How to Buy Cryptocurrency in Qatar
Buying cryptocurrency in Qatar
Rather unexpectedly, the Qatar Financial Centre (QFC) proclaimed that all activities related to cryptocurrencies will be prohibited, including exchanges inside the sector. This information came as a shock to many as Qatar was considered a front runner in terms of adoption of blockchain technology. Recently, government officials have expressed their concerns regarding money laundering and terrorist financing in an attempt to subdue local cryptocurrency-related activities. The Qatar Financial Centre Regulatory Authority (QFCRA) made a report first announcing the ban. In the report, it was stated that all services that involve cryptocurrencies were illegal inside the whole economic zone. Virtual asset services that include those facilitating trading, issuance, and custody of these assets in any way were also directly listed. However, security tokens weren’t banned by the report, as financial instruments which the QFCRA, the Qatar Central Bank or the Financial Markets Authority regulate aren’t prohibited because they undergo full verification.
As of 20/03/2021
These exchanges all accept customers from Qatar. 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
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.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
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