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
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
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť 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
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™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
- Doesnâ€™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
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