How to buy bitcoin in Vietnam?
Despite the ban on most cryptocurrency-related activities for businesses and regulatory uncertainties, interest in bitcoin in Vietnam is skyrocketing.
So, in this article, we will discuss ways to buy bitcoins in an Asian country.
Buying BTC locally
One way to buy Bitcoin in Vietnam is to find a local solution. There are two ways to do this, you can use a Bitcoin ATM or an external service like LocalBitcoins that connects buyers and sellers based on their location.
Bitcoin ATMs allow you to exchange paper currencies (via cash or credit card payments) for various cryptocurrencies.
The operation of these machines is fairly straightforward. You set how much BTC you want to purchase and pay the corresponding VND amount through the ATM. If you did everything correctly, funds will be quickly sent to your Bitcoin wallet.
Usually, Bitcoin ATMs allow users to buy a limited amount of BTC without identity verification. However, if you reach this limit, most service providers will require you to submit Know Your Customer (KYC) documents to proceed with the transaction.
The downside to BTC ATMs is that they often charge significant fees (around 7%) for transactions. Also, if you live outside of Ho Chi Minh City, you need to find other ways to buy Bitcoins.
Contact local sellers
If there is no Bitcoin ATM where you live, or you prefer to work with people over machines, you can use an external service such as LocalBitcoins to find BTC merchants in your area.
All you have to do to use this method is to go to the external service website, provide your location and the amount of BTC you would like to purchase.
The service provider will then list local sellers as well as the exchange rates they offer for BTC-VND transactions.
Once you have selected your ideal bitcoin seller, you can start sending them a trade request with the amount of BTC you want to purchase.
If the seller agrees to the deal, they will send you instructions on how to buy bitcoins. After completing the transaction, BTC will be credited to your wallet address.
While connecting to local sellers is a viable way to buy Bitcoin in Vietnam, the rates are often higher than other methods.
In addition, since you are conducting local transactions without oversight from the service provider, you should always exercise due diligence to avoid fraud and keep your funds safe.
Buy bitcoin on the cryptocurrency exchange
Generally, using a cryptocurrency exchange, for example, to convert Monero to Bitcoin is the easiest and cheapest way. However, the 2018 crypto ban makes life difficult for Vietnamese customers as the number of exchanges where bitcoin trading is available is very limited.
To address this issue, cryptocurrency exchange AAX has created an OTC platform where Vietnamese citizens can easily purchase bitcoins.
Vietnam: Is It Time for Crypto (Again)?
While the government has taken a cautious stance on crypto in the past, many viewed the approval of Vietnam’s first legal cryptocurrency exchange as a fresh start for the national digital asset industry.
As a result, business interest in the Vietnamese crypto market has begun to grow and major industry players such as Binance are developing new digital asset services for the citizens of the Asian country.