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How to Buy Crypto with Family Bank in Kenya

Last updated on November 12, 2023

Quick Summary: While Family Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Kenya cryptocurrency exchanges to pick from, but we suggest using the Coinbase exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

Family Bank Homepage

As mentioned in my quick summary, like most Kenya banks, Family Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use Coinbase as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Family Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto trading platform

As mentioned above, I’ll be using Coinbase for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Coinbase

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Coinbase there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Family Bank.

Buy Crypto With Coinbase

About Family Bank

Family Bank became a fully-fledged commercial bank in May 2007. The Bank is controlled through the Central Bank of Kenya (CBK) and is regularly assessed by CAMEL ratings that focus on the management of capital, assets Earnings, Liquidity and Profit. The bank is a part of the Deposit Protection Fund (DPF) which means that the deposits of customers are secure.

With just one branch in the year 1985, the Bank has grown in the years since then and is now an extensive network of 92 branches throughout the country. This was the initial Bank in Kenya to introduce electronic banking using smart cards.

The Bank has won numerous awards such as being the Fastest Growing Bank based on Financials in 2015. Best Bank in Micro-Finance, 1st Runner-up at the Think Business Magazine Awards in 2013 and 2014, as well as being named one of the Best Farmers Bank in Kiambu and Laikipia counties. The bank was recognized as 2nd in the top financial services company within Kitui County during the Kitui Agricultural Trade Fair. It was acknowledged with the help of VISA International for having the “Best VISA Advertising/Brand Awareness” Campaign that featured the catchy tagline “The best way to pay for your everyday” in recognition of the EMV Visa MasterCard.

The bank is capitalizing on the positive results in the global banking model. The plan is to slowly establishing it as a Bank as a one-stop-shop offering consumer and retail products, SME, agricultural corporate banking, trade Insurance and Finance.

It is using the devolved system to bring into more customers. This expansion falls in keeping with the county’s bank’s plan to improve the governance structure devolved to the county.