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Public trading data shows volume on the platforms rose relatively steadily through Crypto trading has been forbidden in the country under Islamic law since The ECB has yet to issue a crypto licensing framework or guidelines. Trading volumes on peer-to-peer platforms LocalBitcoins and Paxful dipped in the week following the incident, though it is unclear whether the arrest was the cause for the drop. Regulation In , Shawki Allam, the Grand Mufti the most senior religious authority of Egypt, declared the use of cryptocurrencies forbidden under Islamic Law, citing the volatility and anonymity that could facilitate tax evasion, money laundering, terrorist financing and other illegal activities.

The law was passed in the form of a fatwa. Egypt has a large unbanked population. In addition to laying out regulatory requirements for fintech, the new laws define cryptocurrencies as electronically stored currencies that are not denominated in any currency issued by the authorities and are circulated over the internet. The laws also define electronic money as a monetary value that is backed by an official currency issued by a licensed entity.

I think that's very positive. These migrant workers eventually need to transfer money to their loved ones back in their home countries. This situation inevitably leaves the migrants at the mercy of third-party institutions such as banks and money transfer operators that charge exorbitant fees. But blockchain technology and cryptocurrency now offer hope to radically transform the African remittances industry in favor of migrant workers and their families. On average, it costs about 9.

For regions predominantly constituting of mostly developing countries, one would expect that the remittance rates charged would be lower or at least fair, but the reverse is the case, according to the World Bank. But regional figures obscure the huge variations between countries. In Russia and Central Asian countries, money transfer fees account for only 1. See related article: How TransferWise is Shaking up Remittances The high cost of international money transfers has become a big issue as migrant workers and remittances play an increasingly important part of national economies.

In sub-Saharan Africa, there is now a high level of migration within the region. This increase in the number of economic migrants in Africa and other regions have helped fuel the rise in global remittance flows. Around the world, remittances to low and middle-income countries LMIC are increasing at a rapid pace. Remittances to those countries are now expected to be higher than foreign direct investment. It is, however, encouraging to see that exorbitant transfer fees could be greatly reduced through blockchain technology and cryptocurrency.

This margin could get even better with the recent launch of the behemoth cryptocurrency exchange platform Binance in Africa, to incorporate more African fiat pairings to its platform. With a deposit fee of about 1. This upward trend seen could be explained by strong economic conditions in high-income economies where we see most of the Sub-Saharan African migrants earn their income.

The money getting sent back home by migrant workers also represents a considerable percentage of Sub-Saharan African economies. In Comoros, the Gambia and Lesotho, remittances make up about Where do remittances go? The funds sent back home are sometimes crucial for the survival of families in Africa, where the economy is often unstable. But traditionally, too much of that money is being taken by financial companies through transfer fees.

According to the World Bank, banks are the most expensive agents for sending money to sub-Saharan Africa, charging a whopping This is closely followed by 7. This indicates that there is still a long way to go, as it is by far too costly. Cryptocurrencies as a less costly alternative Recently, some people in sub-Saharan Africa have started putting their hopes on the use of cryptocurrencies to escape the many constraints faced when using regular remittance services, which include not just cost but also speed and convenience.

A good number of crypto-fiat platforms have recently sprung up to rival the traditional remittance firms. Here are three of the largest, most established and most popular for the region. Money sent back by Africans working abroad supports their families and loved ones at home. The company has since then enlarged the scope of its operations to seven other African countries: the Democratic Republic of the Congo, Ghana, Morocco, Nigeria, Senegal, Tanzania and Uganda.

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It's crucial to know whether stocks, currency, mutual funds, and other goods are offered at a particular Localbitcoins option. Is Localbitcoins the best platform? There are brokers that have better financial regulation that Localbitcoins. Look for a Localbitcoins alternative is also regulated by top tier financial regulators like the United Kingdoms Financial Conduct Authority.

Is Localbitcoins a good trading platform? Is There something better than Localbitcoins? Localbitcoins has a rating of 3 and is regulated by Unregulated. Localbitcoins is regulated by Unregulated and has a rating of 3. Localbitcoins alternatives What You Should Look For In A Localbitcoins Alternative There are a number of universal rules that any aspiring trader should adhere to when choosing a Localbitcoins alternative.

The relevance of features offered by Localbitcoins alternative will vary in importance to different traders depending on their goals when investing. These factors and rules include, but are not limited to, whether or not the alternative to Localbitcoins is regulated or not, if it could go bust. You need to check your Localbitcoins alternative will help you avoid slippage, check the extent of customer service that your Localbitcoins alternative offers, how many Forex pairs it has available to its traders, the type of Forex leverage and margin requirements that are on offer with your Localbitcoins alternative, if there are any spreads or commissions, the minimum deposit needed, and its education and research tools from your shortlist of Localbitcoins alternatives.

Check Your Localbitcoins Alternative is Regulated Regulation is crucial when choosing a Localbitcoins alternative as your broker. You will need to make sure that they are a respected platform and are financially secure. This includes checking their registration with the country's regulatory body and ensuring that they are allowed to operate in that country. It should also include checking your own local regional regulations to make sure they are permitted. Safe licenses are those that originated from developed countries, such as the FCA in the United Kingdom.

Safe, regulated broker alternatives to Localbitcoins will offer you a secure and stable trading platforms. This can be either an in-house broker-specific platform, or a third-party platform as an alternative to Localbitcoins. Check How Many People Use Your Localbitcoins Alternative Acquisition and retention of customers can be some of the top priorities for Localbitcoins alternatives, as a good customer base allows companies to hone in on attracting new audiences. Before making a decision on an alternative to Localbitcoins, you will therefore want to see what others have said and are saying about the Localbitcoins alternative in order to assess its suitability and current user satisfaction rate.

One can achieve this by searching on Google, trading forums, or look at the Localbitcoins alternatives' social media pages to see what other clients and customers have written about them when it comes to reviews, testimonials and ratings. Check Your Localbitcoins Alternatives Fees Trading costs and fees are an important factor to consider when deciding on a Localbitcoins alternative, but not sacrifice the security and safety of your Localbitcoins alternative in order to save money on such fees or commissions.

A number of unregulated brokers can try to attract customers by offering very low trading costs, but recovering your funds from this type of scam broker can be a real headache. Trading fees through the Localbitcoins alternative can arise in the form of commissions, spreads, and fees. Spreads are the difference between buying and selling prices of a particular financial instrument. The majority of brokers offer very competitive spreads, some can even be as low as 1 pip with a few of the major pairs.

Having said this, spreads are able to widen, thus increasing your trading costs. This is particularly relevant when high-impact market reports are released or unexpected news hits the markets. Commissions can more often then not be paid to your Localbitcoins alternative based on the volume of trades completed. Luckily, many brokers no longer charge commission, apart from special cases such as zero-spread accounts.

Fees are the other costs that one may incur from a Localbitcoins alternative upon completing a trading experience. A common fee is the withdrawal fee, which is charged to your account after submitting a withdrawal request. Localbitcoins Alternatives Share Dealing Fees Share dealing fees include the likes of ETFs and investment trusts are are charged made for each buy or sell transaction that one places with a broker.

This can include the contributions made through a regular savings plan and dividend reinvestments too, and are be deducted from the amount one has invested made via a sale. Localbitcoins Alternatives Trading Commissions Check your Localbitcoins alternative offers low or zero commission trading on stocks and other financial instruments. Trading commission is a charge that is levied by a broker for conducting trades on a trader's behalf.

Commission can vary between brokers, particularly depending on the asset being traded and the form of service that is being offered. The new trend is for zero commission trading when using a mobile trading app. Zero commission has now been a feature of the exchange market for a number of years. You will potentially want a broker that provides a good commission based on your followers if you are a signal trader which are known as copiers , as well as a variety and range of assets for you to trade with.

It is also useful to benefit from good platform infrastructure which can help you organise and manage your accounts and followers. If you are a copy trader, you will want to prioritise low commission or a low minimum investment requirement when copying a position. Localbitcoins Alternatives Spreads A spread trade is the simultaneous purchase of one security and sale of a related security as a single unit. Spread trades are typically executed in conjunction with options or futures contracts.

You will typically want to use a Localbitcoins alternative that has the lowest spreads possible, but do keep in mind that the broker you use has to make money in some form or another, so if the spread offer is too tight or even non-existent, the broker must be making money from you in a different, less visible way. In any case, spreads should be low for high volume traded markets on the Localbitcoins alternative you use. Localbitcoins Alternatives Overnight Fees The term overnight fee refers to the interest one pays on their trading leverage.

When one uses a leveraged investment vehicle, such as a leveraged Forex position or a CFD, they have to borrow money from a broker in order to increase the value of their investment and as a result open larger positions. When choosing a Localbitcoins alternative, you will want a platform that charges low overnight fees. Overnight fees are common and are charged by most online brokers.

Localbitcoins Alternatives Inactivity Fees The majority of online brokers will have 'hidden fees' that are not obvious; this can include inactivity fees which are fees charged on accounts that have been dormant for a long period of time, with no trades being made across 3 months, 6 months, 12 months, or longer. Choose a Localbitcoins alternative that has the longest inactivity fees possible, or make sure that you remain active on your platform with your trades.

Check Your Localbitcoins alternatives Customer Support Options It is important that your Localbitcoins alternative provides good customer support, so find out where you can contact the broker in case you need help due. They should be contactable through phone, e-mail, online live chat, or even WhatsApp or Skype.

You can test to see if your Localbitcoins alternative offers good customer service by giving their representative a call: make sure they sound knowledgeable and confident when telling you about their services. How do your Localbitcoins alternative respond to your questions? Do they seem friendly and approachable? How quickly can they solve your query? Contacting the Localbitcoins alternative support team will also help you confirm their quality, reliability, efficiency, and credibility.

Check your Localbitcoins Alternative Offers Deposit And Withdrawal Methods You Want Each Localbitcoins alternative has their own measures and policies in place with regards to clients depositing into trading accounts or withdrawing back into their bank.

It is important that you research the Localbitcoins alternative to make sure that they have the type of deposit and withdrawal method that you will want to use, as this will make your trading journey much easier and less stressful. This means you need to check out the Localbitcoins alternative conditions and fees associated with depositing or withdrawing, as well as the methods they allow.

Be sure to research how much time it may take to process on both ends, as a reputable regulated broker should never take more than three working days to send you your money or let you deposit it. If it is longer than this, then stay well clear of that Localbitcoins alternative. Check Your Localbitcoins Alternatives Offer A Mobile Trading App Before you sign up with your Localbitcoins alternative, you will want to check the availability of a mobile trading app and its usability.

If you want to be able to trade on the go, then an easy-to-use mobile app may be useful for your Localbitcoins alternative to offer. Localbitcoins Alternative Education Resources A reliable Localbitcoins alternative broker will want you to be a successful trader. This means that they should be offering you a range of free educative resources and training tools, including training guides, glossaries, trading videos, podcasts, forums, support staff, step-by-step trading tutorials, opinion-based resources, trading calculators, tools and calendars, written articles, and live trading events and webinars.

Education resources offered by a Localbitcoins alternative can also help you save time if available through the broker; It should be easy to ask follow-up questions to the broker based on your own historical trades. The withdrawal fee stands at 0. However, this fee can vary for non-custodial wallets. HodlHodl HodlHodl is a P2P trading platform that was established in by two Fintech and software development experts.

The most unique feature of HodlHodl is that it provides escrow through multisig addresses, which means there is no manual escrow service. All you need is a valid email address to sign up on the platform. HodlHodl probably has the largest variety of methods compared to other P2P platforms in terms of payment.

Although, the sellers are the ones who decide whether or not they will accept a specific payment option. Visit HodlHodl Now When it comes to fees, trading fees vary between 0. Those who signed up through a referral code are provided with a 0. This fee is split between buyers and sellers, and in situations where the two have different rates, the lower one will be applied.

The minimum BTC that you can buy or sell is 0. Considering the various payment options and pretty low fees, HodlHodl is a decent replacement for those looking to change LocalBitcoins. BisQ BisQ is an open-source P2P platform that was established in , making it one of the pioneers in the peer-to-peer platform community.

The platform provides users with the chance of buying and selling cryptocurrencies in exchange for their national currencies. Since it was launched, BisQ has immensely evolved, but it has always focused on offering fiat to BTC and BTC to fiat transactions in a decentralized manner. Users are allowed to directly trade with one another without having to involve a third party. For this platform, fees work a bit differently.

Also, there is a mining fee that stands at 0. To make the platform safe from scheming traders, there is a security deposit that stands at 0. Withdrawal fees are a third of the mining fee, which means they stand at 0. This withdrawal fee is lower than the industry average, which stands at 0. If you are looking for an alternative platform with competitive fees for LocalBitcoin , BisQ might be the right choice.

Bitquick Those users who prefer dealing in cash and want to avoid disclosing any private details about their identity may find BItQuick the ideal alternative for LocalBitcoins. This means that users can only buy or sell BTC through cash , cheques, or wire transfers.

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