There’s hardly a country whose citizens are not moved to flow with the evolution that cryptocurrency has brought into the financial space. Especially considering how the fiat monetary system hasn’t been doing justice towards becoming a true embodiment value store. Even though religious sentiments make North Africa the region with the least crypto trading investments in Africa, Moroccans strive pretty well to match the crypto energy.
In all, the crypto ecosystem is relatively novel, hence, there are not many people with good enough knowledge to ideally find ways in carrying out some important crypto trading activities. Since getting started in crypto begins with buying coins, and because Bitcoin is one of the most sought-after of them all, this article is narrowed down to providing information specifically about buying Bitcoin in Morocco.
How Is Bitcoin Perceived In Morocco?
Generally, cryptocurrencies in Morocco are not perceived in good light; it is seriously frowned upon by the government body as there’s no regulatory framework that sees to their usage. Moroccan law takes holding and trading crypto as a punishable offense. This has had little or no effect on the average male Moroccan citizen (between 16 and 44 years of age); statistics have shown their crypto adoption rose in 2021 from 2.4% to 3.1% in 2023. The growth continues still.
Regardless of their involvement, you’d agree that crypto trading in the country can be likened to drug smuggling, however, this time, the moves are done online. The question remains; “How effectively can a Moroccan bypass the many unfavorable government policies that currently stand as a barrier to buying Bitcoin and other Altcoins?” The good news is, good crypto exchanges save the day. Still, to register on crypto exchanges, some requirements must be met.
Unlike Morocco, Nigerians have a number of region-specific exchanges, through which they seamlessly convert crypto to cash and cover up breadcrumbs of crypto trading. Dart Africa sits atop this list, and has been very effective so far.
Buying Bitcoin In Morocco; The Necessary Requirements
Some necessities need to be figured out and should be in place if you have to buy Bitcoin in Morocco. Especially if you’re starting as a beginner.
- Valid documents
Firstly, you must have an identification document that must be used for your KYC (Know Your Customer; a security measure to prevent scams, money laundering, and other illegal dealings). The documents range from a driver’s license, National identity card, passport, or any valid government-issued ID. Documents as such are mostly required on crypto exchanges as opposed to other wallets like the popular TustWallet.
- Local bank account
Secondly, you must have a functional local Moroccan bank account and a credit card as would be needed for a fiat-to-crypto switch (trading). As long as you have a good device and internet access, then you’re set to begin your Bitcoin purchase process.
A step-by-step Bitcoin purchase process
After having signed up on an exchange, to buy Bitcoin, you’ll have to choose one of two options:
- Via credit card
- Via P2P
Let’s use Binance as an example. On the “home”, the bottom of the screen displays a list of options, choose “wallets”, it sits on the right end of the screen as shown below.
Tapping on it takes you to a new page that offers you two options; “buy” and “deposit.”
Tap on “Buy” and you’ll be presented with two buying options; “Credit/Debit Card” and “P2P Trading”
This brings you to the two-way stage.
1. Debit/Credit Card
Opting to use your card would demand that you input your card details, choose the coin you intend to buy (Bitcoin in this case), and enter the amount. You get to receive the Bitcoin in your Binance Bitcoin wallet as soon as the money is deducted from your bank account.
The P2P (peer-to-peer) section is a trading ground between a variety of crypto traders; each with specific coins to sell, rate, and their preferred payment option. Here you have the advantage to choose from a list of offers.
As one buying Bitcoin from Morocco, it’s ideal to choose an offer that lets you pay in Moroccan dirham (MAD). With this, you can easily make a local bank transfer while the seller sends the equivalent Bitcoin amount to your Binance wallet. You’re safe too as there’s a Binance escrow to which a seller first sends the Bitcoin, and upon his confirmation of your payment, the Bitcoin is released to your wallet. This way, both parties are not susceptible to scams.
List Of Exchanges To Buy Bitcoin From In Morocco
BitOasis is also one of the good platforms to buy Bitcoin from in Morocco; it’s one of the most popular and used platforms across North and East Africa with a good reputation, low trading fees, a and verification time of 1-2 days.
Just like Binance, Coinmama offers you the opportunity to buy Bitcoin with either a credit card or via a simple bank transfer. Although the charges here are relatively high, best believe it covers up the awesome service offered. It also has a 1-2 day verification time.
Kraken has joined the league of exchange juggernauts in Morocco and across the world. It’s sitting in the same value space that Binance and Coinbase occupy. On the list of value-driven crypto exchanges, it’s among the best and one of the most popular — It’s common knowledge in the crypto world that the popularity of exchanges is akin to the level of value they offer. This makes you, as a Moroccan, good to go with Kraken.
The process involved in buying Bitcoin in Morocco is not as difficult as many people have made it seem. Of course, there are many countries whose citizens suffer a crypto ban but have been able to bypass it. Following the pathway shown in this article is a sure way to get started with buying Bitcoin in Morocco.