How to Buy Cryptocurrency in Libya
Buying cryptocurrency in Libya
The country’s central bank deemed virtual currencies illegal due to high risks of using them as a front to carry out criminal activities and law violations like money laundering and terrorism financing, and that no amount of legal protection or security will be granted to anyone using them or trading with them. However, citizens of major conflict zones are slowly looking to cryptocurrencies as assets while their values continue to rise drastically. Online searches for cryptocurrencies like Bitcoin, Ethereum and Dogecoin in Libya, Syria and Palestine, have drastically increased. A social charting network for investors and traders, Tradingview, gathered information on the popularity of cryptocurrencies worldwide. Data from 27m search inquiries from 100 million users from November 2020 to January 2021 showed that countries ranking lower on the Human Freedom Index seem more interested in virtual assets than their more developed counterparts. Libya, with 42.2%, featured in the top five.
As of 20/03/2021
These exchanges all accept customers from Libya. 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
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
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