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) doesnít 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 isnít 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
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
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