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Best Crypto Exchanges in Egypt 2024

Publisher

January 19, 2024
Best Crypto exchanges in egypt

With the positive trend seen in crypto usage worldwide, crypto exchanges have increased in popularity. The high number of exchanges present is proof of the changing outlook. Since the regulatory changes in 2019, Egyptians have had access to a greater number of exchanges. However, for Egyptians looking to buy or sell crypto, choosing from the available choices can be a daunting task with hundreds of available options.

To make your task easy, we have chosen the best crypto exchanges in Egypt in 2023. In our review, we have considered a few key factors. Value for money, varied features and products, a high level of security, and convenient payment methods are a few of them. The Central Bank of Egypt is the regulatory authority for the crypto exchanges in the region. Read on to learn more about the various exchanges present in Egypt and how to buy, sell, and transact.

 

Top Crypto Exchanges in Egypt reviewed

After analyzing more than 100 crypto exchanges, we have brought to you the list of the top exchanges in Egypt. Find out why these exchanges stand apart from the rest.

  1. Bybit – Best crypto exchange overall
  2. Bitget – Best for beginner traders
  3. Kraken – Exchange with diverse features
  4. Binance – Best exchange for a wider selection of trading options
  5. Coinbase – Basic beginner crypto exchange

 

1. Bybit

Bybit was launched in 2018 as a centralized crypto exchange platform and it has over 10 million users, including Egyptian users. The 24-hour trading volume of the exchange is $678,690,908.63. It offers over 100 crypto assets and contracts via its Spot and derivatives. Egyptians favor the exchange as it offers convenient payment options with efficient customer support.

Bybit offers copy trading, spot, derivatives, USDC Futures, and options, earn products, launchpad products, an NFT marketplace, and a few other products. It supports over 100 crypto tokens and over 300 spot trading pairs.

The unified trading account (UTA) feature of the exchange is a beneficial one. Users can avail all options provided at the exchange, like margin trading, spot trading, USDC Perpetual, and USDC options.

The exchange supports beginners and experienced traders with its UTA upgrade. Guides, a blog, 24/7 support, and an FAQ section are present. Bybit accepts payments in EGP. No fee is charged for P2P trading and fiat deposits and withdrawals. The trading fee differs based on the crypto trading and fiat-crypto pairs.

If you want to learn more about the platform, you can read our full Bybit review.

 

Supported cryptos: 400 +

Future Contracts: 225+

Maximum leverage: 125x

Spot trading fees: 0.1% maker / 0.1% taker

Futures trading fees: 0.02% maker / 0.055% taker

Deposits and Withdrawals: Allows EGP deposits via methods like Advcash, Credit Card, Revolut, SEPA, and Bank transfer. Withdrawals are via Advcash wallet and Zen.

License and Regulation: Based in the UAE and registered in the British Virgin Islands. Fully licensed as MSB (Money Service Business) by the FinCEN, Financial Crimes Enforcement Network Treasury Department.

 

Visit Bybit!

 

2. Bitget

Bitget based in Singapore is a crypto exchange that is popular for its free copy trading feature. The platform has over 20 million registered users and its 24-hour trading volume is over $4 billion. Low trading fee is another reason Egyptians favor this exchange.

Products provided by the exchange include crypto-to-crypto trading, futures, margin, spot, and copy trading. Launchpool, AI trading bot, earning, and launchpad services are also present. Over 500 crypto tokens and over 500 spot trading pairs are available here.

Bitget accepts EGP, enabling hassle-free payments for Egyptians. The platform charges 0.1% fees for spot trading and maker/taker fee ranges from 0.02% to 0.06%. No maker fee is charged for VIP members.

Withdrawal charges are based on the coin and network chosen. The platform charges 0.0006 BTC for BTC but the fees may vary based on the market.

If you want to learn more about the platform, you can read our full Bitget review.

 

Supported cryptos: 550+

Future Contracts: 240+

Maximum leverage: 125x

Spot trading fees: 0%

Futures trading fees: 0.02% maker / 0.06% taker

Deposits and Withdrawals: Deposit can be made in EGP, and deposit and withdrawal are via debit or credit card, cryptocurrency, or bank transfer.

License and Regulation: Has multiple regulatory licenses worldwide including Australia, the US, and Canada. Fully licensed as MSB (Money Service Business) by the FinCEN, Financial Crimes Enforcement Network Treasury Department.

 

Visit Bitget!

 

3. Kraken

Launched in 2011, Kraken offers a diverse range of services that are used by more than 8 million people worldwide. The platform supports over 190 countries. Available for Egyptian users, the exchange has a 24-hour trading volume of $460,233,925.60.

Kraken products include margin, futures, OTC, and API trading. It has an NFT marketplace and offers staking rewards for users. It has three types namely Kraken, Pro, and Classic versions.

Instant buy option is only for Express, Intermediate, and Pro account holders. Egyptians can make deposits via Visa/Mastercard debit/credit card. Digital wallet and ACH online banking services are also present.

The platform charges a 0.15% fee for crypto assets and 0.9% for stablecoins with its Instant Buy service. Based on the amount a user trades during a 30-day term, the maker fee is from 0% to 0.16% and the taker fee ranges from 0.10% to 0.26%.

If you want to learn more about the platform, you can read our full Kraken review.

 

Supported cryptos: 200+

Future Contracts: 100+

Maximum leverage: 5x

Spot trading fees: 0.00% to 0.16% maker / 0.10% to 0.26% taker

Futures trading fees: 0.00% to 0.02% maker / 0.01% to 0.05% taker

Deposits and Withdrawals: Deposit and withdrawal methods include Visa and Mastercard debit/credit card, Google Pay, Apple Pay, and Bank transfer.

License and Regulation: It is regulated by the Financial Conduct Authority (FCA), FINTRAC in Canada, AUSTRAC in Austria, and the FSRA (Financial Services Regulatory Authority) in the Abu Dhabi Global Market (ADGM). It is regulated by CySEC and FinCEN with an MSB license.

 

Visit Kraken!

 

4. Binance

Founded in 2017, Binance is the largest exchange with a 24-hour trading volume of $3,614,026,393.17. With over 150 million users, the platform provides its services to 180+ countries.

Important products of Binance include spot, margin, and futures trading. Other products include Launchpad, Earn, P2P, and NFT marketplace.

The exchange accepts EGP and users can buy crypto using their debit or credit card, Google Pay/ Apple Pay, or cash balance. Binance charges 0% deposit fees.

For withdrawals, users need to pay a flat fee which is decided using the network used and hence can fluctuate.

If you want to learn more about the platform, you can read our full Binance review.

 

Supported cryptos: 350+

Future Contracts: 50+

Maximum leverage: 120x

Spot trading fees: 0.1% maker / 0.1% taker

Futures trading fees: 0.02% maker / 0.04% taker

Deposits and Withdrawals: EGP deposits and withdrawals via debit/credit card, Apple Pay, and Google Pay

License and Regulation: ISCMA is the regulatory authority for this exchange.

 

Visit Binance!

 

5. Coinbase

Launched in 2012, Coinbase has over 98 million users from 100+ countries, including Egypt. Secure storage and trusted crypto transactions are key features of this exchange. Coinbase has a 24-hour trading volume of $539,737,889.95.

Over 35 products are present for businesses, individuals, and developers. Products like buying and selling crypto, wallet features, and NFT marketplace are available for individuals. Advanced Trade comprises a large number of market pairs and better staking rewards.

Fees range from 0% to 0.4% for maker fees and 0.05% to 0.60% for taker fees. EGP and other fiat currency deposit fees are free for SWIFT and ACH and $10 for Wire transfer.

Withdrawal fees are $25 for wire transfers, free for ACH, and 1 GBP for SWIFT.

If you want to learn more about the platform, you can read our full Coinbase review.

 

Supported cryptos: 150+

Maximum leverage: 3x

Spot trading fees: 0% to 0.4% maker / 0.05% to 0.60% taker

Deposits and Withdrawals: Deposits can be made in EGP and other fiat currencies. Deposits and withdrawals can be done via bank transfer, iDeal, credit card, debit card, and many other methods.

License and Regulation: Licensed by the New York State Department of Financial Services and other international licenses including Canada, the UK, Germany, Ireland, Australia, and Singapore.

 

Visit Coinbase!

 

Is Crypto Legal in Egypt?

As per the Central Bank of Egypt and Banking Sector Law No.194 of 2020, crypto regulations were formulated in Egypt. The law by the Egyptian Parliament bans the use of crypto without a license. The restriction covers the creation, promotion, and trading of cryptocurrencies. The Central Bank of Egypt regulates the use of the digital currency here.

As per the bank, it has not issued a license or granted permission for crypto trading in the Egyptian market. The bank cites the volatility and fluctuations as one of the reasons. Further, electronic piracy and financial crimes related to crypto also factor in the ban.

There are no specific taxes for cryptocurrencies. However, the income from crypto trading is taxable under the regular tax regulations. For instance, capital gains tax may apply.

The tax authority in Egypt has not provided regulations specifically for cryptocurrencies. However, Egyptian investors and traders should consult with a local tax advisor to help them with their taxes.

 

How to buy Crypto in Egypt?

Buying cryptocurrency is simple and easy when you know the right method. Here is our step-by-step guide on buying crypto in Egypt.

1. Pick a crypto exchange: You need to pick an exchange available in Egypt. Bitget is a good option as it provides good value for money. The deposits are free here and the trading fee is low.

2. Register and complete identity verification: With legitimate platforms like Bitget, you can make sure your assets are safe. You need to complete KYC verification to comply with AML laws. Level 1 KYC takes 15 minutes to complete. By providing your passport or an ID issued by the Egyptian government, you can complete this step. A driving license is also accepted for KYC verification. Proof of address is needed if you want a higher withdrawal limit. This is the level 2 KYC verification and takes a few days.

3. Buy crypto: Visit the spot market section of the exchange and swap your cash for cryptos like BTC. As the fee is 0.1% for Bitget, this will not cost you much. You can buy using EGP with methods like debit or credit card which requires KYC. Other methods include Bank Transfer (SEPA) and SWIFT.

4. Store your crypto: Use a cold wallet like Nano X for storing the crypto you buy. Although exchanges have inbuilt hot wallets, we recommend the use of a cold wallet as it provides the best security. Cold wallets keep your private keys offline. This prevents it from cyber-attacks.

 

Final Thoughts

To sum up our review of the best crypto exchange in Egypt, crypto trading is legal, when done via platforms like Bybit and Bitget. Proper regulation and license make them a secure platform to use.

From our analysis of the exchanges, Bybit is the best overall platform. It is a user-friendly exchange and has a wide choice of crypto.

The deposits are free, and the features and products offer many benefits. Newbies and professionals would find this platform ideal.

Meanwhile, Bybit and Kraken are ideal for advanced traders with the features and diverse trading features they offer. Other good choices for beginners include Coinbase and Binance.

 

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