For nearly a decade, Bitcoin has remained the most widely recognised cryptocurrency globally. Despite not offering the same transaction speed as Ethereum or Tether (USDT), Bitcoin continues to attract the largest user base globally. This phenomenon can be attributed to two key factors. Firstly, it’s due to Bitcoin’s widespread prevalence and popularity. Secondly, its extensive history plays a pivotal role in establishing high trust among users towards this cryptocurrency.
Vietnam has emerged as a recent economic hotspot, reaping significant benefits from the ongoing trade dispute between China and the United States across various sectors. The resulting influx of capital has triggered a notable uptick in cryptocurrency investments within the region.
In this article, we will outline the optimal approach for acquiring cryptocurrencies in Vietnam.
What’s the best Bitcoin Exchange in Vietnam?
There are various exchange platforms that provide services to people in Vietnam, here are few of them;
Hotbit
Introduced in 2018, Hotbit stands as one of the renowned platforms within the realm of cryptocurrency exchanges. Operating out of both Shanghai, China, and Taipei, Taiwan, this exchange has transitioned exclusively to facilitating cryptocurrency transactions, abstaining from processing fiat deposits or withdrawals.
The platform applies a trading fee ranging from -0.05% to 0.2% of the traded volume, offering a user-friendly interface that’s straightforward to navigate. Hotbit accommodates a comprehensive array of cryptocurrencies, including but not limited to bitcoin (BTC), Ethereum (ETH), and around 200 other digital assets.
Gate.io
Established in 2017, Gate.io emerges as a Chinese cryptocurrency exchange accessible in both English and Chinese languages. The platform exclusively accommodates cryptocurrency deposits and boasts a high level of user-friendliness.
Gate.io enforces a transaction fee of 0.2%, which exhibits a reduction as trading volume escalates. With the capability to procure a variety of up to 150 coins, including popular options like BTC and ETH, the exchange provides ample opportunities for diverse investments.
Bitstamp
At Bitstamp exchange, individuals can securely acquire a selection of 7 cryptocurrencies, notably BTC and ETH. This platform ranks as a prominent financial establishment in Vietnam, enabling the acceptance of both cryptocurrency and fiat deposits directly from a single bank source.
A trading fee of 0.5% is imposed by the exchange, gradually decreasing for transactions surpassing 10,000 USD. While the site boasts a user-friendly interface, it caters more towards proficient and intermediate users due to its complexity.
Huobi
Huobi stands out as a rapid and highly secure exchange, offering a user-friendly platform catering to traders of all levels. Notably, it exclusively facilitates cryptocurrency deposits, lacking support for fiat currencies. The platform prides itself on its efficient customer support services.
Trading on Huobi incurs a fee equivalent to 0.2% of the transaction volume, which progressively diminishes as the trading volume escalates, reaching as low as 0.1%. With an extensive selection encompassing over 200 cryptocurrencies, Huobi notably accommodates prominent options like BTC and ETH.
Most of the exchanges operating in Vietnam have debit/credit card payment options available. Remember that this requires completing KYC.
Also Read: How To Buy Bitcoin In China
Can I Buy Bitcoin Using A Bitcoin ATMs in Vietnam?
Bitcoin ATMs are an excellent way to buy Bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside convenience stores, shops, restaurants, malls or airports.
There are 4 Bitcoin ATMs in Vietnam that can be utilised to buy and Sell Bitcoin.
Use this link to check the nearest Bitcoin ATM near you.
How To Buy Bitcoin in Vietnam
Most platforms have streamlined the process of buying cryptocurrency on their platform and these steps are similar among various platforms.
1. Create an account with an exchange:
Exchange platforms exhibit variations in terms of fees, security measures, accepted payment methods, and additional features. To determine the most suitable option for your needs, it’s advisable to delve into the “info” section of the aforementioned exchanges.
Ultimately, the choice of platform will hinge on your individual preferences, encompassing the range of cryptocurrencies they support as well as the compatibility with your desired payment methods. Conducting thorough research and assessing these factors will aid you in making an informed decision that aligns with your requirements.
2. Complete the KYC (Know Your Customer)verification process
Upon successfully registering on an exchange, the subsequent step involves verifying your identity and address as part of the Know Your Customer (KYC) procedure. This mandatory process is a legal obligation for nearly all exchanges operating in Vietnam.
To fulfil this requirement, ensure you have your photo ID readily accessible, as you’ll be prompted to capture images of both the front and back sides of the document.
3. Make a fiat deposit and buy Bitcoin
To begin the process of buying Bitcoin and other cryptocurrencies, it’s necessary to establish a connection between the exchange and either your bank account or credit card.
Send your cryptocurrency to a personal wallet fo extra security measures.
Is Bitcoin legal in Vietnam?
The government has not imposed any bans on the trading of cryptocurrencies. Vietnam consistently maintains a notable position as one of the leading nations in terms of active participation and ownership of cryptocurrencies.
🌎 View Bitcoin and cryptocurrency legality around the world.
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