How to buy Bitcoin with Mobile Money in 2023

By:

James Knight

James is a lead editor for Invezz, where he covers topics from across the financial world, from the stock… read more.

Updated: May 25, 2023

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Get started in minutes with our preferred broker, eToro.

10/10

77% of retail CFD accounts lose money.

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Firstly, the most important question to answer is: can I buy Bitcoin with Mobile Money?

No, Mobile Money doesn’t allow you to purchase cryptocurrency. However, you can use Mobile Money to fund a trading account and buy Bitcoin that way.

You just need a crypto exchange that accepts Mobile Money deposits. And we’re here to help.

How to buy Bitcoin with Mobile Money – a step-by-step guide

It takes about 15 minutes to buy BTC with Mobile Money. Have a copy of your photo ID to hand and follow this guide to get started.

Step 1. Sign up with eToro

We recommend eToro as the best platform to use to buy BTC with Mobile Money.

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1

Min. Deposit

$ 10

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User Score

10

Up to $240 bonus!

Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.

Trade on the world’s leading social trading and investing platform

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Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

77% of retail CFD accounts lose money.

Step 2. Create an account

You need an account before you can buy anything. Sign up with your contact details and a form of ID for verification.

Step 3. Make a deposit via Mobile Money

Enter how much you want to deposit and select Mobile Money as your payment method from the list of options.

Step 4. Use the search box to find Bitcoin

Use the search box on the home page to search for Bitcoin and the currency you want to pay in (such as GBP).

Step 5. Make your purchase

Enter how much Bitcoin you want to buy, check the details and process the transaction. Once the payment goes through, your new Bitcoin will show up in your exchange account.

Top Bitcoin platforms that accept Mobile Money

1. eToro. Best for beginners, copy-trading & demo-account

Visit site

1500

No. assets

$10

Minimum deposit

Crypto

Platform type

Pros & Cons

Popular ‘Copytrader’ function so users can follow top traders Mobile platform has great functionality Minimum first time deposit of $200 Expedient customer service, with live chat support provided Over 2,000 CFDs available to trade

Does not provide the MetaTrader platform High spreads on some assets Comparatively high fees for withdrawals and account inactivity

Overview

We love eToro because it makes it simple to trade crypto at home or on the go. If you’ve never bought cryptocurrency before, then eToro makes it simple to buy 75+ of the leading coins, including the likes of Bitcoin, Ethereum, and Dogecoin. Every crypto trade comes with a flat 1% fee, which makes it one of the cheapest crypto brokers on the market to boot.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the crypto market every day, browse the latest technical analysis about every one of those tokens, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: You will be charged a 1% fee every time you buy or sell crypto. The charge is included in the market price that’s displayed on eToro. CFD trades may be charged an overnight or weekend fee if you leave the position open.

Visit eToro Read Review

77% of retail CFD accounts lose money.

2. Public. Best for sharing beginner trading ideas

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...

No. assets

...

Minimum deposit

Crypto

Platform type

Pros & Cons

Commission free stock and ETF investing Share and compare your portfolio on a social trading platform Trade crypto, fractional shares, and alternative investments

You can't trade on margin or use leverage No forex, options, funds, metals, or bonds

Overview

We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.

Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.

The fees: Cryptocurrency trades are charged a 2.5% fee per transaction. 

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3. Bitstamp. Best for professionals & trading with APIs

Visit site

1

No. assets

...

Minimum deposit

Crypto

Platform type

Pros & Cons

Low trading fees and no spreads Supports multiple fiat currencies Regulated platform

Limited number of coins available Major fees on deposits and withdrawals Liquidity has suffered due to the limited selection of coins and most liquidity is concentrated in top names like Bitcoin and Ether

Overview

We love Bitstamp because it has a proud reputation for top performance over more than decade. Bitstamp offers trading on 75+ cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, while staking is available on Ethereum and Algorand. 

Bitstamp was one of the first crypto platforms to set up shop in 2011 and has built up trust since. It’s designed with institutional traders in mind, so it prides itself on near 100% uptime. It stores 95% of assets in cold storage and offers a sliding scale of fees so that high volume traders get the best rates.

The fees: There are no trading fees if you trade less than $1,000 in a rolling 30-day period. Above that, fees start from 0.4% and decline the higher your trading volume is. There is a 15% charge for staking. Withdrawals are charged a flat €3 fee.

Visit Bitstamp Read Review

Quick answers to key questions

Can I buy crypto with Mobile Money?

Yes, you aren’t limited to buying Bitcoin alone. The only limit is which coins are available on the exchange you’ve chosen. Most crypto exchanges that support Mobile Money as a payment method offer 50+ cryptocurrencies and many offer hundreds more.

Is Mobile Money safe?

Yes, it’s completely safe to use Mobile Money. The only risk to look out for is to make sure you sign up to a regulated Mobile Money Bitcoin broker when buying Bitcoin. Using an unregulated broker platform can put your money at risk.

How much does it cost to buy Bitcoin via Mobile Money?

It can cost anywhere between 1-2% of the total transaction amount. The exact amount depends on the broker you choose, and you may find the cost of buying Bitcoin with MoMo is higher than using other payment methods.

Can I store Bitcoin in my Mobile Money account?

No, MTN Mobile Money is an app for making payments and transferring money, it does not store cryptocurrency.

The alternative options are to store your Bitcoin in a crypto wallet, an app that keeps your money secure behind a unique private key, or simply to keep it in the exchange account you used to buy it.

Why don’t more crypto platforms support Mobile Money?

MTN Mobile Money is more popular in Ghana and across Africa than it is in the rest of the world. Most cryptocurrency platforms are based outside Africa, and are more disposed to accept e-wallets and digital payment providers based in Europe, Asia, or the US instead.

Should I buy Bitcoin using Mobile Money?

Yes, if you can find a low-cost crypto broker. If you buy Bitcoin with MoMo on a peer-to-peer crypto exchange, it can be expensive. The problem is that many traditional crypto brokers don’t accept MTN Mobile Money deposits.

If you do use a crypto broker, then MTN Mobile Money is a great, convenient way to buy Bitcoin from your mobile phone. Here are some pros and cons of buying Bitcoin with MoMo.

Is there an alternative to buying cryptocurrency with Mobile Money?

There are plenty of alternatives, whether you want to pay through an online payment provider or go down a more traditional route. Here are some of the different ways to pay for your Bitcoin purchase.

• Buy Bitcoin with Afterpay
• Buy Bitcoin with American Express
• Buy Bitcoin with Apple Pay
• Buy Bitcoin with bank transfer
• Buy Bitcoin with cash
• Buy Bitcoin with Cash App
• Buy Bitcoin with Discover Card
• Buy Bitcoin with gift card
• Buy Bitcoin with Google Pay
• Buy Bitcoin with Moneygram
• Buy Bitcoin with Neteller
• Buy Bitcoin with Netspend
• Buy Bitcoin with Payoneer
• Buy Bitcoin with PayPal
• Buy Bitcoin with Paysafecard
• Buy Bitcoin with Paytm Wallet
• Buy Bitcoin with Revolut
• Buy Bitcoin with Skrill
• Buy Bitcoin with Swish
• Buy Bitcoin with Venmo
• Buy Bitcoin with Western Union
• Buy Bitcoin with Zelle
• Buy Bitcoin with Zippay

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