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How to Buy Crypto with First Community Bank in Kenya

Last updated on November 12, 2023

Quick Summary: While First Community 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.

First Community Bank Homepage

As mentioned in my quick summary, like most Kenya banks, First Community 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 exchanges 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 First Community Bank

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

1. Pick a crypto exchange

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 crypto

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 First Community Bank.

Buy Crypto With Coinbase

About First Community Bank

First Community Bank (FCB) is a commercial bank located in Kenya which is the biggest economy within the East African Community. It is authorized to operate by Kenya’s Central Bank of Kenya, the central bank and the national regulator of banks.

First Community Bank was established in 2007 under Sharia legislation through private Muslim investors from Kuwait, Kenya and Tanzania. The bank obtained an Kenyan commercial bank license that same year, and began operations in June of 2008. In June 2008, the FCB has become the only Kenyan-based bank that operates under the regulations of Sharia. Since the inception of First Community Bank, another Sharia bank called Gulf African Bank, Gulf African Bank, has been granted an official commercial license from the Central Bank of Kenya.

As of December 31, 2019 the total assets of the bank were estimated at US$187.62 millions (KES:18.762 billion) and shareholders’ equity around $14 million (KES:1.46 billion) and customer deposits in the amount of $161 million (KES:16.126 billion). At the time the bank was ranked at 21st place in terms of assets, of 43 authorized banks within Kenya at the time.

The bank’s initial subsidiary is the FCB Takful Insurance Agency, where it holds 100% of the shares. The insurance company was founded in the year 2010. The bank also has another affiliate, FCB Capital Limited, the first Sharia-compliant Investment Bank in Kenya. It is also wholly held by First Community Bank.