Lebanon’s banking crisis has posed significant challenges for the Lebanese to send and receive money. In this guide, we'll explore how Lebanese can buy USDC or USDT with fresh dollars with only a 1% fee, allowing them to convert their fresh dollars (USD) or Lebanese pound (LBP) to crypto and send their funds to any contact of their choice.
Why send money using crypto?
- Cheaper than any other payment method
- The time to transfer is instant
- You can convert cash to crypto in Lebanon and vice versa without having a bank account.
- You can buy or trade any other coin like Bitcoin, Ethereum, etc.
Which cryptocurrency does Sinbad support?
Sinbad supports the USD Coin (USDC). USDC can be exchanged for free to USDT on most crypto exchanges including Binance.
How much fees does it cost to buy USDC using Sinbad?
Sinbad currently takes a small exchange rate fee— 1%, making it the cheapest payment method to buy USDC or USDT in Lebanon.
Where can I buy USDC or USDT in Lebanon?
Users can conveniently convert their cash to USDC using Sinbad and instantly pick it up from over 12 partner locations in Lebanon. To convert the USDC to USDT, they can simply send it and convert it using any crypto exchange application that supports USDC on the polygon network.
Can I send USDC from Sinbad to Binance?
Yes you can send USDC from Sinbad to any crypto exchange application that supports USDC on the polygon network.
How to buy USDT or USDC in Lebanon?
Reputable cryptocurrency exchanges, such as Coinbase, Kraken, and Gemini, do not cater to Lebanese customers, hindering account verification, fund deposits, and crypto purchases even with international credit cards or foreign bank accounts.
Sinbad in Lebanon
Sinbad stands out as one of the few reputable mobile wallet apps that provide its services in Lebanon.
Users can deposit and withdraw cash to buy and hold USDC in Lebanon simply using the Sinbad self custody Wallet. Once the user receives the funds, they can exchange their crypto to cash and instantly pick it up, from more than 12 locations.
Setting up an account is a simple process. Users can register using their email or Lebanese phone number, provide basic information, and complete the verification procedure by uploading their Lebanese passport or ID card. Once the account is verified (which usually takes a few minutes), users can proceed with their first USDC purchase. It's important to note that purchases can only be made using USD or LBP cash and credit cards are supported if you’re located outside of Lebanon.
If a stablecoin mobile payment app is not your preference, there are alternative options to explore. Let's delve into these alternatives further.
How much does it cost to buy USDC or USDT in Lebanon?
Sinbad, as a reputable cryptocurrency exchange, offers the cheapest way for buying USDC or USDT in Lebanon. The platform provides transparent and fair fees, making it one of the most cost-effective options available. Users can confidently convert their crypto assets to local currency with minimal overhead costs.
|Varies by volume
|Varies by volume
Tips to Avoid Crypto Scams
The cryptocurrency space is rife with scammers, and safeguarding against fraud is crucial. Here are five essential tips to protect yourself:
- Verify all transactions and individuals involved, avoiding payments to untrusted sources.
- Start with small amounts to minimize potential losses from scams.
- Refrain from allowing remote access to personal computers to unknown individuals.
- Consider investing in a hardware wallet to secure private keys from malware and hackers.
Despite the challenges faced by Lebanon's residents in acquiring crypto, the availability of Sinbad mobile wallets and other options offers hope for those seeking to participate in the potential long-term growth of crypto adoption in Lebanon. As the economic landscape evolves, exploring alternative financial avenues becomes increasingly vital.
Questions and answers
What is Sinbad?
Sinbad is a digital dollar mobile payment app built for Lebanon and the MENA region. Sinbad lets you hold USDC and pay friends for free. You can fund and withdraw with cash whenever you want.
Why do I need to verify my identity?
To comply with financial regulations, Sinbad requires all of our customers to verify their identity. Recipients must verify their identity by providing their legal name, date of birth, and home address to pick up their cash. Verifying your identity on Sinbad helps protect you from fraud and allows Sinbad to offer you all of our services and products.
What is USD Coin (USDC)?
USD Coin is a digital dollar pegged to the US dollar and managed by Circle. In order to maintain it's peg, USDC is fully backed 1:1 with USD assets held in treasury—this means every digital dollar of USDC can always be exchanged 1:1 for cash.
Why USDC and not USDT?
USDC is held to a higher transparency standard compared to USDT. USDC is considered by industry experts as more trustable because it is audited more frequently, with more transparency as well as having a better stability track record compared to USDT.
Is crypto safe and trusted?
Yes, using Sinbad's ensures the safety and trustworthiness of crypto transactions. It is still important to follow best practices for mobile applications such as using strong passwords and never sharing them.