Buy Bitcoin In Egypt

Buy bitcoin in Egypt? Do you live in Egypt and want to buy bitcoin? Have you ever asked yourself how to buy it in your country, and wished someone would walk you through it? We put this guide together for you. In it you’ll learn the methods and practical tips you can use to buy bitcoin in Egypt, and we’ll also explain in detail some of the safe, trusted sites and platforms you can rely on for buying bitcoin inside Egypt.

Buying bitcoin comes down to two things: acquiring the coin and then storing it, because you need somewhere to keep it. In the crypto world that place is called a wallet, and wallets come in a range of forms. Different wallet types give bitcoin owners different options for security, storage and access.

It’s important to note that your wallet doesn’t technically store your bitcoin. It holds the private keys you need to reach your bitcoin address so you can spend the funds. Those digital keys are required to sign any transaction, and if a user loses them, they essentially lose access to their bitcoin.

A desktop wallet is installed on the user’s own computer and gives full control over the funds along with relative safety for your balance. There are “thick” desktop wallets, which let users download the network’s blocks and verify their validity while managing the security of their funds independently, and there are “thin” wallets, which don’t require users to download blocks and can be installed easily on a mobile device.

In recent years, electronic dealing and investing have taken up a large part of our lives. Everyone can see the huge shift happening in digital currencies and online investing. With busy daily schedules and the fast pace of life, many people started looking for ways to meet their needs, financial ones above all.

Because it’s hard to set aside long stretches of time for investing, interest grew in one branch of online investing: digital currencies. Think back to 2020, at the start of the coronavirus pandemic, when many workers lost their jobs and looked for other options and found little beyond online investing, including digital currencies in general and bitcoin in particular. Let’s look more closely at how to buy bitcoin in Egypt and store it for online trading, buying and selling.

Bitcoin, the coin

Bitcoin is a virtual digital currency created in 2009 by a person whose identity is still unknown, said to use the pseudonym Satoshi Nakamoto. It can be divided into a hundred million pieces (called satoshis), and their value is calculated from the price of bitcoin. You can buy, sell or trade this small fraction of a bitcoin according to its value.

Most global exchange sites let people who want to buy bitcoin in Egypt purchase the currency. One of the fastest and most reliable methods we choose for deposits and withdrawals is the P2P system offered by the global Binance platform, through instant buy forms. It only requires completing a registration on their site, after which you link your own wallet along with a credit card or a payment method to pay for buying bitcoin according to the exchange rate against the currency you are buying with.

Note: you can buy bitcoin through Vodafone Cash on the Binance platform, as well as buy USDT in Egypt, Ethereum and a large number of other digital currencies.

The maximum amount you can buy varies between the specialised sites, so check each site’s allowed daily buy or sell limit before registering, to make sure you’re comfortable with the site you choose.

You might think buying bitcoin in Egypt is illegal. According to the article, the reason dealing in bitcoin is criminalised in some countries is the high cost of the mining process, and it notes that a number of cases have been investigated in Egypt over this.

Buying bitcoin, however, is a different matter, as it doesn’t consume that energy. All you need is a wallet to store the bitcoin, which the source says does not break the law and is highly private, with no authority able to seize the funds from you in any way.

• Many exchanges give their customers information about how much bitcoin you can buy for specific amounts of money. Still, because of its volatile nature, bitcoin prices can vary widely from one exchange to another and from moment to moment.
• This means that even if you have a lot of money to put into bitcoin, you will likely buy only a fraction of a coin. There’s nothing wrong with that; for most people it’s the route they’ll start with when buying bitcoin, since few can buy several whole bitcoins at once.
• To make your first trade, enter the amount of bitcoin you want to buy in the field provided and click the buy button in Coinbase or Coinbase Pro. This is a standard market order, which buys bitcoin at the best available market price. You can also place a specific limit order, which lets you set the price you’re willing to pay for bitcoin, and the trade will only happen if that amount appears at that price.
• Once you’ve made the purchase, the new bitcoin is moved into your Coinbase wallet for storage. You should then look for the option to transfer these funds to a bitcoin wallet address you created outside the exchange. You’ll have to pay a small fee to do this, but it is part of moving your bitcoin off the exchange.

First method: buying bitcoin in Egypt through an intermediary, that is, a broker company or an ordinary person you can contact to buy bitcoin. But some conditions must be met to deal with them confidently, including:

• They should be known to a very large number of customers.
• Knowing their card number and place of residence, and the presence of a security deposit for the forum or site used for the deal.

With this method, it’s better to arrange a meeting between you and the intermediary so you avoid any scam or theft. It’s also important to keep constant track of bitcoin and crypto prices so you aren’t defrauded by the intermediary.

Second method: buying bitcoin in Egypt through sites that allow currency exchange, accessed by opening a blockchain wallet. Sites such as Coinmama, LocalBitcoins, Indacoin, Paxful, CEX.IO and Spectrocoin.

The allowed daily transaction volume may differ across these sites, but they don’t differ much in their conditions and buying methods. They are among the safest for exchanging and converting currencies, especially buying bitcoin, and some also allow buying certain other digital currencies.

This platform is one of the best-known sites for buying bitcoin, by exchanging cash for bitcoin.

What sets it apart from other exchange sites is that dealing with it happens through Visa or electronic banks.

Follow these steps to learn how to buy bitcoin safely and easily in Egypt:

1. Choose your preferred exchange method: pick from our list below of digital-currency trading platforms in Egypt. Remember to use the links from our site so you don’t end up on fraudulent websites.
2. Register on the platform you chose: sign up on the exchange and go through the Know Your Customer (KYC) page, as the more credible platforms use automated KYC services.
3. Deposit funds and buy bitcoin: deposit your traditional currency depending on the payment method. This step can take from a few minutes up to 5 business days, for example if you want to deposit by international bank transfer. Then choose debit or credit card payments if you’d rather skip the funding wait and are willing to pay higher fees. Once the money reaches your account, you can buy bitcoin from Egypt.

Now that you finally have your bitcoin, it’s not a good idea to leave it on the exchange. To avoid losing your coins in exchange hacks, move your crypto funds to your personal wallet.

• Don’t have a wallet yet? See our guide to finding the best bitcoin and crypto wallet.

4 very important things to look for when choosing a site

There are incredibly large numbers of scammers and hackers in the crypto space because of the decentralised nature of digital currencies. From day one of buying bitcoin in Egypt, it’s very important to do your research before buying, as the need for analysis grows more important every day. If your crypto is stolen, it usually disappears for good.

And even if you manage to avoid scammers, you’re still exposed to high fees from electronic exchanges. So the other things you need to look for when choosing a crypto platform to buy bitcoin in Egypt are:

1. Geographic availability: you need to know whether the exchange you choose can be used to buy bitcoin in Egypt. Because of increasing government regulations around KYC (Know Your Customer) and AML (anti-money-laundering), it’s hard for companies to operate in many countries at once.
2. Payment or settlement method: is the payment type you need to buy bitcoin in Egypt available? Some exchanges let you buy bitcoin with a credit card in Egypt but not by bank transfer. One-to-one exchanges let you find sellers of crypto for cash, but here the transaction can take a lot of time.
3. Delivery times, the time to send and receive transactions: time matters a lot, so how fast do you need to get your crypto from the moment you reach the exchange? If you need coins quickly, you need to pay by credit or debit card for instant payment. If you need to deposit euros via a SEPA transfer, you may have to wait a day or two for the deposit to arrive in your account. Are you trying to buy bitcoin in Egypt with cash in central Cairo or in the countryside near Alexandria? You’ll need a one-to-one exchange for that.
4. Transaction fees: how much are you willing to pay in fees? If you want to buy bitcoin in Egypt with a credit or debit card, be ready to pay higher fees. And on one-to-one exchanges, make sure to watch the current price, as many sellers set prices above the market rate.

Bitcoin buying sites

In our list of top platforms for buying bitcoin in Egypt, there are several sites you can use to buy bitcoin, the most important of which are:

• Payeer

It is one of the best-known trusted sites for buying bitcoin.

It’s among the top preferred sites for buying bitcoin, and you can complete the purchase through the following steps.

1- Log into the platform’s website, making sure the address is correct.

2- Go to the registration page and fill in the required details to complete sign-up. The actual purchase is then done by:

3- Clicking Deposit, then choosing the deposit method that suits you.

4- Through the site you can convert your cash into a currency called SL, then convert the SL into bitcoin, then withdraw the bitcoin to your own wallet.

These steps let you buy bitcoin in Egypt from one of the well-known, trusted sites in the field of electronic currency exchange, with the security features you’d want for dealing comfortably in digital currencies.

It’s important to follow the daily news on how electronic currencies and the market move, and to track changes in currency values to help judge the right time to buy bitcoin. Keep in mind that prices are volatile and losses are possible.

How fast are withdrawals

• One of the oldest exchanges dealing in digital currencies and bitcoin.
• The ability to buy and sell bitcoin.
• Good privacy standards.

• Kraken

This site focuses mainly on bitcoin trading. Many bitcoin traders prefer it for its leverage capability, and customer information is kept at a high level of security.

You register on the site by filling in the required details and completing the sign-up steps until you reach the buying stage. When using the site you must enable two-factor authentication; without it, your account could be exposed to complete deletion.

To start, you’ll need to go to the site’s registration page from here. It will open as in the following image.

In the previous image you’ll type the required details: email, username and password, then choose the country, then click the Accept button at the bottom left of the screen.

After that it will send a message to your email with the activation link; click it to activate your account.

After activating the account and logging in, you’ll need to go through verification of your account on the platform. The site will send a 6-digit verification code to your email, which you’ll type in the required field as in the following image.

After that the site’s interface will open.

You’ll need to verify your account and personal details. Click verify to run the account verification, and the following page will appear.

In the previous option you’ll choose the account type you want based on the usage limits that suit you. For example, with a Starter account you can’t withdraw more than $5,000 per day, while there’s no monthly withdrawal limit and no deposit limit. It’s different with an Intermediate account, where the daily deposit limit is $100,000, and so on.

After that you’ll enter your details: first and last name and address, then choose the city, then write the postal code, then the phone number, then the code, then choose the date of birth.

You’ll wait until you get an email telling you that activation is complete, after which you can buy and sell bitcoin in Egypt and anywhere in the world with ease.

• LocalBitcoins

LocalBitcoins acts as an intermediary that connects you with the other party, after you register on the site and fill in your details as in the image.

After entering the details above, your username, email and password, click the Register button, then agree to the site’s terms by clicking agree as in the image.

After that you’ll activate your account through the message you received in your email.

Next you’ll be asked to enter your details, your first and last name and phone number as in the image.

After that a code will be sent to your phone, which you’ll type in.

Once you complete this step, go to the wallet option at the top right of the screen, which is your wallet on the site. Through that wallet you’ll carry out your buy and sell operations for bitcoin.

To make a purchase, click the receive bitcoins option. A page will then open showing the prices and available payment methods; choose what suits you, enter the required details and click to submit the order. If the other party doesn’t respond within 90 minutes, the order is cancelled.

• Changelly

One of the easiest sites to use, with simple dealing, registration and purchasing. It lets you convert your digital currency into any other currency, supports trading currencies in large volumes, and makes completing a purchase easy.

Finally, buying bitcoin isn’t as easy as someone with no experience in the field might expect. Even so, the number of options for buying bitcoin keeps growing. Everyone can pick the bitcoin-buying option that suits their needs, and some don’t even require internet access or a bitcoin wallet.

Trade Bitcoin

Steps to buy bitcoin via P2P from Egypt on Binance

Buying bitcoin via P2P (peer-to-peer) from Egypt on Binance is a direct and effective method. Below are the basic steps to complete this type of transaction:

Log in or create an account: if you don’t have a Binance account, it’s better to create one and verify it.

Go to the P2P section: after logging in, move to the P2P section from the menu.

Choose the currency and country: select “bitcoin” as the currency you want to buy, and select “Egypt” as the country.

Choose a seller: a list of sellers will appear, with details such as the price and the minimum/maximum purchase. Pick the seller that suits you.

Start the transaction: after choosing the seller, click “buy” and follow the instructions. You may need to send specific payment details.

Confirm and release: once you complete the payment, confirm it on the platform. The bitcoin will be released to you once the seller confirms receipt of the payment.

Receive the bitcoin: once the seller confirms, the bitcoin will be added directly to your wallet on Binance.

Note: always verify the seller’s identity and read the ratings and reviews before making the transaction. Also, don’t send any payment details outside the Binance platform.

These are the basic steps, and details may differ depending on the seller and the platform. It’s always best to read the instructions and terms carefully before making any purchase.

More: Binance platform guide for trading digital currencies

You can use a range of local banks to carry out P2P transactions to buy bitcoin. The available bank depends on the seller and the terms they prefer. Some seller banks that are usually available on P2P platforms such as Binance in Egypt include:

• National Bank of Egypt
• Banque Misr
• Commercial International Bank – CIB
• QNB
• Arab Bank
• HSBC
• Housing and Development Bank
• Banque du Caire
• Abu Dhabi Islamic Bank – ADIB
• Emirates NBD – ENBD
• Vodafone, Etisalat and Orange wallets, and the CIB wallet

Frequently asked questions

How is bitcoin mining done?

Bitcoin mining is done using specialised machines or the graphics processor used for electronic games, which work to solve a set of complex mathematical equations, and the result is parts of a bitcoin.

How can I invest in bitcoin?

You can invest in bitcoin in more than one way: first, buying bitcoin and storing it then selling it after its price rises; you can also buy shares in companies that mine bitcoin; and you can do the mining yourself, but note that this is the least profitable type of bitcoin investment and may even leave you with a loss.

Where do I buy bitcoin?

You can buy bitcoin through digital-currency trading platforms, which offer easy and convenient payment methods, such as the Binance platform.

How much does a bitcoin mining machine cost?

You can buy a crypto mining machine starting from $190 and up; some machines reach $1,000 or more. The difference is in the manufacturer and the mining power it provides.

How do I withdraw money from digital currencies?

You can withdraw your crypto balance through digital-currency trading platforms such as Binance, which offer easy and convenient methods for withdrawing and depositing.

Why is bitcoin banned in Egypt?

According to the article, dealing in bitcoin or mining digital currencies inside Egypt is criminalised because of the huge amount of electricity that crypto mining machines consume; it states that 5 mining machines can use as much electricity as a whole populated area.

Is bitcoin allowed in Egypt?

According to the decisions of the Central Bank of Egypt, dealing in or trading currencies such as bitcoin and the like is prohibited.

Read more:

• Best bitcoin wallets
• How to buy bitcoin
• Best ways to buy bitcoin in Saudi Arabia
• Best ways to buy bitcoin
• Best ways to convert bitcoin to dollars
• Buying bitcoin and how to find places to sell it

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