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Cryptocurrency Trading a Lifeline for Some in Northern Syria

Syrians in northern Syria are taking to trading in cryptocurrencies as a way of securing an income, amid difficult economic conditions reports Iqtissad.
Cryptocurrency Trading a Lifeline for Some in Northern Syria

From his makeshift camp in northern Syria, Taha Zeid has been working in cryptocurrency trading for a while, after learning how to trade on specialized platforms.

Zeid, 28, couldn’t take advantage of Bitcoin’s recent jumps because his trading is depending on other currencies, he told Iqtissad.

“My ‘capital’ is very modest and I can’t buy Bitcoin, which has a high value compared to other cryptocurrencies,” he said.

Taha uses his mobile phone to register with platforms and websites specialized in trading virtual currencies such as Ethereum, OX, Tether, and NEM, and keeps a close watch on their market movement in order to secure some profits.

Mohamed Halawa, 35, another displaced Syrian and a computer sciences graduate, has also followed training courses to enter the cryptocurrency market in the last rebel-held stronghold in Idleb region.

Halawa told Iqtissad that dealing in cryptocurrencies has become very easy “as we rely on well-known platforms to buy and sell through.”

Halawa adds that there is no specific capital requirement to enter the trading market but it is better to have at least 100 dollars to collect a good profits.

Halawa also explains that the process of buying and selling is not arbitrary but by following the methods of cryptocurrency analysis, and using classical and technical analysis of each currency,  indicators for up and down movement can be determined.


This article was edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.

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