How to Buy Bitcoin in Tunisia Easily

Knowing how to buy bitcoin in Tunisia is easy. Properly setting up the account normally takes less than ten minutes.

The first step is to sign up for a platform, app, or exchange and complete the Know Your Customer (KYC) process. 

The exchange you choose will be compatible with most desktop and mobile platforms, and you can withdraw funds to your own personal hardware wallet. 

There are also various solutions for buying and selling without authentication on P2P exchanges, albeit they are significantly less user-friendly and are best suited to more advanced users.

In this article, we will examine how to buy bitcoin in Tunisia and all you need to know to make it straightforward. Let’s get right in.

Also read – Naira’s Unending Fall: Nigerian Authorities Ban Access to Crypto Exchanges

Is bitcoin legal In Tunisia

If you are wondering how to buy Bitcoin in Tunisia but don’t know if it is legal, it is important to know that the legality of Bitcoin in Tunisia is unclear.

As of today, there are no specific laws outright banning cryptocurrency ownership. However, Tunisia hasn’t officially recognized Bitcoin as legal tender either, creating a gray area.

Some sources list Tunisia as having banned Bitcoin completely, which appears outdated. There have even been reports of the Tunisian Finance Minister suggesting decriminalization.

While buying and selling Bitcoin on platforms like Bitmama occurs, it’s important to proceed cautiously.

The lack of clear regulations means potential risks. Until Tunisia establishes a legal framework, Bitcoin’s future in the country remains uncertain.

What are the Requirements to buy cryptocurrency in Tunisia?

Before making a purchase, you’ll need to prepare a few things: 

• You will need your passport, national identity card, or driver’s license to complete the KYC process. 
• A private and secure internet connection, public WiFi, is not suggested because it can cause security issues. 
• A mobile phone is used to verify your identity with two-factor authentication (2FA). 
• A bank account or credit card that may be used to deposit fiat currency and purchase cryptocurrency. 
• A cryptocurrency wallet for storing your assets. Almost every exchange will have built-in wallets, but it is critical to withdraw your cryptocurrency to your cold wallet for maximum security.

Also read – What is a Cryptocurrency Loan Service Implemented on a Blockchain?

What are the Steps to Buy Cryptocurrency in Tunisia?

1. Open an account with an exchange. 

Tunisia offers four trustworthy exchanges where you can sign up to buy bitcoin. The most popular are Binance and Kraken, which have a combined 180 million active users. 

Both exchanges are beginner-friendly, with several deposit options and a wide range of cryptocurrencies.

Fees, security, payment methods, and other features will differ amongst exchanges, so use the “info” button of the exchanges listed above to determine which one is best for you. 

The platform you choose will be determined by your preferences and the coins and payment methods it supports. It’s also worth noting that you can always sign up for more trades later.

2. Complete the KYC verification process

After signing up for an exchange, you must verify your name and address as part of the Know Your Customer (KYC) process.

Almost all Tunisian exchanges must comply with this legislative requirement.

To accomplish this step, you’ll need to have your photo ID on hand to photograph both the front and back of the document.

Usually, your verification will be granted promptly or within 1-2 days.

3. Make a Fiat deposit

Connect a bank account or credit card to the exchange to buy bitcoin in Tunisia and other cryptocurrencies.

Binance and Kraken accept a variety of payment options, including credit and debit cards, bank transfers (SEPA), and SWIFT. 

Depending on the payment method, the funds may take a few minutes to several days to arrive at the exchange. 

4. Buy cryptocurrencies

Deposit fiat for Bitcoin. After your account is funded, you can purchase your first Bitcoin.

Understanding that you don’t have to acquire an entire bitcoin is crucial.

Most exchanges allow you to buy Bitcoin or other cryptocurrencies for as little as a few dollars.

5. Send Bitcoin to a personal wallet

Once you’ve purchased Bitcoin or your preferred cryptocurrency, you should withdraw it to your private, personal wallet. 

Leaving your coins on an exchange offers a security risk because many exchanges are targeted by hackers looking to steal user assets.

Storing your funds on a dedicated hardware wallet reduces that danger.

Also read – Crypto Giant Kucoin Suspends P2P Naira Trading on Their Platform

What is the minimum and maximum amount to buy bitcoin in Tunisia?

Unfortunately, there isn’t a one-size-fits-all answer for minimum and maximum Bitcoin purchase amounts in Tunisia. It depends on the platform you choose:

• Cryptocurrency Exchanges: These often have minimum purchase amounts. They might be a fraction of a Bitcoin (like 0.001 BTC) or a set amount in Tunisian Dinars (TND) that translates to a small amount of Bitcoin. Maximums can be quite high, depending on your verification level and exchange policies.
• Peer-to-Peer (P2P) Marketplaces: Here, minimums and maximums are set by individual sellers. You might find sellers willing to trade very small amounts (as low as a few TND worth of Bitcoin) or much larger amounts (depending on their holdings).

Here’s what you can do to find specific limits:

• Check Platform Information: Most exchanges and P2P marketplaces display minimum and maximum trade amounts on their websites or apps.
• Browse Seller Offers: On P2P platforms, you can browse seller offers to see their minimum and maximum trade amounts.

Remember, even if a platform allows very small purchases, it might not be practical due to transaction fees. It’s always best to check the fees involved before making a trade.

Is buying bitcoin in Tunisia a safe investment?

Learning how to Buy Bitcoin in Tunisia carries inherent risks, making it a speculative investment. Here’s why:

• Volatility: Bitcoin’s price fluctuates significantly. What you buy today could be worth much more or much less tomorrow. This volatility makes it unpredictable and potentially risky for your investment.
• Regulation: Bitcoin’s legal status in Tunisia is unclear. Without clear regulations, future restrictions could impact its value or even accessibility.
• Security Risks: Cryptocurrencies are susceptible to hacks and scams. You could lose your investment entirely if you don’t properly secure your Bitcoin in a safe wallet.

While Bitcoin has the potential for high returns, it also carries significant risk. Carefully consider your risk tolerance and only invest what you can afford to lose.

Diversification, meaning investing in various assets, is crucial to mitigate risk.

If you’re new to cryptocurrency, it’s wise to thoroughly research Bitcoin and the wider cryptocurrency market before making any investment decisions.

Also read – Here are the Top 6 Crypto Exchanges Nigerians Can Use for Buying/Selling Bitcoin in 2024

Easiest and cheapest ways to buy crypto in Tunisia

For the easiest and cheapest ways to buy cryptohttps://siliconafrica.org/what-is-a-cryptocurrency-loan-service-implemented-on-a-blockchain/ in Tunisia, consider these two options:

1. LocalBitcoins (P2P Marketplace):

• Ease: LocalBitcoins is a user-friendly platform focusing on security and reputation. You can browse offers from sellers in Tunisia and choose one based on their price, payment method, and reputation.
• Cost: Here’s the potential for a cheap purchase. Sellers set their own prices so you can compare and find deals. You can also pay using cash deposit methods, which might be cheaper than bank transfers or credit cards (which may incur fees).

Downsides:

• Liquidity: Finding a seller with your desired amount and payment method might take longer than exchanges.
• Counterparty Risk: While LocalBitcoins has security measures, it’s still a P2P platform. Choose sellers with high ratings and reviews to minimize risk.

2. Bitmama (Tunisian Exchange):

• Ease: Bitmama is a Tunisian-based exchange, so the interface and customer support might be more convenient for local users. The platform is known for its user-friendly design.
• Cost: Bitmama’s transaction fees might be lower than those of international exchanges, especially if you purchase Tunisian Dinars (TND).

Downsides:

• Limited Options: Unlike large international exchanges, Bitmama might offer a smaller selection of cryptocurrencies.
• Verification: Bitmama’s verification processes might be more stringent than LocalBitcoins’, so setting up your account could take longer.

Choosing Between Them:

• If you prioritize finding the cheapest option and are comfortable with P2P transactions, prioritize LocalBitcoins.
• If you prefer a more streamlined experience, user-friendly interface, and potentially faster account setup, opt for Bitmama.

Ultimately, the best choice depends on your individual needs and priorities. When making your decision, consider both ease of use and potential costs.

Remember, comparing fees and seller offers is always a good practice before finalizing any crypto purchase.

Best Bitcoin Wallets in Tunisia

While there aren’t regulations specifically targeting Bitcoin wallets in Tunisia, here are some generally well-regarded options to consider for storing your Bitcoin:

Popular Options:

• Hardware Wallets offer the most secure storage solution, keeping your Bitcoin offline and protected from online attacks. Popular options include Ledger Nano S and Trezor Model One. Downsides: They require a purchase upfront and might involve a bit more technical knowledge to set up.
• Software Wallets: Convenient and user-friendly, these wallets can be downloaded as apps or accessed through web interfaces. Examples include Exodus and Electrum.  Downsides: Less secure than hardware wallets since they are connected to the internet.

Also read – Top 7 Bitcoin Wallet Apps for iPhone in Ghana

Additional Considerations in Tunisia

• Mobile Wallets: If you prioritize ease of access and plan on making frequent transactions, mobile wallets like BRD or Samourai Wallet could be suitable.  Downside: Security is generally lower than hardware or desktop wallets.
• Exchange Wallets: Some cryptocurrency exchanges allow storing your Bitcoin within their platform. This might be convenient, but be aware that you don’t have direct control over your private keys (which are crucial for accessing your Bitcoin).

Choosing the Right Wallet:

The best Bitcoin wallet for you depends on your needs and priorities. Consider these factors:

• Security: If security is your top concern, prioritize hardware wallets.
• Convenience: Mobile wallets might be suitable for ease of use and frequent transactions.
• Control: If you prefer complete control over your Bitcoin, avoid exchange wallets and choose a software or hardware wallet.
• Regulation: Remember, the lack of clear regulations surrounding Bitcoin in Tunisia means there are no guarantees about the future of cryptocurrency wallets.
• Self-Custody: When choosing any wallet, you are responsible for its security. Understand best practices for keeping Bitcoin safe, such as using strong passwords and enabling two-factor authentication.

It’s wise to do your research on these wallets and any others you consider before making a decision.

FAQs

Conclusion 

The world of Bitcoin in Tunisia offers exciting possibilities but also uncertainties.

This article has equipped you with the knowledge to navigate this landscape. You’ve learned about the reputable platforms for buying Bitcoin and how to buy bitcoin in Tunisia.

Remember, cryptocurrency is a complex and ever-evolving market.

Approach it with caution, conduct your research, and invest responsibly.

Following these steps, you can embark on your Bitcoin journey in Tunisia with a clear understanding of the potential rewards and risks involved.

Interact with us via our social media platforms:

Facebook: Silicon Africa.
Instagram: Siliconafricatech.
Twitter: @siliconafrite.

References

• Buy bitcoin in Tunisia in an easy and secure way

• How to buy Bitcoin (BTC) in Tunisia

Recommendations

• Here are the Top 6 Crypto Exchanges Nigerians Can Use for Buying/Selling Bitcoin in 2024
• Crypto Giant Kucoin Suspends P2P Naira Trading on Their Platform
• What is a Cryptocurrency Loan Service Implemented on a Blockchain?
• Naira’s Unending Fall: Nigerian Authorities Ban Access to Crypto Exchanges