Pakistan is one of the top countries when it comes to crypto adoption. Everyone is involved in investing their money in Bitcoin, Ethereum, and other cryptocurrencies through exchanges.
For a new user in Pakistan, picking an exchange can be quite hard, especially since there are dozens of platforms currently in the space. So, then what’s the best crypto exchange in Pakistan? This article will help you navigate through the world of digital currency and exchange platforms.
In Pakistan, $18.60 billion worth of cryptocurrency was traded between 2020-21, according to Chainalysis, a Web3-based investigation firm. Additionally, total active users are estimated to be around 20 million.
Top 6 exchanges in 2022
Seeing the huge figure, many people have made accounts on centralized exchanges that are quite popular in Pakistan and are compatible with the local fiat currency, Rupee. Here are the top 6 crypto exchanges you should know:
1. Binance
- Binance is the most-used exchange in the country with 90,000,000 users. Founded in 2017, this trading platform is a proper ecosystem that enables users to not only buy crypto coins but also NFTs.
- In Pakistan, users usually use the P2P option on the app to convert PKR rupee into USD and then buy Bitcoin or other coins.
- Many expert traders opt for Binance
- The trading fee is low and it only takes 1 day to verify the account to start trading
- The platform supports credit/debit cards, Bank transfers, and JazzCash
2. Kraken
- Kraken exchange is the second-most popular trading platform for buying Bitcoin and Ethereum in Pakistan, having around $6M users worldwide.
- Founded by Jesse Powell in 2011 in San Francisco, Kraken offers users three types of payment methods in USD, EUR, and JPY.
- This exchange has below-average trading fees and only takes 2-3 days for the verification account to start trading
- It has over 170 digital currencies but limited choices for funding accounts, which means they don’t have many payment methods to pick
- Kraken is only an exchange, which means it doesn’t have any wallet, unlike Binance
- It’s usually suitable for advanced traders because Kraken charges a low fee for them
3. Coinbase
- Coinbase is another famous centralized exchange widely known for safe and secure transactions for Bitcoin and other cryptocurrencies.
- This exchange has comparatively higher fees (0-3.99%), but it depends on the transaction amounts
- It has listed over 170 virtual currencies.
- Users usually prefer it because it offers low minimum funds and short crypto withdrawal
- Coinbase is also known for having the best customer service support among all exchanges.
4. Changelly
- Changelly is a fast cryptocurrency exchange that offers the best trade rates for BTC, ETH, SOL, and others.
- It offers users the facility to exchange one virtual currency with another without needing to convert to USD again and again
- Founded in 2015, it has over 2M users with a safe and trusted reputation in the crypto community
- It can support various crypto wallets but it isn’t regulated in the US as of yet
- You can also hide your identity in Changelly because of no KYC (know-your-customer) regulations.
- Changelly doesn’t have any fixed deposit fees as it varies based on the volatility of the cryptocurrencies while the trading fee is 0.25%.
- It supports debit and credit cards only for USD, EUR, GBP
5. KuCoin
- Based in Hong Kong and founded in 2017, KuCoin is the best place to buy Bitcoin.
- With the slogan of “The People’s Exchange,” this platform has constantly promoted simplicity and security for crypto traders and investors
- It offers P2P trading like Binance where Pakistanis can convert PKR to USD to invest in cryptocurrencies
- Although KuCoin has never officially promoted itself in the country, it still has a good reputation just like the rest of the world
- The exchange charges 0.0125% to 0.1% in trading fees and the deposit fee is free, making it much more profitable for users.
- New users receive a $10 bonus for signing up and also 10% interest if they keep crypto in the account for a long time.
6. LocalCryptos
- LocalCryptos might not be well-known among new traders but it’s one of the best P2P options in Pakistan to purchase Bitcoin.
- It’s a non-custodial exchange with cold storage technology and an automated Escrow system, perfect for buyers and sellers when doing online business.
- Currently, this platform has only listed five major coins: Bitcoin, Bitcoin Cash, Dash, Ethereum, and Litecoin.
- It has a Reputation system where all the top traders are ranked based on their performance on the platform
- Compared to other exchanges, it supports 40 payment options, including PayPal
- LocalCryptos charges no fees for deposits and withdrawals, but payment providers might charge when sending or receiving the funds
How to pick the best crypto exchange
Now that you know all the details about exchanges, you might be confused about which one to pick. So, here are some specifications to keep in mind when choosing a trading platform:
- Security: The most important part before investing is to ensure whatever exchange you choose is approved in some countries and has a trusted reputation in security
- Type of trader: Every exchange provides benefits to a specific type of trader; some might give more profit to small traders, while others might offer more to advanced traders
- Reputation: Before making an account, always check its reputation in the market, whether it’s stable or transparent with its financial statements.
- Payment Method: You’re going to be transferring money more often in exchanges, so you need to ensure the exchange supports your choice of payment method
- Transparency: Centralized exchanges have ownership over your asset, so take note of how transparent they are with their finances and regulations
- DYOR: Do Your Own Research
Final words
Cryptocurrency is the future of the internet and for early adopters, it’s a great chance to invest. Currently, Bitcoin has the biggest trading volume among other digital currencies, and Pakistan is among the top users who invest huge amounts of their money into this virtual currency.
Now that you know the common exchanges in Pakistan to buy cryptocurrencies, you can confidently navigate through to buy your favorite coins.
Note: This article is not financial advice. Kindly make financial decisions at your own risk.
