How to Buy Cryptocurrency in China
Buying cryptocurrency in China
Even though the citizens of China are not new to digital payments, all activities related to cryptocurrencies have received little to no tolerance from the stern Chinese government. In 2017, ICOs or initial coin offerings were prohibited. Following this turn of events, exchange platforms trading cryptocurrencies or providing services were ordered to be shut down as well. All of this could be due to the fact that the Chinese government began a pilot program for a digital version of its official currency. The rapid growth of cryptocurrencies such as Bitcoin and Ether created a dangerous opportunity for a vast amount of economic activity to occur behind the policymakers' backs. As a result, China made a valid effort to put an end to any and all activities revolving around cryptocurrencies, but quickly saw the basic appeal of the general idea behind them, as long as it had a semblance of control
As of 20/03/2021
These exchanges all accept customers from China. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options