The crypto-community is growing stronger in Pakistan with every passing day. Now many people are accepting cryptocurrency and considering it a viable long-term investment. Thankfully, it’s all possible due to the increasing number of crypto exchanges in Pakistan.
But what are the best and most reliable crypto exchanges in Pakistan?
Stay with this crypto exchange guide as we help you learn about Pakistan’s top five crypto exchanges.
Five Best Crypto Exchanges in Pakistan
Multiple cryptocurrency exchanges in Pakistan facilitate crypto trading. However, they all differ in terms of transaction speed, security, cost, exchange perks, and the number of altcoins offerings. Here in this guide, we have outlined the top five cryptocurrency exchanges operating in Pakistan. Let’s have a look over them.
Crypto investing can be extremely volatile. Fortunately, Bitget offers an excellent trading feature for Pakistani investors, allowing them to copy and mimic the trading patterns of professionals.
Not only does it facilitate a self–learning experience for newbies, but it has also proven to have one of the best user experiences, even for veterans in the game of crypto exchange. Bitget also tops this list due to the excellent assurance of security, reliability, and safety measures employed to give it fail-proof exchange structures.
To trade on the Bitget platform, Pakistanis must complete thorough identity verification, commonly known as Know Your Customer (KYC) procedures. This is important to protect their accounts from fraud and other financial hazards. Users can access Bitget exchange services and products after completing the KYC. ID verification on Bitget is a simple process. To confirm the identification, the trader must validate the verification code issued to their account. Following that, customers must click “Account Information” and upload their name, nationality, strong password, first name, and pictures of their official ID (CNIC, in the case of Pakistanis). The user can open an account after gaining access to the ID verification code.
Next up is Capital.com – an excellent yet popular exchange that allows Pakistanis to trade cryptocurrencies and other investment vehicles, including stocks, commodities, and ETFs.
Capital.com supports over 250+ cryptocurrencies, which you can trade using USD or digital asset pairing. The best part is that the CySEC and FCA heavily regulate this British Forex broker.
Furthermore, you can start trading on Capital.com with absolutely zero deposit or withdrawal fees. Moreover, the spreads are low, ranging from 0.1% to 0.3%. So, you benefit from an overall meagre transaction cost.
Additionally, the intuitive trading platform, demo accounts, learning resources, and 2x leverage feature makes Capital.com a go-to broker exchange for most Pakistanis. They also have a mobile application, so you can download, deposit cash using a credit/debit card, and start your crypto investing journey.
With a massive volume of $150 billion traded in the Coinbase exchange platform, it offers credibility, safety, and security too. The security level of Coinbase is so strong that most reviews give special credit to this first before any other feature.
The management of Coinbase retains funds securely in cold storage, even though its products are not entirely regulated by the SEC. In addition, the security features of the platforms detect and run down any shady or questionable transactions, especially if they are connected to any hacking activities.
For example, Coinbase once blocked an exchange transaction during the COVID pandemic in 2020. It was revealed that over $280,000 worth of BTC was being transferred to hackers. Thankfully, the security team stepped in and reversed the issue in no time!
Binance is the largest crypto exchange in the world having over 90 million registered users. In fact, Pakistanis usually learn about cryptocurrency through Binance, and almost every one of them has an account.
Best of all, Binance offers to trade more than 600+ cryptocurrencies in spots, futures, and margins. Pakistanis can easily register on the Binance platform and trade cryptocurrency via the P2P crypto exchange trading option.
Once you’re signed in, you can trade with even up to 20x leverage. Best of all, it accepts credit/debit card deposits, and you can benefit from low trading fees of 0.10%.
Let’s talk about the People’s Exchange – KuCoin. Even though it was started in 2017, it has gained almost 8 million users in just four years. Not only KuCoin offers low transaction fees, but it also supports the trading of multiple fiats currencies.
Best of all, if you trade using the KCS token, you get a further 20% discount on trading fees. KuCoin is supported in Pakistan, and the high discount offers, attractive bonuses, and staking rewards make it an investor-favourite exchange for Pakistanis.
Like the majority of cryptocurrency exchanges, KuCoin features a maker/taker pricing model, which means that based on whether your order is seen as a maker or a taker, you pay differing fees. The pricing model allows makers to create liquidity on an exchange by making new open orders available for others to fill. Meanwhile, takers restrict liquidity by fulfilling current maker orders. The maker/taker fees vary depending on the trading volume and class of the coin currently traded on KuCoin.
It is crucial to remember that you will be trading in a volatile class of asset, as is the case with all crypto exchanges. Regardless of the trading platform you choose, doing this calls for accepting a substantial risk.
Comparison table of five crypto exchanges in Pakistan
|Name||Transaction Fees||Supported Cryptocurrencies|
|Bitget||0.01%||BCH, BTC, BGB, BTB|
|Capital||0%||Supports CFD Trading. BTC, XRP|
|Coinbase||1%||BTC, BCH, DOGE, USDT, SHIB, and DAI|
|Binance||0.05-0.10%||BTC, BNB, ETH, SOL, XRP, SHIB|
|KuCoin||0.0125%-0.1%||BTC, ETH, USDT, BNB, and, XRP|
Crypto trading difference in Pakistan vs the UK
There are some notable differences in crypto trading between Pakistan and the UK. Firstly, there are strict verification regulations surrounding cryptocurrencies in the UK. However, there aren’t any specific laws pertaining to the crypto industry in Pakistan.
Similarly, UK citizens can purchase cryptocurrencies using bank transfers, debit, or credit cards. However, the payment methods are limited for Pakistanis.
How to buy crypto in Pakistan
While Pakistan’s cryptocurrency market is not too mature, investors can purchase cryptocurrency via globally recognized exchanges, such as Binance and Coinbase. Here’s a stepwise guide to start trading crypto in Pakistan.
Step 1: Open an account & Select the payment method
Consider signing up or downloading the popular exchange app to begin registration. To transact, customers must submit their details and CNIC ID or passport.
Click on the payment method box and add a payment method. You can use a bank account or debit card to deposit fiat currency on the exchange.
Step 2: Initiate a trade & Enter the Amount
You’ll find an “Asset” options window on the exchanges. Choose your favoured crypto from the list through the buy panel.
Enter the amount of crypto you want to purchase using your native currency using the number pad. The program will immediately convert that amount to crypto.
Step 3: Complete the Transaction
When you are ready, tap “Preview buy.” The specifics of your purchase will be displayed on the screen. Check that everything is in order, and afterwards, finalize your purchase by selecting “Buy now.”
How to choose the Best Crypto Exchanges in Pakistan
The majority of exchange platforms have a similar trading method, but there are differences in the features and services provided. Thus, one of the most crucial things you can do when you venture into the world of crypto is to make a diligent effort to choose an exchange that suits your needs. The following is a summary of the important factors to take into account while selecting a cryptocurrency exchange:
- Geographical Restrictions (is it available in Pakistan?)
- Cyber security
- Supported network of cryptocurrencies
- Prior restrictions on Deposits and Withdrawals
- Discounts or Loyalty Programs
Being the pioneer in decentralized digital currency and the most talked-about, cryptocurrency is a promising investment for Pakistanis as we mentioned in this best crypto exchange guide. Even though the crypto market has had years of ups and downs, it still has a high market value which might even go up in the future.
Is cryptocurrency legal in Pakistan?
The legal status is currently uncertain in Pakistan. The central Bank, SBP, considers cryptocurrency trading risky and volatile and has instructed financial institutions to avoid dealing with cryptocurrencies. In April 2021, SBP issued notifications that it's developing a framework for regulating cryptocurrencies, but there have been no updates to date. However, P2P marketplace crypto exchanges are allowed to operate, and individuals can trade as per their will.
Where can I buy crypto in Pakistan?
We have already outlined the five best cryptocurrency exchanges above that operate in Pakistan. You can use any one of them that suits your needs.
What is the cheapest way to buy crypto in Pakistan?
Capital.com has low spreads and zero deposit or withdrawal fees. So, it's indeed a cheap way to purchase crypto in Pakistan. However, if you trade on Binance or KuCoin using the exchange's native coin, you can further reduce your transaction fees.