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How to Buy Bitcoin with MTN Mobile Money in 2024
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Firstly, the most important question to answer is: can I buy Bitcoin with MTN Mobile Money?
Yes, you can use MTN Mobile Money to buy Bitcoin, but not directly. Instead, you can use MTN Mobile Money to fund a trading account and buy Bitcoin that way.
This means you’ll need to select a crypto exchange that accepts MTN Mobile Money deposits. And, we’re here to help you do that.
How to buy Bitcoin with MTN Mobile Money in 5 steps
Copy link to sectionIt takes between 15-45 minutes to buy BTC with MTN Mobile Money the first time. After you’re all set up, it takes just a minute. You’ll want to have a copy of your photo ID, a computer or smart phone, and some cash to invest.
Let’s get started.
Step 1. Choose a crypto platform that accepts MTN Mobile Money
Copy link to sectionWe recommend Start Trading as the best platform to use to buy Bitcoin with MTN Mobile Money. However, there are several options, which you can compare in more detail below.
Step 2. Create an account
Copy link to sectionYou need an account before you can buy anything. Sign up with your contact details and a form of ID for verification. Depending on the platform, this can take anywhere from a few minutes to a couple of days to be approved.
Step 3. Make a deposit via MTN Mobile Money
Copy link to sectionOnce you’re on the platform, you’ll be prompted to deposit for the first time.
Here, you need to enter how much you want to deposit, usually there’s a minimum such as $10, $50, or $100. Select MTN Mobile Money as your payment method from the list of options and off you go. You should see the funds arrive in your account fairly quickly!
Step 4. Use the search box to find Bitcoin
Copy link to sectionNow that you have funded your account with MTN Mobile Money, you can search for Bitcoin or BTC on the app to make an investment.
You’ll likely be able to purchase using a range of currencies, with the most common being USDT, USD, GBP or EUR. Depending on which currency you deposited, you may even need to convert your funds into another base currency.
Step 5. Make your purchase
Copy link to sectionEnter how much Bitcoin you want to buy, for instance $100, check that you’re happy with the details, and click the trade or buy button. The trade should execute immediately, and your new Bitcoin should show up in your exchange account immediately.
Top Bitcoin platforms that accept MTN Mobile Money
Copy link to sectionQuick answers to key questions
Copy link to sectionCan I buy crypto with MTN Mobile Money?
Copy link to sectionYes, 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 MTN Mobile Money as a payment method offer 50+ cryptocurrencies and many offer hundreds more, so you have plenty of options.
Is MTN Mobile Money safe?
Copy link to sectionYes, it’s completely safe to use MTN Mobile Money. The only risk to look out for is to make sure you sign up to a regulated MTN Mobile Money Bitcoin broker. Regulated platforms offer greater investor protection, and usually mean the service has had to abide by certain rules – such as storing your funds separately to the money it uses to run its business, or auditing its reserves to proof it has capital on hand.
Using an unregulated broker platform, on the other hand, can put your money at risk, because you won’t benefit from these protections.
How much does it cost to buy Bitcoin via MTN Mobile Money?
Copy link to sectionThe cost to buy Bitcoin via MTN Mobile Money varies depending on the exchange or brokerage platform you use. Using MTN Mobile Money is free of charge, but you’ll need to pay a fee with your broker; generally, anything above $3 or 2% is expensive, with most platforms charging you around the 1% mark.
Can I store Bitcoin in my MTN Mobile Money account?
Copy link to sectionNo, MTN Mobile Money is a payment processing service and you cannot store Bitcoin on it. You have two choices when it comes to storing your BTC: keep it on the exchange you used to buy it, or use a dedicated Bitcoin wallet.
Why don’t more crypto platforms support MTN Mobile Money?
Copy link to sectionOne reason can be that not enough customers use it, and so the cost and resources required to accept MTN Mobile Money simply aren’t worth it. Another reason is that some payment processing systems charge quite high fees to the merchant, which again means it makes less financial sense to allow payments that way.
Ultimately, if MTN Mobile Money grows in popularity, then it’s likely that more crypto exchanges or brokers will start accepting it. Most brokers tend to accept a few popular payment methods, like debit cards, credit cards, and bank transfers.
Can I buy Bitcoin using MTN Mobile Money with no ID verification?
Copy link to sectionIt’s not possible to buy Bitcoin using MTN Mobile Money without ID verification, as this goes against the Know Your Customer (KYC) and anti-money laundering (AML) regulations. These regulations mandate ID verification to prevent illicit activities, like money laundering or fraud.
Most payment providers, as well as trading platforms or centralized exchanges allowing cryptocurrency transactions, require users to verify their identity. This process typically involves submitting personal information, including but not limited to:
- Full, legal name,
- Address,
- A government-issued photo ID.
These steps are legally necessary and serve as security measures to protect users from fraud and prevent illegal activities.
Some peer-to-peer platforms facilitate Bitcoin purchases using MTN Mobile Money without ID verification, but these transactions carry significant risks, including scams and higher fees.
Should I buy Bitcoin using MTN Mobile Money?
Copy link to sectionYes, you may want to consider buying Bitcoin with MTN Mobile Money. It all comes down to personal preference. If it’s easy for you to fund your crypto brokerage account and offers you an easy way to use your online banking details to make payments, then yes, absolutely.
Pros
Copy link to section- You can use MTN Mobile Money to buy Bitcoin using several different currencies
- MTN Mobile Money accepts users from many countries
- Transactions are processed very quickly