24 February 2024
Since Cryptocurrencies are banned by Chinese regulators as of September 2021, purchasing Bitcoin in China might be difficult. It is now illegal in China to mine Cryptocurrency or engage in Cryptocurrency trading. The government has outlawed Cryptocurrency trading platforms and instructed banks to record any Cryptocurrency transactions they process. Buying Bitcoin in China? This blog breaks out your many choices, including exchanges, payment methods, as well as more.
Also Read: 5 Best Cryptocurrencies To Invest In The USA
Bitcoin's past in China is filled with ups and downs. As a nation, China was an early and vocal supporter of Bitcoin and other Cryptocurrencies. A Chinese nonprofit organization started taking Bitcoin in 2013. Bitcoin as well as other Cryptocurrencies quickly gained acceptance at a growing number of retailers. Chinese search engine company "Baidu," briefly accepted Bitcoin as payment for website security services. Specifically, the Chinese yuan was the most common currency in which Bitcoin was exchanged for value in 2014.
Also Read: Top 5 Crypto Tools In India Of 2022
Despite Bitcoin's legal ban in China, the following steps can be taken to purchase the Cryptocurrency:
- Visit the official Paxful website and create an account
- Find a suitable vendor
- Check the requirements
- Start the trade
- Execute the trade
Cryptocurrency Exchanges in China
Let's take a closer look at some of the major Cryptocurrency exchanges in China:
Users from almost each nation may purchase Bitcoin with Coinmama. On all purchases, they tack on a fee that ranges from 4.9% to 5.9% (depending on the total amount spent). Bitcoins may now be bought by European customers using a cheaper SEPA transfer. Some of its benefits are: Supports a wide variety of currencies, has the highest credit card purchase limits, and serves as a dependable as well as trustworthy broker. Only one real drawback is that their fees are among the highest of any Bitcoin broker that accepts credit or debit cards.
A lot of people trade Cryptocurrencies on Paybis. They're a more reliable, regulated exchange since they're registered with FinCEN and they service 180 nations and 48 US states. Paybis has practically flawless ratings on Trustpilot and provides very large limits in addition to instant payments. ID verification takes just 5 minutes. Paybis's many features, such as its round-the-clock availability, sky-high limits, 5-minute validation time, instant payments, and flexible payment options, make it an attractive option. The only real drawback for professional traders is the lack of a classic order book.
The Bitcoin Trading Platform (BTCP) is the world's first and biggest Bitcoin exchange, and the second largest in China. Money may be sent into your online currency exchange account from your bank. Among BTCC's many benefits are: Deposits made from a bank are completed within half an hour of verification, and BTCC offers excellent volatility as well as competitive pricing. The sole drawback is that it is not anonymous because of the need to verify one's identity before making a purchase, and the user interface might be complicated for first-time customers.
In China, OKCoin is the most widely used Bitcoin exchange. Users have the option of using bank transfers to fund their exchange accounts. A few of its benefits are as follows: WeChat connectivity, competitive rates, and support for both US dollars and Chinese yuan are just a few of OKCoin's many advantages. OKCoin's drawbacks consist of the fact that it is not anonymous because of the need for identity verification and the fact that the interface may be difficult to use for first-time customers.
The Huobi Bitcoin exchange ranks third among all Chinese Bitcoin markets. Exchange accounts may be funded in CNY by bank transfer, USD via OKPay i.e 1.5% cost or international wire transfer i.e., 1% fee, or EUR through giropay i.e.,1% fee. Huobi's strengths include high trading volumes, competitive rates, round-the-clock, multilingual customer service, as well as the ability to trade in both US dollars and Chinese yuan. Huobi Crypto exchange has certain drawbacks, including a potentially complicated interface for first-time purchasers and a lack of payment options outside bank transfer.
Where to Buy Bitcoin in China?
There are fewer places to buy Bitcoin in China compared to other large countries. We will look at the best peer-to-peer systems available and evaluate them to the best exchanges throughout the world. Paxful, Coinbase, LocalBitcoins, as well as Paybis are all places where you can get Bitcoin.
How to Store Coins?
If you're a short-term trader or an investment in Cryptocurrency for the long haul, safe storage of your coins is essential. Even while peer-to-peer networks as well as marketplaces may provide Cryptocurrency wallets, you should still store your Bitcoin in a separate, exterior wallet for maximum security. There are two main kinds of Bitcoin wallets, each of which is described in further detail here:
1. Hot Wallets
Online digital wallets are an option. Many can only be accessed on a computer, while others may be downloaded for use on a smartphone or tablet. Bitcoin Wallet and Exodus are two good instances of trustworthy wallets. Keep in mind that since hot wallets are available on the internet, they aren't completely safe. High-volume investors, listen up: cold storage is your friend.
2. Cold Wallets
Offline monetary storage "cold wallets" resemble standard USB drives. They won't be as cheap as other trendy wallets on the market. If you don't expose your private keys to hackers, they won't be able to compromise your cold wallet. Ledger and Trezor are two of the most popular offline Bitcoin wallets.
Since Cryptocurrency is illegal in China, buying Bitcoin might be a hassle for Chinese citizens. Traders on Huobi and OKEx, among others, are no longer available to buyers. Furthermore, Bitcoin may be acquired via Over-The-Counter (OTC) Cryptocurrency Desks and Peer-to-Peer Markets. Remember that this is still against the law and should not be done. Chinese traders may use exchanges like LocalBitcoins and Paxful. If you're looking to purchase Bitcoin in China, Paxful is where we suggest you go. The filter function on such sites allows consumers to narrow results to those that best suit their needs.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.