How to Buy Cryptocurrency in Hong Kong
Buying cryptocurrency in Hong Kong
Ever since China decided to come down hard on cryptocurrencies, Hong Kong has been buzzing with Bitcoin activity. There were cases of exchanges relocating their bases from the mainland to this area because of Hong Kong’s non-interventionist system. What’s more, the government didn’t even take much of an interest in cryptocurrencies for a while. John Tsang, the country’s Finance Secretary, described Bitcoin as a commodity that is generated in the virtual world and emphasized that Bitcoin shouldn’t be regarded as electronic money or even a store of value for making payments. The government of Hong Kong even urged its citizens to be wary of Bitcoin and its volatile nature. But the Hong Kong special administrative region did eventually form regulations, aiming to protect investor interest in view of a noticeable drop in Bitcoin prices and possible frauds. Another interesting thing about Hong Kong is that it has 61 Bitcoin ATMs.
As of 20/03/2021
These exchanges all accept customers from Hong Kong. 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
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť 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 doesnâ€™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
- Doesnâ€™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