How to Buy Cryptocurrency in Oman
Buying cryptocurrency in Oman
In the sultanate, cryptocurrencies aren’t considered legal tender and the Central Bank of Oman (CBO) is yet to give any form of authorization to any entity regarding cryptocurrencies. Furthermore, the bank has warned citizens of Oman that cryptocurrency users, holders and traders expose themselves to the possibility of financial, legal, security-related and operational risks and that they do so at their own responsibility. Even though the government discourages users from purchasing Bitcoin, it doesn’t prohibit it. While some countries have decided to recognize cryptocurrencies, Oman is yet to do so. Oman has seen developments in terms of blockchain technologies. As a matter of fact, the country has witnessed a number of changes in digital transformation. However, the government still has some reservations. Some are related to usual concerns associated with cryptocurrencies like volatility. Other concerns stem from uncertainty on whether or not these digital tokens are in compliance with Sharia.
As of 20/03/2021
These exchanges all accept customers from Oman. 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
67% of retail CFD accounts lose money. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. US Residents - eToro USA LLC does not offer CFDs, only real Crypto assets available.
eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also have an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success
- Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
- Fees (spreads) are high
- Only USD as base currency
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