Interest in cryptocurrency has grown significantly in sub-Saharan Africa, with on-chain value rising from $7.5 billion to $125 billion. Although this growth represented only 2.7% of global transaction volume between July 2023 and June 2024, it also makes the region a leader in DeFi adoption. A country in Africa holds the second spot in the global adoption index.
Ghana ranks among the top seven countries with the most cryptocurrency transactions in sub-Saharan Africa. Anyone looking to tap into this growing market will need the best crypto wallets in Ghana. But with so many options available, how do you determine which crypto wallet is the best in Ghana?
This article highlights the top seven picks for the best crypto wallets in Ghana and provides guidance on what to consider when choosing the right one for your needs and goals.
Key takeaways
- Ghana ranks among the top seven countries in sub-Saharan Africa for crypto transactions.
- Selecting the best crypto wallet in Ghana requires considering key factors like security, ease of use, supported cryptocurrencies, and compatibility with local currencies.
- Top wallet recommendations include Trust Wallet, MetaMask, BlueWallet, Ledger hardware wallets, Trezor, Exodus, and ZenGo, catering to different user needs and goals.
- You can buy Bitcoin in Ghana using platforms like Binance and Yellow Card.
Best crypto wallets in Ghana
Trust Wallet
Trust Wallet is a non-custodial wallet owned by Binance but operates independently. Its mobile app, available on Google Play and the App Store, and a web browser extension for desktops allow users to access Trust Wallet.
| Crypto Wallet | Trust Wallet |
| Key features | Supports multiple blockchains, including Bitcoin, Ethereum, and Solana, among others.Allows sending and receiving of crypto. Features swap, earn, and dApp (decentralized application).Offers biometric security features and a multi-coin wallet. |
| Pros | Easy to set up. Access to millions of crypto tokens and 100+ blockchains. |
| Cons | No two-factor authentication. |
| Best for | Beginners. |
MetaMask
MetaMask is a non-custodial wallet and decentralized application browser offering mobile and browser extension options. It is best for users interested in NFTs and DeFi protocols on Ethereum.
| Crypto wallet | MetaMask |
| Key features | Integrated Web3 browser.NFT storage capability.ERC token support. |
| Pros | Simple setup process.Seamless DApp integration.Strong ERC token support |
| Cons | No Bitcoin support.High fees. |
| Best for | Advanced users. |
Zengo
Zengo is a non-custodial wallet you can access on iOS, Android, and desktop. It offers both a free version and a pro version. Zengo provides 3-factor authentication to enhance wallet security and uses MPC (multi-party computation) technology to secure your private key.
| Crypto Wallet | Zengo |
| Key features | Buy and sell crypto. Coins and tokens can be swapped. User-friendly experience. Zengo has a QR scanner that scans wallet addresses.MPC technology.Three-factor authentication. |
| Pros | Accessible through a mobile and desktop app.Advanced security.Supports more than 120 crypto assets. |
| Cons | Additional cost for the Pro version.High fees.No custom token. |
| Best for | Beginners and advanced |
BlueWallet
BlueWallet is considered one of the best Bitcoin wallets on the market. It offers non-custodial services and is available on Google Play and the App Store. This hot wallet allows connection to cold storage solutions.
| Crypto wallet | BlueWallet |
| Key features | Supports only Bitcoin and lightning networks.Not compatible with multiple cryptocurrencies.Wallet recovery. |
| Pros | Easy to set up.Has fees and transaction controls.Has multisignature vaults.Batch transactions.Suitable for long-term storage. |
| Cons | No two-factor authentication.Only supports Bitcoin. |
| Best for | Frequent traders. |
Ledger hardware wallets
The Ledger Nano S Plus supports over 5,000 digital assets and can hold 100 apps. In addition to Ledger Nano S Plus, there are Ledger Flex, Ledger Nano X, and Ledger Stax.
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| Crypto Wallet | Ledger Nano S Plus |
| Key features | Hardware wallet.Recovery phrase feature. Two-factor authentication. Supports 5,500+ coins and NFTs.USB-C connectivity and works with the Ledger Live app.Good for large-sum assets and long-term storage. |
| Pro | High-security standards.Competitive pricing.Good customer support.User-friendly interface. |
| Cons | Monthly fee for ledger recovery. |
| Best for | Beginners and advanced users. |
Trezor hardware wallets
Trezor Model-T offers you high-level security when protecting your private keys.
| Crypto Wallets | Trezor Model-T |
| Key features | Supports over 1,800 coins and tokens.Has a software platform where users can buy and sell crypto. Has two-factor authentication. |
| Pros | High security.Good customer support.Good for long-term storage. |
| Cons | Doesn’t support some layer-one networks.A bit expensive. |
| Best for | Advanced users and long-term storage. |
Exodus
Exodus is a non-custodial wallet with a Chrome-based browser extension that offers access to thousands of cryptocurrency tokens. It is available on Windows, Linux, macOS, Android, and iOS platforms.
| Crypto wallet | Exodus |
| Key features | Compatible with multiple cryptocurrencies, with support for Bitcoin, Ethereum, Solana, and 50+ cryptocurrencies. |
| Pros | Easy to use and set up.Good customer support. Available on multiple devices. |
| Cons | No two-factor authentication. |
| Best for | Beginners and advanced users. |
Types of crypto wallets
If you're new to the market, you must understand that a crypto wallet is either a software application or a hardware device that allows you to store, send, and receive cryptocurrencies like Bitcoin, Ethereum, and others.
Just as you have a wallet for your cash or a bank account for your assets, a crypto wallet is a digital wallet that holds your cryptocurrencies. You can use it to send and receive crypto.
Hot wallets
Hot wallets are software-based wallets, such as mobile apps, desktop programs, or web extensions, that store your private key on a device connected to the Internet.
How to set up a hot wallet
- Download the wallet app onto your mobile device, add it as a browser extension, or install it on your PC. Use credible links provided by the wallet provider.
- Create a new wallet account or import an existing one.
- Write down and securely store your wallet's seed phrase; never share it with anyone.
- Set up additional security measures like two-factor authentication.
- Deposit cryptocurrency into your wallet address.
Keep in mind that different wallet providers may have unique steps. You should follow the prompts provided by your chosen wallet provider.
Cold wallets
Cold wallets, like hardware or paper wallets, allow you to store your cryptocurrency offline. Hardware wallets are physical devices similar to USB drives that store your private keys. Paper wallets are physical documents with your keys, often in the form of QR codes.
How to set up a cold wallet
- Purchase a cold wallet and connect it to your device.
- Follow the instructions to set it up.
- Transfer cryptocurrency from your hot wallet to the public addresses of your cold wallet.
Custodial vs non-custodial crypto wallets
Centralized crypto exchanges typically provide custodial wallets and hold custody of your private keys. You can access them using standard login procedures, and they often require you to complete know-your-customer (KYC) processes.
Non-custodial wallets, on the other hand, give you complete control over your private keys and funds. They usually offer more privacy and autonomy and generally do not require KYC.
How does a crypto wallet work?
Your cryptocurrency wallet has a public key address similar to your bank account number. When you want to transfer your Bitcoin to another wallet or someone wants to send you cryptocurrency, you provide them with the address specific to the crypto they are sending. For example, if they send Bitcoin, you give them your Bitcoin wallet address, not your Ethereum address. A mismatch in the receiving address, such as sending Ethereum to a Bitcoin address, can result in a loss of funds.
To find your Bitcoin, Ethereum, or Solana wallet address, click on the specific wallet, select an action like "Deposit," and copy the deposit address. To avoid errors, make sure to choose the correct network, such as BEP20 or TRC20.
When you receive cryptocurrency at your public address, the amount is added to your wallet balance. When you send cryptocurrency from your wallet, it is deducted from your balance. To send crypto, you request the recipient's address for the specific network and crypto, initiate a "Send" action, enter the necessary details, and complete the transaction.
All transactions are permanently recorded on the cryptocurrency’s blockchain ledger.
Factors to consider when choosing the best crypto wallets in Ghana
What good would it be to lose your funds because they were stored in wallets vulnerable to breaches or difficult to manage?
Here are the key things you should look for when choosing a crypto wallet:
Security and privacy
The best crypto wallets should include standard and advanced security features, such as two-factor authentication for logging in and transferring funds.
Ensure the wallet complies with necessary security and data privacy certifications relevant to its service. Additionally, confirm that the wallet developers are active and regularly update the application to address bugs and potential vulnerabilities that hackers could exploit.
Accessibility and ease of use
The crypto market can be complex to understand, and when paired with an interface that isn’t user-friendly, it becomes even harder for you to navigate. Accessibility and ease of use are factors to consider when choosing the best crypto wallets in Ghana.
While crypto wallets can be desktop applications, some also offer mobile versions. You should ensure your chosen crypto wallet has a compatible version for your device.
Support for local currency (Ghanaian Cedi - GHS)
When choosing the best crypto wallet in Ghana, look for one that supports the local currency, the Ghanaian Cedi (GHS).
You should also prioritize a wallet that offers a wide range of payment methods, such as mobile money, credit cards, and bank transfers.
Transaction fees and costs
Transaction fees and costs vary across different crypto wallets. When choosing the best crypto wallet in Ghana, you should consider each option's transaction fees and costs. These fees can significantly impact your cryptocurrency balance, especially if you transact frequently.
In addition to individual wallet fees, some blockchain networks incur higher costs, known as "gas fees," than others. These fees may apply to transfers, swaps, withdrawals, or deposits.
Number of cryptocurrencies supported
In addition to Bitcoin, CoinMarketCap lists over 8,000 cryptocurrencies. However, most crypto wallets support only a limited number of cryptocurrencies or those from a specific blockchain network.
If you plan to hold more than one cryptocurrency, consider the best crypto wallets for storing multiple coins.
Reputation amongst traders
You should pay attention to a crypto wallet's reputation within the Ghanaian crypto community, as it can indicate its reliability. Consider positive and critical reviews to understand what users are saying.
Additional features
Many platforms now offer extra features such as staking, lending, interest, and other DeFi functionalities. These features reduce the stress of managing multiple platforms and help you earn more. Some platforms also have built-in exchanges, allowing you to trade crypto directly from the wallet.
How to buy bitcoin with Mobile Money in Ghana
- Choose a cryptocurrency exchange or platform, such as Binance or Yellow Card, that supports mobile money transactions in Ghana.
- Sign up on the platform and complete the required verification process.
- Go to the "Buy" section and select bitcoin as the cryptocurrency you want to purchase.
- Choose mobile money as your payment method.
- Enter the amount of bitcoin you wish to buy.
- Follow the on-screen instructions to make the payment using your mobile money account.
- Once the transaction is confirmed, your wallet will be credited with the bitcoin.
How to withdraw bitcoin to Mobile Money in Ghana
From your preferred platform that allows Bitcoin withdrawals directly to mobile money accounts:
- Log in to your account and go to your Bitcoin wallet's "Withdraw" section.
- Choose mobile money as your preferred withdrawal option and ensure your account details are correctly linked.
- Specify how much bitcoin you want to withdraw. The equivalent value will be displayed in GHS (Ghanaian Cedi).
- Review the transaction details carefully and confirm the withdrawal.
- Once the transaction is processed, the funds should appear in your mobile money account.
Remember that the process for buying bitcoin in Ghana with Mobile Money may vary depending on the exchange. However, most steps tend to follow a similar pattern, making completing transactions straightforward.
FAQs about crypto wallets in Ghana
Which crypto wallet is best in Ghana?
The best crypto wallets in Ghana depend on your goals. However, popular options include Trust Wallet, MetaMask, and wallets from reputable crypto exchanges like Yellow Card and Bitmama. You should consider security, ease of use, and support for multiple or your preferred cryptocurrencies.
Is MetaMask available in Ghana?
Yes, MetaMask is available in Ghana. It is a widely used crypto wallet.
Is Trust Wallet available in Ghana?
Yes, Trust Wallet is available in Ghana. It is a widely used crypto wallet.
What is the best site to buy bitcoin in Ghana?
To buy bitcoin in Ghana, you should consider popular platforms like Binance and Coinbase. These platforms offer various payment methods, making transactions convenient.
Can I use a foreign wallet in Ghana?
Yes, you can use foreign crypto wallets in Ghana if they are available to Ghanaian users and support your preferred cryptocurrency.
What do I need to buy Bitcoin in Ghana?
You can buy bitcoin in Ghana with a phone or PC and an Internet connection. Then, you can create an account with an exchange and complete the necessary verification steps or install a crypto wallet.
Crypto regulation in Ghana
While interest in cryptocurrency continues to grow, clear regulations are yet to be established. In Ghana, the Bank of Ghana (BoG) issued draft guidelines proposing regulatory measures for digital assets like cryptocurrencies.
These draft guidelines aim to address the need for regulatory clarity in digital asset activities. The framework's objectives include fostering innovation while managing the risks associated with digital assets.
Under this framework, as a Virtual Asset Service Provider (VASP) in Ghana, you must apply for authorization from either the BoG or the Securities and Exchange Commission (SEC). Failure to register would mean you are operating illegally in the country.
The proposed regulations are likely to focus on exchanges and virtual asset platforms. They aim to define the types of assets covered and establish rules for interactions between financial institutions and VASPs. As a VASP, you must conduct customer due diligence, monitor transactions, report suspicious activities, and comply with the FATF’s Travel Rule.
Conclusion
This article explored seven of the best crypto wallets in Ghana, including Trust Wallet, MetaMask, BlueWallet, and hardware wallets. When choosing a wallet, you should always consider key features such as security, supported cryptocurrencies, and compatibility with local currencies.
Your choice of wallet ultimately depends on your specific needs and goals. While these recommendations provide a good starting point for anyone looking to store their crypto in a wallet, you should conduct further research and due diligence to ensure you make the best decision for your requirements.
