Cryptocurrencies and cryptocurrency trading are increasingly becoming popular across the world. This includes places like Palestine where people see these decentralized coins as an easy method of receiving and sending money internationally as well as making international investments.
Palestine is largely isolated from international financial services and payment systems like PayPal do not work there. This can make using cryptocurrency exchanges difficult for traders. Even then, there are certain crypto exchanges that work in Palestine. Hence, we bring to you this list of the crypto exchanges available in Palestine.
6 Top Cryptocurrency Exchanges in Palestine
Kraken
Kraken is an old and reliable cryptocurrency exchange founded over a decade ago. Since its inception, this San Francisco-based exchange has grown by leaps and bounds and is now the first crypto platform to be approved as a Special Purpose Depository Institution(SPDI) in the USA.
On Kraken, you have access to 200+ cryptocurrencies for spot, margin and futures trading. In addition to that, there are crypto indices, OTC and crypto staking services available for users. There are many flexible and bonded products that you can explore and choose based on your investment goals.
Kraken runs a bug bounty program where anyone who reports bugs is rewarded depending on the severity of the reported vulnerability. Here, You have the option to turn on 2-factor authentication(2FA) and Global Settings Lock(GSL) for added security.
Features
✔️Over 200 cryptocurrencies available
✔️Basic and Pro platforms for users
✔️Supports spot, margin and futures trades
✔️2FA, GSL for security
Pros and Cons
✅Satisfactory coin collection for trading ❌Expensive Instant Buy
✅Kraken Pro has lower fees ❌Not the best for novices
✅Assets with high APYs for staking
✅Active bug bounty program with rewards
Trading Fees
Kraken Instant Buy fees breakdown
Kraken Pro trading fees explained
Customer Reviews
The withdrawal process on Kraken is seamless
Verification on Kraken can take time
Why We Picked It
There are many types of trades available on Kraken and it offers many investment options suitable for intermediate and advanced-level crypto traders. It has an extensive collection of educational resources to help you learn in-depth about crypto trading. Kraken’s proof-of-reserves report is made publicly available to maintain a certain standard of transparency.
Bybit
Bybit is one of the most preferred cryptocurrency exchanges with a range of interesting features and attractive offers for users. While it is a platform mainly for derivatives trading, Bybit has plenty for spot traders as well including 280+ spot trading pairs.
Perpetual swapping is one of the most popular options on Bybit for which you can use USDC and USDT as collateral. USDC can additionally become a collateral for inverse contracts and options contracts. You can also practice copy trading on Bybit where you can simply copy the strategies of other traders without needing to dive into complex topics.
Bybit’s native crypto wallet is useful for exploring the world of Web3 and DApps. Personalized recommendations for investment tools are given on Bybit. For this, AI is used which analyzes your investment profile to come up with suggestions best suited to your profile.
Features
✔️Platform for derivatives trading
✔️280+ spot trading pairs available
✔️Has biggest USDC Options marketplace
✔️Supports copy trading for users
Pros and Cons
✅Fantastic user interface ❌Trading stats reported are unverified
✅Inexpensive crypto trading
✅Demo trading feature
✅Native Bybit wallet
Trading Fees
Bybit exchange trading fees explained
Customer Reviews
Bybit offers a good interface and interesting features
Bybit’s customer service is not up to the mark
Why We Picked It
Bybit is an overall great exchange with a smooth user interface. Combined with its low fees, Bybit is an attractive option for derivatives traders. There are also many other lucrative crypto-related products available. This includes an in-built wallet for exploring DApps and a card for making payments with cryptocurrency.
OKX
OKX, founded by Star Xu, relies on its fast transaction speeds and robust APIs to attract customers. It is a platform suitable for beginners with an easily navigable UI and fantastic crypto selection. Plus, you have the option to customize the layout while using OKX’s Pro platform.
The exchange’s native blockchain is known as OKX Chain. It is powered by the OKX exchange’s native token OKB. The OKX Wallet is a good choice if you want to explore DApps as it is compatible with over 40 networks.
Various types of trades including options trading and perpetual swapping are supported on OKX. You can look at the Jumpstart Mining initiative if you’re into finding new interesting projects and farming DeFi tokens.
Features
✔️400+ cryptocurrencies available for trading
✔️Has its own OKX Chan and OKB token
✔️OKX Wallet can be used with 40+ networks
✔️Jumpstart mining initiative to farm DeFi tokens
Pros and Cons
✅Fees are not very high ❌Fee structure is convoluted
✅Several payment types supported ❌Unresponsive customer support
✅Rich resources for crypto
learning
✅Has demo trading mode
Trading Fees
Trading fees for OKX exchange
Customer Reviews
OKX as a platform is easy-to-use
OKX’s customer service is often not responsive
Why We Picked It
There are several trading types supported on OKX and it has a great selection of cryptocurrencies. Here, you can use the demo trading feature to practice your trades before implementing strategies on the real platform. OKX Pro even lets you customize the layout to improve your trading experience.
Crypto.com
You must’ve heard of Crypto.com even if you’re even marginally into crypto trading. This is a mobile app-based platform for trading cryptocurrencies. Here, you can choose and trade among a decent selection of 250+ cryptocurrencies and even exchange one cryptocurrency for another.
Traders also find Crypto.com enticing because of its high staking rewards. For instance, it offers as much as 6.5% p.a. rewards for staking USDC. It also does not impose any obligations for payback deadlines for crypto-collateralized loans.
As Crypto.com takes platform security very seriously, it uses Multi-Signature Technologies and Hardware Security Modules(HSMs) to provide a safe trading experience. The users’ assets are kept in cold storage Crypto.com also has ISO 27001, 27701 and 22301 certifications.
Features
✔️More than 250 cryptocurrencies available
✔️Focuses on crypto trading via mobile app
✔️Native token is known as CRO
✔️Crypto-collaterized loans available
✔️Prepaid Visa Card for merchant payments
Pros and Cons
✅Good selection of coins ❌High fees for non-CRO holders
✅Lower fees for CRO stakers ❌Limited educational resources
✅High staking returns ❌Poor customer service
✅Proof-of-Reserves is verifiable
Trading Fees
Crypto.com fee details
Customer Reviews
Crypto.com app has many exciting features
Users can have difficulty withdrawing funds on Crypto.com
Why We Picked It
Crypto.com is a platform that has been developed as per the needs and trends of the times. Hence, its commitment to providing a seamless and world-class trading experience on mobile phones. The Crypto.com app is full of features, the exchange has reasonable fees and cryptocurrency loans, a native wallet and some good staking opportunities.
Uphold
Uphold is not exactly a cryptocurrency exchange but falls more in the category of multi-asset trading platforms. This means that on this platform, you can trade not only cryptocurrencies but also fiat currencies like USD and precious metals like gold and silver. Not only that, but you can also do cross-asset trading i.e. say, trading Bitcoin for gold, for example.
Unlike crypto exchanges, Uphold does not charge fees. Atleast not with the maker-taker system. It, however, charges a spread every time you trade on the platform and the prices are locked pre-trade. Asset staking services are available on Uphold and you can, therefore, earn some decent rewards here.
Uphold has a “Cryptionary” which is a great feature if you want to learn more about cryptocurrency and cryptocurrency trading. It secures accounts with 2FA and audits and penetration tests are also regularly conducted on Uphold.
Features
✔️Cryptocurrency, fiat currency and precious metals available
✔️250+ cryptocurrencies for trading
✔️Regular audits, penetration tests and bug bounties for security
Pros and Cons
✅Satisfactory coin collection ❌Trades can be expensive
✅Minimum deposit requirements ❌Charges deposit and
are low withdrawal fees
✅Cross-asset trading
Trading Fees
Uphold platform fees explained
Customer Reviews
Uphold is an easily navigable platform
Withdrawals are sometimes difficult on Uphold
Why We Picked It
Uphold has a cryptocurrency collection that is comparable to any major crypto exchange. What you get here is the added advantage of cross-asset trading i.e. you can trade assets of one type for another on Uphold. Security is paramount here and it conducts regular audits and penetration tests for the same.
CEX.io
CEX.io is one of the most popular cryptocurrency exchanges especially among beginner traders. The motto of this platform is to make crypto trading accessible for everyone. This core concept is reflected in its design and layout which is quite simple and accessible. CEX.io has over 200 cryptocurrencies which makes it a good choice for starting your crypto journey.
CEX.io uses different categories to provide traders with varying skills and goals with a better trading experience. For example, The Instant Buy feature can be used by ‘Everyone’ for buying cryptocurrencies. There are several payment options supported any of which can be used for buying crypto.
However, ‘Traders’ also get to participate in spot and margin trading. On the CEX.io PRIME platform, ‘Businesses’ can get access to multiple institutional-grade services. For security reasons, CEX.io keeps user assets in cold storage and practices data encryption.
Features
✔️More than 200 cryptocurrencies available
✔️Users are put into three categories
✔️Multiple payment options available
✔️Encryption and cold storage for security
Pros and Cons
✅Wide range of crypto coins ❌Verification process can be lengthy
✅Crypto loans available ❌Does not have high liquidity
✅Staking opportunities
✅Spot fees are reasonable
Trading Fees
CEX.io crypto exchange trading fees
Customer Reviews
Users have had a good trading experience on CEX.io
CEX.io may sometimes withhold deposits
Why We Picked It
CEX.io is a licensed, trusted and reliable cryptocurrency exchange. There are plenty of options for crypto trading here and you can also get crypto loans. It also provides several opportunities for growing your crypto holdings.
4 Top P2P Exchanges in Palestine
Paxful
If you are into peer-to-peer crypto trading, you must have heard of Paxful. It is quite a well-known platform in several countries such as Palestine where it is difficult to use traditional channels to access cryptocurrency. It is a platform that enables crypto buyers and sellers to meet and directly engage with each other to buy and sell cryptocurrencies.
Paxful supports 350+ payment methods including cash or online wallets or debit and credit cards. It even lets you set your own rate if you want to sell Bitcoin.
Businesses can make use of Paxful Pay to conveniently accept crypto payments from a global user base. It charges a 1% transaction fee but does not let you face any chargeback issues. There is also a program wherein you can invite other people to the platform and grow your network to earn rewards
Features
✔️Over 350 payment methods
✔️Buying and selling with BTC and USDT
✔️Supports escrow trading
✔️Native Paxful wallet to store BTC
Pros and Cons
✅Several payment methods ❌High sales fees
supported ❌Chances of scams
✅Biometric verification available
✅Rewards program for users
✅Zero fees
Trading Fees
Fees for Paxful
Customer Reviews
Convenience is one of the biggest strengths of Paxful
Reports of scams on Paxful
Why We Picked It
You can interact directly with potential crypto buyers and sellers on Paxful. It supports a wide variety of payment options which is a big plus for traders in Palestine. The fees for Paxful Pay too are relatively low and you can earn nice rewards with the referral program.
UniSwap
Ethereum-based platform UniSwap is one of the most famous ones for direct crypto trading. Launched in 2018, it is the project responsible for the DeFi wave in the 2020s. This is, for the large part, because UniSwap is one of the more accessible DeFi platforms especially because such projects are known for being too difficult for the average trader.
On UniSwap, everything is automated- from the creation of liquidity pools to the swapping of tokens. This system called Automated Market Maker(AMM) eliminates the need for intermediaries and helps to reduce the risk of manipulation on the platform.
Therefore, to use UniSwap, you just have to get a crypto wallet, fund it and then connect it to the platform. No other information is needed. The fees on UniSwap are generally charged according to the nature of the pair that is swapped.
Features
✔️Created on the Ethereum network
✔️Employs the AMM protocol
✔️Native token is known as UNI
✔️Governed collectively by UNI holders
Pros and Cons
✅Get access to ERC-20 tokens ❌Coins are not vetted before listing
✅Ensures users’ privacy
✅Easy-to-navigate platform
✅Active bug bounty program
Trading Fees
Pool fees tiers for UniSwap exchange
Customer Reviews
UniSwap is an accessible DeFi platform even for the average trader
There is no system to review customer complaints on UniSwap
Why We Picked It
UniSwap is an established and popular decentralized cryptocurrency exchange. It has automated almost every process with AMM to reduce the possibility of price manipulation. You can instantly start trading the ERC-20 tokens available on UniSwap by connecting your crypto wallet.
PancakeSwap
PancakeSwap is a decentralized platform launched in the DeFi golden year of 2020. It has since become one of the most successful DeFi projects. This ‘cute’ platform has a lot to offer to different types of crypto traders.
As PancakeSwap uses the BNB Chain, it generally does not encounter problems like slowed-down transactions and high gas fees. Here, there are several BEP-20 tokens and a limited number of ERC-20 tokens available for trading. With StableSwap, you can also reduce slippage and improve efficiency while swapping stablecoins.
Features
✔️Created on the BNB Chain network
✔️Four-tiered trading fee system
✔️Native utility token is known as CAKE
✔️CAKE holders govern the network
Pros and Cons
✅Non-custodial exchange ❌Bitcoin is not available
✅Access to many BEP-20 tokens ❌Issue of persistent scams
✅Efficient stable pair trades with
StableSwap
✅Staking in yield farms
Trading Fees
Trading fees for PancakeSwap exchange
Customer Reviews
Many tokens are available at reasonable fees on PancakeSwap
Issue of scams and low-quality coins on PancakeSwap
Why We Picked It
You can swap a number of BEP-20 tokens on PancakeSwap without encountering gas fees issues. Here, you can stake CAKE and other tokens in pools to earn passive income. PancakeSwap makes crypto trading fun which is what makes it attractive to traders.
Curve Finance
Curve Finance’s strength is stability. It specializes in stablecoin trading which is why it is known as a stable platform among a plethora of unpredictable decentralized exchanges.
If you want to invest in stablecoins for the long term, Curve Finance is the go-to place. Like nearly every decentralized exchange, it utilizes the Automated Market Maker protocol which is a collection of smart contracts to facilitate trading on the platform.
These smart contracts use algorithms to price the assets in a liquidity pool. Curve Finance’s native token is known as CRV. It is crucial for the development of the platform as CRV holders are responsible for voting on proposals related to the platform.
Features
✔️Built on the Ethereum network
✔️Employs Automated Market Maker
✔️Provides liquidity for stablecoins
✔️Native token CRV
Pros and Cons
✅Low-risk exchange ❌Not suitable for beginners
✅Compatible with multiple
blockchains
✅Community governance by
CRV holders
Trading Fees
Trading fees for Curve Finance
Why We Picked It
Curve Finance is relatively stable for a decentralized exchange. Here, algorithms price the assets in a liquidity pool. Price manipulation is minimized here and you can earn a good sum in the short and long term via its liquidity pools.
Bitcoin’s Role in Palestine
Palestine is a heavily economically isolated place. Israel’s blockade of the Gaza Strip has left a vast number of people unemployed and Palestine being blocked off from international physical and financial markets.
In this scenario, Palestinians are turning to cryptocurrencies whose decentralized and censorship-resistant nature seems to be a way to bypass the various restrictions.
In 2020-21, the Palestine Monetary Authority(PMA) also talked about considering launching a digital currency for the territory though no concrete steps have been taken in that direction yet.
In light of this, let us see the role cryptocurrency and Bitcoin play in Palestine.
Extreme Economic Isolation
Palestine is largely cut off from international markets- both physical and financial. It does not even have a currency of its own and depends on the Israeli shekel, Jordanian dinar and US dollar for day-to-day transactions and as a store of value.
Palestinians are, therefore, heavily dependent on donations and remittances from Israel. Cryptocurrencies that are decentralized and don’t really need the involvement of a middleman can help Palestinians seeking to make international investments.
Various Restrictions on Palestinian Banks
Palestinian banks have a number of restrictions imposed on them. The PMA is not allowed to issue banknotes and Israel limits the amount of shekels that Palestinian banks can transfer back monthly to Israel. Hence, they often need to borrow for foreign exchange payments to third parties. This is a major reason why the PMA is mulling issuing a digital currency for Palestine.
Difficult to Access Online Crypto Exchanges
Economic isolation and infrastructural issues make it difficult for Palestinians to access mainstream online crypto exchanges. They face difficulties in verifying KYC and cannot use the Israeli shekel or Jordanian dinar to buy cryptocurrency on online exchanges. Payment services like PayPal are also not available in Palestine.
Frequent electricity cuts and other issues also make crypto trading difficult for Palestinians.
The Role of Bitcoin Dealers
As the Palestinian economy is not connected to the international banking system and people face problems accessing crypto exchanges, the role of Bitcoin dealers has increased in the territory. Crypto transactions in Palestine are largely peer-to-peer transactions or take place through unofficial dealers and private social media groups.
Conclusion
Cryptocurrency presents an alternate avenue for investments and receiving international payments for Palestinians. Although there are crypto exchanges that operate in Palestine, it can often be difficult to access and use them due to various reasons. Cryptocurrency dealers and private social media groups, hence, play a big role in facilitating crypto transactions.
However, cryptocurrencies are extremely volatile and speculative assets and people need to be educated about the risks involved in crypto trading. While they can open up new avenues for people, it is also easy to lose money overnight with cryptocurrencies. Therefore, any investment in them should be done with caution.