How to Buy Cryptocurrency in Libya

Buying cryptocurrency in Libya

Buying cryptocurrency in LibyaThe 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

Exchanges Info

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

Bybit

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.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • Limited asset coverage
  • No option instruments
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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.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • 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.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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Poloniex

Poloniex is a centralized cryptocurrency exchange that started its journey back in January 2014. The platform offers margin trading, spot trading and margin lending

Pros
  • No verification required
  • Low fees
  • Margin trading and lending options
Cons
  • Not regulated
  • No Fiat deposits
  • No US users
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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.

Pros
  • Receive coins to your wallet instantly.
  • High limits for buying bitcoin
  • Faster customer service
  • High levels of security
Cons
  • 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.

Pros
  • Strong security features
  • Faster transaction & withdrawals
  • Compliant with US laws
  • Inexpensive bank card deposits
Cons
  • No leveraged margin trading
  • Intrusive verification process
  • Unexplained closure of account