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
Exchanges Info
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
An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.
Fully regulated financial institution
- Free stock and ETF trading
- Ability to follow expert traders
Fees (spreads) are high
- Only USD as base currency
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Bitfinex
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
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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.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
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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.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Coinmama
Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.
- Receive coins to your wallet instantly.
- High limits for buying bitcoin
- Faster customer service
- High levels of security
- No option for trading with other users
- Higher fees
- No mobile app
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Bittrex
Bittrex is a veteran US-based cryptocurrency exchange launched in 2013. Its has Worldwide availability, comprehensive mobile app, high liquidity and low fees.
- Strong security features
- Faster transaction & withdrawals
- Compliant with US laws
- Inexpensive bank card deposits
- No leveraged margin trading
- Intrusive verification process
- Unexplained closure of account