How To Buy And Withdraw Bitcoin With M-Pesa

M-Pesa is a mobile service that allows users to make money transfers and other financial transactions. It is mostly used in Kenya, Egypt, the DRC, and other African countries. But cryptocurrencies popularity growth led M-Pesa to enter the market in India and some European countries as it became possible to buy digital assets using the service. In this article, we explain the way of buying Bitcoin and other crypto using M-Pesa and tell how to do it as efficiently as possible.

A Guide On How To Buy Crypto With M-Pesa

M-Pesa does not support the purchase of Bitcoin and other crypto within the service itself, but you can do it using crypto exchanges. In this case, M-Pesa will act as a payment method on the chosen platforms.

For a better understanding of the process, we suggest you learn the step-by-step algorithm for buying cryptocurrency with M-Pesa.

Step 1: Choose A Cryptocurrency Exchange

You need to use a P2P platform to make a purchase, where you can choose the most suitable Bitcoin offer among many other ads. Find a platform that accepts M-Pesa as a payment method: for example, among them are Binance, Paxful, LocalBitcoins, and Cryptomus.

Evaluate the exchange for user-friendliness: the interface of the website should be intuitively clear, and there has to be technical support in case problems arise. Remember about security, as the cryptocurrency market is subject to fraudsters and hacker attacks. To make sure that the exchange is trustworthy, study its security policy, look through other users' reviews, and read the recommendations from experts.

Step 2: Register On An Exchange

After choosing a platform to work with, you have to create an account there. You will need to enter your name, phone number, or email address, and specify your region of residence. Then the exchange will send a special code to your phone number or a link to your email, which you will have to use to confirm your account. That will be the completion of the registration.

Some exchanges require passing the verification and KYC procedure as additional security measures. In this case, you will need a passport or driver's license, or even taking a selfie, so prepare all documents in advance.

Step 3: Link Your M-Pesa Account To An Exchange’s One

In this step, you need to connect your M-Pesa as a payment method on the exchange. To do it, go to the “Finance” or “Payment Methods” section on the crypto platform, select M-Pesa from the list of options, enter your account details, and confirm the action. After that, you will be able to make purchases on the exchange and pay with your M-Pesa.

Step 4: Find An Offer Of Bitcoins Sale

Now you can start trading. Set up filters to find a suitable offer for selling the crypto: specify Bitcoin as the desired cryptocurrency and enter the number of coins you plan to buy. Also sign M-Pesa as a payment method, as your trading partner should also use the service as a receiving one.

Then you will see a list of ads matching your filters. Choose the one that will be the most beneficial, for example, with a favorable exchange rate. Also, pay attention to the seller's rating, study his successful transaction history, and learn from the feedback of other users about him. Choose the one that seems most reliable to you.

Step 5: Contact The Seller

Tell the selected seller about your intention to buy Bitcoins; you can use the special chat on the exchange for doing it. Ask him questions about the transaction, if you have any, or discuss other details. Request his M-Pesa account details to transfer the payment there and share your Bitcoin wallet address. Then set a date and time for making the transaction.

Step 6: Make The Purchase

The only thing left to do is to make the deal with your trading partner. You have to send a payment for Bitcoins to his M-Pesa account and wait for confirmation that the money has been credited. Then he will send BTC to your wallet, and you will also have to confirm its receipt. If everything is successful, the transaction can be considered closed.

Tips For Successfully Buying Bitcoin With M-Pesa

Any cryptocurrency transaction, including buying, is associated with risk, so it is important to make it carefully and thoughtfully. Follow our tips to make your purchases profitable and safe:

• Monitor the market. Cryptocurrencies are very volatile, and Bitcoin is especially. Therefore, monitor its exchange rate regularly to find the most favorable time for investment.

• Select a reliable platform. Work on exchanges that guarantee the safety of your data and funds. Encryption technology, verification and KYC procedures are indicators of enhanced security measures.

• Consider commissions. When you buy BTC, you will be charged an exchange commission, so choose a platform with the most favorable fees. For example, on Cryptomus P2P it is only 0.1% when buying crypto. Also remember that M-Pesa will charge its own fees, which are 1-2% of the purchase amount on average.

• Invest a little. If you plan to buy Bitcoin with M-Pesa for the first time, invest a small amount of money for the purchase, as you are taking less risk. Moreover, it is a great opportunity to see how the service's commissions work and learn the market dynamics safely for your portfolio.

• Secure your Bitcoins. Use a strong password and enable 2FA both on the exchange and M-Pesa. You can also spread your BTC to different wallets to further secure them.

How To Withdraw Crypto With M-Pesa?

After purchasing the crypto, you may need to withdraw it with M-Pesa. This process involves converting digital assets to fiat and transferring them to the service's account. Some exchanges allow you to do it directly, but more often you can find the option of withdrawing funds through a sale on a P2P platform.

So, for crypto withdrawal with M-Pesa, you have to register on the crypto exchange as a seller, pass the verification, and create an ad to sell your digital assets. Then you need to wait for responses or find a buyer yourself to speed up the process. Discuss the transaction terms with him, give your M-Pesa account details and take his cryptocurrency wallet address. After that, the buyer will transfer the payment for the crypto to your M-Pesa account in fiat currency, and you will send him the crypto. This way, your cryptocurrency will be withdrawn to your M-Pesa account by selling your digital coins.

M-Pesa is a convenient way to buy Bitcoins, as you can do it right from your mobile phone. Nevertheless, the service is little known around the world and is mostly in demand in Africa, so people in other countries have a lot of questions about it. We hope that our guide helped to dispel your doubts, and now you know that buying cryptocurrency with M-Pesa is easy and profitable.