To buy BTC in Egypt, interested individuals can use peer-to-peer platforms, such as Paxful. They can also use international exchanges like Changelly, Coinbase, and Binance which allow KYC-compliant users to buy and sell cryptocurrencies using their Egyptian pound (EGP), United States Dollar (USD), and other national fiat currencies. Despite the legal restrictions, there are still ways to access and participate in the cryptocurrency market in Egypt. It is essential to stay informed about the latest news, developments, and regulations to ensure compliance and minimize risks.
Bitcoin (BTC) is the world's first cryptocurrency that operates through blockchain technology. This decentralized network allows for secure and transparent transactions without needing a central bank or other government authority. Bitcoin has had a tumultuous past performance, experiencing huge price fluctuations in recent months. Despite this, some investors believe that the future performance of Bitcoin is bright and will continue to rise in value. Before you invest in Bitcoin or any other digital currency asset, seek advice from a professional financial expert to enlighten you on potential risks and benefits of dealing with cryptocurrencies in your particular location.
Best Ways to Buy Bitcoin in Egypt Safely
If you're looking to buy Bitcoin in Egypt safely, it's important to explore the market and identify a reputable crypto exchange that will provide you with regulated Bitcoin trading activities. These platforms are licensed and overseen by government agencies, ensuring complainant and legal crypto trades.
Some signs of a great crypto exchange to buy Bitcoin safely in Egypt are:
Supported countries. A great crypto exchange to buy Bitcoin safely in Egypt is one that supports a wide range of countries. This indicates that the company has put in place measures to comply with regulations in different jurisdictions, giving users peace of mind when trading. Serving multiple countries denotes that the exchange has a large user base, making it more likely to be trustworthy and reputable.
Security. The cryptocurrency exchange should have strong security measures on board to protect user data and funds, such as two-factor authentication, encryption, and regular performance audits.
User-friendly interface. The trading platform should be easy to use and navigate, especially for beginners.
Multiple payment options. The exchange website should support multiple payment options, such as bank transfers, credit cards, and e-wallets.
Variety of coins. Traders should have the ability to access a wide range of crypto asset options through a platform.
Low fees. Look for a site that offers low fees for trading and withdrawals, so crypto transactions are affordable for users.
Good customer support. There must be a responsive and helpful customer support team to assist customers in case of any issues.
Compliance with regulations. The best crypto exchange should be compliant with local regulations and have proper licensing and registration.
Reputation and track record. A good reputation with the crypto community and a proven track record of providing reliable and secure services are also the distinct features of an excellent crypto exchange.
How to Buy Bitcoin with Credit and Debit Card
If you're wondering how to buy Bitcoin in Egypt with a credit or debit card, the process is fairly straightforward. You need to find a dependable cryptocurrency exchange that caters to customers from North Africa, such as Changelly, BitOasis, or Coinmama.
Once you've signed up for an account, you'll need to verify your identity with a given trading platform. This typically involves providing a government-issued ID and a proof of address. Some exchanges may also require additional verification steps, such as a selfie or video verification. Frequently, providers may also ask you to verify your email address or mobile phone number before you can start buying crypto.
Once your account is verified, you can link your credit or debit card to the website to invest in digital money. Most exchanges handle Visa, MasterCard, and other popular bank cards. You need to head to the “Buy Crypto” page on the exchange’s site, enter the amount of Bitcoin you wish to purchase, pick “Debit/Credit card” from the menu of supported payment methods, and specify how much fiat you wish to spend on the purchase. The platform will have a calculator to show you how many Bitcoins you can get for your money based on Bitcoin’s current price, and what commission you will pay for the transfer.
As you agree on the transaction terms, you can input the details of your bank card and finalize the purchase. Most exchanges will provide you with an integrated crypto storage solution to hold Bitcoin; while others may require you to set up your own external wallet. So be ready to tinker with getting one before you purchase BTC if your selected exchange does not come with an on-platform wallet.
How to Buy Bitcoin with Bank Transfer in Egypt
Secure, efficient, and affordable, wire transfers are a popular medium to buy cryptocurrency all over the world, including Egypt.
Before you can avail yourself of this opportunity, there are a few crucial things to consider. First, you'll need to find a trustworthy Bitcoin exchange platform that permits bank transfers and serves Egyptians.
Once you've found the perfect match, you'll need to create an account and complete identification checks to comply with regulatory protocols. After that, linking your bank account to the platform is a breeze, but make sure you have sufficient funds on your bank account to execute your Bitcoin purchase.
Note that some Egyptian banks may have limitations or restrictions toward transferring money across the border, for example, if you are accessing an international crypto exchange from Egypt. These restrictions could include limits on the amount of money to be transferred, specific countries or regions where bank transfers are not allowed, or additional fees associated with global transfers. Check with your Egyptian bank in advance to understand their policies and any potential limitations or fees that may impact your transfer to your crypto exchange account.
Once you've taken care of these steps, you can sit back and relax while your Bitcoin purchase is processed.
Once arrived at your wallet, Bitcoin can be used for holding, trading, or spending on your favorite goods or services – the choice is yours!
How to Buy Bitcoin with Apple Pay in Egypt
To answer how to buy Bitcoin in Egypt with Apple Pay (or Google Pay), as of now, these cashless payment systems are not available in the country. However, there are many great alternatives, including:
Fawry
Vodafone Cash
Etisalat Cash
CIB Smart Wallet
Bee Wallet
Masary
Aman
In Egypt, numerous trading platforms and crypto exchanges welcome the convenience of the mobile payment methods mentioned above, allowing users to effortlessly engage in cryptocurrency transactions.
How to Buy Bitcoin from ATM in Egypt
If you're itching to get your hands on some Bitcoin in Egypt, there is bad news for you. Unfortunately, there are currently no Bitcoin ATMs in the country. But don't despair! If you happen to be in a region where crypto ATMs are available, the process of buying Bitcoin is pretty straightforward.
First things first, you'll need to locate a Bitcoin ATM near you, using a site like Coin ATM Radar. This can easily be done through an online search or mobile app. Once you find an installation, the next step is to create a digital wallet and decide how much Bitcoin you want to purchase.
Now comes the fun part – you get to insert cash into the machine! You can buy BTC and a host of other cryptocurrencies from a Bitcoin ATM, using fiat like USD, EUR, and other local currency, based on the machine’s type. You can even buy Bitcoin Cash, if you desire!
Once the transaction is complete, your Bitcoin will be sent to your digital wallet address. Keep in mind that Bitcoin prices can be volatile, so do your research and make informed decisions before purchasing crypto.
While it may not be the easiest process, buying Bitcoin through a cryptocurrency ATM can be a thrilling experience. Who knows, you may become a Bitcoin billionaire in no time!
How to Buy Bitcoin with PayPal
“How to buy Bitcoin in Egypt by incorporating PayPal?” is a common question among crypto enthusiasts. The e-wallet system does not currently allow Egyptians to buy digital assets right from PayPal, but there are some workarounds you may still try.
Certain crypto companies, including eToro and Paxful, may let you link your PayPal account and buy BTC. Identity verification with a crypto website is generally a prerequisite. Once approved, you can start buying BTC through the platform, using your PayPal funds.
Not many exchanges in the world will allow you to trade Bitcoin with PayPal because of the chargeback risk. PayPal's chargeback feature allows customers to dispute transactions and request a refund, which can be used fraudulently by a buyer to claim they did not receive the virtual currency they purchased. This can lead to the seller losing the funds and the cryptocurrency.
How to Buy Bitcoin with Prepaid Card
By using prepaid cards in Egypt, you can easily and securely enter the exciting world of cryptocurrency, without ever having to worry about overspending or establishing a bank account.
One popular method to buy Bitcoin in Egypt is to use a peer-to-peer (P2P) network, such as Paxful or BitPanda. These platforms allow you to find sellers who are willing to take prepaid cards as payment, and you can negotiate the terms of the transaction directly with the counterparty.
Another route to take is to use a Bitcoin exchange that accepts prepaid cards, such as Coinbase or CEXio. These cryptocurrency exchanges typically mandate you to verify your identity before you can make a purchase, so be prepared to disclose some personal details. While the options for purchasing Bitcoins with a prepaid card in Egypt may be limited, with a little patience and research, you should be able to find a method that works for you.
Prepaid cards are usually sold at retail stores, convenience stores, supermarkets, and online retailers. You can also visit the websites of well-known prepaid card providers, such as Visa or MasterCard, to find a list of retailers where you can buy such cards.
How to Buy Bitcoin with Cash in Egypt
If you do not know how to buy Bitcoin in Egypt with cash and banknotes, here are some ideas to consider:
Peer-to-peer (P2P) exchanges. Platforms like BitOasis and Coinmama connect buyers and sellers directly for a fee. You can find local sellers willing to accept cash payments and buy Bitcoin from them.
Bitcoin voucher cards. Several online marketplaces sell prepaid Bitcoin vouchers that can be purchased with cash. Once you have a voucher, you can redeem it for Bitcoin on a cryptocurrency exchange. One example of such an online marketplace is Bitit.
Social media groups. Some Facebook and Reddit groups allow people to buy and sell Bitcoin. You can find local groups that receive cash payments and arrange a meeting to complete the trade.
Bitcoin OTC markets. Some Bitcoin exchange sites (for example, Binance) offer over-the-counter (OTC) markets, which allow large-volume trades to be made without affecting the market price. You can find OTC traders who welcome cash payments and arrange a person meeting to trade cash for Bitcoins.
Bitcoin exchange providers with a cash deposit option. A handful of sites, such as Wall of Coins and BitQuick, allow you to buy a diversity of cryptocurrencies using cash deposits at various bank offices and credit unions.
Can Foreigners Buy Bitcoin in Egypt?
In Egypt, there has been much debate and confusion over whether non-residents can engage in buying, holding, and selling Bitcoin. While there is no specific law that prohibits foreigners from purchasing Bitcoin, the use of cryptocurrency is generally discouraged by the government. In fact, back in 2018, the Egyptian Grand Mufti declared that Bitcoin is not a legitimate currency and thus should be avoided. This has led to a lack of infrastructure and support for cryptocurrency in Egypt, making it difficult for foreign customers to buy and sell BTC. However, there are still ways for overseas users to purchase BTC in Egypt through P2P crypto trading platforms or by using a VPN to change your device’s IP address (e.g. to a United Kingdom one), so you can seamlessly access international Bitcoin exchange websites.
Who Accepts Bitcoin in Egypt?
Despite the growing popularity of Bitcoin across the globe, its use remains limited in Egypt due to the country's Islamic law that prohibits the use of cryptocurrencies. Local entrepreneurs and service providers may refuse to accept Bitcoin as a payment method, citing religious beliefs as the reason.
However, some international companies operating in the region have started accepting Bitcoin as a form of payment, including Microsoft, Expedia, and Shopify. These companies see the potential of Bitcoin for cross-border payments, as it allows for faster and more efficient transactions. While the adoption of Bitcoin in Egypt remains slow, there is a growing interest in digital currencies and blockchain technology, which could lead to wider acceptance over time.
How to Cash Out Bitcoin in Egypt?
Egypt may not be the first country that comes to mind when thinking about Bitcoin, but there are still plenty of opportunities to convert your digital asset into cash. Here are some methods you can consider:
Simplex. This global peer-to-peer platform allows you to trade Bitcoin for cash with other users in Egypt. You can arrange to meet up in person and exchange cash, or use online payment methods.
Online exchanges. There are several online exchanges that allow you to trade Bitcoin for Egyptian pounds, such as BitOasis and Coinmama.
Gift cards. Some online platforms, such as Gyft, eGifter, and Bitrefill, allow for selling Bitcoin for gift cards. These gift cards can be sent via traditional mail to you or delivered as electronic coupons to your email address. They can then be used at various retailers in Egypt, allowing you to indirectly withdraw your Bitcoin and buy some useful goods or services.
