How to Buy Cryptocurrency in Bangladesh

Buying cryptocurrency in Bangladesh

Buying cryptocurrency in BangladeshAccording to the Bangladesh Central Bank, any use of cryptocurrencies in this country is considered a punishable offense. The country has fully banned the use of Bitcoin and other cryptocurrencies and they go to such extent to even hunt down Bitcoin traders and miners. Despite cryptocurrencies being a growing global trend, the country of Bangladesh seems to fight hard to avoid any involvement in this topic. In 2014, the government issued a warning to the citizens stating that anyone who's trading bitcoin can be sent to prison for up to 12 years. There are a lot of loopholes in the country's laws and regulations regarding financial assets and currencies. Some of these can even serve as an argument for the pro-Bitcoin side of the population. However, the use of cryptocurrencies still remains prohibited in this country and there are no signs of how long this could last. It would take a serious movement to push the government to consider adopting Bitcoin and other cryptocurrencies into their financial ecosystems
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Bangladesh. 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

Open a eToro Account

67% of retail CFD accounts lose money. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. US Residents - eToro USA LLC does not offer CFDs, only real Crypto assets available.

eToro

eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also have an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success

Pros
  • Fully regulated financial institution
  • Trade crypto, stocks and other financial assets
  • Follow and copy the trades of expert traders
Cons
  • Fees (spreads) are high
  • Only USD as base currency
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Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Changelly

Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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