How To Buy Bitcoin in Egypt

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Bitcoin (BTC) is the leading cryptocurrency on the market, with a market cap of $1.1 trillion. It has been available in Egypt since 2015, and its popularity is growing since then. The Central Bank of Egypt (CBE) monitors Bitcoin’s activity and regulation in Egypt. Buying, selling and holding Bitcoin in Egypt is legal. 

This article discusses how to buy Bitcoin in Egypt step by step through a regulated crypto exchange or broker. 

How To Buy Bitcoin In Egypt – Quick Steps

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New users need to follow the steps below to learn how to buy Bitcoin in Egypt through a crypto exchange or broker.

  • Step 1: Open a Trading Account – We recommend opening a trading account with Interactive Brokers
  • Step 2: Upload Your ID – Upload a copy of your government issued ID and proof of address requirements.
  • Step 3: Deposit Money – Users can choose between credit card, debit card and bank transfer options.
  • Step 4: Buy Bitcoin in Egypt – To buy Bitcoin you will first need to find it in the search box, click on the trade button to open an order file, enter the requested amount and finalise the purchase by clicking on “Open Trade”.
  • Step 5: Store Bitcoin in your e-wallet – After you purchase Bitcoin we recommend to store it in a e-wallet. It ensures that only you have access and control over your funds with a private key.

Best Crypto Exchange to Buy Bitcoin in Egypt

  • Interactive Brokers – best overall broker for Bitcoin and other crypto assets
  • AVAtrade – best broker to buy BTC as CFD’s
  • IQ Option – great all round offering and most crypto assets
  • Saxo Bank – best trading platform for Bitcoin trading
RANKBROKERPLATFORM SCOREBEST FORWEBSITE
#1Interactive Brokers4.9 / 5Best overall broker for Bitcoin and other crypto assetsOfficial website
#2AVAtrade4.8 / 5Best broker to buy BTC as CFD’sOfficial website
#3IQ Option4.7 / 5Great all round offering and most crypto assetsOfficial website
#4Saxo Bank4.9 / 5Best trading platform for Bitcoin tradingOfficial website


Below we break down the best crypto trading platforms for Bitcoin in Egypt, beginning with the best rated….

01. Interactive Brokers: best overall broker for Bitcoin and other crypto assets

interactive-brokers-rating


02. AVA Trade: Best Broker to Buy Bitcoin as CFD’s

avatrade-logo

AVAtrade is the best crypto broker to buy Bitcoin through CFD’s. They provide several online trading platforms and an advanced copy trading features for cryptocurrency trading. Deposits and withdrawals are free of charge. The minimum deposit is $100. There are fees for inactivity and overnight financing.


03. IQ Option: Great Place to Buy Bitcoin as a Beginner

iq-option-rating

You can buy Bitcoin here with an Egypt debit or credit card at a spread fee of 3.6%. You can also transfer money directly from your Egypt bank account for free and pay and trading fee of 1.5% to buy Bitcoin. This is way more expensive compared to the 0.5% charged by eToro.

IQ Option is a great platform for traders looking to invest in cryptos on a feature-rich and easy-to-use platform.The trading experience on their proprietary web, desktop, and mobile platforms is smooth. It is an easy to learn and navigate platform suitable for beginning traders.


04. Saxo Bank: Best Broker To Buy Bitcoin as ETF’s and ETN’s

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Saxo Bank is the best online broker to buy cryptos as ETF’s or ETN’s at a fixed fee of 0.10%. Users will be able to trade on the award winning platform SaxoTraderGO which offers 9 leveraged Crypto FX pairs and over than 60 exchange traded products. The minimum deposit is $2.000, what is above industry average


Different Ways To Buy Bitcoin in Egypt

This section reveals different payment methods Egypt users can use to buy Bitcoin.

Buy Bitcoin With Cash or Cash Deposit

Egypt citizens can easily buy Bitcoin for cash by using a Bitcoin ATM. Once you insert cash into the machine and use it to buy Bitcoin, the purchase will be directly stored in your e-wallet. Buying Bitcoin for cash comes at an extra cost of 6-12%, but gets you the cryptocurrency quick, easy and fully discrete.

Buy Bitcoin With Credit or Debit Card

Credit and debit cards are the fastest and easiest ways to buy Bitcoin.

Buy Bitcoin With Paypal

To buy Bitcoin with a Paypal account you need to open an account, link it with preferred payment options, click on the “crypto” button at the top and choose the amount of Bitcoin you want to purchase. Paypall allows you to buy Bitcoin for as low as $1 at a purchase fee of 0.5%

Buy Bitcoin Through P2P exchanges

Buying Bitcoin through P2P exchanges is fast and simple. After you set up an account, users request to buy/sell Bitcoin. They check the listings and select the trade partners with whom they wish to transact. P2P exchanges don’t come with the anonymity that other exchanges provide. The advantage of P2P is that users search for the best deal. 

How To Buy Bitcoin and Cryptocurrency With Interactive Brokers?

Follow the steps below to learn exactly how to buy Bitcoin:

STEP 1: Go to the official website

STEP 2: Click on the green “Get Started” Button

STEP 3: Create and Verify Your Account
To buy BTC you need to sign up, verify your account and make a first time deposit. This will enable you to buy, hold and sell BTC and other cryptocurrencies.

STEP 4: Buy Bitcoin (BTC)
You can buy, hold and sell fractions of Bitcoin. To own BTC you don’t need to buy a full Bitcoin. The same goes for all cryptocurrencies.

Based on the decree published by Dar al-Ifta, who is the primary Islamic legislator in Egypt, bitcoin and crypto trading is haram and therefore prohibited under islamic law. It is not prohibited to buy, sell, and hold Bitcoin through cryptocurrency exchanges licensed by the Central Bank of Egypt.

The Regulation of Bitcoin in Egypt

The Central Bank of Egypt (CBE) is the main authority for Bitcoin and cryptocurrency regulation in Egypt. The CBE issued a risk warning for cryptocurrencies, but never said that they are illegal.

Summary

We recommend Interactive Brokers as the best cryptocurrency exchange and broker to buy Bitcoin in Egypt.

BitOasis is a leading digital currency exchange that supports Bitcoin trading in Egypt. If you want to buy Bitcoin as CFD we recommend to use XTB broker.

FAQ 

Should I buy Bitcoin through PayPal In Egypt? 

We do not recommend buying Bitcoin through PayPal because Bitcoin bought on PayPal cannot be transferred out of PayPal in any way. This restriction means that PayPal owns your Bitcoin, not you.

Which is the Simplest Way to Create a Bitcoin Wallet?

To open a Bitcoin wallet you need to:
– Choose an exchange account to buy/sell cryptocurrency; 
– Choose a hot wallet if you want to hold small to medium amounts of crypto coins; 
– Choose a cold wallet for larger holdings and long-term purposes. 

How Much Does it Cost to Trade Bitcoin in Egypt?

Fees for trading Bitcoin vary and might become high across various websites and unregulated exchanges. Bitcoin trading fees start from 0.002% and might reach up to 2% of the trade value.


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Methodology 

The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.

Disclosure

All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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