Welcome to this guide for beginner traders in Pakistan, where we discuss how to buy cryptocurrency in pakistan? Are there any limitations, or can we buy crypto securely and conveniently?
In Pakistan, the central bank has warned people about the risks of trading cryptocurrencies. While there is no official ban on owning or trading cryptocurrencies, banks have been told not to help with cryptocurrency transactions.
This has led some Pakistanis to look for other ways to buy and sell cryptocurrencies, such as through unofficial channels. If you are wondering, “How can I buy cryptocurrency in Pakistan?” just keep reading this article.
If you’re ready to step into the new world of devolved finance, this guide will equip you with the knowledge and tools to buy cryptocurrency securely and conveniently in Pakistan.
Is Cryptocurrency Legal in Pakistan?
We can’t provide a simple answer to this question. While cryptocurrencies, including bitcoin, remain unregulated in Pakistan, they are not illegal.
However, the State Bank of Pakistan has not granted any licenses for individuals or organizations to buy, sell, exchange, or invest virtual currencies, coins, and tokens.
Despite this uncertain situation in Pakistan, there are so many traders still buying and selling crypto in this country, and there are a number of exchanges in Pakistan to trade cryptocurrency.
What Are the Best Ways to Buy Crypto in Pakistan?
First, let’s find out what we should have to be able to buy crypto in Pakistan. Do you know the requirements that are needed to purchase Bitcoin or other currencies in Pakistan?
There are a few essential prerequisites to gather:
1. Identity Verification
The first and most important option you need is a valid passport, national ID card, or driver’s license to complete the KYC (Know Your Customer) process if you want to start trading in Pakistan.
2. Secure Internet Access
Public Wi-Fi networks are not recommended in Pakistan due to potential security vulnerabilities. Instead, you should useusing a private and secure internet connection is better.
3. Two-factor authentication (2FA)
A mobile phone is crucial for verifying your identity via 2FA, an extra layer of security for your crypto transactions.
4. Fiat Currency Deposit Options
Pakistanis must have a bank account or credit card to transfer fiat currency to purchase cryptocurrencies on exchanges.
5. Cryptocurrency Wallet
If you want to secure your cryptocurrency assets, you need to store them in an external wallet, preferably a cold wallet, for enhanced security. While exchanges offer built-in wallets, cold wallets provide superior protection.
Where To Buy Cryptocurrency in Pakistan? (Exchanges & Brokers)
In this section you will get familiar with the reliable and most common ways to buy cryptocurrency in Pakistan. Here, you can find some of Pakistan’s best brokers and exchanges that help users get any crypto they like anywhere.
The best exchanges to buy crypto in Pakistan:
· Skilling
This is one of the best apps for mobile trading known in Pakistan and has almost 55 cryptos you can buy or sell. You can also access many instruments like forex, indices, shares, cryptocurrencies, and commodities. All in all, this app provides you with trading tools and a user-friendly interface.
· Binance
If you’re seeking a comprehensive cryptocurrency platform available in Pakistan with a vast user base and a diverse range of services, Binance stands out as a frontrunner. Over 30 million individuals worldwide utilize Binance to trade over 350 cryptocurrencies.
Beyond basic trading, Binance offers many additional services, including staking, crypto loans, and derivative markets such as futures and options.
This app’s most important concern is that Pakistan’s users can’t directly deposit or withdraw fiat currency from Binance using Pakistani banks. However, some use Binance indirectly by purchasing cryptocurrency on another platform supporting Pakistani banks, such as Kraken or KuCoin, and then transferring that cryptocurrency to Binance.
· Kraken
This is one of the most reliable exchanges that is available in Pakistan. Pakistani users can create accounts, deposit funds, and trade cryptocurrencies on the platform. This app offers more than 200 coins and tokens to start trading easily.
· Nexo
Consider receiving rewards after any purchase you make! Isn’t it amazing? Nexo is a safe app for trading in Pakistan as it has no anonymous option, and all users must verify their identity before starting any actions.
It has 3 payment methods which are:
- P2P platforms: As most of the trading apps.
- Cryptocurrency exchanges: Some cryptocurrency exchanges that support Pakistan allow you to deposit PKR directly into your account.
- Cards: Although you must check the funds beforehand, Nexo supports debit and credit cards to fund your account.
Now, let’s look at the list of brokers in Pakistan.
The best brokers to buy cryptocurrency in Pakistan with their rates:
- Plus500 CFD Broker 9.8
- Pepperstone 9.0
- Nightcap: 8.8
- Webull: 8.3
- Changelly: 7.4
- Trading 212: 8.4
If you are looking for how to buy cryptocurrency in Pakistan, here you can use one of these exchanges or brokers to start buying crypto in Pakistan. Do you know how to choose a reliable exchange? Just consider these tips before selecting one of them.
Choosing a Cryptocurrency Exchange in Pakistan
- Reputation: You must select an exchange with a strong reputation among Pakistani traders and a proven security and user satisfaction track record.
- Supported Currencies: Make sure the exchange you choose supports the cryptocurrencies you intend to buy and sell. The more cryptos it supports, the better it is to rely on.
- Fiat Currency Options: Verify that the exchange allows you to deposit and withdraw Pakistani Rupees (PKR) using different payment methods.
- Fee Structure: Compare the fees charged by different exchanges. Knowing the fees for deposits, withdrawals, and trading transactions is important before making any purchase.
- User Interface (UI) and Accessibility: Go for an exchange with an intuitive UI that is easy to navigate and accessible from your preferred devices. You can read the user’s comments to find out which is the easiest and most accessible among the other options.
Our related post on “How To Buy Crypto in Trinidad?” can offer additional insight on this topic.
In Closing Remarks
There is no gain without a bit of risk while choosing crypto trading. Buying cryptocurrency in Pakistan presents a unique blend of opportunities and challenges.
While there are no signs of regulation, Pakistanis can still buy or sell cryptocurrencies through authorized exchanges, but you should have an awareness of the risks involved.
By exercising caution, conducting thorough research, and diversifying their investments, Pakistanis can confidently navigate the cryptocurrency realm and potentially reap the benefits of this transformative technology.
It is better to always stay on top by increasing your knowledge and diversifying your investments. If you understand the market’s volatility and the high possibility of fluctuations, you can make better decisions and successfully trade in Pakistan.
If you have any questions about how to buy cryptocurrency in Pakistan, please inform us in the comments below. Also, please share your expectations with us.
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