Easiest and cheapest ways to buy crypto in Lebanon
No matter where they live, people always seek the easiest and cheapest way to buy bitcoin. Buying crypto in Lebanon is a bit harder than in some other countries so we have compiled a list of exchanges where Lebanese can buy bitcoin.
Crypto Regulations in Lebanon
Lebanon does not have explicit laws that prohibit the ownership or trading of cryptocurrencies. However, since 2018, the Central Bank of Lebanon has imposed restrictions on financial institutions regarding the issuance and advertisement of “e-money” and cryptocurrencies. This has created a legal grey area where cryptocurrencies can be owned and traded, but they cannot be used as legal tender for payments. As a result, their acceptance in retail transactions is limited to barter-like arrangements, rather than widespread use as a currency.
The economic crisis that began in 2019 has significantly impacted Lebanon, leading many citizens to turn to cryptocurrencies as a means of preserving value and conducting transactions. This shift is driven by hyperinflation and a collapsing banking system. Reports indicate that Lebanon ranked 14th in the MENA region for cryptocurrency transactions, with approximately $4.95 billion received through cryptocurrencies from March 2022 to March 2023. The use of cryptocurrencies has surged, even during the previous bear market.
Despite the absence of formal regulation, Lebanon faces significant challenges in addressing cryptocurrency-related activities. Law enforcement is working to enhance its capabilities in investigating cryptocurrency-related crimes, particularly concerning money laundering and the financing of illegal activities. To support these efforts, training programs have been organized to improve the skills of law enforcement and judicial authorities.
The Central Bank of Lebanon has also been granted authority to issue further regulations under the new Electronic Transactions and Personally Identifiable Data Law. However, the existing legal framework struggles to address the decentralized and anonymous nature of cryptocurrencies, making enforcement difficult. This highlights the ongoing regulatory challenges Lebanon faces as the use of cryptocurrencies continues to grow.
👛 Ease of Use – Easy 👛 Fees – Average 👛 Verification – 1 day 👛 Reputation – Trusted 👛 Supported fiat – USD, JPY
Changelly offers a platform to sell, store, and trade cryptocurrencies. As a decentralized exchange (DEX), it empowers users to trade directly from their personal wallets, eliminating the need for any intermediaries. This positions Changelly as a peer-to-peer platform, facilitating direct cryptocurrency trades between users.
Changelly was founded in 2013 in Prague, Czech Republic, by the same guys who established MinerGate, one of the largest mining pools that exist today, so it’s a reliable company. Within a year Changelly has managed to attract over 100,000 users, which is really impressive. Changelly reached the 1,000,000 users milestone in April 2017, which shows how popular this cryptocurrency exchange website is becoming in such a short span of time.
Features of Changelly: Diverse Cryptocurrency Selection: Changelly boasts support for over 1,500 cryptocurrencies, encompassing popular ones like Bitcoin, Ethereum, and Litecoin. Wallet-to-Wallet Trading: The platform allows users to trade directly from their individual wallets, ensuring a secure and transparent trading experience without the involvement of third parties. Instant Exchange: Changelly offers real-time exchanges between various cryptocurrencies. It employs a sophisticated algorithm to ascertain the most favorable exchange rate for every transaction. Intuitive User Interface: Designed with user experience in mind, Changelly’s interface is straightforward and easy to use. It offers comprehensive details about each transaction, including its status, the amount involved, and the executed rate.
⚡️ Deposit fees: Changelly does not have set fees due to the volatility of cryptocurrencies ⚡️ Withdrawal fees: None ⚡️ Trading fees: 0.25% ⚡️ Payment Methods: Debit Card, Credit Card ⚡️ Supported fiat: USD, EUR, GBP
Wide range of cryptocurrencies Low crypto-to-crypto exchange fees Easy to use
Not regulated in the U.S. High fiat-to-crypto rates Limited payment options
👛 Ease of Use – Easy 👛 Fees – Average 👛 Verification – 2-3 Days 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, JPY, CAD
Kraken has been a dominant force since its inception in 2011. The platform is a hub for trading a diverse range of over 220 digital assets, with popular names like Bitcoin, Ethereum, and Cardano leading the pack. Kraken’s reputation for top-tier security measures is well-earned, ensuring a safe trading environment for its users.
Its reach is truly global, with availability spanning across many countries, though a few like Iraq and New York are left out. Kraken is also user-centric, offering a multitude of payment methods and accommodating various fiat currencies for transactions. For those with a penchant for advanced trading, Kraken provides a suite of sophisticated tools.
⚡️ Deposit fees: EUR SEPA Deposit (Free) – EEA countries only USD Bank Wire Deposit ($5 USD) – US onlyEUR Bank Wire Deposit (€10) – outside the US only USD Bank Wire Deposit ($10 USD) – outside US onlyJPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan-only USD, Wire Deposit (Free) ⚡️ Withdrawal fees: Cryptocurrency: Fees vary, SEPA Withdrawal (€0.09) – EEA countries only USD Bank Wire Withdrawal ($5 USD) – US only USD Bank Wire Withdrawal ($60 USD) – outside US onlyEUR Bank Wire Withdrawal (€60) – outside US onlyJPY Bank withdrawal (¥20) – Japan onlyCAD EFT Withdrawal ($10 CAD) ⚡️ Trading fees: Maker: 0.16%Taker: 0.28% ⚡️ Payment Methods: Fedwire, Bank Transfer (SEPA), SWIFT, Wire Transfer, Etana Custody, Silvergate Exchange Network (SEN), FPS, CHAPS, and BACS, PayID, Osko ⚡️ Supported fiat: USD, EUR, GBP, JPY, CAD
Available almost worldwide Longevity on the crypto market – highly respected exchange Over 90 cryptocurrencies Advanced trading and staking services
Fees are fairly high compared to its main competitors No derivates or futures trading
Best Bitcoin Wallets in Lebanon
It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body, etc). That is why you should use one of the wallets we list below to store your digital assets.
But, which bitcoin wallet is available in this country?
The safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.
👛 Ease of Use – Easy 👛 Fees – Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, CAD, and 10+ more
Crypto.com, headquartered in Singapore, is a digital currency exchange platform. They provide a range of services such as a mobile application, trading platform, digital wallet, and an NFT marketplace. With support for over 250 cryptocurrencies, the platform enables users to transact and trade a diverse array of digital currencies.
Currently, Crypto.com is available in more than 150 countries around the world, and it has over 1.5 million users. It prides itself as a one-stop shop where crypto enthusiasts can buy, sell, transfer, spend, earn, and track cryptocurrencies.
It was known initially as Monaco Technologies but swapped to Crypto.com in July 2018. It wasn’t long for it to show that it meant business as it raised $26.7M in a token sale in June 2017 after being accepted into Supercharger, a leading FinTech accelerator. With a built-in exchange, an intuitive mobile app, prepaid VISA cards, and an increasing number of supported cryptocurrencies Crypto.com has established itself as a popular name in the cryptocurrency world.
It accepts both fiat and cryptocurrencies Mobile App (iOS and Android) It provides other financial services like crypto loans, crypto staking, DeFi, etc., depending on your country It offers tax support
The customer support could do better Fiat withdrawals take too long You need to have 50,000,000 CRO (its native token) to benefit from its highest fee discount
👛 Ease of Use – Easy 👛 Fees – Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – CAD
CoinSmart is a crypto exchange that was launched back in 2018 by Justin Hartzman and Jeremy Koven. The main purpose of launching the exchange was to make crypto more accessible to the common person in all parts of the world.
CoinSmart is based in Toronto, Canada. CoinSmart offers two types of trades to its users – single trade and double trade. Single trade is a trade with any crypto against fiat currency or BTC. The fee for a single trade is 0.2%. Double trade is a trade of two cryptos (other than BTC). CoinSmart does not support advanced crypto features such as staking, lending, borrowing, or margin trading.
⚡️ Deposit fees: 0 – 6 % ⚡️ Withdrawal fees: 1% ($15 Minimum) ⚡️ Trading fees: 0.20% for a single trade and 0.40% for double trade ⚡️ Payment Methods: Interac E-transfer, Bank draft, SEPA, Wire transfer, Credit card, Debit card, Simplex, and Crypto assets ⚡️ Supported fiat: CAD
It is regulated The user-friendly, simple-to-use interface Easy and fast deposit and withdrawal process Customer support is on a decent level
A low number of supported cryptocurrencies No advanced features such as staking, lending, borrowing, or margin trading Not available in the US
Frequently asked questions about buying Bitcoin in Lebanon
Is there a Bitcoin machine in Lebanon❓
A cryptocurrency machine is installed at Phillips 66 in Lebanon. You can buy BTC, ETH, LTC, DOGE, DASH for USD here. Phillips 66 is located in Lebanon.
Is mining Bitcoin illegal in Lebanon❓
While it warned the public of risks of bitcoins, and that they are not legal tender, bitcoins are still accepted by small businesses and merchants. The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems.
Does Changelly work in Lebanon❓
Changelly accepts users from any country in the world.
Can I buy Bitcoin at ATM?
Buying Bitcoin with cash isn’t as hard as it seems. One way you can buy Bitcoin with cash is peer-to-peer meaning, you can find someone locally to buy from in-person. This requires a bit more work than most people would enjoy. The other more convenient and less invasive way is to buy Bitcoin with cash at a Bitcoin ATM.
Can I use Kraken in Lebanon❓
Yes, Kraken is available in Lebanon.
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As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge.
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