Cryptocurrencies are currently banned under Algerian law. The 2018 Financial Law of Algeria ruled by the Ministère des finances has prohibited the use of any cryptocurrencies. Nevertheless, the cryptocurrency scene in Algeria is picking up steam, thanks to the emergence of dependable and secure exchange platforms. These platforms provide a convenient avenue for depositing funds in Algerian Dinar (DZD) through bank transfers or credit card transactions, significantly improving the accessibility of digital currencies in the region. On the other hand, we have researched from various sources that Algerian citizens are always looking for ways to buy Bitcoin, mostly. So, here we make their search easier.
Evaluating the Best 5 Cryptocurrency Exchanges in Algeria
We’ve assessed various crypto exchanges to compile a list of the top 5 crypto platforms accessible in Algeria. Continue reading to explore crucial details about the best crypto exchanges for Algerian traders.
Discover the top crypto exchanges in Algeria:
- Bybit – Derivatives trading, strong range of assets, local deposit methods.
- BingX – No KYC, 600+ supported cryptos, low fees, stocks, forex, commodities supported.
- KuCoin – Altcoin focus, user-friendly interface, no KYC prerequisites.
- Kraken – Transparency and security, 24/7 platform surveillance, regularly audited proof of reserves.
- MEXC – Extensive Altcoin Selection, P2P Trading, Global Reach.
1. Bybit
Bybit stands out as the one of the premier cryptocurrency exchanges in Algeria, offering a range of free deposit methods in DZD for buying, selling, holding, trading, and staking over 770 digital assets. Operating globally in 180+ countries and supporting 20 languages, including English and Arabic, Bybit is renowned for its extensive cryptocurrency support, enabling users to diversify their portfolios.
Key features that define Bybit include its user-friendly interface, robust security measures, and high liquidity. The platform distinguishes itself with advanced trading functionalities, such as futures trading and leverage trading, empowering investors to optimize their profits. Bybit’s commitment to customer support, with 24/7 live chat, and its educational resources further contribute to its top-ranking status. Bybit places a strong emphasis on transparency and has openly shared its proof of reserves, ensuring a 1:1 backing of all user funds. Additionally, the platform features a substantial $400 million security fund, offering users an extra layer of protection against potential third-party attacks.
Boasting an extensive array of over 500 digital assets, advanced trading tools, competitive fees, and high leverage options (up to 125x), Bybit meets the requirements of both novice and experienced traders. Its user-friendly interface is designed to appeal to users across the spectrum of trading expertise. Almost 6.5B trading volume gives Bybit a solid place between the best exchanges in the world.
If you want to learn more about the platform, you can read our full Bybit review.
Spot Fees: 0.1% maker / 0.1% taker
Futures Fees: 0.02% maker / 0.055% taker
Supported Cryptos: 430+
Futures Contracts: 240+
DZD Payments: P2P mainly
Customer Support: 24/7 live chat support
2. BingX
BingX emerges as a robust cryptocurrency exchange and trading platform, particularly user-friendly for beginners. With over 5 million registered users, it stands out for its low trading fees and reliable operations. BingX stands out for its flexibility and its P2P market, making it a great alternative for Algerian citizens. The use of DZD is supported on the platform for peer-to-peer cryptocurrency payments.
The platform offers diverse trading options, including spot trading, futures, copy trading, and grid trading with the use of bots. BingX provides access to over 500 cryptocurrencies and features a comprehensive learning center, including an academy, help center, and glossary. Despite its numerous advantages, BingX has limitations such as the lack of support for staking and fiat transactions. Trading fees are variable, depending on the type of cryptocurrency and trading format.
BingX is distinguished by its minimalist interface, rewards for new users, and a lucrative affiliate program. Although it lacks some features found on other platforms, its focus on security, regulations, and a variety of trading options positions it as an attractive choice for those looking to enter the cryptocurrency space. With almost 4.2B+ in trading volume, the platform is one of the most popular and widely used in recent times.
If you want to learn more about the platform, you can read our full BingX review.
Spot Fees: 0.1% maker/taker
Futures Fees: 0.02% maker, 0.05% taker
Supported Cryptos: 520+
Futures Contracts: 600+
DZD Payments: P2P mainly
Customer Support: 24/7 Support
3. KuCoin
KuCoin is a favored platform for traders seeking to explore a diverse selection of altcoins, encompassing meme coins and various tokens. With support for over 600 cryptocurrencies, KuCoin is recognized for its privacy-oriented strategy, as it doesn’t mandate Know Your Customer (KYC) verification.
Nevertheless, users should be aware that it might have less robust security measures in comparison to some other exchanges. KuCoin offers an array of advanced analytical tools, allowing users to participate in spot trading, margin trading, and futures contracts with leverage of up to 50x. The inclusion of the KuCoin Shares (KCS) token, providing discounted trading fees and bonus rewards, adds to its appeal among Algerian crypto investors. KuCoin boasts a trading volume of 1.76 billion, positioning itself as the primary contender in terms of altcoin-focused exchanges.
If you want to learn more about the platform, you can read our full KuCoin review.
Spot Fees: 0.1% spot fees
Futures Fees: 0.02% for makers and 0.06% for takers
Supported Cryptos: 700+
Futures Contracts: 250+
DZD Payments: Bank Transfers, P2P
Customer Support: 24/7 Support
4. Kraken
Kraken enjoys global acclaim for its commitment to transparency and security. Its robust security protocols, featuring two-factor authentication, regulatory compliance across over 190 countries, withdrawal whitelist functionality, and constant 24/7 platform monitoring, instill a high level of trust among users. Furthermore, Kraken’s dedication to transparency is evident in its clear fee structures and regular audits, earning admiration from its user community. The exchange consistently provides audited proof of reserves, reassuring customers that their assets are always held 1:1 on the platform. This commitment to transparency and security serves to cultivate a sense of confidence and peace of mind among Kraken’s clientele.
Kraken emerges as a versatile and budget-friendly platform designed to cater to a diverse range of cryptocurrency traders, spanning from those just starting out to seasoned experts. Its standout feature lies in its competitive pricing, particularly evident on Kraken Pro and the futures markets.
However, it’s crucial to note that the interface complexity of Kraken Pro might present a learning curve for newcomers. If simplicity is a top priority, exploring alternative options becomes essential. With support in over 190 countries, 10 million plus users, and a quarterly trading volume surpassing 207 billion, Kraken stands out for its versatility, catering to both small and large-scale investors.
If you want to learn more about the platform, you can read our full Kraken review.
Spot Fees: 0.16% maker, 0.26% taker
Futures Fees: 0.02% maker, 0.05% taker
Supported Cryptos: 190+
Futures Contracts: 500+
DZD Payments: USD only, apple or google pay, Wire transfer
Customer Support: 24/7 Support
3. MEXC
MEXC is a highly versatile cryptocurrency exchange in Algeria, providing users with access to an expansive array of cryptocurrencies. Notably, it distinguishes itself by offering the lowest trading fees and an impressive selection of over 2000 trading pairs, making it the preferred choice for those eager to explore the diverse world of altcoins.
It’s worth noting, however, that MEXC has a particular characteristic – it doesn’t facilitate fiat exchange or withdrawals. This means traders are limited to acquiring coins exclusively with US dollars, and for cashing out, they might need to explore the use of a P2P network.
Despite this constraint, MEXC compensates with a comprehensive suite of services. These include margin trading, EFT indices, and a futures market, providing a multifaceted trading experience. Additionally, the exchange goes beyond traditional offerings by supporting various fan tokens and regularly organizing engaging sports betting campaigns, adding an extra layer of excitement for its user base. With nearly 7 million users from 200 different countries and a trading volume of 2.7 billion, MEXC stands among the most chosen exchanges.
If you want to learn more about the platform, you can read our full MEXC review.
Spot Fees: 0.1% flat
Futures Fees: 0% maker / 0.02% taker
Supported Cryptos: 1600+
Futures Contracts: 400+
DZD Payments: Bank transfer, P2P
Customer Support: Multi-language customer support 24/7
Is Crypto Legal in Algeria?
Algeria imposes stringent regulations on cryptocurrencies. A collaborative statement from the Bank of Algeria and the Algerian Ministry of Finance in 2017 categorizes the use of cryptocurrencies as a violation of existing regulations. They underscore the risks associated with crypto-assets, citing their volatility, lack of regulatory oversight, and potential ties to illicit activities.
Officially, Algerian authorities do not recognize cryptocurrency transactions, placing the regulatory landscape among the most restrictive worldwide. However, signs of a gradual shift are emerging as Algeria begins to explore a more accommodating legal framework. Despite initial resistance from the central bank, recent initiatives suggest a changing perspective.
While initially hesitant towards digital currencies, Algeria seems to be adopting a more neutral stance amid the global surge in adoption. Despite the regulatory hurdles, Algeria boasts the second-highest percentage of cryptocurrency investors and traders among all African countries in 2023.
How to Buy Bitcoin & Other Cryptos in Algeria
The process of purchasing Bitcoin and other cryptocurrencies in Algeria has become more user-friendly, thanks to the availability of intuitive platforms and P2P inclusion. Here’s a simplified guide:
- Select an Exchange: Opt for accessible platforms in Algeria, such as Kraken or Bybit.
- Account Setup: Register an account on your chosen platform. Most platforms require Know Your Customer (KYC) procedures for security purposes
- Deposit Funds: Fund your account with Algerian Dinar or your preferred currency, utilizing the provided payment methods. Mainly P2P.
- Crypto Acquisition: Navigate the platform’s interface to choose Bitcoin, input the desired amount, and finalize the transaction.
- Monitor Investments: Given the unpredictable nature of cryptocurrencies, it’s essential to regularly monitor your investments.
Stay informed about regulatory changes and exercise caution when engaging in the Algerian cryptocurrency market.
Final Thoughts
In the regulatory landscape of Algeria, the utilization of cryptocurrencies is subject to rigorous restrictions. A collaborative statement issued in 2017 by the Bank of Algeria and the Algerian Ministry of Finance categorizes cryptocurrency usage as a direct violation of existing regulations. The joint declaration emphasizes the inherent risks associated with crypto-assets, pointing to their volatility, the lack of regulatory oversight, and potential involvement in illicit activities. Despite the stringent regulatory environment, there are indications of a gradual shift toward a more accommodating stance, as Algeria explores the possibility of adopting a more flexible legal framework.
Bybit emerges as an outstanding option for both novice and seasoned traders seeking a user-friendly cryptocurrency futures exchange platform with robust security measures and competitive fees. With a comprehensive offering of over 600 trading pairs involving major coins, Bybit caters to users across experience levels. It supports transactions in over 15 fiat currencies, providing accessibility to both spot and futures markets at some of the lowest fees in the cryptocurrency space and offering leverage of up to 100x. Bybit’s combination of advanced security features, intuitive interface, affordability, and powerful functionalities positions it as a compelling choice for traders looking for a reliable and efficient platform to navigate the cryptocurrency realm. For those exploring the cryptoverse, creating an account with Bybit could prove to be a beneficial step for Algerian traders.
