With Bitcoin reaching new all-time-highs in 2021, many buyers are looking to enter the market for the first time. We’ve put together this simple guide to help you do so safely and securely.
Where to buy Bitcoin in Vietnam
A step-by-step guide to buying Bitcoin
You can buy Bitcoin in Vietnam in two simple steps:
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How to pay for your Bitcoin
Not all exchanges accept all payment methods, so if you have a specific payment method in mind, it can be helpful to specifically look for an exchange that accepts it.
Different payment methods have their own pros and cons.
Buying Bitcoin with a credit card or debit card
Many Bitcoin brokers let you buy Bitcoin using your credit card, including platforms like Coinbase and Coinmama, and using your credit card allows you to make quick and convenient purchases. Trading platforms such as Binance have also started letting customers directly buy cryptocurrency with a credit card via third-party payment integrations.
However, in all cases, credit card transactions attract relatively high fees, typically in the 1.5% to 3% range. On top of that, they can also incur cash advance fees. Banks often don’t look too favourably on these transactions either, and some have blocked customers from buying crypto with plastic. Debit cards aren’t as widely accepted as credit cards but can still be used to buy cryptocurrency on some platforms.
Credit cards aren’t typically accepted on peer-to-peer exchanges due to the risk of chargeback fraud.
Buy Bitcoin with PayPal
PayPal is rarely accepted by cryptocurrency exchanges or other sellers, given the risk of chargeback fraud. This is when someone buys Bitcoin, but then requests PayPal reverse their transaction after they get the Bitcoin, so they get their money back and get to keep the Bitcoin.
If you’ve got your heart set on buying Bitcoin with PayPal, there are still some options though.
It’s unlikely, but not impossible, to find sellers accepting PayPal on peer-to-peer exchanges like Paxful. And if you’re more interested in Bitcoin’s price action than the underlying asset, you can also fund an eToro account with PayPal.
A potentially riskier third option is a relatively obscure peer to peer platform called xCoins, which was specifically designed to facilitate PayPal for Bitcoin transactions. It’s a little vague on how it works though and doesn’t have the best security track record.
If you just want to draw down on your PayPal balance, you can also link your PayPal account to a credit card and then buy Bitcoin with that credit card.
Using PayPal can incur additional fees, and it can be difficult to find exchanges that allow it. But if you really want to use it, there are still a number of options.
Buy Bitcoin with another crypto
It’s easy to swap other cryptocurrencies for Bitcoin, since BTC is listed on almost all crypto exchanges with a huge range of trading pairs.
You’ll need to search for exchanges that list your desired trading pair. For example, if you want to trade Ether for Bitcoin, you’d look for an exchange with a BTC/ETH pair. Once you’ve found a suitable exchange, you can buy Bitcoin by following a few simple steps.
Simply create an account, and deposit the cryptocurrency (such as ETH) into your exchange wallet. Then go to the market (such as BTC/ETH) and look for where it says “Buy BTC” or “Sell ETH” as the case may be.
Enter the amount you want to buy or sell and create a new order. If you want to aim for a specific exchange rate, you can create a limit order which may be executed when the market shifts enough that it’s a good offer. If you just want to swap at current market prices, you can create a market order.
Compare crypto-to-crypto exchanges to find one that’s right for you.
Buy Bitcoin anonymously
As a rule of thumb, cryptocurrency exchanges will always verify your identity if you are exchanging between fiat currency and cryptocurrency. As such, one of the most reliable ways of buying Bitcoin anonymously is by paying with another cryptocurrency on an exchange that doesn’t require user verification. But this isn’t much help if you’re trying to convert fiat currency to cryptocurrency.
In that case, the most reliably anonymous way of buying Bitcoin is to pay with cash or another untraceable payment method, such as prepaid gift cards, on a peer-to-peer exchange.
Other methods, even if they don’t involve identity verification, are only partially anonymous. Bitcoin ATMs have different compliance requirements in different countries, but they will often photograph their users or require them to present ID to a camera in the machine.
And while you can use exchanges such as Changelly to buy cryptocurrency with a credit card, without going through a formal identity verification process on the exchange, these purchases aren’t anonymous. They typically require a 3D Secure card, which means buyers are still being identified.
If you want to buy Bitcoin, start comparing a range of cryptocurrency brokers and exchanges. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you.
You can then sign up for an account and get ready to start trading. However, make sure you research your purchase thoroughly and are fully aware of the risks involved before you buy.
Compare Bitcoin exchanges
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Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.