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Best crypto Exchanges in Morocco 2024

Publisher

January 2, 2024
Best crypto Exchanges in Morocco

After thoroughly reviewing cryptocurrency exchanges, we’ve pinpointed the ideal trading platforms for investors in Morocco. We take crucial factors into consideration, including compliance with bank al-maghrib regulations, the variety of available cryptocurrencies, user interface, fees, MAD deposit methods, and transaction fees, among other aspects. This comprehensive assessment aims to provide a holistic view of these platforms. Morocco is currently undergoing an exciting period of growth in its cryptocurrency market, thanks to the emergence of secure and reliable exchanges. These platforms offer straightforward ways to make deposits in Moroccan Dirham (MAD) through bank transfers or credit card transactions, making access to digital assets more convenient.

 

Assessing the Best 5 Cryptocurrency Exchanges in Morocco

We’ve evaluated different crypto exchanges to curate a list of the top 5 crypto platforms accessible in Morocco. Keep reading to discover essential details about the best crypto exchanges for Moroccan traders.

 

Discover the top crypto exchanges in Morocco:

  1. BingXNo KYC, 500+ supported cryptos, low fees, stocks, forex, commodities supported.
  2. BybitDerivatives trading, strong range of assets, local deposit methods.
  3. KucoinAltcoin focus, user-friendly interface, no KYC prerequisites.
  4. KrakenTransparency and security, 24/7 platform surveillance, regularly audited proof of reserves.
  5. MEXCExtensive Altcoin Selection, P2P Trading, Global Reach.

 

1. BingX

BingX stands out as a resilient cryptocurrency exchange and trading platform, tailored for beginners seeking a user-friendly experience. Boasting a user base of over 5 million, it distinguishes itself with competitive trading fees and reliable operations. BingX offers flexibility and a P2P market, making it an appealing choice for Moroccan users, supporting the use of MAD for peer-to-peer cryptocurrency transactions.

Providing diverse trading options like spot trading, futures, copy trading, and grid trading through bots, BingX grants access to a spectrum of over 500 cryptocurrencies. The platform includes a comprehensive learning center featuring an academy, help center, and glossary. Despite limitations, such as the absence of staking and fiat transaction support, BingX stands out with its variable trading fees, contingent on the cryptocurrency and trading format.

BingX is characterized by its sleek interface, incentives for new users, and a lucrative affiliate program. While it may lack some features found on other platforms, its emphasis on security, adherence to regulations, and diverse trading options make it an attractive choice for those entering the cryptocurrency space. With a trading volume exceeding 4.2 billion, BingX has solidified its position as one of the most popular and widely used platforms 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+

MAD Payments: P2P mainly, credit card

Customer Support: 24/7 Support

 

Visit BingX!

 

2. Bybit

Bybit stands out as a prominent player in Morocco’s cryptocurrency scene, offering a diverse range of free deposit methods in MAD for various activities like buying, selling, holding, trading, and staking across a vast portfolio of 770+ digital assets. Operating on a global scale across 180+ countries and supporting 20 languages, including English and Arabic, Bybit has gained recognition for its extensive cryptocurrency support, providing users with ample opportunities to diversify their investment portfolios.

Distinguishing features that characterize Bybit encompass its user-friendly interface, robust security protocols, and high liquidity. The platform sets itself apart with advanced trading functionalities, including futures and leverage trading, empowering investors to optimize their profits. Bybit’s commitment to customer support, featuring 24/7 live chat, along with educational resources, solidifies its position as a top-ranking exchange. The platform prioritizes transparency, evident in openly sharing proof of reserves, ensuring a 1:1 backing of all user funds. Additionally, Bybit boasts a substantial $400 million security fund, providing an additional layer of protection against potential third-party attacks.

With a diverse array of over 500 digital assets, advanced trading tools, competitive fees, and high leverage options (up to 125x), Bybit caters to the needs of both novice and experienced traders. Its user-friendly interface is carefully designed to appeal to users across the spectrum of trading expertise. Boasting an impressive trading volume of almost 6.5 billion, Bybit establishes itself as a formidable player among the world’s leading exchanges.

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+

MAD Payments: P2P mainly, credit card

Customer Support: 24/7 live chat support

 

Visit Bybit!

 

3. Kucoin

Kucoin emerges as a favored platform for traders looking to delve into a diverse array of altcoins, including meme coins and various tokens. With support for over 600 cryptocurrencies, KuCoin is renowned for its privacy-centric approach, eliminating the need for Know Your Customer (KYC) verification. However, users should exercise caution, as it may have security measures that are not as robust as some other exchanges. KuCoin provides an arsenal of advanced analytical tools, empowering users to participate in spot trading, margin trading, and futures contracts with leverage of up to 50x.

The introduction of the KuCoin Shares (KCS) token, offering discounted trading fees and bonus rewards, enhances its allure for Moroccan crypto investors. Despite potential security considerations, KuCoin boasts a substantial trading volume of 1.76 billion, solidifying its position as a leading contender among exchanges with a focus on altcoins.

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+

MAD Payments: Bank Transfers, P2P

Customer Support: 24/7 Support

 

Visit KuCoin!

 

4. Kraken

Kraken is globally recognized for its unwavering commitment to transparency and security. The exchange employs robust security protocols, including two-factor authentication, compliance with regulations across over 190 countries, withdrawal whitelist functionality, and continuous 24/7 platform monitoring, fostering a high level of trust among users. Notably, Kraken’s dedication to transparency extends to its fee structures and regular audits, earning praise from its user community. The platform consistently provides audited proof of reserves, assuring customers that their assets are always held at a 1:1 ratio on the platform. This emphasis on transparency and security aims to instill confidence and peace of mind among Kraken’s clientele.

Kraken positions itself as a versatile and budget-friendly platform, catering to a diverse range of cryptocurrency traders, from beginners to seasoned experts. Its standout feature is its competitive pricing, particularly evident on Kraken Pro and in the futures markets. However, it’s important to acknowledge that the interface complexity of Kraken Pro may pose a learning curve for newcomers. For those prioritizing simplicity, exploring alternative options becomes essential. With support in over 190 countries, a user base exceeding 10 million, and a quarterly trading volume surpassing 207 billion, Kraken distinguishes itself for its versatility, accommodating 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+

MAD Payments: USD only, apple or google pay, Wire transfer, credit card

Customer Support: 24/7 Support

 

Visit Kraken!

 

5. MEXC

MEXC emerges as a highly versatile cryptocurrency exchange in Morocco, granting users access to an extensive range of cryptocurrencies. It sets itself apart by boasting the lowest trading fees and an impressive selection of over 2000 trading pairs, positioning it as the preferred choice for those keen to explore the diverse world of altcoins.

Notably, MEXC comes with a distinctive characteristic – it doesn’t facilitate fiat exchange or withdrawals. This implies that traders are confined to acquiring coins exclusively with US dollars, and for cashing out, they may need to explore the use of a P2P network.

Despite this limitation, MEXC compensates with a comprehensive suite of services. These encompass margin trading, EFT indices, and a futures market, ensuring a multifaceted trading experience. Moreover, the exchange goes beyond conventional offerings by supporting various fan tokens and regularly organizing engaging sports betting campaigns, adding an extra layer of excitement for its user base. Boasting nearly 7 million users from 200 different countries and a trading volume of 2.7 billion, MEXC stands out as one of the most favored 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+

MAD Payments: Bank transfer, P2P

Customer Support: Multi-language customer support 24/7

 

Visit MEXC!

 

Is Crypto Legal in Morocco?

In Morocco, the legality of acquiring and trading cryptocurrencies exists within a nuanced framework. While the government doesn’t recognize cryptocurrencies as legal tender, they haven’t imposed a ban on their trade. Morocco maintains a relatively open stance toward cryptocurrencies, although the central monetary authority, Bank Al-Maghrib, has expressed concerns about potential risks associated with digital currencies. The legal landscape surrounding cryptocurrency in Morocco is intricate, primarily due to the cautious approach adopted by Bank Al-Maghrib. This central banking authority has raised reservations regarding cryptocurrency transactions, particularly concerning financial risks like money laundering.

Navigating the regulatory landscape becomes challenging, especially concerning tax matters, as the Moroccan General Directorate of Taxes (DGI), the country’s primary authority for tax administration, may not have a well-defined structure to address cryptocurrency taxation. Given the legal gray area surrounding cryptocurrencies in Morocco, the DGI might lack a formal framework to regulate the taxation of these digital assets.

 

How to Buy Bitcoin & Other Cryptos in Morocco

For Moroccan investors looking to enter the crypto market with MAD (Moroccan Dirham), adhere to these steps:

  1. Select a reputable exchange: Opt for platforms that adhere to Moroccan regulations and hold a credible position in the cryptocurrency realm.
  2. Create and verify your account: Register using your email, set up a password, and complete the KYC (Know Your Customer) process by submitting identification and proof of address documents.
  3. Deposit funds in MAD: Fund your account with MAD through bank transfers or other authorized payment methods.
  4. Purchase cryptocurrency: Choose the cryptocurrency you want to buy, specify the amount, and confirm the transaction.
  5. Secure your investments: Enhance the security of your cryptocurrencies by transferring them to a personal wallet.

 

Final Thoughts

In the regulatory landscape of Morocco, the approach to cryptocurrencies is nuanced, with no outright prohibition despite not being officially recognized as legal tender. While the government maintains relative openness, Bank Al-Maghrib, the central monetary authority, expresses concerns about potential risks, especially related to money laundering, adding complexity to the legal standing of cryptocurrencies in Morocco.

Navigating this landscape, Moroccan investors find BingX to be an exceptional choice. Emerging as a robust cryptocurrency exchange and trading platform, BingX stands out for its user-friendly interface, low trading fees, and reliable operations. With diverse trading options, support for over 500 cryptocurrencies, and a comprehensive learning center, BingX caters to both beginners and experienced traders. Despite some limitations, such as the absence of staking and fiat transactions, BingX’s focus on security, regulations, and various trading options positions it as a top choice for those venturing into the cryptocurrency space in Morocco.

 

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