How to Buy Cryptocurrency in Egypt

Buying cryptocurrency in Egypt

Buying cryptocurrency in EgyptDue to the concerns over illegal activities (money laundering, tax evasion) and possibility of the involvement of cryptocurrencies in such activities, the government of Egypt placed a ban on all cryptocurrency trading in 2018. But inspired by the United Arab Emiratesí initiation of the Global Blockchain Council, tax-free cryptocurrency transactions and launch of the official Emirati coin (EMCASH), Egypt has decided to reconsider its cryptocurrency ban. Additionally, there is also a drive for developing Egyptís very own digital version of its currency. Although this proposal is yet to be implemented, the willingness of the Egyptian government to reconsider its opinion on cryptocurrencies shows that at least some Middle Eastern countries are opening up to the idea of cryptocurrency regulation. Cryptocurrency trading, along with blockchain technologies will continue to rise, so itís safe to assume that countries that fail to recognize their potential for the economy will most likely fall behind
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Egypt. 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

Bybit

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.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • Limited asset coverage
  • No option instruments
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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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