Immediately after custodial exchanges pulled out of China, there was a significant rise in users registering and using DEXs. Due to their decentralized nature, most of these platforms don't require KYC details; therefore, it becomes tough for the Chinese government to track users. Push the “Pay” button and enter the one-time bank code in the following window.
OTC platforms on OKEx, Huobi or Gate.io are among the most popular methods of crypto trading in the country. After all local bitcoin exchanges were shutdown in China, cryptocurrency trading activities declined dramatically in China. However, people have found some other ways to buy bitcoins in China.
But given that there’s not many better options left, this is still a good way to buy and sell bitcoins in China under the current situation. Some people in China choose to trade bitcoins offline (face-to-face). One can pay the other with RMB cash or send money to him/her using WeChat.
How to buy Bitcoin with WeChat Pay
However, as mentioned above, you might need to use VPN to visit their websites because all foreign crypto exchanges' websites are blocked in China now. In addition, you might need to have an international bank account for buying and selling bitcoin at an exchange that's not operating in China. Since opening such a foreign bitcoin exchange account is not an easy task for most people in China, the usage of foreign bitcoin exchanges in China is not as high as compared to other countries. You decide to buy from that guy and you send money to him using Alipay (or using WeChat, bank transfer, or even cash). Once your payment has been verified by the exchange, the seller’s bitcoins will be transferred to you.
If Chinese buyers want to do Cryptocurrency trading they are forced to go to outside companies or adopt person to person methods. No one knows if a Chinese Bitcoin exchange will reopen in the near future. After the money is confirmed in your account, all you have https://crypto-trading.info/if-you-bought-bitcoin-you-should-know-about-cold/ to do is hit “Release Bitcoins,” and the money in your LocalBitcoins wallet will be transferred to their account. Click “Sell” and you’ll find a similar menu to the buy one you’ve seen before. Enter the amount of money in Bitcoins and then click the green button.
All premium offers in one spot
By using WeChat Pay as a payment method on OKX P2P Trading, users can easily and securely buy Bitcoin with Chinese Yuan (CNY) and other popular fiat currencies. While buying bitcoin is essentially legal in China, it is not to be used as a currency. It is not recognized as legal tender, nor does it have the same safety features that protect people from fraud with the Chinese Yuan. 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. Specifically, the third-party video walks users through how to register with Palau, purchase the Palau ID and upload the ID to Binance's exchange.
First you find someone that is making offers in China, make an order. When you send them the funds to buy, they transfer the assets to your accounts. Like LBC, Paxful has suitable security with 2-factor authentication. After setting the authentication with an app, you’ll use a special code to get access. Storage of crypto is critical whether you are a long or short-term investor. Although P2P platforms and exchanges offer crypto wallets, we recommend moving your Bitcoin away to a secure external wallet.
Binance‘s fees are also extremely low, so if you’re looking for a secure, cost-effective way to buy and sell crypto in China, I can’t recommend Binance highly enough. It’s well known that people can make some serious money by trading bitcoins, and the bitcoin price has been rising sharply in the last few months. A guide to buying Bitcoin and cryptocurrency with a Standard Bank account in South Africa.
Earn Passive Revenue in China
You might have heard in the news, as of 2017, all of the largest private Bitcoin exchanges in China were banned by the Chinese government. The China BTC exchange list included places like OkCoin, Huobi, and BTC China. Not only are there limited ways to do China Bitcoin trades or cryptocurrency trading, mining operations were also closed. Some people trade bitcoin offline, meaning buying and selling face-to-face.
In early 2018, China blocked internet access to all major cryptocurrency exchanges that are operating outside of China. People in China had to rely on tools such as VPNs to visit the blocked exchanges. You can still buy and sell bitcoins in China at a foreign crypto exchange such as Binance, Kraken etc.
Choose a Seller
All Ledger wallets are certified by the French National Agency of Security and are among the safest and most cost-efficient wallets out there, and they support 1,200+ crypto assets, coins, and tokens. The Chinese crypto exchange with the lowest fees is generally Binance, depending on the specific crypto assets you're trading. Fiat deposits using debit cards are on the high side – you can end up paying up 3.99%, so it’s recommended, whenever possible, that you use a different deposit method. Okcoin is licensed in the US and registered with the Financial Crimes Enforcement Network (FinCEN).
P2P trading allows for direct transactions between buyers and sellers, eliminating the need for a central intermediary and providing a potentially more secure and efficient buying experience. They also have some of the lowest fees of any platform in China and are known for being a reputable, trustworthy exchange. The downside of using a P2P bitcoin exchange is that the trading process takes more time, and it’s definitely not as smooth and easy as with traditional bitcoin 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. 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. CNBC was provided the link to this app from an email address with a binance.com domain.
- In some cases, these instructions rely on virtual private networks, or VPNs, software that can disguise the user's location and send messages through the Chinese internet firewall.
- In 2019, President Xi Jinping declared Beijing’s support for blockchain technology which it values separately from digital currency.
- As soon as you’ve made the transfer and the seller accepts it, make sure you hit the button on the site to report that the seller has received payment.
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. 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. Despite the Great Chinese Firewall, which normally blocks access to such services, the Chinese actively use crypto exchanges thanks to Virtual Private Networks (VPNs).
Is It Possible To Buy Large Amounts of Bitcoin With WeChat Pay on OKX P2P Trading?
You can ensure the security of your WeChat Pay account by enabling two-factor authentication and regularly checking your transaction history. It is also important to avoid sharing your account information with anyone and to use a secure internet connection while making transactions. Buying bitcoin with Chinese Yuan (CNY) is going to continue to grow in China, https://bitcoin-mining.biz/how-to-add-element-to-c-array/ along with cryptocurrency, blockchain and other non-valuable crypto buzz words. Both support a wide variety of cryptocurrencies and regularly add more of the altcoins Chinese investors are looking for. New Bitstamp users receive a $20 bonus after funding their account, and you can immediately use it to buy any of the 53 cryptocurrencies available.
Although unavailable in China, both platforms are global exchanges with beginner-friendly interfaces. Customers in the UK, USA, and Europe enjoy services from both platforms. LocalBitcoins is another P2P marketplace that offers a noncustodial form of crypto purchases.
What Is Bitcoin, and Should I Invest in It?
Choosing the best cryptocurrency exchange in China isn’t easy, given all the options and the different features each offers. As an avid crypto investor myself, I diligently keep up with the movements of the top exchanges in China and have made my selections below based on years of research and personal experience. Bitcoin is a type of digital currency that can operate without a central authority. It was created all the way back in 2009 and since then, adopted in many countries around the world as one of the legitimate multiple payment options. Thousands of people also buy and sell within short periods of time for a profit. It’s important to keep in mind that buying and transferring Bitcoin from individual users is not illegal.
Maximilian Mai has been living in China (Chengdu, Sichuan) since 2016. He has been working full-time as a consultant in the field of blockchain and cryptocurrencies since 2018. He is currently co-founder and Chief Business Development Officer at BerlinDAO (). BerlinDAO is a Web3 marketing agency with a focus on the latest marketing trends and methods to achieve optimal results for customers. In addition, hours after Binance responded to CNBC, messages appeared on Twitter suggesting that some customers' Binance debit cards had been frozen.
Now that you're confident the seller is trustworthy, go back to the previous page and click the “Buy” button at the end of the row. If you want to check the price of 1 BTC to CNY, click here and change the drop down menu. Completing the CAPTCHA proves to us that you’re a human and gives you access to our platform.
- If you’re already registered on the site, you can hit “Quick Sell” at the top of the main page.
- China’s central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.
- For international businesses like Binance, KYC and anti-money-laundering efforts are critical in ensuring customers aren't engaged in illegal activity, like terrorism or fraud.
If you decided to buy bitcoins, you might be thinking of what you can do with them afterward. Apple Pay and Google Pay are the quickest ways to buy BTC with a credit or a debit https://cryptominer.services/how-and-where-to-buy-sell-cryptocurrencies-like-3/ card from your iOS or Android device. Investing in Bitcoin is highly risky and speculative, and this article is not a recommendation by Based Bachelor to invest in Bitcoin.