Best Crypto Exchanges in Egypt

Best Cryptocurrency Exchanges in Egypt

‍We examined 14 cryptocurrency platforms available in Egypt to identify the top choices for local investors. Our evaluation considered compliance with the Central Bank of Egypt (CBE), ease of use, fee structures, supported cryptocurrencies, EGP deposit methods, trading options, and additional features. The comparison table below offers insights into the 5 best exchanges for Egyptian traderss:

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1. Bybit

Bybit is the leading cryptocurrency exchange in Egypt, offering a diverse portfolio of over 1,100 digital assets to buy and trade on spot, futures and options markets. It has over 36 billion dollars in daily trading volume across both order books, providing its users with deep liquidity and up to 100x leverage on derivatives trading. The platform facilitates easy deposits in Egyptian Pounds (EGP) through several local payment methods.

It sets itself apart with a comprehensive selection of crypto-related services, including seven staking options, loans that support both lending and borrowing, an NFT marketplace, copy trading, a demo account and more. This flexibility makes it an attractive choice for a range of investment strategies. Bybit is also one of the few exchanges that regularly publishes its reserves, highlighting that all assets are backed up 1:1.

• Fees: Maker fee at 0.02%, taker fee at 0.055% for futures and 0.1% for spot trading.
• Supported Cryptocurrencies: Over 1,100 digital assets.
• Regulation & Licensing: Adheres to international regulatory standards and is available in Egypt.‍
• EGP Deposit Methods: Bank transfers, Vodafone cash, Orange Money, Apple Pay, Google Pay, Samsung Pay, Maestro, credit cards, and debit cards.

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2. Binance

Binance is one of the top cryptocurrency trading platforms in Egypt, boasting a massive global user base of over 190 million individuals across more than 100 countries. Its extensive feature set includes spot trading, futures, margin, options trading, staking services, and a decentralized exchange (DEX). The platform also offers 24/7 customer support in multiple languages, including Arabic, ensuring Egyptian users can access help when needed.

It excels in several key areas that distinguish it from competitors. Its exceptional liquidity depth enables the highest trading volumes across various crypto assets. This means users can execute large-volume trades with minimal price slippage, making transactions smoother. Beyond trading, Binance provides educational resources and tutorials, helping newcomers navigate the complex world of cryptocurrency. 

• Fees: Spot trading fee is set at 0.1%, while derivatives trading follows a maker/taker fee structure of 0.02%/0.04%. 
• Supported Cryptocurrencies: Over 350 cryptocurrencies. 
• Regulation & Licensing: Globally licensed and available in Egypt.‍
• EGP Deposit Methods: Bank transfers, Fawry Payments, credit cards, and debit cards.

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3. OKX

OKX is a top choice for institutional investors, equipped with advanced trading tools and a broad selection of over 300 cryptocurrencies. It supports multiple order types, which includes spot and futures markets with leverage options up to 100x available. The features available on OKX empower institutional clients with enhanced flexibility and robust risk management capabilities. 

The platform also offers an over-the-counter (OTC) desk service, strengthening its appeal to those with high-end investment strategies. OKX's commitment to security and regulatory compliance is unwavering, ensuring that users' assets and data are protected at all times. Advanced API services further enhance trading efficiency, making the platform an attractive choice for Egyptian institutional investors. 

• Fees: 0.1% spot trading fee and a maker/taker rebate of 0.02%/0.07% for futures. 
• Supported Cryptos: Over 300 cryptocurrencies. 
• Regulation & Licensing: OKX holds a license from the ADGM in the UAE to operate in the MENA region.‍
• EGP Deposit Methods: Bank transfer, Fawry Payments, credit card, and debit cards.

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4. BitOasis

BitOasis is headquartered in the United Arab Emirates and strategically focuses on local market needs. Recognized for its deep understanding of the Middle East and North African (MENA) region, the platform offers over 60 cryptocurrencies and competitive trading fees with 1% spreads. It supports a variety of trading instruments, providing both individual and institutional clients with flexibility and a wide range of investment possibilities.

One of its standout features is its offering of regional payment methods, including local bank transfers, which greatly enhances its convenience and appeal to Egyptian investors. In addition, the platform's strong commitment to security, its user-friendly interface, and adherence to the regulatory standards of the region make BitOasis an attractive choice for Egyptian investors.

• Fees: 1% - 2% spread on assets.
• Supported Cryptos: Over 60 cryptocurrencies. 
• Regulation & Licensing: BitOasis is licensed by VARA to operate in MENA, the UAE and GCC regions.‍
• EGP Deposit Methods: Bank transfer, credit card, and debit card.

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5. Gate.io

Gate.io is a great choice for Egyptian investors interested in various altcoins. Although it doesn't operate under the direct oversight of Egypt's financial regulatory bodies, the platform is fully accessible to users in the country. With an impressive selection of over 1,700 cryptocurrencies, it provides an excellent opportunity for traders to diversify their portfolios. The platform sees significant activity, with daily trading volumes often surpassing $5 billion. 

With over 14 million registered users, its international appeal is enhanced by features like automated trading bots, staking services, lending and borrowing, an NFT marketplace and crypto debit card. The platform also hosts a dedicated section for emerging crypto projects,  offering exclusive trading events and contests that present unique investment opportunities.

• Fees: 0.1% for maker orders and 0.2% for taker orders.
• Supported Assets: More than 1,700 digital currencies.
• Regulation & Licensing: Based in the Seychelles, Gate.io welcomes Egyptian investors despite the lack of local regulatory licensing.‍
• EGP Deposit Methods: Bank transfers or debit and credit cards.

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Is Crypto Trading Legal in Egypt?

The legal status of cryptocurrencies in Egypt has evolved significantly over time. Initially, in 2018, Dar al-Ifta, Egypt's highest Islamic religious authority, issued a decree deeming transactions in cryptocurrencies like Bitcoin as haram (prohibited under Islamic law), citing potential risks to national security and financial stability, as well as concerns over their use in illegal activities. 

This view was supported by the Central Bank of Egypt (CBE), which issued warnings against trading in cryptocurrencies due to their high risk. However, the regulatory stance softened with the introduction of the Central Bank and Banking Sector Law No.194 in 2020, marking a significant shift towards embracing digital transformation within the financial sector. 

This law includes a broad range of digital financial services, including cryptocurrency, and outlines licensing requirements for digital banks. This development indicates a more open, albeit regulated, approach to digital currencies, reflecting the CBE’s evolving perspective on the potential of cryptocurrencies in Egypt’s financial landscape.

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How is Crypto Taxed in Egypt? 

Cryptocurrency transactions are subject to taxation in Egypt. The Egyptian Tax Authority (ETA) categorizes cryptocurrencies as assets for tax purposes. This implies that individuals and businesses must report and pay taxes on any capital gains derived from buying, selling, or trading digital currencies if the transactions are undertaken with the intent to earn a profit. The current tax rate is between 20% - 30% for investors who deposit more than EGP 250,000 per month for three consecutive months.

The tax treatment for cryptocurrencies shares similarities with that of other tangible assets, including precious metals like gold. However, the specific tax obligations can be intricate. It is essential for anyone engaging in cryptocurrency activities to stay updated on the relevant tax regulations, as these may differ based on the nature of the transactions and the individual or business's financial situation.

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Bottom Line

Egypt's cryptocurrency scene is rapidly evolving, with multiple exchanges meeting the increasing demand for digital assets. Platforms like Bybit, Binance, OKX, BitOasis, and Gate.io provide Egyptian investors with diverse options to trade, invest, and manage their crypto portfolios. Together, they ensure that traders and investors in Egypt have access to secure, regulated, and feature-rich trading environments.