Bitcoin was launched in 2009 and since then a lot of people around the world now have knowledge of what Bitcoin is. However it is still hard when it comes to explaining what Bitcoin is and it’s benefits to the people in Uganda.
In this article I am going to answer a frequently asked question that many Ugandans have been asking me for a long period of time.
How to withdraw Bitcoins in Uganda
Like withdrawing money from your MTN Mobile Money wallet, Airtel Money Wallet or from the Bank into cash, withdrawing Bitcoins is different as you can’t directly withdraw it into cash.
The only option is to sell your Bitcoins to a buyer using the platforms I am going to mention below and then the buyer pays you via Mobile Money, Bank Transfer, Chipper Cash, M-Pesa, PayPal, Western Union and among other payment options.
Well, I know you’re wondering why I listed Paxful first. Of course it is the best P2P exchange platform for Bitcoins in Africa. You can easily withdraw, buy and sell Bitcoins instantly and I use the same platform.
With over 300 payment options including PayPal, M-Pesa, Mobile Money (MTN and Airtel), Bank Transfer, Western Union, Eversend, Chipper Cash to mention but a few, you can buy, sell and withdraw your Bitcoin money with just a few taps.
Your money is secured by escrow where you don’t have to worry about the scammers and losing your money and in case you need support the Moderators are always available 24 hours to help you.
You will get a wallet which you can share in case you want to receive Bitcoins from someone and they have also introduced USDT to protect you from BTC volatility. You will get a different wallet address for USDT in case you need it
Their website and mobile application are easy to explore and they are user friendly with a clear user interface (UI). They also have an affiliate program where you can refer friends and earn commission when your affiliate buys Bitcoin on the platform.
The platform is dominated by local traders depending on your location for example it is easy to find buy and sell offers for Nigerians while living in Nigeria and for Ugandans while living in Uganda. Here how it goes, you search for your interests
Paxful is simple, fair and secure. Join Paxful Today.
This is my second recommendation after Paxful. Their platform is secure and easy to use with world class support of 24/7. They have a User Interface which is friendly and they are available in over 180 countries across the world.
To use Binance,
- Create and Account
- Link your mobile money number and finally
- Start Buying and Selling Bitcoin
Using Remitano is another way of buying, selling and withdrawing Bitcoins in Uganda, you will find local vendors based on your location.
Using this platform you can easily and safely buy and sell Bitcoins at a lower fee and they also use escrow to protect you from losing your money.
Remitano is a product of Babylon Solutions Limited which is incorporated in Seychelles. They offer 24/7 customer support.
Join Remitano today and have access to their marketplace to be able to withdraw your Bitcoins into cash very fast and secure.
If you’re a Bitcoin trader in Uganda, LocalBitcoins is not a new word to you. The platform allows you to create buy and sell offers for your Bitcoins and also choose your preferred method of payment and set your exchange rate.
When you want to buy from or sell bitcoins to someone, after initiating a trade, a chat screen will be created where you can chat with the seller or buyer and your money is protected by escrow protection.
They also have a web wallet which you can share in case you want to receive Bitcoins
The platform supports a wide range of payment methods and they aim to support every suitable payment method that its user community supports.
Join LocalBitcoins.com platform and start transacting your Bitcoins by creating a free account here.
Read Also: How to withdraw PayPal Money in Uganda
How to transfer Bitcoin from Coinbase to the above mentioned platforms
Coinbase is one of the most trusted places to send and receive Bitcoins in Uganda and the world at large. It is one of the largest platforms that I recommend you to join. You can trade a number of cryptocurrencies on the platform including Bitcoin, Ethereum, XRP, USDT, Bitcoin Cash, Litecoin among others.
Being a platform with a variant of cryptocurrencies makes it one of the largest Crypto currency exchange platforms in the world. You may be able to receive bitcoins via coinbase wallet, unfortunately you can’t sell bitcoins in Uganda using Coinbase. Alternatively, you may need to transfer your Bitcoins into one of the above mentioned P2P platforms. In this case we are going to consider Paxful (it is the best I recommend).
Below are the steps:
- Create a Paxful Account for free
- Verify your Phone Number and Email Address
- By default, you will get a free Bitcoin Wallet.
- To copy your wallet,
- Go to the wallet tab on the web and Click “Receive” and copy your address on Clipboard
- Go to the wallet tab on your phone app (Bag-Like Icon) and click “Receive” then copy your wallet address to the clipboard.
- Log into your Coinbase Account
- Click Send and enter the amount of BTC you want to transfer
- Paste your address and complete the transaction
- Your BTC will be sent to the P2P wallet address within few minutes
- From there, you can sell your Bitcoin to buyers using your preferred payment method.
After reading this post, I hope it is now easy for you to buy, sell or withdraw your Bitcoins into cash in Uganda. If you found this article important, please don’t forget to subscribe to our newsletters.