How to Buy Cryptocurrency in Azerbaijan
Buying cryptocurrency in Azerbaijan
Currently, there are no legitimate or specific regulations of virtual currencies in Azerbaijan. In the context of this country's law, cryptocurrencies fall way out of traditional regulatory definitions. Hence, it seems challenging to find the right way to classify virtual currencies, since they can be considered as multiple assets (a commodity, a security, or even a unit of account.) There was no significant progress in the recent years that would show a wider adoption of cryptocurrencies in this country. The innovation in this direction seems quite slow, especially since the country is lacking the underlying technology to further push the adoption of cryptocurrencies. However, there had been word of Azerbaijan creating a Cryptomanat or a cryptocurrency equivalent to their national currency. Although the interest in cryptocurrency in this country does exist, it is nowhere near to the levels of adoption we are seeing in other countries in the world.
As of 20/03/2021
These exchanges all accept customers from Azerbaijan. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options