How to Buy Cryptocurrency in Kuwait
Buying cryptocurrency in Kuwait
The Ministry of Finance in Kuwait doesn’t recognize using cryptocurrencies for official commercial transactions. Likewise, the Central Bank of Kuwait (CBK) has prohibited its umbrella banking sectors and companies from cryptocurrency trading. Even though the citizens of Kuwait have been warned of the volatility of cryptocurrencies, they can still purchase Bitcoins from supported exchanges. One of these exchanges is BitOasis, a cryptocurrency exchange focused on catering to the Middle East. It is based in Dubai and it is considered one of the best exchanges for those residing in the Middle East, due to its low fees and security. Unlike in some countries, Bitcoin mining in Kuwait can turn out to be quite profitable due to Kuwait’s low electricity prices, just 0.008 Kuwaiti Dinars per kWh ($0.026). This is way lower than in most countries. As far as Bitcoin ATMs go, there isn’t a single one in Kuwait, which is unfortunate.
As of 20/03/2021
These exchanges all accept customers from Kuwait. 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
eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also has 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
- Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
- Fees (spreads) are high
- Only USD as base currency
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