Bitcoins in Egypt A Comprehensive Guide to Buying and Requirements

In Egypt, buying Bitcoin is a relatively straightforward process. You can purchase Bitcoin through various online exchanges and platforms.

To buy Bitcoin in Egypt, you'll need to have a valid government-issued ID and a registered mobile number.

The minimum amount you can buy is 100 EGP, and the maximum is 10,000 EGP per transaction.

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Buying and trading bitcoin in Egypt is a relatively simple process that can be completed in under 10 minutes. You'll need to register with a platform, app, or exchange and complete a Know Your Customer (KYC) process.

To complete the KYC process, you'll need a passport, national identity card, or driver's license, as well as a private and secure internet connection. Public WiFi is not recommended due to security risks.

You'll also need a mobile phone to verify your identity using two-factor authentication (2FA) and a bank account or credit card to make fiat currency deposits. A crypto wallet is also necessary to store your assets.

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There are several options available for buying and selling without verification on P2P exchanges, but these are less user-friendly and recommended for more advanced users.

Some of the most popular exchanges in Egypt include Binance and BitOasis, which have a combined 215,000,000 active users. These exchanges offer multiple deposit methods and a variety of cryptocurrencies.

To make a fiat deposit, you'll need to link a bank account or credit card to the exchange, and some payment methods may take a few days to process. You can buy as little as a few dollars worth of bitcoin or other cryptocurrencies.

It's essential to withdraw your coins to your own secure personal wallet, as leaving them on an exchange poses a security risk. Most exchanges will let you withdraw to your own personal hardware wallet.

Egyptians have been actively trading bitcoin, with nearly 2.2m EGP traded on LocalBitcoins last week, setting a new ATH record. This growth in trading volume has surpassed the previous record registered in mid-March.

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In Egypt, the legality of cryptocurrencies is a complex issue.

The Dar al-Ifta, a prominent Islamic authority in Egypt, issued a decree in 2017 stating that transactions in cryptocurrencies like Bitcoin are not allowed under Islamic law.

Cryptocurrency issuances in Egypt are regulated by the Central Bank of Egypt (CBE), which has announced plans to ban the issuance of cryptocurrencies without proper licenses.

The CBE aims to protect investors and maintain financial stability by regulating the cryptocurrency market.

Buying bitcoin and cryptocurrencies in Egypt is a simple process that usually takes less than 10 minutes to get fully setup. You'll need to register with a platform, app, or exchange and complete a Know Your Customer (KYC) process.

To complete the KYC process, you'll need a passport, national identity card, or driver's license. You'll also need a private and secure internet connection, as public WiFi is not recommended due to security problems.

Here are the requirements to buy cryptocurrency in Egypt:

It's essential to note that you can always sign up to other exchanges later, so don't feel pressured to choose the first one you come across.

BitOasis is the Middle East & North Africa's largest digital asset trading exchange, platform, and wallet service. It allows you to buy, sell, and trade digital assets easily and securely.

You can sign up for BitOasis, along with Binance, which are considered beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies. They account for a combined 215,000,000 active users.

BitOasis claims customer funds are kept in multi-signature wallets. To buy cryptocurrency through BitOasis, you'll need to create an account, complete the KYC verification process, and make a fiat deposit.

Some payment methods provided by BitOasis are Credit Card, Debit Card, Bank Transfer (SEPA), and SWIFT. Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.

It's essential to note that you don't need to buy a full bitcoin, and most exchanges will let you buy as little as a few dollars worth of bitcoin or any other cryptocurrency.

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To buy cryptocurrency in Egypt, you'll need a few basic requirements. A passport, national identity card, or driver's license is necessary to complete the Know Your Customer (KYC) process.

You'll also need a private and secure internet connection, as public WiFi may pose security problems. This is crucial for protecting your personal and financial information.

A mobile phone is required for verifying your identity using two-factor authentication (2FA). This adds an extra layer of security to your account.

You'll need a bank account or credit card to make fiat currency deposits to purchase cryptocurrencies. This is the most common way to fund your account.

A crypto wallet is also necessary to store your assets. Most exchanges will offer built-in wallets, but it's essential to withdraw your crypto to your own personal cold wallet for optimal security.

Here are the specific requirements to buy cryptocurrency in Egypt:

In Egypt, you can buy and sell Bitcoin through reputable exchanges, with BitOasis being one of the most popular options. BitOasis allows buying and selling Bitcoin with 2 forms of payment, making it a convenient choice for many users.

Some exchanges in Egypt offer a range of payment methods, which is a key factor in their popularity.

Egyptians are trading Bitcoin in large volumes, with nearly 2.2m EGP being traded on LocalBitcoins last week.

This set a new all-time high (ATH) record for the country, surpassing the previous record of 1.3 million EGP traded in mid-March.

The recent growth in Bitcoin trading volume was likely sparked by the cryptocurrency market's volatility, with Bitcoin's price fluctuating between $10,000 and $9,100 on most exchanges.

The Egyptian economy has been growing, with a 5% growth rate in Q3 of the current fiscal year, according to the Minister of Planning and Economic Development Hala El-Said.

This growth rate is considered "the best globally" due to the country's economic diversity, which has helped attain positive rates.

Despite not reaching its expected 5.9% economic growth, Egypt's economy is still performing well, and the increased Bitcoin trading volume may be a sign of growing interest in cryptocurrency among its citizens.

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Egyptian Exchanges are a vital part of the country's cryptocurrency market.

BitOasis is one of the most popular exchanges in Egypt, allowing users to buy and sell Bitcoin with 2 forms of payment.

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