How to Buy Cryptocurrency in Lebanon
Buying cryptocurrency in Lebanon
Because of the financial crisis in Lebanon, banks are seeking alternative monetary policies and citizens are struggling to find alternative banking services. This crisis almost seems like a permanent fixture in Lebanon, but political unrest and the downturn of the global market induced by the pandemic led people to fear government defaults and the devaluation of the national currency – the Lebanese pound. Consequently, more Lebanese citizens are looking to Bitcoin as a way out because it’s cheap and accessible. Most LocalBitcoin traders acquire Bitcoin by creating bank accounts outside their country of residence and use local listings as a form of advertisement. Software developers and poker players earning Bitcoin from their online games bring their Bitcoin to this and to other over-the-counter traders to exchange it for local currency. One such trader roughly estimated that people in Lebanon trade between $1 million and $5 million monthly by using informal networks.
As of 20/03/2021
These exchanges all accept customers from Lebanon. 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