Does Coinbase Work In Sri Lanka

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Buying bitcoin and cryptocurrencies in Sri Lanka

Buying bitcoin and other cryptocurrencies in Sri Lanka is a unproblematic process and usually takes less than 10 minutes to go fully setup.

The first stride is to annals with a platform, app or exchange and consummate a Know Your Client (KYC) process.

Bitcoin hardware wallets

The substitution you choose will be interoperable with nigh devices, desktop and mobile, and will permit y’all to withdraw to your own personal hardware wallet.

here are too several options bachelor for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more than advanced users.

Requirements to buy cryptocurrency in Sri Lanka

Before purchasing, there are a couple of of import things you’ll demand to prepare:

  • A passport, national identity card, or driver’s to consummate the KYC process.
  • A individual and secure internet connectedness, public WiFi is not recommended as it may pose security bug.
  • A mobile phone to verify your identity using two-factor authentication (2FA).
  • A bank business relationship or credit card you tin use to make fiat currency deposits to buy cryptocurrencies.
  • A crypto wallet to store your assets. Almost all exchanges will offer congenital-in wallets, but it is of import to withdraw your crypto to your own personal common cold wallet for optimal security.

Steps to Buy Cryptocurrency in Sri Lanka

1. Create an account with an exchange

Sri Lanka has 5 trusted exchanges available for yous to sign up for, with the almost popular being Binance and Kraken, which account for a combined 96,000,000 active users.


Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.

Exchanges will differ by fees, security, payment methods, and other features, so explore the “info” tab on the exchanges listed above to find which i is the right fit for you.

The platform you cease up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.

Besides it’s important to note that you can ever sign up to other exchanges later.

two. Complete the KYC verification process

Subsequently signing upwardly to an exchange you will need to verify your identity and accost, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for virtually all exchanges in Sri Lanka.

To consummate this stride you will need your photo ID readily available to take pictures of both the front end and back sides of the document.

In most cases your verification will be approved instantly and at nigh tin take ane-2 days.

3. Make a fiat eolith

To begin buying bitcoin and other cryptocurrencies you volition need to link a bank account or credit card to the substitution.

Some of the payment methods provided by Binance and Kraken are: Credit Carte du jour, Debit Bill of fare, Bank Transfer (SEPA), SWIFT.

Depending on the payment method, it could accept anywhere from a couple of minutes to days for the funds to arrive at the commutation.

4. Buy cryptocurrency

Deposit fiat for bitcoin

Once your business relationship has been funded, you are set up to buy your first bitcoin. It’southward of import to note that you do not demand to buy a total bitcoin.

Most exchanges will permit you buy as little every bit a few dollars worth of bitcoin, or any other cryptocurrency.

5. Send your bitcoin to a personal wallet

Bitcoin hardware wallets

Once you’ve purchased bitcoin or your cryptocurrency of choice it’s important to withdraw it to your ain secure personal wallet.

Leaving your coins on an commutation poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your ain coins on your personal hardware wallet mitigates that chance.

Often Asked Questions

There are 5 trusted exchanges operating in Sri Lanka with the most popular being Binance , Kraken , and CEX.io.

You can review each of these exchanges and notice best exchange that works for you. Bitrawr ranks exchanges in Sri Lanka based on fees, users, and security while giving placement preference to exchanges located in Sri Lanka or specifically catering to users in Sri Lanka.

Most of the exchanges operating in Sri Lanka have debit/credit card payment options available. Call back that this requires completing KYC.

No! For consummate custody of your Bitcoin or other cryptocurrencies it is recommended to shop them in a hardware wallet as it keeps private keys rubber and entirely offline.

Bitcoin ATMs are an fantabulous way to buy bitcoin using greenbacks and offer niggling to no requirements for KYC. ATMs are normally located inside of convenience stores, shops, restaurants, malls or airports. Find i near y’all using our ATM map.

Yeah, pop Bitcoin futures exchanges like Bitmex, Deribit, and FTX enable users to long or brusk BTC with upward to 100x leverage.

Source: https://www.bitrawr.com/sri-lanka

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