Pakistanis are really growing in buying, selling and using cryptocurrencies.
However, the legal status has been turbulent, with banks, exchanges and payment service providers getting banned from supporting crypto transactions.
The State Bank of Pakistan announced this decision in 2018 and advised that it would be flagging any cryptocurrency-related transactions as suspicious.
Hence, reporting them to the FMU (Financial Monitoring Unit).
In the light of this current law, main Pakistan cryptocurrency exchange (Urdubit) also was shut down.
However, the situation for enthusiasts in Pakistan is not quite as dire as it may seem with the new law.
The Securities and Exchange Commission of Pakistan (SECP) released a paper in November 2020 outlining the need for a new approach to digital asset regulation in the country.
Praising the ‘astounding benefits’ of distributed-ledger technology (DLT), the SECP examined regulatory frameworks in other countries and called for a new approach.
On the paper, two possible approaches was outlined as follows:
- Regulating and restricting digital assets according to existing regulation, which may include the outright banning of certain assets
- A more laissez-faire approach, where the dynamic nature of the financial system is recognized and authorities are careful not to stifle innovation.
Luckily for crypto investors in Pakistan, the SECP made it clear that they are prioritizing the second approach.
This opens the door for a much less restrictive treatment of cryptocurrencies in Pakistan.
Although there are not many Bitcoin exchange in Pakistan, it’s still the easiest way to buy BTC and Altcoins.
Below is the list of exchanges to choose from – based on your requirements, benefits and goal for investing your funds.
Best Pakistan cryptocurrency exchanges
Different exchanges have different transaction fees, withdrawal limits, payment methods and verification processes, so you need to consider these before selection.
1. Binance
Binance is a first-rate exchange for experienced investors who are looking for a respectable platform to perform real-time transactions.
It has support for over 166+ cryptocurrencies available for its users.
Both beginners and advanced users have a myriad of tools and pairs available to them within one powerful platform.
It accepts deposits in over 50+ currencies including USD, EUR, JPY, KRW, GBP, AUD, RUB, NGN and many more.
| Pros | Cons |
|---|---|
| High cryptocurrency volume | Fewer payment options |
| Trustworthy management | KYC identification |
| Large number of crypto pairs | |
| Lowest fee crypto exchange | |
| 24/7 Global support |
2. LocalCryptos
LocalCryptos was previously established as an Ethereum only P2P platform as LocalEthereum, later rebranded with support for more crypto-coins.
It is a non-custodial peer-to-peer marketplace that does not keep your private keys in their custody.
This platform can be regarded as one of the best crypto exchange for Pakistanis, because of the high anonymity in crypto transactions.
| Pros | Cons |
|---|---|
| Available worldwide | Non-live support system |
| Moderate transaction fees | Limited number of cryptocurrencies |
| Support many payment methods | |
| Anonymous and private | |
| Non-custodial exchange |
3. Changelly
Changelly is an instant exchange website, which supplies the best live rates on the market for every pair.
The interface is very attractive, colourful and simple, while transactions are performed almost instantly.
It even accepts both USD, EUR, and GBP for buying different cryptocurrencies on the platform.
| Pros | Cons |
|---|---|
| Very fast | Limited payment methods |
| Private | High transaction fees |
| High security | |
| High exchange limits | |
| 24/7 Live chat support |
4. LocalBitcoins
LocalBitcoins is a P2P (i.e. Peer-to-Peer) Bitcoin marketplace that specializes in connecting buyers and sellers.
It gives vendors the ability to create offers in all currencies, while serving as an escrow in every transaction.
It can be considered the best crypto exchange for Pakistan, because of the person-to-person way of exchanging funds.
| Pros | Cons |
|---|---|
| Available worldwide | High transaction fees |
| Support many payment methods | Lacking crypto-coin diversity |
| Vast number of users | Chance of scamming both sellers and buyers |
| Anonymous and private | |
| Fast Bitcoin transactions |
How to buy cryptocurrency in Pakistan
Buying Bitcoin and other cryptocurrencies in Pakistan is a simple process, which usually take less than 10 minutes.
Basically, the first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.
Any exchange you choose will be interoperable with desktop and mobile – allowing you to withdraw to a personal wallet.
Additionally, there are other several options available for buying and selling without verification on P2P exchanges.
However, these marketplaces are less user-friendly, and are recommended for more advanced users.
Requirements to buy crypto in Pakistan
Before purchasing your desired cryptocurrency, there are a couple of important things you’ll need to prepare:
- A passport, national identity card, or driver’s license to complete the KYC process
- A private and secure internet connection, as public Wi-Fi is not always secured
- A mobile phone to verify your identity using two-factor authentication (2FA)
- A bank account or credit card to make deposits for buying cryptocurrencies
- A crypto wallet to store your assets.
Steps to Buy Cryptocurrency in Pakistan
- Create an account with an exchange
- Login into the exchange account
- Complete KYC verification (If necessary)
- Make a fiat deposit (or P2P platform payment)
- Buy the cryptocurrency of choice
- Finally, send crypto investment to offline wallet.
What’s the best crypto exchange for Pakistanis?
What’s a reliable Bitcoin exchange in Pakistan?
Is cryptocurrency legal in Pakistan?
Why was cryptocurrency banned in Pakistan?
It was only remarked that they are not legal tender and are not issued or guaranteed by the Government of Pakistan.
Is Bitcoin Halal?
Most uses of Bitcoin are permitted under Sharia law, say religious scholars.
Just as fiat currencies are allowed, so too is Bitcoin and other alternate cryptocurrencies for legitimate transactions.
Final words: Crypto exchange in Pakistan
Each and every platform listed in this guide are known to be the best crypto exchange for Pakistan residents.
Using any of them will help you to purchasing any amount of Bitcoin and other crypto-coins, while living in the Pakistani region.
You can always use a no-log VPN (Virtual Private Network) service, when buying and selling cryptocurrencies online.
It’s the best cryptocurrency investment strategy to keep your transaction footprint hidden on the cryptographic ledger explorer.
Almost all exchanges have wallets built-in, but it’s important to transfer your investment to an offline hardware wallet for optimal security.
