P2P marketplaces provide the best avenue to purchase Bitcoin in China at the moment. Please take note to conduct inexpensive purchases to avoid regulatory scrutiny. Users can liquidate these assets when they use OTC desks, P2P marketplaces, or travel to Hong Kong. As a result, using bitcoin to get money out of China is no longer easy.
Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Based Bachelor makes no representations or warranties as to the accuracy or timeliness of the information contained herein. If you’re already registered on the site, you can hit “Quick Sell” at the top of the main page. After selecting China and RMB, you can take a look at the listings below until you find a rate and a payment system you agree to. Here I will explain how to transfer value from Bitcoin to WeChat, or Bitcoin to Alipay. Sometimes after receiving your coins, the wallet in the upper right won’t automatically update.
You can support a charitable project in any corner of the world regardless of whether they accept your national currency. Send personal transactions at any time, at any place, for no extra charges! Crypto is banned in China; therefore, no tax laws on profit exist. Cold wallets are small USB-like devices that operate offline. Hackers are unlikely to tamper with your cold wallet as long as you don’t share your private keys.
- Sometimes after receiving your coins, the wallet in the upper right won’t automatically update.
- Storage of crypto is critical whether you are a long or short-term investor.
- 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.
- Some traders even make this activity a full-time job – no wonder why Bitcoin price changes every day.
- Binance stands out with its free CNY deposits, low fees, and a vast selection of cryptocurrencies.
To get some perspective, you must also look at the rates on the sellers’ page. You’ll find that they’re not only are people selling at well above the market rate, they’re also buying back at higher prices. First, you need to have a way to pay electronically for the Bitcoins, be it bank transfer, Alipay, or WeChat wallet. If you want to use WeChat Wallet, but don’t know how to set that up, check my guide on How to use WeChat Pay. Confirm your payment and have your purchased cryptocurrency delivered to your crypto wallet in several minutes. Government laws and regulations have altered the Chinese crypto landscape completely.
Payment methods to buy Bitcoin
This article explores potential options to buy Bitcoin in China, the payment options available, and much more. Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.
Buy Paxful Bitcoin instead of using major platforms Local Bitcoins. Paxful is another popular option with high support in Japan to buy if you have trouble accessing LocalBitcoins. The steps you follow and the process to buy and sell in China are the same as those described above. As a way of exchanging fiat for digital currencies and making bank deposits, I find their services suitable. Bitcoin is already a reliable and highly respected payment method. Connect with a seller that accepts crypto for their products or a business that allows you to pay for their service.
Some of the leading cold Bitcoin wallets are Ledger and Trezor. Due to the ban in China, there is no set of laws on taxation concerning profits from crypto sales. It is important to note that you can sign up using an alias email. Chinese residents do not have to pass level 1 verification which requires proof of identity. Leading DEXs platforms are believed to have received customers from China including dYdX and Uniswap.
What Payment Methods Can I Use to Buy Bitcoin in China?
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.
You can send them your contact information, whether you want the buyer to send you payment through WeChat Pay or Alipay. Some people get worried when they see how much they’re paying over the market rate on Bitcoin while using this platform. Join the trading community and buy and sell Bitcoin to make a profit from small price fluctuations.
After that, buying bitcoins in China became quite difficult. WeChat adopts a crypto-accommodating stance by permitting users to transfer funds to authorized digital asset exchanges that accept CNY deposits. This enables users to purchase, sell, and trade cryptocurrencies within a regulated framework. However, regarding native support for Bitcoin and other digital currencies on WeChat, the company has not released any official statements about potential future plans. WeChat does not offer a native crypto wallet within its app. To store and manage cryptocurrencies, users need to rely on third-party wallet services or integrated wallets provided by digital asset exchanges.
Confirm your payment
Some traders even make this activity a full-time job – no wonder why Bitcoin price changes every day. With Changelly’s stellar team, we have developed a unique system to ensure exchanges are fulfilled in the fastest possible time and with immediate customer support. As soon as the payment goes through, your coins will be credited to your wallet address.
- No one knows if a Chinese Bitcoin exchange will reopen in the near future.
- Paybis is a crypto exchange that covers over 180 countries globally.
- Then people discovered bitcoins can be used to bypass this restriction.
- China has always been an active player in the market of crypto assets.
- Be sure to understand Chinese crypto regulations and use only trusted and reputable services when buying Bitcoin.
Chinese residents can no longer mine or trade cryptos legally. The country banned crypto exchanges, and banks were instructed to report crypto transactions. A bank transfer is a secure option to buy cryptocurrency, especially if you are thinking of purchasing large amounts of virtual currency. Keep in mind that bank transfers may take a little longer, and fees may vary.
Converting BTC to RMB on Local Bitcoins.com is about as simple as buying it. 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. At that point, the seller is obligated to release the Bitcoin to your account.
Binance stands out with its free CNY deposits, low fees, and a vast selection of cryptocurrencies. Buying Bitcoin in China is becoming increasingly popular as citizens look for alternative ways to store and transfer wealth. It is important to do your research and choose the method that best suits your needs. As it turned out, after bitcoin trading was banned from China’s local bitcoin exchanges in 2017, the trading volume at both Localbitcoins and Pafxul increased dramatically.
After evaluating a variety of platforms, our team has determined that Binance excels in enabling WeChat Pay-based cryptocurrency purchases. Binance allows instant, zero-fee CNY and 50+ additional currency deposits through WeChat Pay, facilitating trades among 350+ cryptocurrencies at attractive rates. Binance distinguishes itself with its high trading volume, a solid user base exceeding 100 million, and industry-leading liquidity. Another option for buying Bitcoin in China is to use a Bitcoin ATM.
Luckily, there are other ways to acquire cryptocurrencies like Bitcoin if you want them. 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. 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.
It is essential to choose a secure and reputable wallet to ensure the safety of your crypto assets. 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. Also, you might need to be ware of bad guys when doing your trade. 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. For example, you can still buy bitcoins from overseas bitcoin exchanges such as Coinbase, Bitfinex etc.
Not only are there limited ways to do China Bitcoin trades or cryptocurrency trading, mining operations were also closed. Trading essentially can’t be done on Chinese platforms in China. Yes, you can buy Bitcoin and other cryptocurrencies using WeChat Pay by transferring funds from your account to a crypto exchange that accepts WeChat Pay deposits. 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.