Through the news and social media platforms such as Facebook, Telegram, YouTube, Twitter, and listening to others, we began to hear the term digital currencies such as Bitcoin , Ethereum, Binance, and many other cryptocurrencies. Accordingly, many people started talking about this term, especially in Egypt, and over time, questions began to increase on a daily basis about the term digital currencies in Egypt. In order to answer these questions, we have prepared this article for you in order to honestly and accurately investigate this topic and answer all questions about cryptocurrencies. In this article, we will learn about the guide to cryptocurrency trading in Egypt.
?What are digital currencies
Cryptocurrencies are virtual currencies that exist on computer networks. It differs from physical cash-based currencies such as the US dollar and the Egyptian pound. Digital currencies are also different from fiat currencies, digital cryptocurrencies are decentralized currencies, that is, they are not controlled by anyone such as banks, institutions, government agencies, or other organizations. Cryptocurrency is growing rapidly nowadays due to the growing interest in digital currencies. There are many different types of digital currencies , and each has its own advantages and disadvantages.
What is the difference between digital currencies and physical or fiat currencies
Digital currencies are often compared to physical cash-based currencies. Both have value and can be used to purchase goods and services. However, there is a big difference between digital currencies and physical currencies: digital currencies do not have a physical existence. They exist only on a computer network and can be transferred from one computer to another, as well as recorded in a database. Furthermore, individuals can create digital currencies and program them to perform specific functions. – – Many people believe that the government has not yet discovered a way to effectively regulate cryptocurrencies. This is because cryptocurrency creation software is easily accessible online. Anyone with a computer and an internet connection can create a digital currency and give it unique properties, but this is not easily and not impossible, but creating a currency is difficult and needs an expert.
What is the difference between cryptocurrency and fiat currency
Part One: Buying and Selling Cryptocurrencies in Egypt
Learn to buy cryptocurrency
Today and in 2022, buying cryptocurrencies and the cryptocurrency market includes many attractions for investment. If you have recently entered the cryptocurrency world and intend to buy digital currencies, at first you may face questions and problems; For example, the broad sanctions imposed on Egypt in the past few years have eliminated the possibility of direct purchase of coins for Egyptian users and created problems for newcomers, interested and investors in the cryptocurrency market. Fortunately, by learning how to buy cryptocurrency and the mentioned tips, you can experience a solid entry into the cryptocurrency market. Continue with et3lom by learning how to buy digital currency.
Importance of buying cryptocurrency
About 11 years ago in January 2009, Bitcoin was introduced as the first digital currency and it managed to transform people’s assets and investments. Since then, learning to buy cryptocurrencies has become very important and this market has been able to provide a suitable environment for investment by millions of users from all over the world. According to the statistics of the Coin Market Cap website, the daily volume of transactions in the cryptocurrency market has reached more than $100 billion, and this release was able to provide more profits for traders.
Purchasing cryptocurrencies for any application can have various reasons; For example, some people buy digital currencies for short-term and long-term investments, to buy goods, items, etc. By purchasing digital currency, you can access the great opportunities of the huge and dynamic market for cryptocurrency and take advantage of the golden opportunity to earn dollars, especially for Egyptian users. It is worth noting that in today’s developed world and considering the situation of society, buying cryptocurrencies is very important and the right potential of this market has made buying and investing in cryptocurrencies more popular and popular. Among other importance of buying cryptocurrencies, the following can be mentioned:
Facilitate transactions and facilitate heavy transactions at high speed
Lots of variety to invest
Simplify international payments and transactions
Importance of buying cryptocurrency
Cryptocurrency market analysis to buy digital currencies
To know how to buy cryptocurrency in Egypt, it is very important to be familiar with the analysis of this market. Two different methods of analyzing and buying cryptocurrencies provide users with the ability to predict the state of cryptocurrencies:
Technical or technical analysis
In this type of analysis, cryptocurrency charts and cryptocurrency charts are used to analyze the market situation and cryptocurrency purchases. This analysis studies market statistics to make more accurate price predictions and infer the capital required to purchase cryptocurrency in the future.
Fundamental analysis of a digital currency generally determines the price of an asset using rules, reports, and documents related to it. In fact, there is no certainty that these analyzes are correct; But it is better to use the set of results obtained from technical and fundamental analysis to verify and buy digital currency.
Fundamental analysis of cryptocurrency
One of the important terms in digital shopping education is the concept of cryptocurrency trader and investor. Cryptocurrency trading means buying and selling cryptocurrencies, and a trader is someone who earns money by buying and selling digital currencies. When you enter the cryptocurrency market and buy and sell coins, you are known as a trader or investor in the digital market. In fact, an expert in the world of cryptocurrency does not hold his coins for long and tries to increase his profits by making extensive transactions. Conducting technical analysis is a must for traders and participants in the cryptocurrency market.
Steps to buy digital currencies
An important step in learning to buy digital currency is to go through the steps of buying the currency correctly. Due to the sanctions imposed in Egypt, the best way to buy and sell digital currencies is through Arab or foreign exchanges, and in this way people start their activities in the digital market by choosing these brokers. Traders and investors in the cryptocurrency world should follow the following steps to buy digital currency:
Ways to buy and sell cryptocurrency
Choose the right wallet
Choosing the right cryptocurrency wallet is one of the most important points in learning to buy cryptocurrency. Cryptocurrencies do not actually exist and the only way to store them is to use the appropriate wallets. All people who intend to start their activities in the foreign or Arab exchange market must choose and create a suitable wallet to store their currencies before doing anything. Digital wallets include hardware wallets, paper wallets, mobile wallets, and online wallets. You can choose one of these wallets depending on your capital and the type of digital currency you are dealing with.
Choose a trusted exchange or platform
One of the most important steps in learning to buy digital currencies is to choose a reputable broker to buy the most important cryptocurrencies . Ensures and favors the selection of a reliable exchange and prevents potential frauds. In order to choose the best exchange, in addition to the credit history and activity, you should pay attention to the fee rate, the variety of currencies available for purchase and sale, exchange security, transaction speed, convenient user interface, 24-hour support, etc. .
Registration and authentication
To buy and sell cryptocurrencies , registration and authentication in wallets and exchanges is required. This process is done to prevent scams and problems like money laundering so that users can confirm their identity by providing their details like name, surname, email address, mobile number, national card, appropriate photo etc. On Arab exchanges, authentication is required and you will likely not be able to buy and sell any token until you complete this process.
Buying and selling cryptocurrencies
After completing the mentioned steps, people can access their user panel and buy and sell the required coins.
Various tricks to buy digital currency
One of the important stages of learning to buy cryptocurrencies is to learn about the different tricks of buying cryptocurrencies. Cryptocurrencies are bought in different ways and cryptocurrency market investors should use these tricks according to their circumstances.
Various tricks to buy cryptocurrency
Buy cryptocurrency from wallet
Some wallets, in addition to storing digital currencies, provide the possibility to buy and sell cryptocurrencies. Some of these wallets charge exorbitant fees for providing services such as buying and selling currencies, which has created a huge challenge for investors.
Buy digital currencies from platforms
Cryptocurrency platforms provide the ability to buy and sell currencies to their users and include different types:
Egyptian digital currency exchange
Central foreign exchange for digital currency
Decentralized digital currency exchange
Each of these exchanges has different terms and offers different facilities to the users.
Buy digital currencies with other cryptocurrencies
Exchanging or buying digital currencies for cryptocurrency is another way to shop in the digital world. In the process, you can buy the currency you want with the currency you have; For example, you can go to the Bitcoin and Tether scheme, and if you have a Tether cryptocurrency, use it to buy Bitcoin or vice versa. At the moment, it is possible to exchange a large number of digital currencies, and on decentralized platforms this process is available to users indefinitely. On centralized platforms, it is also possible to buy Tether, USD Coin, popular and large stablecoins, and users can sell their coins and buy their desired coin in this way.
Buy cryptocurrency from an ATM
Another way to buy cryptocurrency is to use an ATM. Users can purchase desired cryptocurrencies by entering bank details and paying fees. A disadvantage of such devices is the lack of a variety of coins on offer. In fact, not all coins can be bought through these devices and by using these devices you can buy coins like Bitcoin, Ethereum , etc.
Buy cryptocurrency from an ATM
Another important part of learning to buy cryptocurrency is choosing the best cryptocurrency . After familiarizing yourself with the basic terms and registering with the appropriate platform, the next step is to choose the currency in which to invest. There are more than 7,200 digital currencies in the cryptocurrency market, although some currencies have lost their effectiveness and cannot be bought and sold.
The diversity of digital currencies with different values has led to the analysis and examination of currencies and the need to invest in the cryptocurrency world to be very careful. Some cryptocurrencies like Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin, Tether , etc. are considered to be the best digital currencies to trade and earn high profits.
Bitcoin has been referred to as the first and oldest digital currency for more than 10 years and one of the most popular and popular cryptocurrency among users. The high security and decentralization of Bitcoin has doubled its popularity and increased its transactions day by day.
Ether is a digital currency of the Ethereum network that is used for online payments. Ethereum has a high level of security and is known as the best digital currency after Bitcoin. Since the beginning of its formation, the Ethereum coin had many creative ideas and was on the path of growth and development.
Tether ( USDT)
Tether is another of the most widely used cryptocurrency that keeps away from all the positive and negative fluctuations in the cryptocurrency market. This unique feature has caused many users to consider the Tether Pie cryptocurrency as a stablecoin and refer to it as a fully stablecoin. Tether protects users’ assets and it is possible to deposit or withdraw Tether in a short period of time.
Ripple is used to make cheap transactions in the fastest time. Ripple is used as a secure and decentralized payment method and users can easily access the payment networks of this currency. Ripple formation is very difficult and it is possible to borrow in the Ripple protocol.
Litecoin is one of the oldest altcoins, which was created with the aim of accelerating payments and making changes to the blockchain code . Litecoin is also found as digital silver and this currency has a higher speed than Bitcoin. This digital currency has a high resistance against spam, and for this reason, many users are applying to buy Litecoin.
And if you want to dig deeper about cryptocurrencies and get enough information, we advise you to move on to the next, the best cheap digital currencies that have a future .
Best buy cryptocurrency
Effective factors in determining the price of digital currency
One of the important parts of learning to buy cryptocurrency is the effect of various factors on the price of cryptocurrencies. The price of digital currencies fluctuates a lot and the value of these currencies is constantly changing. Here are the most important factors that determine the price of digital currencies:
Supply and demand for currencies
The influence of the media and public opinion
The political and economic situation of society
Common mistakes in buying cryptocurrency
Many investors who are very beginning and do not have much experience may lose their initial capital by making simple mistakes; So it is better to know how to buy cryptocurrencies before entering the currency market and to avoid common mistakes in this field.
Do not enter the cryptocurrency market without learning how to buy digital currencies.
At first, start buying digital currency with a small capital.
Follow the news of the cryptocurrency market.
Choose a secure wallet and exchange it to buy digital currency.
Learn the right analytics and strategies.
Do not invest without researching charts and volatility and consulting with professionals.
Don’t buy emotionally.
It may also interest you to go to the following :
What are the important points to protect digital currencies and electronic wallets .
What is the future of digital currencies in Egypt?
In today’s world, the importance of investing is clear to everyone, and many determined users seek to maintain and increase the value of their money. By getting acquainted with the training on buying cryptocurrency, the possibility of short-term and long-term investments becomes available to the users and the possibility of making profits increases. Due to inflation and the devaluation of the Egyptian currency, buying digital currency is the safest way to preserve the value of the currency and make a profit. Frauds and the emergence of some problems and issues in some organizations and institutions have increased the motivation of many users to invest in the currency market, and it is expected that the number of users of these currencies will increase significantly in the not-too-distant regions in the future.
Buying cryptocurrency seems difficult for people who have no experience in this field; But you can easily invest in the cryptocurrency market by learning how to buy cryptocurrencies and following the mentioned steps step by step. Also, the cryptocurrency buying and selling market is advancing day by day and many users are ready to start their profitable transactions.
The future of cryptocurrency in Egypt
Part Two Cryptocurrency trading in Egypt
Cryptocurrency trading platforms
Recently, the emergence of cryptocurrencies in their diversity has become very popular in the labor and trading market, where it has become classified among the most popular and traded financial instruments. Cryptocurrencies have become a golden opportunity for many investors, offering their owners many advantages and opportunities that, if used and exploited, have become another place in the world. The world of finance and the market have reached a completely different position among the ranks of major investors, but the matter is different, provided that the best digital currency trading platforms are known and exploited to reach the goal.
?How do I choose the best cryptocurrency trading platforms and companies
The best in the world of online trading is determined according to several main criteria, by which it is possible to identify the soundness of the legal status of the platform, as well as to evaluate the level of services it provides to traders.
The most important things to consider when deciding between cryptocurrency exchanges in Egypt include the following:
Review company licenses and client money protection protocols.
Suitable for choosing companies that offer low spreads.
The size and amount of leverage prescribed for cryptocurrency trading.
Know and survey the aggregation of these coins on the types of digital currencies available for trading through the broker.
Availability of newsletters and various advanced analysis tools.
Quality level of customer service.
Are there licensed platforms in Egypt for cryptocurrency trading?
Yes, there are many licensed cryptocurrency trading companies in Egypt and the Arab countries, which have obtained the best global licenses from licensing authorities.
Are there licensed platforms in Egypt for trading cryptocurrency
Are cryptocurrency trading platforms in Egypt trustworthy?
What is a cryptocurrency wallet? Get to know the best wallets in the market
Trading and research in this aspect on the Internet has achieved a wide spread in recent years and attracted millions of investors, in front of this increase in turnout rates, it has become difficult to say that all cryptocurrency trading companies in Egypt or any other country are safe, as this contributed to the emergence of some fraudulent companies in this side and unreliable. The best and most credible cryptocurrency trading companies in Egypt and the Arab countries can be identified by following the steps below:
Learn about the status of the authorities that issued licenses and the extent of their credibility.
Confirmation that the company includes on its website a copy of the licensing document and not only mentioning it as a text.
It is possible to communicate directly with the regulatory authorities to ascertain the status of the financial brokerage company.
Quality certificates and awards for excellence in the field of forex and trading obtained by the company.
Top 5 Cryptocurrency Exchanges in Egypt
Today, cryptocurrencies are receiving great interest from users around the world, especially in light of their increasing rates of spread and increasing rates of government recognition around the world. The best cryptocurrency trading companies and platforms in Egypt and the world, and what are the best ones. We show you a list of the best cryptocurrency trading companies in Egypt, where each investor can choose the company or platform that is suitable for him and open a real trading account through it directly with the utmost ease.
1- Evest platform
Licenses / VFSC, FSCA.
Minimum deposit / $100.
2- AvaTrade platform
Licenses / ASIC, BVI, FSA, FFAJ, FSCA, ADGM.
Minimum deposit / $100.
3- XTB Company
Licenses / FCA, CySEC, CNMV, KNF, DFSA, IFSC.
Minimum deposit / $100.
4- Exness company
Licenses / FCA, CySEC.
Minimum deposit / $10.
The minimum deposit amount is $1.
How can digital currencies be exchanged in Egypt?
Cryptocurrency can be exchanged from Egypt through foreign banks, electronic banks, and electronic cards, which allow the exchange of electronic currencies.
Top 4 Cryptocurrency Trading Platforms in the World
Some may find it difficult to choose the best cryptocurrency trading platforms due to their plurality. The right thing in this wide field, and from these platforms we offer:
The NSFX platform is the best platform ever, innovation and renewal is its constant slogan. The date of the establishment of this platform dates back to 2013, as it provides cryptocurrencies for trading such as ruble, Bitcoin and other currencies, and one of the most important features of this platform and makes it in the ranks is that it allows Trading at the best prices due to the great liquidity that you have, and through which you can withdraw and deposit all currencies with ease and subject to European supervision, you are with it in safety, and the platform provides you with the feature of protecting the balance.
One of the most trusted financial intermediaries, as this platform is used in more than 200 countries around the world, and this is what made it support many languages in order to facilitate the trading process for you. It allows you reliable advice by financial advisors who help you in making your financial decisions regarding trading operations, it is indeed a safe and reliable platform.
The platform has a very important feature that everyone who wants to enter this field needs, which is the security feature, as well as providing trading operations at discounted prices while providing several alternatives to currencies. It is also a platform that supports many languages, including the Arabic language, as it has a wide base of foreign and Arab investors on worldwide, making it one of the top 10 platforms for cryptocurrency trading.
How to deposit money with Binance
1. Log in to the Binance platform through its website.
2. Click on Wallet.
3. Choose exchange wallet.
4. Then click on Deposit.
4- Kraken platform
This platform is characterized by the fact that it allows its investors to trade in fiat currencies as well, such as the Egyptian pound, the US dollar and other currencies. The platform supports more than 25 digital currencies, which through the Funding icon you can identify them all, the most famous of which was Bitcoin , and because of the many currencies that the platform owns, there are many With the number of its investors, you can easily register with it by entering its official website, then click on create an account, then put your email, then you will find a message from the platform containing a code that you will use to complete the trading process.
What are the most reliable platforms for accrediting and ?licensing brokers?
The cryptocurrency trading companies in Egypt and the Arab countries are actually from a group of global financial brokerage companies – which mostly belong to the European Union countries – and provide their services in the Arab region and the Middle East, which means that they are not subject to local laws or regulators. In order to get to know the best among cryptocurrency trading companies in Egypt and to ensure the safety of the funds deposited with them, it is to ensure that the brokerage company obtains a license from one or more trustworthy international financial control organizations, among the most prominent of which are:
Approval of trading companies around the world as follows:
1- The British Financial Conduct Authority (FCA).
2- Financial Instruments Market Steering Authority (MiFID).
3- Cyprus Securities and Exchange Commission (CySEC).
4- The Swiss General Authority for the Supervision of Financial Markets (FINMA).
5- Australian Securities and Investments Commission (ASIC) license.
Is it possible to trade with international brokers with Islamic accounts?
The sure answer to this common question among traders is “yes.” This supports knowledge in establishing Islamic accounts and provides opportunities to work in this aspect; As the largest percentage of the most prominent foreign financial brokerage companies, including the largest cryptocurrency trading companies in Egypt, are keen to support traders of Arab nationalities through many facilities and special services, at the forefront of these services is the option of an Islamic trading account that is compliant with the provisions of Sharia. Through Islamic trading accounts, it is possible to trade all kinds of commodities and financial instruments available for traditional accounts such as currency pairs, stocks, metals, in addition to digital currencies, but this is without imposing swap commissions (SWAP) on transactions because they involve a suspicion of usury that contradicts the teachings of the true religion. This is called usury, and this is prohibited by law.
Part III Penalty and prohibition of digital currencies in Egypt
Cryptocurrency law in Egypt
In public shareholding companies Definition and elements of marketing and advertising Bitcoin trading is an illegal process in Egypt and many other Arab countries, where the Central Bank of Egypt Law No. (194) includes Article (206), which stipulates the prohibition and prohibition of trading, creating or promoting crypto and digital currencies. As bitcoin without a license, it is also prohibited to create or operate trading platforms or carry out activities related to these currencies.
Cryptocurrency penalty in Egypt
The penalty for trading bitcoin in Egypt includes the penalty for trading digital currencies, creating or promoting them, creating or operating platforms for trading or carrying out activities related to them, imprisonment and a fine of not less than one million pounds and not exceeding ten million pounds, or both penalties together in some cases, according to Central Bank Law No. (194) Article (206), which prohibits trading or dealing with it permanently.The reason for banning Bitcoin circulation In a statement, the Central Bank pointed out the high risks involved in dealing with these currencies, as they are controlled by instability and high volatility in the value of their prices, as a result of undisciplined global speculations that occur on them, which makes investing in them risky and warns of the possibility of a sudden loss of their value as a result of not issuing them from Any central bank or any official central issuer.
Criminalization and prohibition of digital currencies in Egypt
The Fatwa Department’s position on Bitcoin In 2018, the Egyptian Dar Al Iftaa issued a fatwa prohibiting all commercial transactions related to Bitcoin and all cryptocurrencies. The Ifta Department clarified that it can also be used to finance terrorism and terrorist activities of all kinds in Egypt and abroad, but now it is valid on the Islamic side.
?Is it allowed to trade digital currencies in Egypt
The new draft law theoretically imposed restrictions on cryptocurrency trading companies in Egypt in an attempt to tighten the state’s control over this type of transactions, as Article No. (206) of the Law of the Central Bank of Egypt and the new banking system stipulates a ban on the establishment, operation or promotion of any mining platforms Or trading cryptocurrencies without obtaining an official license from the Central Bank of Egypt’s administration, as it is the only official authority granted by law the authority to approve and certify electronic banking transactions.Although it was not available to cryptocurrency trading companies in Egypt for a long time, it was not included in the structure of the financial transactions, and despite the absence of a law allowing the ownership of cryptocurrencies, this did not have a significant impact on its popularity and spread among Egyptian citizens, as some reports stated that At least 4% of Internet users in Egypt own one of the types of digital currencies traded globally, and encrypted digital currencies were among the most widely traded financial tools, through a group of international financial brokerage companies that provide their services in Egypt and the Middle East in general.
New digital currency in Egypt
In the Arab Republic of Egypt, the Central Bank of Egypt is looking into the possibility of issuing a digital currency for the Egyptian pound, where Deputy Governor Ayman Hussein said that the Central Bank was working on directing President Abdel Fattah El-Sisi to turn Egypt into a cashless society, as the digital currency is expected to increase efficiency. And security in financial transactions across countries and different banks, as countries and central banks around the world are starting to move towards adopting and allowing digital currencies. Other Arab countries ban bitcoin trading and the Library of Congress University 42 countries ban bitcoin and digital currencies around the world, and some of the Arab countries included in this list include: Bahrain, Kuwait, Libya, Algeria and Iraq. The Kingdom of Morocco, the State of Qatar and the Republic of Tunisia.