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 transaction 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 circular in Nov, 2020, outlining the need for a new approach to digital asset regulation.
Praising ‘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 crypto exchanges
Different exchanges have different transaction fees, withdrawal limits, payment methods and verification, so you need to consider these before selection.
1. Bybit (Recommended)
Bybit has seamless interface and high liquidity, and it’s also Pakistan’s best overall crypto exchange.
The platform is engineered to facilitate efficient trading experiences, providing individuals in Pakistan access to over 400 digital assets.
Bybit is well known for its derivatives trading, offering perpetual contracts with up to 100x leverage.
Its advanced security protocols include cold storage for funds and multi-signature wallets, ensuring users’ assets are safeguarded against potential breaches.
They also regularly update their proof of reserves, highlighting that user’s assets are held 1:1.
Bybit also provides 24/7 Urdu-speaking customer support and community through various channels like Telegram and Discord.
Highlights
- High cryptocurrency volume
- No KYC/AML verification
- Regulated crypto exchange
- Trustworthy management
- Large number of crypto pairs
- Zero deposit/withdrawal fees
- 24/7 Global customer support.
2. Binance (Preffered)
Binance is a first-rate exchange for experienced investors who are looking for 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 etc.
Highlights
- High cryptocurrency volume
- Trustworthy management
- Large number of crypto pairs
- Lowest fee crypto exchange
- 24/7 Global support.
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 cryptocurrency transactions are performed almost instantly.
It even accepts both USD, EUR, and GBP for buying different cryptocurrencies on the platform.
Highlights
- High exchange limits
- High security exchange
- Private transaction
- Fast transactions
- 24/7 Live chat support.
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.
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 KYC (Know Your Customer) 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 KYC verification on P2P exchanges.
However, these P2P marketplaces are less user-friendly, and are recommended for more advanced users.
Final thoughts
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 crypto investment strategy to keep your transaction hidden on its block-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.
