To convert Bitcoin (BTC) to M-Pesa, you will need to use a peer-to-peer (P2P) exchange, a Bitcoin wallet, and your M-Pesa account.
It’s important to note that LocalBitcoins discontinued its services in 2023, so you can no longer use that platform to trade BTC for MPESA
How to Convert Your Bitcoin to MPESA
Here’s a process for converting your BTC to MPESA through platforms that still support peer-to-peer (P2P) trading.
Choose a Peer-to-Peer Exchange
Create an account on Paxful or Binance (if you don’t already have one).
Complete any verification requirements (such as email verification and KYC).
Here are the links to help you sign up.
Deposit Bitcoin
After signing up, transfer your Bitcoin to your exchange account. You can do this by sending BTC from your personal wallet or another exchange to the platform’s wallet.
On Paxful or Binance, head to the P2P trading section and search for traders or offers that accept MPESA as the payment method.
Select a Buyer
On the P2P platform, select BTC to MPESA Trade. While here, filter by payment method and select your preferred currency ( KES for Kenya shillings) then choose “M-Pesa” as your desired payout option. The platform will list traders or buyers offering M-Pesa payments in exchange for Bitcoin.
Ensure you agree with the buyer on exchange rate and terms of the trade before proceeding.
Initiate the Trade
Choose a buyer with a good reputation and high completion rate to minimize risk.
Enter the amount of BTC you want to sell, and the system will show how much you’ll receive in Kenyan Shillings (KES) through M-Pesa.
Confirm the trade, and the platform will hold your Bitcoin in escrow.
Click on “Sell” or “Trade” and follow the instructions provided by the platform.
Receive M-Pesa Payment
The buyer will transfer the agreed KES amount to your M-Pesa account.
And once you receive the money on your Mpesa, confirm the payment on the P2P platform.
After you confirm the trade, the platform itself will escrow your Bitcoin, meaning it will hold the Bitcoin until the payment is confirmed.
The buyer will send the agreed amount of money to your MPESA account.
After you receive the payment, you can confirm receipt
Release Bitcoin
After confirming the M-Pesa transfer and payment, release the BTC to the buyer through the platform.
Complete the Transaction
The trade is now complete, and your Bitcoin is successfully converted to M-Pesa.
Leave Feedback
After completing the transaction, leave feedback for the trader to help others in the future.
Important Tips:
Check fees: Make sure to account for platform fees and M-Pesa withdrawal fees.
Stay safe: Only trade with verified users and use platforms that offer escrow services.
Watch out for scams: Verify the transaction before releasing your Bitcoin.
Paxful: Offers a wide range of payment methods, including MPESA.
Binance P2P: Allows for Bitcoin trades using MPESA in Kenya and other countries.
Always be sure to check the reputation and transaction history of the trader to avoid scams
Related: Cryptocurrency Trading
