How to Buy Cryptocurrency in Oman
Buying cryptocurrency in Oman
In the sultanate, cryptocurrencies arenít 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 doesnít 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
eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also has 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
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
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