How to Buy Bitcoin Lebanon – Beginner’s Guide

Bitcoin, launched in 2009, is a peer-to-peer (P2P) decentralised network that enables electronic cash transfer. Due to its deflationary tendencies, the digital asset has become increasingly popular among new and established investors. Investors in Lebanon are increasingly interested in buying Bitcoin in Lebanon, as well as around the world.

As of 2022, the crypto market is also at a low price point making it a good time to invest cheaply – the correction since the 2021 all time high presents an ideal opportunity to buy BTC in Lebanon at a discount. Considering where to buy Bitcoin in Lebanon? This guide should help investors get started.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

Where to Buy Bitcoin in Lebanon

Crypto trading platforms are on the rise. Currently, there are over 500 Bitcoin exchanges. Making a choice on the best place to buy Bitcoin in Lebanon can be a chore. To help investors get started, we have curated some of the best platforms to buy Bitcoin online. Our selection is based on low fees, intuitiveness, unique features, and overall trading experience.

1. Crypto.com – Overall Best Platform to Buy Bitcoin in Lebanon

Kicking off our top platforms to buy Bitcoin in Lebanon is Crypto.com. The platform is a pure-play digital asset exchange. Crypto.com has rapidly expanded its trading services across several regions and currently has 10 million-plus users with more than $10 billion in daily trading volume.

The crypto platform allows users to buy, sell, and exchange 250+ digital assets. This offering demonstrates the platform’s deep liquidity. Crypto.com also offers an in-house discount token called Cronos (CRO). Cronos is also used to facilitate several other platform-related activities, like deposits and fee settlements.

In addition to its impressive services, Crypto.com runs a cashback reward system. With this system, users can spend their digital assets using the Crypto.com Visa Debit Card and receive up to 8% cashback.

Also, Crypto.com offers a passive income-generating service called Crypto.com Earn, where users can earn up to 14.5% in passive revenue on crypto deposits.

The minimum deposit on Crypto.com starts at 30,240 LBP. Supported payment methods on the platform include Crypto.com Pay, bank wire transfers, credit/debit cards, and e-wallet payment modes. The platform also supports direct deposits of over 40 fiat currencies.

As a result, users can buy Bitcoin with PayPal or any other payment solution. Deposits are free, but withdrawal fees vary depending on the chosen assets. Trading fees start from 0.4%. However, CRO token holders get a 10% discount on the trading fees.

Crypto.com is licensed in the regions it operates. The platform employs a 98% cold wallet storage of users’ funds to ensure security. Additionally, Crypto.com features multi-factor authentication (MFA) and address whitelisting.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

2. Bitstamp – Top European Bitcoin Exchange

Bitstamp is a multi-asset broker covering unique financial markets like stocks, bonds, commodities, exchange-traded funds (ETFs), and cryptocurrencies. In the past year, Bitstamp has increased its crypto trading services, making it easy for users to buy Bitcoin in Lebanon.

The broker allows users to buy, sell, and exchange over 75 digital assets. Bitstamp is highly user-focused and easy to use, making it one of the top exchanges to buy BTC in Lebanon.

This broker works for both retail and institutional users. There is no minimum deposit to register an account, however users are billed based on the number of crypto assets they trade monthly. The highest fee is 0.5% for trades below 15,120,000 LBP within a 30-day window. Supported payment methods include bank wire transfers, crypto transfers, cards, and e-wallet solutions.

Other useful platform features include the Bitstamp Earn program, which functions as a yield-generating service. This service allows users to generate a 4.38% and 5% annual percentage yield (APY) on their Ethereum and Algorand assets, respectively.

For security, Bitstamp employs two-factor authentication (2FA), cold wallet storage and address whitelisting. Also, the Commission de Surveillance du Secteur Financier (CSSF) regulates the broker.

3. Coinbase – Best Platform to Buy Bitcoin in Lebanon for Beginners

Currently, Coinbase is the third-largest crypto exchange by trading volume. The platform is one of the most popular places for investors to buy Bitcoin in Lebanon.

The Bitcoin exchange’s superpowers lie in its ease of use and is a major learning hub for crypto newbies, as it features beginner-friendly crypto content.

Current Bitcoin price in Lebanese Pounds (LBP) and other coins

Coinbase offers one of the largest libraries of digital assets. Users can buy, sell, and swap as much as 10,000+ crypto assets. The platform’s minimum deposit is also affordable. Users can start their crypto journey with as little as 3,024 LBP. However, fees on the platform are charged within the 0.5% to 5% range depending on the selected digital asset.

Coinbase offers deposit and withdrawal options such as bank wire transfers, cards, crypto transfers, and e-wallet solutions. Debit card transactions are charged at 3.99%.

To ensure security, Coinbase offers cold wallet storage, 2FA, and address whitelisting. The crypto exchange is also regulated by the Financial Conduct Authority (FCA) and the Financial Crimes Enforcement Network (FinCEN) as a money transmitting business.

4. Binance – Top Platform to Buy Bitcoin in Lebanon for Deep Liquidity

Binance is the world’s largest Bitcoin exchange per trading volume. The platform has secured a strong holding due to its competitive fees and an innovative series of crypto-focused services.

Binance offers access to 600+ crypto assets. And users can get started with as little as 15,120 LBP. Binance also shines in its fee offerings. The platform offers a fee of 0.10%. This is further reduced for its discount token holders, BNB, by 25%. This puts the total fee package with BNB at 0.075%.

Binance offers advanced trading tools for more experienced users. The platform supports bank wire transfers, crypto transfers, cards, and e-wallet solutions.

Binance is regulated in the regions it offers its services. The platform’s security methods include 2FA and address whitelisting.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

5. Kraken – Intuitive Platform to Buy BTC in Lebanon

Kraken is another popular spot to buy Bitcoin in Lebanon. The platform is a US-based digital asset exchange. It is unique for its strong appeal for ease of use and intuitiveness.

Kraken has a crypto support library for 100+ digital assets and allows users to buy, sell, as well as exchange these blockchain-based assets. Minimum deposits start at 15,120 LBP. Also, trades are charged from 0% to 0.26%, but this is based on three factors. The three metrics are the selected currency pair, the 30-day trading volume, and the user’s status (maker or taker).

Deposit fees vary, and Kraken’s charges are based on the selected payment method. Card purchases and e-wallet solutions are charged at 3.75% while online banking transfers are charged 0.5%. Stablecoin deposits are billed 0.9%, and crypto transfers are charged 1.5%.

Kraken offers 2FA and employs armed guards to guard its data centres. The platform is regulated in all the regions it operates.

6. BitOasis – Local Bitcoin Platform to Trade for Near-Zero Trading Fees

Looking for a platform to buy Bitcoin in Lebanon at almost zero fees? BitOasis is a great option. The platform is user-friendly and offers a clean-cut trading interface.

Like all new generation trading solutions, BitOasis offers a mobile trading experience for both Android and iOS users. The platform enables crypto enthusiasts to trade well over 60 digital assets, including crypto giants like Bitcoin, XRP, Ethereum, and Cardano.

BitOasis has a minimum deposit of 123489.75 LBP and supports bank wire transfers, crypto transfers, cards, and e-wallet solutions. The platform offers near-zero trading fees. BitOasis charges 0.24% maker fees and 0.48% taker fees. However, the platform reduces fees based on the user’s monthly trading volume. The platform also charges for deposits, including 3.79% for card payments. But wire transfers are free.

BitOasis offers 2FA and a unique multi-key sign-in option for users. The platform is regulated by the Abu Dhabi Global Market (ADGM).

7. Huobi – Professional Bitcoin Trading Platform

Our final recommendation for investors to buy Bitcoin in Lebanon is Huobi Global, a popular Bitcoin trading platform. Huobi has over 10 million active users with 200+ regional centres globally.

The platform offers users access to trade over 500 crypto-assets across multiple trading options, including spot, marginal, perpetuals, futures, and derivatives. Huobi offers real-time trading charts and price updates.

The minimum deposit starts at 151,192 LBP, and supported payment methods include bank wire transfers, crypto transfers, cards, and e-wallet solutions. Huobi’s minimum trading fee is placed at a base rate of 0.2%. However, holders of its token, Huobi Token (HT), are eligible for a 10% discount.

Huobi is regulated in the regions it operates and offers 2FA and address whitelisting.

Should I Buy Bitcoin?

Bitcoin has remained the standout star in the crypto market. The digital asset shoulders most of the crypto market’s responsibilities, meaning that it drives price hikes or dumps. Bitcoin’s market share of 40% causes it to retain the highest share value in the crypto space.

How has it managed to maintain its dominance? Bitcoin appeals more to the average user because it is more of a communal movement than a new financial exchange. Another reason is that the crypto asset enjoys a first-mover advantage (FMA), which has caused it to experience a 9 million per cent explosive growth since its 2009 debut.

Should investors buy Bitcoin in Lebanon? More reasons are highlighted below.

Benefits of Buying Bitcoin

The crypto market offers a unique opportunity for the average Joe to become an investor. Given its inclusivity and lack of obscurity, investors can easily buy digital assets using simple items, like their passports, for verification and kickstarting investments with a little sum. Bitcoin may not fall under the category of a low-cost investment, but here are a few reasons users are keen to buy Bitcoin in Lebanon.

1. Bitcoin Is Inclusive

The traditional financial landscape operates on rules and regulations stipulated by third parties, like top financial institutions and world governments. This system of bureaucracy breeds exclusivity as only a fraction of the global financial landscape can tap into financial services easily.

Bitcoin operates in a dynamically different manner. It boycotts this system of third-party individuals and enables P2P transactions between the buyer and seller, enabling a more consumer-centric framework. This way, anyone can own Bitcoin without any form of certification.

2. Bitcoin Is Permissionless

Sending and receiving funds using local banks usually has the banks and governments involved in the transactions from start to finish. This means that investors will need permission from either party to complete their financial transactions.

This is not so with Bitcoin. The blockchain protocol runs on permissionless technology. Users can send and receive value without resorting to these intermediaries. This makes Bitcoin transactions immune to seizure by any bank or government. The Bitcoin funds of investors are only accessible by private keys in their custody.

3. Bitcoin Runs on Blockchain

Bitcoin institutionalised blockchain technology when it debuted in 2009. The digital asset’s use cases are apparent in supply chain and logistics, health care, real estate, and several other industries.

The main attraction of blockchain is its immutability, which means once data has been termed as ‘truth’, it cannot be edited or changed. This brings a level of integrity to blockchain technology, making it a more viable and truthful method of obtaining real-life data.

4. Bitcoin Is Deflationary

Bitcoin’s hard cap limit of 21 million coins has been a huge draw for institutional and retail investors. This supply crunch has served as a propellant for the crypto asset as it has skyrocketed from $0.10 in 2009 to a record high of $69,000 in November 2021.

The global financial markets have grappled with the issues of the global healthcare crisis and the ongoing Russia-Ukraine war. With global socio-economic activities at a slow pace, inflation figures have continued to rise in the past three years. The world’s largest consumer market, the US, recorded an 8.6% inflation spike in May, further devaluing the greenback.

Bitcoin has been touted as a more value-holding asset due to its limited supply cap. The crypto asset is expected to continue its price gain as the global economy stabilises.

5. Bitcoin Transactions Are Rapid

Given the elimination of third-party institutions, Bitcoin transactions are rapid-paced. Bitcoin runs on a P2P network, which means only two transacting parties are involved as against three in the traditional financial system. This cuts through the expected resolution phase and gives the crypto asset near-instant capability.

Additionally, the elimination of third parties makes Bitcoin transactions more cost-effective due to the lack of a trusted body. Millions in Bitcoin transactions are completed with less than $50 in transaction fee.

Ways of Buying Bitcoin

Investors may be wondering how to buy Bitcoin in Lebanon. Not to worry, several payment solutions now support Bitcoin purchases. Here are the top options on tap:

1. Buy Bitcoin with PayPal

PayPal leads the payment processing ecosystem. The US-based fintech company currently controls 50.32% of global payment processing. Recently, the company has shown a growing interest in the crypto space. PayPal has offered an option to buy Bitcoin directly on its platform as well as the option to spend cryptos. But this comes at a high cost.

However, there is a more cost-efficient means to buy Bitcoin with PayPal. Users of PayPal can easily connect their accounts to a crypto trading platform and fund their trading accounts easily. This usually comes with fewer fees and a faster trading experience.

2. Buy Bitcoin with Credit or Debit Cards

Card payments have been on the increase ever since the global pandemic kicked in. Several users turn to their credit or debit cards to settle online obligations. Considering whether to buy Bitcoin with credit card?

Crypto trading platforms like Crypto.com allow users to fund their accounts using credit cards with no added deposit fees. Additionally, investors can also buy Bitcoin with debit card while enjoying the low fee structure.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

3. Buy Bitcoin with Bank Transfer

Investors can also buy Bitcoin with bank transfer. However, there are a few variables that need to be considered. First, Investors must confirm that crypto transactions via their bank account are permitted in their region of residence. Also, investors should note that the transaction time for bank transfers can be between 3 to 5 business days.

However, this method offers more flexibility in the amount users can deposit compared to other payment options. For instance, bank transfers are capped at a million-dollar deposit, but the limit is much lower for a credit or debit card deposit.

Bitcoin Price

Bitcoin’s price has been on a downward spiral since the beginning of the year. The culprits are the growing market fears of inflation and the stifled economic activities prompted by the global pandemic.

At press time, Bitcoin is trading slightly above the $20,000 price tag, reflecting a temporal rise of 7.7% in the last 24 hours. However, its 30-day average is in the reds, and BTC is down 31.8% in the past month.

Bitcoin’s temporal rise in the past 24 hours follows a strong bearish activity that saw BTC slide below the $19k price valuation a few hours earlier. The digital asset’s comeback is a reflection of the resilience Bitcoin is remarkable for. This has slightly aided its technicals, with its moving average convergence and divergence (MACD) displaying a strong buy signal. Its relative strength index (RSI) figure of 62.48 indicates a growing ascendancy to the overbought region.

Bitcoin Price Prediction

Wondering when to buy Bitcoin? Now may be a great time to tap into an expected bull run. Bitcoin has endured a difficult campaign this year as it has lost more than 50% of its all-time high (ATH). However, the digital asset is still an appealing investment for several users for a number of reasons.

For one, its cost practicality is a huge boost for users. Although not created with cross-border payment capacity in mind, Bitcoin has been used in different geographical regions to settle financial transactions. The cost for this has been minimal, as millions of dollars can be transferred with little fees. Speed is also not a challenge. Bitcoin transactions are usually resolved within minutes. These two benefits are what the traditional financial landscape has battled with. Users have had to wait days for verification of transferred funds while also paying high charges for these below-par services.

Another strong point for Bitcoin is its deflationary tendencies. Only 21 million Bitcoins will ever be minted, indicating a coming scarcity. Following the strong arguments of market forces, low supply coupled with high demand usually pushes the value of an underlying asset higher. Accordingly, institutional investors remain confident in the face of the crypto winter that Bitcoin would make a sizable comeback in the coming months.

According to a report by CoinShares, Bitcoin investment inflows have continued to rise despite the broader market dip. The inflows currently stand at the half-billion-dollar mark of $506 million. This was boosted by a $126 million inflow in the past week, representing a 30% increase.

Bitcoin’s deflationary capacity is a huge attraction for investors. This will likely keep the crypto asset top-of-mind amongst investors for several years. As a result, Bitcoin could regain a $50,000 price peg at the close of this year.

Strong bullish activities in the coming year, as inflation figures are expected to remain high, would see BTC rally to another ATH in 2023.

How to Buy Bitcoin Safely

The crypto space is still largely unregulated, meaning that investors can fall into scam projects or websites. However, users can buy Bitcoin in Lebanon safely using our top recommended crypto broker, Crypto.com.

How to Buy Bitcoin in Lebanon – Tutorial

Looking for how to buy Bitcoin in Lebanon? Follow our detailed steps to get started in as little as 10 minutes.

1. Sign Up on Crypto.com

To get started, visit the Crypto.com website. The platform offers a web trading exchange and mobile app.

Provide their full name, email address, mobile number, and password.

2. Verify Your Account

New users have to verify their identity in order to unlock the platform’s full-service options. They are to upload a copy of their National Registration Identity Card (NRIC) or international passport. Also, a current passport should be supplied for ID verification. Verification usually takes a couple of days.

3. Fund Your Account

After verification, users can fund their accounts. To deposit, click on the ‘Deposit’ icon and select an option from the platform’s supported payment methods.

Then, insert the minimum deposit of 30,240 LBP, and follow the on-screen prompts to complete the transaction.

4. Buy Crypto

Once the deposit has been concluded, users can now proceed to buy their preferred crypto asset. Insert the ticker symbol for the digital asset in the search bar.

For instance, type ‘BTC’ into the search box and click ‘Trade’ to open the dialogue box. Then, insert the required amount of BTC, tap on ‘Buy BTC’, and confirm the order.

Conclusion

Bitcoin continues to pool interests despite its current bearish streak, a tangible reason for investors to keep tabs on this digital asset. For investors looking to buy Bitcoin in Lebanon for the first time, we recommend using Crypto.com.

The platform offers a perfect blend of a beginner-focused and advanced toolset coupled with deep liquidity and competitive fees. Also, its cash back rewards help investors to generate a passive income even as they spend their digital assets.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

FAQs