350 cryptocurrencies and tokens.
• Regulation & Licensing: Compliant with global regulations and available in Ghana.
• GHS Deposit Methods: Bank transfer, mobile money, credit card, and debit card.

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5. Gate.io

Gate.io is highly favored in Ghana for offering the largest selection of cryptocurrencies, with access to over 2,100 digital assets. The platform provides a comprehensive trading experience, including spot, margin, and futures trading, with leverage of up to 100x. It is the ideal platform for traders looking to explore lesser-known tokens like altcoins or meme coins.

In addition to its extensive crypto offerings, Gate.io features advanced trading tools, staking services, and an IEO platform for new crypto projects. The exchange is also committed to security, employing features like two-factor authentication, cold storage, and regular security audits to protect user assets. 

• Fees: Competitive trading fees starting at 0.2%.
• Supported Assets: Over 2,100 cryptocurrencies.
• Regulation & Licensing: Operates globally with stringent security practices.
• GHS Deposit Methods: Bank transfer, credit card, debit card, and Google Pay.

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Is Crypto Regulated in Ghana?

Yes, crypto is legal in Ghana, but the regulatory framework is still under development. The Securities and Exchange Commission (SEC) of Ghana has issued public warnings about the risks associated with investing and trading in digital currencies, highlighting that these assets and the platforms facilitating their trade are not currently regulated or licensed by the SEC. 

The SEC emphasises that coins like Bitcoin, Ethereum, and others are not recognized as legal tender in Ghana, and any investments in these assets are made at the investor's own risk, without protection under Ghana's securities laws. The SEC has made it clear that while they do not regulate these platforms or cryptocurrencies at present, they are both completely legal.

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How Is Crypto Taxed in Ghana?

‍In Ghana, the taxation of crypto falls under the general guidelines for capital gains tax as outlined by the Ghana Revenue Authority (GRA). According to the Income Tax Act, 2015 (Act 896), the capital gain is calculated as the difference between the amount received from the sale of the cryptocurrency and its original purchase cost, including any expenses related to the transaction.

For individuals, the tax on capital gains is generally a flat rate of 15% on the net gain. For businesses, capital gains are incorporated into the company’s annual taxable income and taxed according to the corporate tax rate. It is mandatory for both residents and non-residents in Ghana to declare and pay taxes on any gains realized from the sale of cryptocurrencies within the country. 

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How to Buy Bitcoin in Ghana

For Ghanaians new to cryptocurrency, learning how to purchase Bitcoin through a digital asset exchange is a crucial first step. Follow this guide to get started:

1. Create an Account: Visit a reputable cryptocurrency exchange in Ghana and sign up for an account. Complete the verification process by providing a photo ID and, if required, additional documentation such as a selfie or proof of address.
2. Deposit Ghanaian Cedi (GHS): Navigate to the deposit section of your account, select GHS as your deposit currency, and enter the amount you wish to transfer. You can complete the transaction using a bank transfer, mobile money, or a credit card.
3. Choose Bitcoin: In the trading section, search for Bitcoin (BTC). Select the GHS/BTC trading pair to view the current market rate. Review the available trading options, such as market and limit orders.
4. Execute the Trade: Click 'buy' or 'trade' to purchase Bitcoin. Enter the amount of Bitcoin you want to buy or the GHS amount you're willing to spend. Review the order details, including price and fees, then execute the trade.

This guide provides a simple breakdown for users in Ghana to begin trading Bitcoin, covering everything from account creation to completing your first trade.

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Bottom Line

In conclusion, cryptocurrency is gaining traction in Ghana, with top exchanges like Bybit, KuCoin, Kraken, Binance, and Gate.io offering essential services for traders. These platforms provide secure options for trading, staking, and investing, making it easier for Ghanaians to engage in the growing digital asset market. As regulations evolve, these exchanges continue to offer reliable ways to participate in crypto trading in Ghana.