How to Buy Cryptocurrency in Morocco

Buying cryptocurrency in Morocco

Buying cryptocurrency in MoroccoFour years after Morocco banned crypto, the country’s central bank is reconsidering its stance on virtual currencies. Despite the ban in 2017, their popularity continued to grow in Morocco. Bank-Al-Maghrib (BAM), the central bank of Morocco, couldn’t deny the appeal of cryptocurrencies and recently formed an exploratory committee to research the possible benefits of a cryptocurrency run by a central bank. So, while Bank-Al-Maghrib continues to practice caution when cryptocurrencies are involved, its exploratory counterpart will look into whether or not this institution could develop its very own cryptocurrency. Having in mind the fact that China’s central bank is already making progress with its digital yuan which could eventually grow to challenge the dollar, several central banks are considering this Central Bank Digital Currency (CBDC). The new committee has set out to identify and analyze the pros and cons of this CDBC, along with the possible effects on Morocco’s economy.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Morocco. 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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OKEx

OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.

Pros
  • Good range of coins
  • DEX trading
  • No hacking history
Cons
  • Not available in US
  • KYC required
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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.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

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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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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