A step-by-step guide on how to buying Bitcoins in Vietnam in 2021
Have you always wanted to venture into the cryptocurrency market in Vietnam? Then this is the perfect guide that will get you started. Like most world countries that have regulated Bitcoin with stringent rules, the Vietnamese government has not been left behind.
Using Bitcoin as a legal tender to pay for goods and services in Vietnam was declared illicit by the Vietnamese government as of 2018. Following the law's implementation, breaching it might result in severe consequences such as hefty fines or even imprisonment. It is a good idea to comprehend the regulatory guidelines set by the local government before venturing into crypto trading in Vietnam.
Even so, the Vietnamese central government has not restricted its citizens from investing in Bitcoin. Vietnam's citizens can still venture into the cryptocurrency market and purchase Bitcoin. Despite the government's negative stance against digital assets, Vietnam still boasts many cryptocurrency enthusiasts. According to data statistics from usefultulips, in Asian Pacific countries, Vietnam comes fourth after the Philippines.
Vietnam experienced tremendous growth in Bitcoin trading volume in 2020 following the emergence of the COVID-19 pandemic. Regardless of the antagonistic stance by Vietnamese financial institutions and the authorities, Bitcoin has become a subject of great interest.
The novel digital currency is constantly increasing in value, creating a unique opportunity for investors to generate profits. At press time, one Bitcoin is valued at 1.183 billion Vietnamese Dong. The BTC/VND pair is available for trading on a variety of platforms in the nation.
The installation of four Bitcoin ATMs in the Vietnamese city of Ho Chi Minh has come in handy, especially for traders on Bitcoin exchange platforms. A bitcoin ATM works just like a typical teller machine. The only difference is that users can buy bitcoin and pay by either cash or a debit card.
Vietnam's expanding Bitcoin community engages in sharing ideas and opinions via Facebook, forums, and other platforms. As such, if you want to buy Bitcoin online, the Asian country is more than ready to cater to your needs at the price prevailing in the market.
Getting started with Bitcoins Vietnam
For you to buy or sell Bitcoin satisfactorily, here are a few vital tips to keep in mind before diving into the deep end:
Getting a reliable crypto wallet
Bitcoin is the earliest crypto and the most common one. A Bitcoin wallet is basically used to store Bitcoin and different types of cryptocurrencies. Cryptocurrency wallets come in varied types, namely:
They can be accessed on smartphones through applications. They are safe and convenient since they can be accessed from anywhere by the user as long as they have their phone with them and an internet connection.
These are wallets embedded on storage devices like flash disks and hard drives. They are safe but only if they don't fall into the wrong hands. The only downside is that they are expensive to acquire which is logical since they provide maximum protection for your Bitcoin.
These are offline wallets stored in computers. They are safe but are not convenient.
They are assigned after signing up for an exchange. These wallets are not safe and are prone to hackers. On the upside, they are easier to access and manage. Beginners are advised to opt for a mobile wallet because it is simple to use and is less complicated.
A mobile wallet comes in handy because one can store, receive and track their bitcoins at any given time or place in real-time. You can obtain a free crypto wallet for signing up with various cryptocurrency exchange platforms in the country such XanPay
How Much Do You Want to Invest?
Now that you have a wallet, it's time for you to purchase a fraction of a whole Bitcoin. How much does it cost to buy and own one unit of Bitcoin? Currently, the price of one Bitcoin stands at $49,000. Fortunately, it is practically possible to invest in Bitcoin segments of up to eight decimal places for as low as $10.
Now that we have discovered there is a way to buy Bitcoins, let's start looking for a suitable trading platform to buy Bitcoin from or any other cryptocurrency. As explained earlier, Vietnam has a vast online cryptocurrency exchange industry that poses a significant risk.
You must be highly vigilant before investing your VND in any platform you come across online. Some of the key aspects to watch keenly include security features, number of supported cryptocurrencies, reliability, payment methods supported, and the platform's reputation.
Where can I Acquire Bitcoins?
There are two significant ways to buy BTC in Vietnam. The method you choose entirely depends on your crypto needs and your motive for purchasing Bitcoin. There are a handful of platforms that sell BTC for VND but not all of them.
The two methods include trading Bitcoin for difference (CFD), or you can opt to purchase the tokens directly from centralized exchange platforms or a peer to peer marketplace. Each of the two Bitcoin investing methods has its own merits and demerits, and it is up to you to choose what works for you.
Bitcoin CFD trading: BTC CFD trading in Vietnam involves speculating on the future price movements of BTC without necessarily having to own the cryptocurrency. Vietnam has a variety of brokerages in Vietnam that provide BTC CFD trading services to the Asian nation. However, please note that with CFD trading, you will not hold Bitcoin as an asset.
Buy Bitcoin in Vietnam with XanPool 2021
Step 1: To buy Bitcoin from XanPool, select your country from its dropdown menu. After you select Vietnam, it will automatically display the price of Bitcoin in VND.
Step 2: Enter the amount of Bitcoins that you want to buy and click on Xchange.
Step 3: In the next step, enter your wallet address where you wish to send your purchased BTC. Alternatively, you can also choose to send your BTC to Okex wallet.
Step 4: XanPool offers Vietnam's local payment method 'Viettal Pay' to seamlessly buy Bitcoins. Send the money by manually entering the receiving ViettelPay number with the text given into any mobile banking applications that support the ViettelPay money transfer function.
Step 5: Receive Bitcoins almost instantaneously into your wallet.
One key advantage of buying through XanPool is that there is a wide range of cryptocurrencies for enthusiasts who want to try new digital currencies. Besides, you can buy and sell Bitcoin in Vietnam with your local currency through your preferred payment methods.
Mainstream adoption of crypto is leading to people flocking towards solutions that facilitate crypto to fiat conversions and vice versa. Moreover, its emergence as a new financial asset class has led to its prevalence as an investment vehicle.