How To Buy Bitcoins In Pakistan -Bitcoin is a kind of digital currency that you can exchange (in form of buying and selling) without the involvement of a bank. Even though the government of Pakistan has not yet accepted cryptocurrency, a lot of Pakistans are involved in trading of Bitcoin. It is believed that BTC might be the solution to the struggling economy of Pakistan if only it can be embraced.
Before you start trading in Bitcoin, it is expedient that you get adequate knowledge. In this article, you will learn in great details how to buy Bitcoins in Pakistan.
How To Buy Bitcoins In Pakistan
How To Buy Bitcoins In Pakistan- Terminologies Used
Fiat currency: This is a type of currency that is declared to be a legal tender by the government. However, this kind of currency has no fixed value and is not backed up by any tangible asset. Examples include gold, silver, etc.
Hot wallet : It is a cryptocurrency wallet that is always connected to the cryptocurrency network and also the internet. Hot wallets are usually needed when sending or receiving cryptocurrency. This is because it is faster and easier to trade. But hot wallet can be vulnerable to attacks online.
Cold wallet: Any crypto wallet not connected to the internet is called cold wallet. Examples of cold wallets include paper wallets, physical bitcoins or a secondary computer without internet.
Cryptocurrency: this is a digital currency in which transaction are verified and its records are controlled by a decentralized system with the aid of cryptography
Wallet: Cryptocurrency wallets allows you to store your private keys safely. This digital wallet allows you to store and manage cryptocurrencies such as bitcoin, ether, etc.
Requirements To Buy Bitcoin In Pakistan
Before you can buy bitcoins in Pakistan, you will need the following:
- A valid identification card; a passport, national identity card or a driver’s license. You will need this identification to complete the KYC process.
- A private and secure internet connection is required. It is not advisable to use a public WiFi as this may pose some security problems.
- A mobile phone which will be needed to verify your identity using two-factor authentication.
- A bank account or credit card which you will be needing to make fiat currency deposits to buy bitcoins
- A cryptowallet will also be needed to store up your assets. Although most of the exchanges will offer built-in wallets, however it is highly advisable for you to withdraw your crypto to your own personal cold wallet for security reasons.
Steps To Buying Bitcoins In Pakistan
If you want to know how to buy bitcoins in Pakistan, follow the simple steps below:
Step 1: Set up an account with an exchange.
There are about 6 trusted exchanges in Pakistan which you can sign up with. Kraken and FTX are the most used exchanges in Pakistan and its good for beginners. Each type of exchange differs from another in terms of fees, method of payment, security and some other features.
Note that you can sign up to more exchanges later.
Step 2: Start and Finish the KYC verification process
This is the next stage after signing up to an exchange. It is very compulsory and involves verification of your identity and address. Most times, verification gets approved immediately while some other times it can take about 1-2 days.
Step 3: Do a Fiat deposit
For you to start buying bitcoin, link your bank account or credit card to your chosen exchange.
Electronic funds transfer, bank transfer, Wire Transfer are some of the payment methods available on Kraken and FTX.
Step 4: Buy your Bitcoin
Now that your account has been funded, you can now purchase your bitcoin. As a beginner, you don’t have to buy a full bitcoin.
Step 5: Forward your bitcoin to your personal wallet
It is highly important that after purchasing your bitcoin, you withdraw it to your secure personal wallet. This saves you from some security risks such as hackers stealing your funds.
Now that you have learnt how to buy bitcoins in Pakistan, it is important you know where to buy the bitcoins in Pakistan.
Where Can I Buy Bitcoins In Pakistan?
#1 Capital.com
This is one of the best platforms to buy Bitcoin in Pakistan. There is a broad range of cryptocurrencies on this platform (over 400), this allows a trader diversify a portfolio easily. This platform allows investors trade bitcoins and others cryptocurrencies without having to own them or store them.
When you trade on this platform, you don’t have to pay any commission. However, there is an overnight fee for a long position at -0.05% and a short position at 0.014%. As a trader on Capital.com, you can trade numerous assets such as forex, stocks, commodities and indices.
As a beginner, you will get access to a lot of free courses on this platform which will guide and help you understand the market properly. In addition , Capital.com supports mobile devices very much. So, your iOS and android devices are enough for you to trade on.
#2 Binance
Binance offers about 600 cryptocurrencies including Bitcoin. Binance is one of the most common crypto exchanges on a global level.
Investors have the options of staking BTC whenever the crypto market becomes volatile and really gets overwhelming. Investors get to earn some interest by locking-in Bitcoin.
If you use Signet for Bank transfers, you will not need to pay deposit and withdrawal fee.
With $15, you can get to buy Bitcoin on Binance. Whether you are a beginner or advanced trader, you will really enjoy trading on this platform. Your funds are protected on this platform via Secure Asset Fund for Users (SAFU).
#3 BitOasis
BitOasis offers Bitcoins and other 40 cryptocurrencies. This platform was designed with beginners in mind. As a newbie, you will really love this platform. Experienced traders will also benefit from some advanced charting and tools on the platform, which will help them to be profitable.
This platform offers OTC (Over-the-Counter) transactions where investors can get to buy large quantity of cryptocurrency. OTC offers competitive pricing and there is no additional fee. I must not fail to mention that there is a sign-up bonus of 150 AED.
#4 Paxful
This is one of most convenient platform to buy bitcoins in Pakistan. Beginners will really find it easy to use the platform. The minimum deposit for Bitcoin on Paxful is $10. The platform is structured more for investment than trading. Buyer don’t have to pay any fee for trading, only sellers incur some costs. Paxful allow quite a number of payment methods.
#5 Remitano
This is another platform that is user-friendly. All you need to do is to input the amount of PKR you desire to invest in Bitcoin, Remitano’s converter will show you the equivalent Bitcoin and USD value.
Transactions are quite fast on Remitano and offers 50% discount fee for trades that are delayed. There is no deposit or withdrawal fees.
Some other good platforms to buy bitcoins in Pakistan include: Kucoin, Kraken Exchange, Coinbase, FTX, CEX.io.
Best Wallets For Bitcoins In Pakistan
After you must have purchased bitcoin from an exchange, it is advisable to withdraw to your own personal wallet. This will help you gain full control over your bitcoin and also for some security reasons too. Some of the best wallets for bitcoins in Pakistan include Coinbase, Ledger Nano X, Electrum.
Last Word
Even though cryptocurrency has not been made official yet in Pakistan, the crypto market is really booming there. Infact, Pakistan ranks third place globally in cryptocurrency. There are speculations that when eventually the authorities of Pakistan legalize it, there would be a major wave of cryptocurrency in the country.
This article has been on how to buy bitcoins in Pakistan, hope it was helpful?
Frequently Asked Questions
You can use Bitcoin ATms , this will allow you to buy Bitcoin anonymously with cash. Some other platforms where you can buy bitcoin anonymously include ShapeShift, BitQuick, Paxful, Damecoins.
LocalBitcoins is a very good platform to sell Bitcoin in Pakistan with Easypaisa. It is quite easy, fast and secured.
Most Pakistans prefer Coinbase, KuCoin, Kraken Exchange and a few others.
Payoneer is an alternative to paypal. It is widely accepted in Pakistan.
Payoneer, JazzCash, Easypaisa, Fonepay, Keenu wallet.
JS Bank, Silk Bank, HBL , Bank Alfalah, Faysal Bank .
Bitcoin is a type of cryptocurrency and is in fact the best type of cryptocurrency.
Reference
- www. bitrawr.com- How to Buy Bitcoin in Pakistan
- www. softwaretestinghelp.com- 11 Places To Buy Bitcoin Anonymously
- www. business2community.com – How to Buy Bitcoin in Pakistan-Beginner’s Guide
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