Bitcoin wallets are just software or hardware, so the truth is that wallets can work in any country. We’ll outline some of the best options for each type of buyer and trader. It offers outstanding privacy features and is currently available at a discounted rate.
Research Chinese Bitcoin Exchanges
Another option for buying Bitcoin in China is to use a Bitcoin ATM. These machines allow users to purchase Bitcoin with cash or credit/debit cards. They are relatively easy to use and can be found in major cities throughout the country.
Top Cryptocurrency & Bitcoin Exchanges in China
Once you have registered, you can start buying and selling Bitcoin. The cryptocurrency exchange you use will depend on what your goals are. This exchange is highly rated in user reviews despite the high price of its transaction fee, which is 1 percent. One problem with opening a Coinhako https://forexbitcoin.info/ account is that the company only accepts accounts from addresses in Singapore and Malaysia. However, if you can get someone to provide you with a local address, you can stock up your account with cash from China. This exchange only deals in Bitcoin and not in other cryptocurrencies.
Choosing a Trusted Bitcoin Seller
Thus, it is important to keep an eye on exchanges that have already established themselves in the region. If you have been trading Bitcoin and other cryptocurrencies in China, it is more than likely that your regular agency has already shut down. In your global asset allocation search for a new exchange to trade through, you may have noticed that all of those cryptocurrency ads that you used to see all over the internet have suddenly disappeared. Chinese search engines have also stripped out all records of Bitcoin exchanges.
Out of Danger? Bitcoin Price Could Soon Enter Parabolic Phase, Analyst Says
- Although unavailable in China, both platforms are global exchanges with beginner-friendly interfaces.
- ShapeShift is a unique platform when it comes to exchange services.
- So while trading platforms and exchanges have been banned, it is legal for individual citizens to own Bitcoin and must be done on a peer-to-peer basis.
We take a comprehensive security approach to ensure your crypto investments and identity are safe. We provide quick crypto purchases to more than 2.6 million users every month. Double-check your unique crypto wallet address to make sure it is correct. However, it may be possible to send coins to crypto-only exchanges, such as Binance, for conversion into different types of crypto. In this guide, I’ll explore the best options for buying Bitcoin in China. I’ll also cover the legality and popularity of Bitcoin in China.
Buyitcoinsmart is the perfect place to learn everything you need to know about cryptocurrencies and find the most secure and trustworthy exchanges to purchase bitcoin. Our team of knowledgeable experts is here to help you navigate the crypto world with ease. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Securities offered through Robinhood Financial LLC, a member of FINRA and SIPC and a wholly-owned subsidiary of Robinhood Markets, Inc. Robinhood Crypto and Publisher are not a members of FINRA or SIPC and cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC insurance.
You’ll have to get through this step before starting the purchase. Click buy when you find a suitable offer and read the trader’s terms. This may include a screenshot of the funds in your wallet or a photo of the bank deposit slip. Users can liquidate these assets when they use OTC desks, P2P marketplaces, or travel to Hong Kong. This article explores potential options to buy Bitcoin in China, the payment options available, and much more. As a way of exchanging fiat for digital currencies and making bank deposits, I find their services suitable.
Another option available for Bitcoin holders in China is to trade it for altcoins on crypto-only exchanges. Buying Bitcoin in China is hindered by a regulatory ban imposed on cryptocurrency in September 2021. The country banned crypto exchanges, and banks were instructed to report crypto transactions. Up until the end of 2017, Chinese trading comprised the central engine of the global cryptocurrency market. It had the largest cryptocurrency exchanges with multi-million daily volumes.
They have also introduced regulations in the US that will make your Coinbase restricted if you do not verify your identity with a state ID of some kind. This is why I advise setting up an account before moving to China, so that you still have a valid ID to access your wallet addresses. You’ll notice that all of the prices on Local Bitcoins are much higher than that. To get some perspective, you must also look at the rates on the sellers’ page.
The available deposit methods are bank transfers and vouchers for CNY conversion. There are no fees in the platform, as a business makes a profit from the very narrow exchange rate, aimed to attract customers in large numbers. Mycelium Local Trader is a peer-to-peer (P2P) exchange that allows traders to connect with each other and buy/sell BTC in a single marketplace. The platform also offers one of the most popular wallet services that are compatible with other devices and stashing options. The platform exists only on Android mobile platform, web version not available for use at the moment. Moreover, you will read many answers to questions that concern the buying of BTCs in our quick guide.
Given the right tool (such as a bitcoin wallet), you can transfer bitcoins worldwide between two bitcoin accounts anonymously. China has always been an active player in the market of crypto assets. Despite some strict regulations that were put on cryptocurrency trading and Initial Coin Offerings (ICOs), China is still a world leader in terms of cryptocurrency mining. As of today, anyone who is interested in crypto purchases can buy Bitcoin in China in multiple ways, including full-featured cryptocurrency exchanges, instant exchanges, and so on.
It’s too easy for someone to ask for a chargeback and scam you out of the money while keeping your Bitcoin. Copper is used in everything from electrical wiring and plumbing to renewable energy systems and electric vehicles. Solomon has a wide background in crypto and blockchain technologies. After promoting several blockchain startups, Solomon started his tenure with Freewallet in 2018, firstly as a PR manager, before moving to his current position as head of the PR department.
The website of WEX isn’t as user-friendly as the others in our list of recommended Singapore cryptocurrency exchanges. You can open an account, deposit money, and trade without any identity verification. However, you need to undertake verification in order to withdraw fiat currency. If you open a Perfect Money account, you don’t need to undergo the verification process with WEX and you can trade anonymously from anywhere. Then people discovered bitcoins can be used to bypass this restriction. As many people know, bitcoin is a digital currency that doesn’t belong to any country.
An official bolstered the President’s sentiment, saying China has to gain an edge over other major countries. Kraken is one of the largest and oldest crypto exchanges in the world. We think investors should approach these assets like any other technological investment — with a long-term mindset and the expectation of ups and downs.
Let’s say you’re running low on the cash you need for food other utilities while in China. You can easily buy Bitcoins with a credit card (Check my list of reputable sellers below), transfer the Bitcoin to Local Bitcoins.com and then sell it for RMB to Chinese buyers. Converting BTC to RMB on Local Bitcoins.com is about as simple as buying it. You can also simply turn around and sell your bitcoin for the currency of your choice through any of the other payment methods included in the LocalBitcoins drop-down menu.