How to buy bitcoin in China in 3 easy steps

Welcome to BitcoinBestBuy – our simple and quick guide to buying bitcoins online with a credit card, finding the best and most reputable bitcoin exchanges; and securely storing your altcoins. OKCoin is another Chinese exchange that allows bitcoin purchase with the help of bank transfers expressed in USD only. The trade itself also does not support RMB fiat currency even though the exchange is the largest player in the Chinese market. Verification is necessary according to the privacy policies of the firm while fees range between 0.1% and 0.2% depending on the monthly volume.

  • It supports more than 350 crypto assets, maintains low 0.1% fees, and provides diverse trading options (e.g., Spot, Options, Derivatives & Futures).
  • OKCoin is another Chinese exchange that allows bitcoin purchase with the help of bank transfers expressed in USD only.
  • You should also compare prices across different sellers to ensure you are getting the best deal.

You can get bitcoins both on domestic exchanges and international platforms in China… Many BTC payments are available to Chinese traders for use at the most popular exchanges… Founder Jesse Powell started the exchange after helping with MTGOX’s 2011 crisis/hack. It was during this experience that Jesse realized the importance of security for a bitcoin exchange. Determined to do better, Jesse started what would become Kraken later that year. As a testiment to the focus on security, Kraken has never been hacked and remains of the of top Bitcoin exchanges in the world.

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Unfortunately, the massive amount of government limitations have led the ecosystem to a halt. Furthermore, holding banks and payment processors unable to facilitate any Bitcoin-related transactions. As such it is very difficult to use or do anything with Bitcoin within China, other than trade or hodl it as an investment tool. These measures also incorporate provisions relating to Anti-Money Laundering and Counter-Terrorist Financing, consistent with global standards and practices. Nevertheless, Chinese investors are finding ways to continue their crypto activities through global platforms using Virtual Private Networks (VPNs).

  • Since then, the trading of cryptocurrency has come to a halt online.
  • Paybis is a crypto exchange that covers over 180 countries globally.
  • Two popular P2P cryptocurrency platforms available for use in China are LocalBitcoins and Paxful.
  • It is important to understand Chinese crypto regulations before attempting to buy Bitcoin in China.
  • As a result, using bitcoin to get money out of China is no longer easy.

However, China has extensive controls in place to monitor and block internet usage. According to Freedom House, the country has the most restricted internet system in the world. It’s well known that people can make roinvesting forex broker review some serious money by trading bitcoins, and the bitcoin price has been rising sharply in the last few months. Although unavailable in China, both platforms are global exchanges with beginner-friendly interfaces.

Hot Wallets

No one knows if a Chinese Bitcoin exchange will reopen in the near future. After the money is in your Coinbase account, you can either sell it or hold it as an investment by transferring the coin into your Bitcoin vault. It’s too easy for someone to ask for a chargeback and scam you out of the money while keeping your Bitcoin. 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. Unfortunately, scammers and bad actors have set up camp in the crypto space.

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In the aftermath of Xi’s remarks China cracked down on crypto, trying to regulate – if not ban – cryptocurrency exchanges, BTC transactions and all things crypto in the country. Some people suspected that the Chinese government might allow bitcoin exchanges to operate in China again in the near future. If that’s the case, it will make buying and selling bitcoins in China become much easier. Facing the problem of not being able to trade bitcoins at local bitcoin exchanges in China, many Chinese people have turned to other methods to buy and sell bitcoin.

Is Crypto Regulated in China?

Some well-known market players began to resort to business diversification. For example, the largest manufacturer of mining equipment, Bitmain, has begun exploring the development of artificial intelligence as an alternative source of revenue. Binance, the brainchild of Changpeng Zhao, was created by a Chinese team, although they have since formally relocated in Malta. Also, OKEx and Huobi are exchanges of Chinese origin, and they also have felt it necessary to “leave” China.

It is important to do your research and choose the method that best suits your needs. When it comes to selling and buying bitcoins in China, it’s more difficult to do so at this moment. That’s because the Chinese government decided to shut down local bitcoin exchanges such as OKCoin, Huobi etc. in 2017. As a result, people in China will no longer be able to buy and sell bitcoins with their RMB as easy as before. Two popular P2P cryptocurrency platforms available for use in China are LocalBitcoins and Paxful. When purchasing Bitcoin on these platforms, you can utilize various filters to refine the list of sellers and find the best fit for your requirements.

What to do after buying Bitcoin

Chinese search engines have also stripped out all records of Bitcoin exchanges. All of which makes it difficult to locate an overseas cryptocurrency exchange. The Chinese government has been clamping down on Bitcoin trading through the early weeks of 2018.

Buy Bitcoins in China Using P2P and OTC Bitcoin Exchanges

In a P2P marketplace, users can create listings to offer their cryptocurrencies for sale, specifying the price and payment methods they accept. On the other side, potential buyers can browse through these listings and choose the one that suits their preferences. When a trade is agreed upon, the platform facilitates the transaction by holding the seller’s cryptocurrency in escrow until the buyer confirms the payment. 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.

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