Best Bitcoin Exchanges in Libya

The Middle East and North Africa(MENA) region is one of the fastest-growing crypto markets in the world. This includes the country of Libya which is also emerging as a regional cryptocurrency mining hub in the Arab world. Digital coins like Bitcoin, Ethereum, Litecoin, and Dogecoin are in demand all across the world including MENA.

Libya is somewhat of a curious case here as while the popularity of cryptocurrency has surged due to political instability and economic slowdown, there are very few channels through which they can be accessed. Digital currencies are banned in Libya yet it is a growing center for crypto mining operations.

While the search for the best crypto exchange in Libya is going on, the fact is that there are very few official Bitcoin exchanges in Libya. This article will, thus, talk about the availability of cryptocurrency in Libya, the top crypto exchanges across the world and platforms that can help keep track of various cryptocurrencies and the crypto market in general.

Is Crypto Available in Libya?

Cryptocurrency is officially illegal in Libya. The Central Bank of Libya declared in 2018 that virtual currencies were illegal in the country and that no legal protection would be given to people holding or trading them.

Financial regulators in the African country are skeptical of cryptocurrencies as they can be used for criminal activities such as money laundering and terror financing. Therefore, it can be difficult to buy cryptocurrency through direct channels in Libya.

However, it is also a fact that the country has been emerging as a cryptocurrency mining hub in the Arab world. This is due to the particularly low electricity rates in Libya as crypto mining operations require huge amounts of energy and the electricity costs can quickly add up.

Therefore, while buying cryptocurrency is outlawed in Libya, digital currency mining has skyrocketed in the country.

Are There Crypto Exchanges in Libya?

As cryptocurrency is banned in Libya, crypto exchanges are also not officially allowed to operate in the country. Still, there are some platforms that offer their services though their legal position remains dubious. Some of the reasons crypto exchanges are difficult to access in Libya are:

Legal Position

The authorities in Libya, including the country’s Central Bank are not particularly enthusiastic about cryptocurrency. Digital currencies based on blockchain technology were banned in 2018 citing their use in illegal activities such as terror financing. Libya is also ranked very low in terms of cryptocurrency safety which is why many platforms don’t prefer to operate here.

Conflict with Sharia Rules

Sharia scholars in Libya are also against cryptocurrency and consider it illegal because of the anonymity of its source and the lack of controls on determining their value. This further deters platforms from setting up operations in the country.

Top Cryptocurrency Exchanges Across The Globe

Binance

Cryptocurrency traders get a lot of choices on Binance. It is a crypto trading platform where you can buy, trade and sell 350+ cryptocurrencies at prices lower than 0.1%. If that sounds good, you would love to know more about it. Well, along with spot trading, Binance supports margin and P2P trading, swap farming, and derivatives trading and also offers OTC services.

Binance lets you put your idle assets to work and earn attractive rewards on the same. Its strategy trading feature helps you automate your spot trades and replicate trending strategies like a pro trader.

On Binance, fees are charged as per the 30-day trading volume measured in BUSD. There are several VIP levels and traders are given 25% off on the maker and taker fees by using BNB for transactions.

Binance further has premium solutions for institutions including asset management and custody services and rebates for trading in its spot and futures markets. Here, you can also get loans secured by your crypto assets and even send customized crypto gift cards to people.

Features

✔️More than 350 cryptocurrencies available

✔️Largest cryptocurrency exchange

✔️Binance’s native token is BNB Coin

✔️Supports spot, margin and derivatives trading

Pros and Cons

✅Great coin selection ❌Overwhelming for beginners

✅Several order types supported ❌Legal problems in several places

✅Automated spot trades ❌Past incidents of hacking

✅Institutional accounts

✅Crypto gift cards

Trading Fees

Trading fees for Binance

Customer Reviews

Users find Binance a safe trading platform

Binance can be a complicated platform

Why We Picked It

Binance provides many services to both individual and institutional investors. The platform has a wide variety of cryptocurrencies available at a low cost, supports multiple order types and offers earning opportunities. Binance also has a native coin that can get you discounts on trading fees.

Coinbase

If you’re intimidated by Binance, look towards Coinbase which is a far simpler platform. It is one of the easiest places to buy and sell cryptocurrency. You just have to sign up and get your KYC verified and then you are ready to buy and sell crypto. This is a great option for beginners who don’t want to get caught up in the complexity of different order types.

However, if you do want to learn more about types of cryptocurrency trades, worry not because Coinbase has you covered on that front. For this, you can always go over to the Learn section to increase your cryptocurrency knowledge and win some crypto rewards in return.

Coinbase effectively has two different platforms with differing fees. Fees on the Coinbase Basic platform are levied based on dynamic factors such as market conditions, order size and payment method. The Coinbase Pro platform, however, depends on the maker-taker system.

In addition, Coinbase provides various solutions to institutional investors including access to 350+ different pairs for trading and dedicated execution consultancy services.