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 kongHong Kong | 24crypto.de
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.
Funds are not held in custody by the exchange. Localbitcoins Localbitcoins is a peer-to-peer exchange managed from Finland. Bisq Bisq formerly Bitsquare is not a company, and is not run by anybody. Instead it acts as a network of users, which you can join by downloading the Bitsquare software. This software might be experimental at times, but shows promise in leading the way to a truly decentralized future.
The by far cheapest way to get Bitcoin is to accept them as payment. No matter if you run a business, are employed, do freelance work or your friends owe you money, it may be a good idea to ask for these payments to be made in Bitcoin. Especially online and in international transfers the instantaneous and near-free Bitcoin transactions are far superior to other means. If you have a business, you can consider accepting Bitcoin as a form of payment. Learn all about it here. Your Bitcoin wallet You can download a Bitcoin wallet on your phone and computer or buy a hardware wallet.
In Person As banks are more aggressively acting against Bitcoin companies, trading bitcoin in person has become more popular again in Hong Kong recently. Bitcoin Exchanges Buying Bitcoin on exchanges is usually the cheapest option in terms of fees and is relatively fast and convenient too.
OSL Institutional clients only. Earn Bitcoin The by far cheapest way to get Bitcoin is to accept them as payment. Feel free to comment about your experiences, thoughts and additions.
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. One thing everyone agreed on: these scams were sophisticated and believable and everyone should beware no matter how sceptical you think you are.
As with all investing decisions, do your own research and be sceptical of anyone on Tinder claiming to have the inside scoop on hot new coins to buy. It may be a total scam. Coinbase supports crypto to crypto conversions for Hong Kong. There is no way to trade fiat for crypto while using Coinbase is you are a Hong Kong resident.
As tensions between Hong Kongers and the Chinese Government have intensified, protesters wanting to buy protest supplies and wealthy citizens looking to export some of their wealth have seemingly turned to Bitcoin to make it happen. Retailers in Hong Kong have been happy to make this easier, with Pricerite, a large chain in Hong Kong now supporting Bitcoin payments over the lightning network in all of their stores. The SFC has not licensed or authorised any person in Hong Kong to offer or trade virtual asset futures contracts.
Given the current risks associated with these contracts and in order to protect the investing public, the SFC would be unlikely to grant a licence or authorisation to carry on a business in such contracts.
Long story short, as of September , there is no legal way to buy Bitcoin futures contracts in Hong Kong. Any exchange with a Hong Kong dollar trading pair, such as Coinmama , Cex. These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private. Local Bitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers.
Local Bitcoins is a peer-to-peer P2P exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems. Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity.
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