Read more about Hong Kong’s Securities Watchdog May Soon Regulate All Crypto Trading Platforms; Bitcoin slides 3% as Hong Kong seeks to end 'honeymoon' with crypto exchanges Submitted by Anonymous (not verified) on Tue, 11/03/ - Bitcoin & Cryptocurrency Trading in Hong Kong. Hong Kong has been bustling with Bitcoin activity ever since China decided to clamp down on cryptocurrencies, with several exchanges moving their base from the mainland to this autonomous territory. More importantly, Hong Kong is known for being a non-interventionist regime, and the government didn’t pay much attention to Bitcoin for a long time. With it's tax law, it is not surprising that modern Bitcoin brokers are particularly fond of being founded in Hong Kong. With its liberal legal situation regarding cryptocurrencies (especially compared to Mainland), trading and gambling as well with being as a kind of tax paradise, the Chinese Special Administrative Zone offers an ideal environment for cryptocurrency broker companies.
Bitcoin trader hong kongBuy Bitcoin in Hong Kong
As banks are more aggressively acting against Bitcoin companies, trading bitcoin in person has become more popular again in Hong Kong recently. The website localbitcoins. Some OTC exchanges see below also deal with cash deposits and withdrawals. Clarify with your exchange or traders beforehand what currencies, notes and payment forms they accept.
The most convenient way to buy Bitcoin is an ATM. Usually you only need to show the ATM the QR code of your Bitcoin address, insert bank notes and confirm the exchange rate. Prepare your wallet ahead of time, and bring exact change. You may also browse coinatmradar. Buying Bitcoin on exchanges is usually the cheapest option in terms of fees and is relatively fast and convenient too.
But it often requires a few days to set up an account and get verified, and you can expect exchanges based in Hong Kong to ask for your personal information like HKID or address proof before you can start using their accounts. Please note that Bitcoin exchanges are not to be treated as banks.
We recommend you to withdraw your coins quickly after your purchase to a wallet you control, and never keep any funds on an exchange for a longer time. Tidebit Tidebit is the newest of Hong Kong Bitcoin exchanges.
For larger amounts, you can go to an OTC Exchange, or broker. A broker will give you a quick quote for a single trade, usually upwards of 10 BTC. You will be able to sell or buy Bitcoin against a wire transfer.
Circle Trading Circle is a Boston-based financial services firm most popular for their money transfer app. Some exchanges overseas serve the Hong Kong market. Wire transfers to these exchanges are more expensive, but often more reliable and there is significantly more market depth.
Disputes however cannot easily be resolved through the Hong Kong legal system and can quickly become complicated and expensive to resolve.
Gemini Gemini is a New York exchange that specializes on large volumes. It only accepts USD deposits and trading.
Bitstamp Bitstamp is a cryptocurrency exchange based in Slovenia. Instead, buyers and sellers interact directly with each other when transfering money. The Bitcoin are held in escrow by the exchange. Binance Binance is mostly known for its popular online exchange, where it offers a rang of products, including a popular P2P listing. Be sure to select HKD and only deal with traders with the highest satisfaction rates. Paxful Paxful is a peer-to-peer excchange based in Estonia.
Hong Kong-based users can trade with each others and use a variety of payment methods including bank wires and deposits, gift cards, Alipay and PayMe.
We may receive compensation when you use CEX. Please visit CEX. Founded mid, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries.
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer. Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States , Europe besides Germany , UK , Singapore, Canada , Australia and many more.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms. You can fund your exchange account online via bank transfer. OKCoin is the largest Bitcoin exchange in China. Customers can make deposits to their exchange accounts via bank transfer. Huobi is the third largest Bitcoin exchange in China. You can use our Bitcoin ATM map to buy bitcoins with cash.
Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. Hong Kong has been bustling with Bitcoin activity ever since China decided to clamp down on cryptocurrencies, with several exchanges moving their base from the mainland to this autonomous territory. However, the government did warn people of the volatility of Bitcoin and that it is a highly-speculative product.
As it turns out, the Hong Kong special administrative region has now formalized regulations with an aim of protecting investor interest in light of the drop in Bitcoin prices and potential frauds. One of the easiest ways to buy Bitcoin in Hong Kong is through cryptocurrency exchanges.
You can refer to our guide on Bitcoin exchanges in Hong Kong to select one based on different criteria such as transaction fees, withdrawal limits, payment methods, security, reputation, and ease of use. However, some exchanges might require you to get a cryptocurrency wallet first in order to store the Bitcoin purchased. Also, it is advisable to use a separate wallet for security reasons so that users can protect themselves against potential exchange hacks.
Once you have a wallet, you can easily purchase Bitcoin on an exchange of your choice and transfer the tokens to the wallet. In fact, Hong Kong is flush with 61 Bitcoin ATMs, making it really easy for anyone looking to buy Bitcoin to simply turn up at one of the machines and quickly purchase the digital tokens in a fast and anonymous manner using cash. On the other hand, steps are being taken by start-ups like Pundi X to boost the number of locations where people can spend their Bitcoin.
In July last year, Pundi X had completed the trial of its Bitcoin point-of-sale device and was on track to deploy some of the devices in Hong Kong. It tied up with an organic food restaurant chain in the country where customers can pay using Bitcoin. The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features.
Electrum is a Bitcoin-only wallet that has been around since It's easy to use, but has advanced features. In , the Dash Foundation as well as Bitcoin Hong Kong issued warnings to their audience that both had noticed several websites popping up claiming to them.
These websites were clearly scams pretending to speak for Bitcoin Hong Kong and the Dash foundation and should be ignored and reported to authorities. To date, 5 individuals connected to the scam have been arrested, but other may still be at large and perpetuationg similar scams. It later came to light that MyCoin may have never been operating legally in Hong Kong in the first place, which limited the amount of oversight into their operation.
It is now believed that MyCoin never actually facilitated any real trading, but was instead running a Ponzi scheme. The speed of withdrawals became slower and slower as time went on. In fact, lower tier members were told by higher tier members that they needed to recruit more customers in order to get their money out.
In August of , , Bitcoins were stolen from the Bitfinex cryptocurrency exchange, a subsidiary of iFinex based in Hong Kong. Bitfinex is a global exchange, however so this hack did not just affect Hong Kongers. In , several reddit users out of Hong Kong began to notice young attractive women on tinder matching with them and, after sometimes a month of talking, would bring up tips about a new cryptocurrency they were interested in.
After baiting the victim, they would convince them to deposit coins on a specific exchange, that would end up being a scam site that just takes you money. Girls mostly from Hong Kong will play the very long game of leading you to believe they have an inside tip about a new crypto. They will talk to you for over a month possibly before they bring it up. Other users commented with their own stories, some falling victim and some seeing the scam for what it was.