Buy Bitcoin – How To Buy Bitcoin in Kuwait in Under 5 Minutes
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
In the past few years, Bitcoin has gone from being relatively underground, being used predominantly by criminals and the technologically gifted, to consistently being mentioned in mainstream media as being a profitable investment. This meteoric rise to fame is due to the revolutionary technology that powers Bitcoin, allowing every transaction on the network to be verifiable by anyone. It also puts money back in the hands of individuals, shielding citizens from high inflation rates and removing the need for banks to manage your money.
Bitcoin has been quite a volatile asset since its conception, partly as it was considered speculative until its recent mass adoption, an example of this would be El Salvador making Bitcoin legal tender. In late 2017, the year Bitcoin started to gain a lot of traction, Kuwait banned institutions from trading Bitcoin citing its volatility. This was a hit to the popularity of Bitcoin in Kuwait, although residents of the country were still free to invest. Since then Bitcoin has been consistently growing in both price and popularity, so there’s no better time to learn how to buy Bitcoin in Kuwait.
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#1 Broker to Buy Bitcoin – eToro
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How to Buy Bitcoin in Kuwait – The Quick Four-Step Strategy
If you want to buy Bitcoin in Kuwait all you have to do is follow these simple steps:
- Step 1: Sign up to eToro – If you want to buy Bitcoin in Kuwait, then eToro offers a great blend of features, ease of use, and security.
- Step 2: Verify your identity – As with any regulated exchange, you’ll have to verify your identity before depositing fiat. This is standard practice and is primarily to combat money laundering and tax evasion.
- Step 3: Deposit funds to your eToro account – Deposit fiat using either a credit/debit card, bank transfer, or PayPal. You should note, for new accounts, there is a minimum deposit of $1000, however, this will be reduced to just $50 for any subsequent transactions.
- Step 4: You’re now ready to buy Bitcoin Kuwait – All you have to do is search for “Bitcoin” or “BTC”, select how much you want, and hit “buy”.
Where to Buy Bitcoin in Kuwait
Now you have an understanding of what Bitcoin is and some of the issues it solves, you’re ready to learn how to buy Bitcoin Kuwait. Most international exchanges operate in Kuwait, so you’re not limited on options.
1. eToro – Best Overall way to buy Bitcoin
eToro is a big name in the crypto space, and for good reason. They offer users an easy-to-understand platform, while still having a range of advanced features. eToro makes it easy for new traders, by allowing you to invest in what they’ve dubbed “managed portfolios”. These managed portfolios let you get started with crypto quickly, by investing in an already balanced portfolio without having to do much research. eToro also offers copy trading, which lets users mirror the trades of some of the best users on the platform. They also offer great charting tools and a variety of indicators for more advanced traders.
For anyone coming from a forex or stock trading background, eToro could be the perfect platform as they offer a variety of financial instruments rather than just crypto. This allows you to safely manage all your assets from just one platform. eToro is regulated by the FCA, ASIC, CySEC, and MiFID and with a successful track record of over 15 years, you know your funds are safe with eToro.
One area that could be a slight issue, is the high initial deposit of $1000, however, is nothing to stress about, when investing a larger amount, you’ll of course be rewarded by larger returns. It can also be very difficult to have a balanced portfolio with a smaller amount of funds, you’d have to split up your money so much, you would only be earning pennies on each investment, a smaller reward for more work. After your first deposit, the minimum deposit drops drastically to just $50, which is very competitive for exchanges with as many features as eToro.
Pros
- Best overall
- Copy trading
- Regulated
- Excellent security
- Convenient
- Managed portfolios
Cons
- High initial deposit
67% of retail investor accounts lose money when trading CFDs with this provider.
2. Coinbase – Buy Bitcoin Easily
Coinbase is a huge platform for buying cryptocurrency all over the world. They make it very easy for anyone to buy Bitcoin and offer two platforms geared toward different skill levels. The first is the regular “Coinbase” app which is aimed more toward beginners. One feature that stands out on Coinbase is the rewards system, it allows users to earn rewards for learning about various cryptocurrencies, to earn your reward you have to successfully answer a small set of questions after watching a short video explaining the token. The second platform is “Coinbase Pro” which as the name implies is geared more toward advanced traders, offering a range of technical indicators and reduced fees. It can be more worthwhile to trade on Coinbase Pro as the reduction in fees will add up over time.
Coinbase is based in the US and is regulated by the FCA, CySEC, and NYDFS, this means you can rest easy knowing your crypto is in safe hands. It has industry-standard security and complies with all data protection laws in the countries they operate.
Pros
- Regulated
- Easy to understand
- Rewards system
Cons
- High fees
- Lack of indicators for technical traders
67% of retail investor accounts lose money when trading CFDs with this provider.
3. CoinDirect – Buy Large Sums of Bitcoin
If you’re looking to invest large amounts of money, this is CoinDirect’s specialty. While anybody can create an account on CoinDirect they are more geared toward high volume traders and investors. They offer an OTC (over the counter) service for “high net worth individuals”, family offices, and institutions. The OTC service is a more personalized experience, allowing users to trade high volumes quickly and discreetly and also provides execution and settlement services.
CoinDirect boasts a competitive fee structure that differs from many other exchanges. Rather than charging a maker/taker fee, they charge a buyer/seller fee. While sellers are charged a flat rate of 0.5%, buyers aren’t charged a penny, making it a very attractive offer. The downside is, as we mentioned the platform is designed for those trading large volumes, and as such, there is a $500 minimum deposit.
Pros
- Low Fees
- Personalized service for large volume traders
- Regulated
Cons
- High Minimum deposit
- Not available in the US
67% of retail investor accounts lose money when trading CFDs with this provider.
4. Bisq – Buy Bitcoin Anonymously
Not everyone likes giving away their personal information and when dealing with regulated exchanges you’ll have to do just that, typically photo ID (passport, driving licence) and proof of address (utility bill, bank statement). If this sounds like you, then you might be interested in Bisq.
Bisq is a peer-to-peer exchange that allows you to trade fiat or crypto with other users. While some people might not like the idea of dealing with strangers, it does have a number of benefits, namely anonymity. You’re not required to register or provide any verification documents when using Bisq, simply download the software and you’re ready to go. Although Bisq is not regulated, it’s open-source meaning anyone can look through the code and verify nothing nefarious is going on.
Pros
- Anonymous
- Open-Source
Cons
- Not Regulated
- Not everyone wants to deal with strangers
67% of retail investor accounts lose money when trading CFDs with this provider.
5. Rain – A Great Middle-East-Based Platform to Buy Bitcoin
If you’re based in the Middle East, you might want to use a platform relatively local to you, this is where Rain comes in. Based in Bahrain, Rain focuses on serving customers from countries like Kuwait, Bahrain, Saudi Arabia, Oman, and the UEA. Being based in the Middle East, Rain supports most local currencies, namely, Bahraini Dinar, Saudi Riyal, United Arab Emirates Dirham, Kuwaiti Dinar, Omani Rial, and the US Dollar.
Rain is regulated by the CBB (central bank of Bahrain), and as such is subject to strict banking regulations. They are a brokerage meaning you buy directly from them, rather than other users on the site. Despite this, they have “brought international pricing to the Middle East” boasting a fee of only 1.5% when purchasing Bitcoin.
Pros
- Middle East based
- Supports local currency
- Low fees
- 24/7 support
Cons
- Only regulated by one body
- Not the longest track record
67% of retail investor accounts lose money when trading CFDs with this provider.
Purchasing Bitcoin – Is it a Good Investment?
Since its official release in 2009, the price of Bitcoin has increased by roughly $47,500, meaning you would have been up more than 47500000% if you invested in 2009. While it’s easy to get caught up in statistics like this, in the current market gains like this aren’t realistic. That being said, Bitcoin is currently trading at $47,500, up from around $29,000 at the start of 2021. This trend continues if you look at the price history of Bitcoin, with it consistently gaining value year-to-year since its release.
Although the price of Bitcoin is, of course, dictated in part by money pouring into the market from both retail and institutional investors, the intrinsic value of the technology behind Bitcoin, is what drove a lot of these investments. Since the rise of Bitcoin, there have been thousands of alternatives released (called alt-coins), these alt-coins generally put their own spin on the blockchain technology that Bitcoin uses, it’s important to consider how the constant development of blockchain technology could potentially unseat Bitcoin from its top spot. For the time being, however, Bitcoin is still almost $500 billion higher in market cap than its closest rival, Ethereum. And with the price of alt-coins still closely following Bitcoin’s price movements, it’s still unlikely to be dethroned any time soon.
The Advantages of Investing in Bitcoin
In a world powered by technology, Bitcoin is certainly an interesting investment, with several advantages over traditional investments. Bitcoin is essentially digital gold, it’s used to facilitate transactions between two parties, similar to how gold was used prior to modern currency. Additionally, it is also used as a store of value much like gold, but with one big difference; if you wanted to store $100,000 in gold you would need an entire vault, however, if you wanted to store $100,000 in Bitcoin you could do so on a device the size of a USB drive.
Some of the key advantages to investing in Bitcoin are:
- Mass Adoption: The price of Bitcoin has been snowballing alongside its popularity, this is no coincidence. As more and more people buy and hold Bitcoin, an increasing amount of the supply is essentially locked, and with increased demand, the price is bound to increase.
- Replacing the need for banks: While nobody can dispute the usefulness of banks, if everyone wanted to withdraw their money at once, there is no way they could facilitate this. On top of this if you want to send a large amount of money abroad you will have to pay some hefty fees and jump through several hoops. Bitcoin solves both of these issues.
- Easier to store than physical investments: As we previously mentioned, Bitcoin is far easier to store than physical investments like gold, platinum, and silver.
- Its value lies in technology, rather than a company’s performance: When investing in the stock market, your money is tied to the performance of whichever company you choose to invest in. With Bitcoin, its value is tied to the technology behind it.
The Disadvantages of Investing in Bitcoin
Just like any investment, there are risks involved. Cryptocurrency is an especially volatile market so be careful to keep a close eye on your investment. Here are some aspects of Bitcoin that could be disadvantageous:
- Technological Advancements Could Make it Obsolete: With the ever-increasing amount of alt-coins, there are more and more alternatives trying to improve on Bitcoin.
- Highly Volatile: Just like the entire cryptocurrency market, Bitcoin is highly volatile and therefore may not be suited to everyone’s risk tolerance.
- Hard to Grasp the Concept: It can be hard to understand why Bitcoin has any value at all and learning about cryptocurrency may be confusing for those without a financial background.
How Much Does it Cost to Buy Bitcoin in Kuwait?
If you want to buy Bitcoin Kuwait, you won’t be charged more than anyone residing in a different country. As of October 19th 2021, the first Bitcoin Futures ETF was launched – setting a new milestone for the cryptocurrency industry. This catalyst towards mainstream acceptance now gathers global attention as Bitcoin Price begins to break towards and above $63,000 once more.
BTC price broke above $68,000 as of November 9th 2021 and still struggles towards the $70,000 mark as it fights the resistance level. Bitcoin’s current price is $66,788.
Purchasing Bitcoin – How to Pay for It
If you want to buy BTC Kuwait then you have plenty of options, most worldwide brokers operate in Kuwait. When picking which option is right for you it’s important to select a worldwide platform that accepts most local currencies, as with some exchanges you can be charged a lot of money for converting currency. Luckily, the majority of large, international exchanges operate in Kuwait and will allow you to buy BTC.
Buy Bitcoin Using PayPal
PayPal can be an excellent option when buying Bitcoin in Kuwait, it offers an additional level of protection by keeping all your information private. This keeps you safe in the event of an exchange getting exploited. On top of this, it can also be a lot cheaper to use an e-wallet like PayPal, rather than purchasing Bitcoin using a debit/credit card, as they normally incur steep charges. One platform that allows you to purchase Bitcoin with PayPal, and supports almost all local currency is eToro, a fully regulated international exchange that allows you to invest in a variety of financial instruments.
Buy Bitcoin using a Credit/Debit Card
Generally, using a credit or debit card tends to be the most convenient option when purchasing anything online or in-store, however, when it comes to crypto this isn’t necessarily true. Most exchanges will charge you fees of around 2.99-3.99% just to purchase crypto with a bank card, when making regular deposits this can add up very quickly – if you invested $1000 every month you could potentially lose almost $500 over a year.
How to create a Bitcoin Wallet in Kuwait
Choosing the right wallet to store your Bitcoin wallet is almost as important as choosing the right platform to buy Bitcoin. It’s important to make sure the wallet you choose is suited to your individual needs. Below, we’ve outlined the 3 types of Bitcoin wallets and who they’re for.
Online/Exchange Wallet (Hot Wallet)
Almost all exchanges will provide you with an online wallet to store your coins, they tend to be automatically created as soon as you deposit or purchase any crypto. An exchange wallet tends to offer the greatest level of convenience and is suited to active traders. You should keep in mind if the exchange gets hacked you are at risk of losing your funds, however, most exchanges have insurance for this reason.
To make an online Bitcoin all you have to do is:
- Type “eToro.com” into your browser, click “Join Now” and fill in some basic information. As eToro is a regulated exchange you’ll also have to verify your identity with a driving license/passport and also provide proof of address (bank statement/utility bill)
- After registering, you’ll have to purchase or deposit some Bitcoin, after doing this the wallet will automatically be created for you.
- When using an online wallet you should make sure to set up 2FA as it offers an additional layer of security.
Non-Custodial Wallet
A non-custodial wallet gives you access to your private keys, which can be very important for security-focused individuals. Having access to your private keys means if you lose access to your device you can still recover your coins. This offers a blend of security and convenience, perfect for those managing crypto on the move.
It’s simple to set up a non-custodial wallet, all you have to do is:
- Download the app or software you’ve picked and follow the on-screen instructions to set up the wallet.
- When using a non-custodial wallet it’s crucial to create a strong password, as this is the main area hackers exploit.
- Make sure to write down your recovery phrase and your private keys. You will use these to recover your Bitcoin if you lose your password.
- Your wallet is now set up! Just deposit some Bitcoin or use the built-in exchange.
Hardware Wallet
If you’re a security-centric person, there is nothing better than a hardware wallet. Unlike the wallets we previously mentioned, a hardware wallet is a physical device. You will have access to your private keys and more importantly, your assets will be kept secure offline. This means that you’re safe from any online attacks and even if someone stole the device they would need your pin to gain access.
To set up a hardware wallet you’ll have to follow these steps:
- First, choose which hardware wallet you want, navigate to their website and purchase it. The two largest names are Ledger and Trezor.
- Install the required software, you will use this to manage your funds.
- Set up your pin and make a note of any important information, like your recovery phrase.
- That’s it! Your wallet should now be set up, you’ll just need to transfer some Bitcoin into it.
Conclusion
After reading this guide, you should have all the knowledge required to purchase Bitcoin Kuwait. It’s important to select the correct platform for your individual needs and one that supports your local currency. For this, we recommend eToro, which combines security, convenience, and features in one easy-to-use package. If you plan on storing large sums, it’s worth investing in a hardware wallet for long-term storage and keeping some Bitcoin on an exchange so you’re free to trade without any hassle.
Best Platform to Buy Bitcoin Kuwait – eToro
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FAQs
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