Bitcoin is the most popular and biggest digital currency across the globe and it’s increasing in popularity each day. If you’re based in Morocco and want to buy Bitcoin, the best way is to do that is to use a regulated and trusted online brokerage service. This guide discusses how to buy Bitcoin in Morocco in detail.
How to Buy Bitcoin in Morocco
Use the following quick and easy steps to buy Bitcoin in Morocco using eToro. Whether you’re just getting started with your Bitcoin journey or you’re a seasonal trader…
Step 1: Open a Trading Account
To begin, you must create an eToro trading account by entering your personal details such as name, email address, phone number, and proof of identity. eToro is a cryptocurrency exchange and brokerage that operates online.
Step 2: Deposit Funds
You must deposit $200 to meet the broker’s minimum deposit requirement after creating and validating your eToro account. To add funds, you can use bank transfer, e-wallets, debit card, or credit card transfer methods.
Step 3: Buy Bitcoin
Once you’ve deposited money to your account, type “BTC” into the search field, and Bitcoin will show under the “Trade” option. Click it, input the desired amount, then finish your transaction by clicking the “Open Trade” button. The least amount of Bitcoin you can buy on eToro is only $10.
Step 4: Store Your Bitcoin Tokens
We recommend that you keep your Bitcoin in a cryptocurrency wallet. It will keep your tokens safe and you’ll also have full control over them. If you’re a beginner and have never purchased Bitcoin in Morocco, read the following sections to learn more about the procedure.
Where to Buy Bitcoin in Morocco?
Many user-friendly, popular, and trusted exchanges exist in Morocco if you’re worried about where to buy Bitcoin from. Below is our list of the best exchanges for Maroccan citizens:
- eToro – Best overall broker
- Binance – Cheap Centralized Exchange
- Kraken – Popular Centralized Exchange
- Cex.io – Honorable Mention
|RANK||BROKER||GENERAL||PLATFORM SCORE||BEST FOR||WEBSITE|
|#1||eToro||Excellent social trading features||4,9/5||Best overall broker||Official website|
|#2||Binance||Low fees and leading security||3,1/5||Cheap Centralized Exchange||Official website|
|#3||Kraken||Easy-to-understand platform||2,6/5||Popular Centralized Exchange||Official website|
|#4||Cex.io||Overall trusted platform||2,8/5||Honorable Mention||Official website|
1. eToro – The Overall Best
Min Deposit: $200
Assets available: 4.8
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD
If you want to purchase Bitcoin in Morocco in a cost-effective and simple manner, eToro is your best choice. You can create your trading account on eToro within 10 minutes, and the minimum deposit requirement is only $200 for Moroccan users.
eToro accepts credit/debit cards, online bank transfers, and e-wallets such as PayPal.
The minimum purchase amount is only $10. Another advantage of eToro is that it doesn’t charge any deposit fee. As of now, the platform supports over 40 different digital currencies, and you can purchase Ethereum, Litecoin, Dogecoin, XRP, and other cryptocurrencies.
2. Binance – Cheap Centralized Exchange
Assets available: 5.0
Binance is a among the most popular cryptocurrency exchanges. To create a Binance account, all you need is an email and a secure password. It has low fees, leading security, and more than 100 cryptocurrencies available on its marketplace.
3. Kraken – Popular Centralized Exchange
Assets available: 4.5
Kraken is another user-friendly exchange with a very easy-to-understand platform. It’s suitable for new users who want to buy Bitcoin in Morocco for the first time. It explains to you how crypto works, can help you take your investments to the next level, and tells you about all the latest and new offers. You can also download the Kraken app to maintain your account on the go.
4. Cex.io – Honorable Mention
Assets available: 3.5
CEX.io allows you to buy Bitcoin with your credit card. It is an overall trusted platform. You can make a purchase in 3 simple steps – choose your amount, pay with your debit or credit card and then store your funds on CEX.io. They support 99% of countries throughout the world.
Ways of Buying Bitcoin in Morocco
You can buy Bitcoin through various methods in Morocco. In addition to the online platforms mentioned above, you can also purchase it using PayPal, Credit Card, Neteller, or Skrill and Cash.
Buy Bitcoin with PayPal
PayPal is an excellent alternative for individuals looking to purchase Bitcoin in Morocco. Not only is it quick, but it also adds an added protection layer to your Bitcoin transactions.
eToro is the most suitable online broker for buying Bitcoin in Morocco using PayPal since you only need to pay a 0.5% fee. Keep in mind that if you use PayPal as your payment option, you’ll need to add at least $200 to your account to meet eToro’s minimum deposit requirement.
Buy Bitcoin with Credit Card
Credit and debit cards are a trusted and extremely popular method of payment. For many traders, the big cost that brokers impose on debit or credit card deposits is a deal-breaker.
Platforms like Simplex charge a high deposit fee that can be up to 10%. While you may use debit and credit cards to buy Bitcoin from Coinbase, you will have to pay a fee of up to 4%.
Using eToro to purchase Bitcoin in Morocco helps you to avoid paying large fees because it only costs 0.5% of the total value of your order.
Buy Bitcoin with Neteller and Skrill
Neteller and Skrill are both electronic wallets. The e-wallets act similarly to PayPal as they add another layer of security and perform transactions quickly. You can buy and sell Bitcoin by paying and receiving money via your e-wallets. These accounts only charge 0.5% fees.
Buy Bitcoin with Cash
Cash is also a reliable way to buy and sell Bitcoin, but in many cases, this requires you to meet your buyer or seller in person. Even though the whole point of Bitcoin is to be completely anonymous in your transaction and online payments protect your anonymity, if you please, you can also use cash.
Should I Buy Bitcoin in Morocco?
By buying Bitcoin in Morocco, you need to understand the benefits and downsides of digital currencies. The following are the points to consider if you are planning to buy Bitcoin for the first time in Morocco.
Bitcoin Continues to Outperform the Stock Markets
Throughout the world, Bitcoin is getting increasingly famous. In its early days in 2010, one single Bitcoin was worth 0.8 cents, and as of April of 2021, that value grew to $63,588.
With the development of technology and the acceptance and understanding of online currencies and marketplaces, the usage of Bitcoin and other cryptocurrencies only increases and shows no sign of slowing down.
Bitcoins returns have the largest average of 18 percent compared with returns from other investment instruments and the standard deviation of Bitcoin Returns has the largest value of 61.08% compared to other investments.
In comparison to the crypto market, the regular stock market provides relatively low returns. In the previous five years, the NYSE Arca Tech 100 index value has climbed by 150%, while the NYSE Composite value has increased just by 52%. But the value of Bitcoin has climbed by 4,200% in the same length of time.
Covid and Inflation
In March 2020, the COVID-19 pandemic affected the stock market greatly and it still has not recovered its pre-COVID-19 value. Inflation has also played its part as it has further decreased the value of traditional stocks.
On the other hand, in March 2020, the value of one Bitcoin token was just $6,000 and it reached $68,000 within one year. So, you can protect your capital by investing in Bitcoin as inflation and COVID-19 didn’t affect its value.
Small Outlay of Requirements
The small outlay requirement is yet another benefit of investing in cryptocurrency. The minimum purchase requirement to buy Bitcoin (per trade) in Morocco is just $10 if you use eToro.
It also provides you with the opportunity to observe the behavior of the cryptocurrency by investing the amount of money you can afford to lose.
Online exchanges and brokers trade and quote the Bitcoin price in US dollars, just like other assets such as natural oil and gas. You can use Moroccan dirham to fund your trading account. The underlying exchange or broker will convert it to US dollars automatically.
The price of Bitcoin reached $35,000 per token in January 2022, but it’s increasing again. Currently, the price of one Bitcoin token is more than $39,000. The value of digital currency decreases or increases similar to conventional market stocks. If more people buy bitcoin its price increases and vice versa.
Bitcoin Price Prediction
Bitcoin is likely to cross the $100,000 mark (per token) by the end of 2022. Some estimates also suggest that the cryptocurrency will experience a prolonged bearish run.
The viewpoints are controversial. So, you should avoid Bitcoin price prediction and perform your own research before investing.
Tutorial – How to Buy Bitcoin in Morocco
If you’re a beginner and planning to buy Bitcoin in Morocco, use the following step-by-step guide to complete your Bitcoin buying process.
Step 1: Open Your Trading Account
You need to create your eToro trading account by going to the broker’s official website. On the sign-up page, you’ll need to enter your name, username, email, contact number, and password to complete the account registration process.
Step 2: Verifying Your Account
The next step is to verify your account and you’ll need to provide eToro with proof of your identity like a copy of your driver’s license or passport. eToro needs this information to comply with the laws created for anti-money laundering schemes.
Step 3: Setting Up Your Deposit
You’ll need to add funds to your trading account. The minimum deposit requirement of eToro for people living in Morocco is just $200. You can use credit/debit cards, bank wires, and e-wallets like PayPal to add money to your account.
Step 4: Search for BTC
Once you have funds in your account, you’ll need to enter “BTC” in the search box to find Bitcoin and click on the “Trade” button.
Step 5: Buy the Coin
The system will ask you to enter the desired amount. The minimum purchase limit on eToro to buy Bitcoin is only $10. After entering the amount, click on the “Open Trade” button to complete the buying process.
In this article, we explained why it’s important to use a regulated and reputable online broker to buy Bitcoin in Morocco. eToro is the best and cheapest online platform that allows you to buy, sell, and store your Bitcoin tokens.
The minimum purchase limit on eToro is just $10, which means you can invest in the cryptocurrency without risking your capital. Keep in mind that digital currencies including Bitcoin are highly volatile and they’re also unregulated. You should perform your own research before investing as it’s a risky investment.
Which Bitcoin wallet is best in Morocco?
Not only can you use eToro to buy Bitcoin in Morocco, but the online broker also works as a wallet. It means you can use it to store your Bitcoin Tokens as well.
Which app can I use to buy Bitcoin in Morocco?
You can download and use the eToro app to buy Bitcoin in Morocco. The app is available for both iOS and Android.
Where can I sell Bitcoin in Morocco?
You can buy, as well as sell, Bitcoin tokens using the eToro app. The broker also works as a wallet, which means your tokens will remain in your account as long as you don’t sell them.
How do I buy Bitcoin in Morocco?
You’ll need to open your trading account using eToro, add funds, find Bitcoin by entering BTC in the search box, enter the desired amount, and complete the Bitcoin buying process by clicking on the “Open Trade” button.
How to trade Bitcoin with leverage?
Online CFD brokers like Capital.com and eToro allow you to trade Bitcoin with leverage.
How to Invest in Bitcoin in Morocco?
Using eToro is the best way to invest in Bitcoin because it allows you to have ownership of your underlying assets. It’s not possible if you use CFD brokers like Capital.com because they only offer virtual contracts.
How to purchase Bitcoin in Moroccan Dirham?
eToro will automatically convert your Moroccan Dirham to US dollars right after you deposit funds to your trading account. You’ll be able to use those funds to buy Bitcoin in Morocco.
If you liked this article then also read:
How to buy Bitcoin in UAE and Dubai
How to buy Bitcoin in Jordan
How to buy Bitcoin in Kuwait
How to buy Bitcoin In Pakistan
How to buy Bitcoin in Saudi Arabia
How to buy Bitcoin in Israel
How to buy Bitcoin in Morocco
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