Morocco has been a cryptocurrency hub despite the ban on digital assets in the country. This is evidenced by the fact that it was the fastest-growing crypto market in Northern Africa in 2022. Consumer demand for cryptocurrency has been steadily increasing in Morocco with digital asset ownership going from 2.4% of the population in 2021 to 3.1% in 2022.
The Middle East and North Africa(MENA) region is the fastest-growing crypto market in the world and Morocco’s Central Bank has been gradually reducing restrictions. However, until things proceed further, cryptocurrency official remains banned in Morocco.
Still, there are some cryptocurrency exchanges that offer their services in the country. If you have been wondering about the best crypto exchange in Morocco, this article where we talk about the best crypto exchanges in Morocco will be helpful for you.
7 Best Cryptocurrency Exchanges in Morocco
Coinbase
Crypto beginners would be at home at Coinbase. It is a simple and accessible exchange for traders starting from zero. With around 250 tradable assets, there is no dearth of options for you.
If you’re looking for more advanced options though, you should check out Coinbase’s Pro platform. It has advanced charting and market tracking tools in contrast to the basic version which is meant more for basic crypto buying/selling.
Coinbase has a solid mobile app that works on both iOS and Android devices. It has all the features of the web version so you can trade anytime anywhere. You can utilize its portfolio manager to keep track of your assets and investments. Although Coinbase already keeps the majority of the assets in offline storage, you can also use the Coinbase Vault with time-delayed withdrawals for added safety.
Traders interested in further exploring Web3 apps can use Coinbase for that. You can easily access popular apps such as Galxe, OpenSea and Magic Eden with the Coinbase mobile app.
Features
✔️Over 250 assets available for trading
✔️Public company listed on NASDAQ
✔️Two versions available
✔️Offline storage and Coinbase Vault for securing funds
Pros and Cons
✅Straightforward interface ❌Costly trades on basic version
✅Great crypto collection ❌Poor customer service reviews
✅Fantastic mobile app
✅Trades on Coinbase Pro are
less expensive
Trading Fees
Coinbase fees explained
Customer Reviews
Coinbase is an exchange trusted by users
Coinbase’s customer service needs an overhaul
Why We Picked It
Coinbase is a straightforward exchange that maintains a high standard of transparency and accountability. The Coinbase basic and pro platforms have been developed keeping in mind the needs of beginner and advanced traders respectively. It has a fantastic mobile app that works the same as the web version.
Kraken
Kraken, one of the oldest cryptocurrency exchanges, is also the first exchange to be approved as a Special Purpose Depository Institution(SPDI) in America. It started operations more than a decade ago with just Bitcoin, Litecoin, and Euro trades and now has over 200 cryptocurrencies available for spot, futures and margin trading.
Besides that, Kraken offers crypto indices, OTC services and the opportunity to stake assets to earn interest on them. You can check out both flexible and bonded products and choose the ones that are compatible with your investment goals.
Kraken’s Proof-of-Reserves report is publicly available on its website so that any interested person can access and verify the results. People can report vulnerabilities in its system via the Kraken Bug Bounty program and receive rewards as per the severity of the reported vulnerability.
On a basic level, Kraken users are encouraged to turn on 2-factor authentication(2FA) and the Global Settings Lock(GSL) for the highest level of security.
Features
✔️200+ cryptocurrencies available for trading
✔️One of the oldest operating exchanges
✔️Proof-of-Reserves reports open to public
✔️Uses 2FA and GSL for security
Pros and Cons
✅Massive coin collection ❌Not very good for new traders
✅Several types of trades can be ❌Higher fees on Kraken basic
done
✅Many assets for staking
✅Different fiat currencies supported
Trading Fees
Kraken Instant Buy fees explained
Kraken Pro fees explained
Customer Reviews
Kraken is a convenient platform for trading
Transactions can involve high fees on Kraken
Why We Picked It
Kraken is in general a stable and reliable exchange. It offers several products apart from basic trading features that are suitable for both new and expert traders. It also follows the best industry practices for securing accounts and funds.
Crypto.com
Crypto.com is slightly different from other crypto exchanges in that it focuses on developing and promoting its mobile app more than its web version. Its efforts seem to be paying off as the Crypto.com mobile app is one of the fastest growing crypto trading apps with approximately 50 million active users in 2022.
With over 250 cryptocurrencies, it has a variety of assets available for trading including its native Cronos(CRO) token. Plus, you don’t have to pay anything for token deposits or crypto-to-crypto conversions on Crypto.com. There is also a Crypto.com wallet where you can store your assets, an NFT marketplace for users who are into art tokens, a healthy number of assets for staking as well as a prepaid Visa card.
You can also get discounts on the trading fees paid if you stake a certain amount of CRO tokens. In addition, Crypto.com has adopted multi-factor authentication(MFA), address whitelisting and cold storage to ensure the safety of user assets and data.
Features
✔️Promotes mobile app-based trading
✔️Over 250 cryptocurrencies available for trading
✔️Supports crypto lending
✔️Cronos(CRO) is native token
Pros and Cons
✅Fantastic coin selection ❌Insufficient educational resources
✅Competitive fee rates ❌App use restricted in Morocco
✅Native Web3 wallet
✅MFA and address whitelisting
Trading Fees
Crypto.com fees explained
Customer Reviews
Crypto.com has a terrific app
Users have reported problems with withdrawals on Crypto.com
Why We Picked It
You can trade on the go with the Crypto.com mobile app. The fees here are fairly low and you can further reduce them by staking CRO. You can also explore NFTs on Crypto.com and use the app for making merchant payments.
Bybit
Bybit is one of the top cryptocurrency exchanges that is regularly introducing new features and attractive offers for its users. Though primarily focusing on derivatives trading, Bybit has plenty on offer for spot traders too.
If you are swapping perpetuals on Bybit, you can conveniently use USDC and USDT as collateral for the same. You can also use USDC as collateral for inverse contracts and options contracts. It supports copy trading as well which can be a great option for traders to imitate the strategies of top traders without needing to go through the details of complex trading strategies.
Bybit utilizes AI to analyze your investment profile and recommend tools that are best for your needs and trading style. It also offers an in-built wallet with which you can explore the world of Web3 and DApps.
Features
✔️Mainly for derivatives trading
✔️280+ pairs available for spot trading
✔️Has world’s largest USDC Options marketplace
✔️Copy trading available
Pros and Cons
✅Simple UI ❌Not the best for spot trades
✅Trades are not costly
✅Demo trading available
✅In-built wallet
Trading Fees
Bybit fees explained
Customer Reviews
Bybit has excellent features and coin selection
Users report accounts being locked on Bybit
Why We Picked It
Bybit is a fantastic exchange, particularly for crypto derivatives traders. It has a slick interface, a native Web3 wallet and it enables fast transaction settlement with its 100K TPS matching engine.
OKX
OKX, a cryptocurrency exchange founded by Star Xu and based in Seychelles, is known for its competitive fees, strong APIs and quick transactions. The whole ecosystem is powered by its native blockchain known as OKX Chain and its native token OKB.
On OKX, you can indulge in spot, margin and options trading as well as also dabble in perpetual swaps. Here, you can also avail of crypto mining services and crypto loans. The exchange has a native OKX Wallet which supports around 40 networks and you can use it to explore DeFi apps. Plus, you should check out the Jumpstart Mining initiative if you are interested in farming DeFi tokens.
Features
✔️400+ assets for trading
✔️Has native blockchain and native token
✔️OKX Wallet compatible with 40+ networks
✔️Farming DeFi tokens via Jumpstart Mining
Pros and Cons
✅Lower trading fees ❌Complex fee structure
✅Multiple payment options ❌Poor customer support
✅Extensive learning material
✅Demo trading available
Trading Fees
OKX trading fees explained
Customer Reviews
OKX is an easily navigable platform
OKX’s customer support needs improvements
Why We Picked It
You can indulge in several types of trades on OKX. There is a demo trading mode where you can practice and test out your strategies before applying them for actual trades. Crypto mining services and DApps are also available here.
KuCoin
Traders who want a wide variety of crypto coins should definitely check out KuCoin as this exchange has one of the biggest altcoin collections out there. Apart from that, you can access KuCoin in 20+ languages. It has also nurtured global communities where you can interact with other traders in your preferred language.
KuCoin also features trading bots that can be used to automate trades. In other words, these bots can execute trades on your behalf. They can be used for spot grid, dollar-cost averaging, futures and infinity grid and smart rebalancing.
On KuCoin, you can discover the latest market trends related to crypto with its Halo wallet which functions as a gateway to Web3. In the Halo wallet, you get a social feed where you can keep track of the on-chain activities of the wallets that you are following.
Features
✔️700+ cryptocurrencies for trading
✔️Multiple languages supported
✔️Uses MFA for security
✔️KuCoin Token(KCS) is native token
Pros and Cons
✅Immense crypto variety ❌Complicated fee system
✅Trading fees are on the lower side
✅Limited trading without KYC
✅Automate trades with trading bots
Trading Fees
KuCoin fees explained
Customer Reviews
KuCoin can be used to find new coins
KuCoin has a poor customer support
Why We Picked It
If you want an exchange with an immense collection of cryptocurrencies, KuCoin is the way to go. The trading fees here are on the lower side and its trading bots help you automatically execute your trades. The Halo wallet can be used to access Web3 products.
CEX.io
CEX.io is a simple exchange but it has a lot to offer to crypto traders. It is a platform that makes it easy to approach cryptocurrencies. Here, you can get access to 200+ cryptocurrencies with reasonable maker and taker fees.
On CEX.io, users are divided into three categories- Everyone, Trader and Business and each category is provided services tailored to their demographic. Everyone can use the Instant Buy feature to buy cryptocurrencies and traders can conduct spot and margin trades. They can also advanced charts and stop orders on CEX.io.
Meanwhile, businesses get access to a whole institutional-grade ecosystem with CEX.io PRIME. Besides that, the platform also enables crypto lending and offers a wallet where you can store your crypto. You can also stake crypto assets on CEX.io to earn some passive income.
Features
✔️More than cryptocurrencies available for trading
✔️Licensed and regulated exchange
✔️Three user categories
✔️Has a native crypto wallet
Pros and Cons
✅Satisfactory coin collection ❌Verification process can be long
✅Provides staking opportunities ❌Low liquidity
✅Enables crypto lending
✅Spot fees are low
Trading Fees
CEX.io exchange fees
Customer Reviews
CEX.io gives a flawless trading experience
CEX.io may withhold deposits
Why We Picked It
CEX.io has obtained the relevant licenses in several places. Hence, it is a properly regulated crypto trading platform. It supports several payment methods for buying and selling cryptocurrency, offers crypto loans and good returns on crypto staking. There is also a native wallet in which you can store your cryptocurrency.
4 Top P2P Exchanges in Morocco
Paxful
P2P crypto exchanges are gaining ground in many African countries where banks and other payment service providers are often hesitant to process crypto transactions. Paxful is one such exchange that is quite popular among crypto traders in the region.
It is simply a marketplace that allows crypto buyers and sellers to engage with each other and negotiate and settle their trades. Users have the option to choose any of the 350+ methods available to pay for their cryptocurrency. Be it online wallets like PayPal, debit or credit cards or even cash, you can use anything to buy crypto on Paxful.
For businesses, there is Paxful Pay which enables them to accept crypto payments from a global user base at a transaction fee of 1%. Paxful also has a referral program where you can grow your network by inviting people to the platform and getting rewards for the same.
Features
✔️More than 350 payment options
✔️BTC and USDT to buy and sell crypto
✔️Escrow trading available
✔️Has a wallet for storing BTC
Pros and Cons
✅Several payment options ❌Selling crypto can be expensive
supported ❌Scams are possible
✅Receive payments with Paxful
Pay
✅Has a Refer and Earn program
✅Sellers can set BTC rates
Trading Fees
Paxful fees explained
Customer Reviews
Paxful is a convenient and efficient exchange
There is always a possibility of scam trades on Paxful
Why We Picked It
Paxful is fast and efficient and does not charge anything for buying cryptocurrencies. There are a plethora of payment options available and you can trade the way you like. Merchants can check out Paxful Pay for its relatively lower charges.
Remitano
Remitano is a popular P2P platform for trading Bitcoin and other cryptocurrencies. It supports the Moroccan Dirham(MAD) and you can buy BTC with MAD in the simplest possible manner. Remitano also supports crypto lending and has a Gamehub where you can play games to earn coins.
There is a conversion calculator that can give you an estimation of the MAD-to-crypto conversion rates. The transactions here are fast and Remitano has an escrow system in place to provide a safe and secure crypto trading environment.
Features
✔️30+ cryptocurrencies available for trading
✔️Crypto lending supported
✔️Gamehub to earn coins
Pros and Cons
✅Quick transactions ❌Instances of accounts being locked
✅Supports GHS
✅Refer and Earn scheme
✅Safe trading with escrow system
Trading Fees
Remitano fees explained
Customer Reviews
Remitano is trusted by users
Reports of funds being locked on Remitano
Why We Picked It
Remitano is a good option if you want to buy crypto with MAD on a P2P platform. It has a Gamehub for earning tokens and a referral program with some good rewards. You can also get incentives for completing the learning courses on Remitano.
UniSwap
Decentralized exchanges like UniSwap are generally the choice of traders whose top priority is privacy. While centralized exchanges like Coinbase have mandatory KYC requirements, this is not the case with decentralized platforms like UniSwap. These platforms give users the freedom to trade crypto as they want.
UniSwap also lets users trade as they want without asking for any sort of identifying information. If you have a crypto wallet, you are good to go. There are no middlemen here but a bunch of smart contracts that detail how liquidity pools are to be created and liquidity is to be provided.
You can instantly swap a ton of ERC-20 tokens on UniSwap at fees that are proportional to the nature of the pair being swapped. A part of the collected fees is given as compensation to liquidity providers.
Features
✔️Built on the Ethereum blockchain
✔️Uses the AMM system
✔️UNI is the native token
✔️Smart contracts are open-source
Pros and Cons
✅Access to many ERC-20 tokens ❌Coins are not vetted
✅NFTs available for buying and ❌Issue of high Ethereum gas fees
selling
✅Buy crypto with bank account
✅Governed by the community
Trading Fees
Pool fees tiers for UniSwap exchange
Customer Reviews
UniSwap exchange comes with a minimalistic UI
High gas fees are a major issue on UniSwap
Why We Picked It
One of the main advantages of UniSwap is that you can immediately start trading cryptocurrency by connecting a crypto wallet. It is an accessible platform with a slick user interface. Further, holding the UNI token gets you the right to vote on governance proposals on the platform.
DODO
DODO is a DeFi project that addresses the limitations of AMM-based exchanges. This is why, it has adopted the Proactive Market Maker(PMM) system which helps provide better liquidity and price stability on the platform. DODO achieves this by utilizing oracles for better price discovery.
The token listing process is very easy here and you can do it for free with Initial DODO Offerings(IDOs). There are also no minimum deposit requirements or a minimum token lock-up period. Additionally, DODO allows cross-chain trading and helps users create liquidity markets with the help of the DODO Vending Machine.
Features
✔️Runs on the Ethereum chain
✔️Utilizes PMM system
✔️Native token is called DODO Coin
✔️Uses oracles for better price discovery
Pros and Cons
✅Enables cross-chain trading ❌Relatively lower usage
✅Easy coin listing
✅No minimum deposit for liquidity
providers
Trading Fees
DODO trading fees explained
Why We Picked It
DODO offers traders price stability and zero impermanent loss. The platform also makes it easy to list tokens and gives you the freedom to create liquidity markets with the DODO Vending Machine. Cross-chain trading is also supported on DODO which is a big plus for many traders.
Is Crypto Trading Legal in Morocco?
Cryptocurrency has been illegal in Morocco since 2017. The country banned the trading and holding of all types of digital assets and virtual currencies in 2017.
Financial regulators in Morocco have long been skeptical of cryptocurrency and its Foreign Exchange Office had even stated that crypto transactions were an infringement of the country’s foreign exchange regulations. The same would, thus, attract various fines and sanctions.
That said, the fact is that despite the ban, crypto ownership has been growing in Morocco. Taking note of this, the Central Bank of Morocco i.e. Bank Al-Maghrib(BAM) decided to introduce new regulations for cryptocurrency.
In January 2023, the BAM announced that a draft crypto law would be soon introduced to define crypto in a manner adapted to the Moroccan context and would protect traders while encouraging innovation at the same time.
Conclusion
While cryptocurrency has been banned in Morocco for a long time, things seem to be looking up for Moroccan traders with the introduction of the draft crypto bill. Even now, there are cryptocurrency exchanges operating in Morocco that offer good services to users. The passage of the bill will provide an additional security net to crypto users.
However, it should always be remembered that cryptocurrency in itself is a volatile asset. It is just as easy to go bankrupt as it is to make huge profits. Therefore, any investment in cryptocurrency should be done with caution and after conducting thorough research.