How to Buy Cryptocurrency in Vietnam
Buying cryptocurrency in Vietnam
According to a recent report, the country of Vietnam scored second in terms of cryptocurrency use among the 74 economies which were surveyed. Statista, a worldwide market and consumer data provider which conducted the survey, stated that 21% of Vietnamese participants had used or owned cryptocurrency in 2020, second only to Nigeria (32%). Due to high costs of sending money abroad by using conventional means, many locals turned to cryptocurrency exchanges to make remittance payments. However, the State Bank of Vietnam (SBV) doesn’t consider cryptocurrency a legitimate payment method and warns about the dangers of cryptocurrencies due to their volatility. On the other hand, Bitcoin can be used as an asset or good in Vietnam and Vietnamese exchanges like VBTC and Bitcoin Vietnam operate without any limitations. Using cryptocurrency as a means of payment is illegal, along with issuing other cryptocurrencies for the same purpose, but Bitcoin mining isn’t restricted.
As of 20/03/2021
These exchanges all accept customers from Vietnam. 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
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eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also have an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success
- Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
- Fees (spreads) are high
- Only USD as base currency
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 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