How to Buy Cryptocurrency in Pakistan

Buying cryptocurrency in Pakistan

Buying cryptocurrency in PakistanWhile some firms have hinted at greater acceptance of virtual currencies, Pakistan seems to be trailing behind. Due to the pandemic and citizens making cashless payments, cryptocurrencies have become significantly more popular. In more recent years, Pakistan has made progress in digitalization, but it still remains one step behind when it comes to cryptocurrencies. Virtual currencies aren’t deemed legal tender in Pakistan. What’s more, the State Bank of Pakistan has banned all financial institutions from processing, trading, holding, using and transferring value, as well as promoting and investing in virtual currencies or tokens. While it is legal to have cryptocurrency in the country, the ban on banking operations makes other actions increasingly difficult. Many fear that if Pakistan doesn’t approve cryptocurrencies on time, confusion will leave people susceptible to frauds. Another issue is the fact that most of its citizens belong to an unbanked population that prefers making cash transactions.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Pakistan. 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

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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