How to Buy Bitcoin in Russia

How to Buy Bitcoin in Russia

How to Buy Bitcoin in Russia-Russia is one of the countries not so favoured by companies from some other places, with some even closing Russian accounts for some time, due to the crisis. This happens frequently, so Russians often have difficulties with crucial things.

Trading internationally is a very important factor for the citizens of every country, and investment in cryptocurrency is a good example. Bitcoin is highly valued as a digital currency and crypto traders anywhere in the world have the need to use it once every while, or at least have it in their possession.

The best way to buy bitcoin in Russia anytime is over the counter, which means buying from fellow Russians. It is easier because transactions are faster, since the funds will be transferred through Russian banks.

There are many cryptocurrency trading platforms that allow people to buy bitcoin in Russia anytime without any hassles, but unless you have a problem with OTC (Over the counter trading), it is not very advisable to use them unless you are buying in huge amounts.

Buying over the counter means you cannot encounter any problems unless you are scammed, while these platforms on the other hand may not support your bank. Some of these cryptocurrency platforms only claim to be global but in reality only few banks are supported in many countries.

This article will inform you of all the ways you can buy bitcoin in Russia without having any problems.

How to Buy Bitcoin in Russia

  • Use Crypto Trading Platforms
  • Over the counter purchase
  • Bitcoin ATMs

1. Use Crypto Trading Platforms

Cryptocurrency trading platforms that allow Russians to trade include Coinmama, Paybis, Matbea and others. The following part of this article will explain some things about each of these platforms and how to use them to buy bitcoin in Russia.

i. Coinmama

Coinmama is a cryptocurrency trading platform that lets people from Russia and other countries buy bitcoin easily. Compared to some other crypto trading platforms, Coinmama charges are considered a little high as they charge up to 5.9% of the transaction amount, depending on the volume being traded.

There is a way to go around this though, as Europeans can buy bitcoin with SEPA transfer with lower charges. Coinmama works in almost all countries of the world and has very high limits for maximum worth of bitcoin that can be purchased with a credit card, a favor for people trading in large volumes.

Coinmama has been in the crypto trading business for more than ten years, offering access to more than ten major crypto currencies.

One of the major advantages associated with Coinmama is that there are no charges for crypto withdrawals or any fees for deposits. However, transaction charges can be as high as four percent, a not so good figure when compared to other platforms.

 Another benefit you get to enjoy as a trader on Coinmama is the plentiful payment methods available. You cannot use cryptocurrency on Coinmama to get another currency directly, a feature that is most needed for many people.

It is a very trusted platform but unfortunately, there is no mobile app. It is comfortable for use by Russians, so you may want to try it out.

ii. Paybis

Paybis is well known for the fact that almost every country can use it. This cryptocurrency exchange platform allows users to buy bitcoin in Russia and some other 179 countries of the world, a truly magnificent figure.

The transaction limits are quite high and the company is registered with FinCEN. This means the trust is higher and the exchange is regulated.

The reviews according to users are impressive, with majority rating Paybis more than 4.5 out of 5. Payouts are really fast and there is a very fast identity verification system, increasing the ease of use significantly.

Paybis has a live support program and you can get your problem solved any time you want. There are so many payment methods and the system is naturally good enough for crypto traders, evem without an orderbook.

iii. Matbea

Matbea is literally one of the best cryptocurrency exchange programs in Russia. The company is based in Russia so its services are very easily accessible for Russians. Funding is not a problem here since it was made for Russians.

Your Matbea account can be funded with bank transfer or cash deposit. It is one of the very few bitcoin exchange programs in Russia and has a sufficient number of payment methods. The major problem Russians have with Matbea is that it doesn’t offer rates that are similar to the general market rates.

Apart from that, Matbea is very easy to use even for beginners and is considered the most suitable way to buy bitcoin in Russia.

2. Over the counter purchase

Buying bitcoin over the counter happens everywhere in the world, and it basically happens between two people of the same country at least for the majority. It is a method of trading bitcoin through unofficial means and happens in only two or three steps.

In simple words, you buy the bitcoin from a fellow Russian after making payment to his bank account. In this case, the transaction is easier because you can just transfer the funds. The only disadvantage with this system is that the cost may be slightly higher but this is not always the same.

You just need to find trusted bitcoin vendors in Russia that will send bitcoin to you as soon as you make payment for it. This makes things very much easier because you do not have to worry about payment methods or anything.

In order to avoid a scam, you need to use an escrow. An escrow is like the mediator that controls the transaction and must be someone that both of you trust.

You send the money to the escrow and the other person sends you the bitcoin. The escrow asks if everything is done then transfers the money to the other person and voila, the transaction is complete.

You just need to confirm that you received the bitcoin and the escrow will transfer the funds. You may have to pay an escrow fee for this. All of this can be avoided if you are sure that the bitcoin trader can be trusted.

Check your contact list for bitcoin traders who are from Russia or ask your friends for contacts of people who buy and sell digital currencies like bitcoin and eth.

Contact the trader and send the money to their Russian bank account after agreement. After this, the transaction will be complete when you get your bitcoin deposit.

Frequently Asked Questions

Here are frequently asked questions and answers about how to buy bitcoin in Russia:

The best way to buy bitcoin in Russia or anywhere would be over the counter, except that the rates may be different since the sellers want to make a profit.

Here are some of the best ways to buy bitcoin in Russia:

  • Use Crypto Trading Platforms
  • Bitcoin ATMs
  • Over the counter purchase

Cryptocurrency exchanges like Matbea are very suitable for buying bitcoin in Russia. Matbea is literally one of the best cryptocurrency exchange programs in Russia. The company is based in Russia so its services are very easily accessible for Russians. Funding is not a problem here since it was made for Russians.

Your Matbea account can be funded with bank transfer or cash deposit. It is one of the very few bitcoin exchange programs in Russia and has a sufficient number of payment methods. The major problem Russians have with Matbea is that it doesn’t offer rates that are similar to the general market rates.

Matbea is very easy to use even for beginners and is considered one of the most suitable ways to buy bitcoin in Russia.

There are several apps you can use to buy bitcoin in Russia including Matbea, Coinmama, Paybis, Paxful and many others.

Paybis is well known for the fact that almost every country can use it. This cryptocurrency exchange platform allows users to buy bitcoin in Russia and some other 179 countries of the world, a truly magnificent figure.

The transaction

Conclusion

There are not many cryptocurrency trading platforms in Russia so unless you have a method you already use, beginners are always confused about how to buy bitcoin in Russia. The major problem is funding or payment method.

Many exchanges do not support native banks (the cards hardly work). This article explains how to buy bitcoin in Russia in easy ways without any problem.

References

Coinmarketcap.com: How to Buy Bitcoin in Russia

Mashable.com: Steps to buy crypto in Russia

Bitrawr.com: Best Exchanges to Buy Bitcoin in Russia

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