How to Legally Buy Bitcoin & Crypto in Vietnam | 2022 Guide
Vietnam has been an economic hotspot of late, being a major beneficiary of the China-US trade dispute across all industries. The influx of cash has led to a surge in crypto investment in the area.
The situation sounds complicated, but it doesn’t have to be! This article will highlight the best way to purchase cryptocurrencies in Vietnam.
How To Buy Bitcoin in Vietnam
There are various ways to buy Bitcoin and other cryptocurrencies in Vietnam. Usually, this will involve sending fiat money to a reputable cryptocurrency exchange where you will exchange that money for crypto. Each exchange will have their own specific method for how this will occur but generally the process involves the following steps:
- Find a reputable crypto exchange that operates in Vietnam – When searching for an exchange you will want to consider factors like reputation and security. See the list below for some options to consider.
- Register on the crypto exchange of your choice – Once you have chosen which exchange you will use you will need to download their app or visit their website (depending on the exchange) and complete the registration process.
- Send fiat money to that crypto exchange – Now that you’re registered on the exchange it is time to load your account with funds to spend on crypto. Generally this will involve a wire transfer from your bank account or the use of a debit or credit card.
Use your fiat money to purchase BTC or other cryptos – Once your money has arrived in your exchange account it is time to find the cryptocurrency you would like to buy and execute your trade.
Bitcoin & Cryptocurrency Trading in Vietnam
Vietnam has shown tremendous growth in crypto usage, ranking 2nd out of 74 Asian nations in volume held. Trade-in cryptos are legal within the country’s territory, albeit amid government criticism.
The country lacks any specific set of laws that govern both the trading as well as issuing of cryptos. However, Vietnamese legislation outlaws initial coin offerings (ICOs) on token sale platforms.
How Does a Crypto Exchange Work?
A crypto exchange is a trading platform that matches buyers of cryptocurrencies to those selling them. These, unlike traditional exchanges, work 24 hours per day, 7 days per week, providing a great experience for users. Some exchanges are merely peer-to-peer networks providing escrow services to their users.
Once a trader has loaded his crypto wallet to find his account, he places a ‘buy’ order that goes into the order book. It is then matched with a sell order at a fee, with supply and demand setting the price. Generally, the buy-sell match is based on the current market prices in the crypto industry.
How to Choose a Crypto Exchange in Vietnam
There are a number of factors involved in choosing a crypto exchange, such as ease of navigating the site and the security level of the platform. The types of cryptocurrency supported, and the probable cases of market manipulations in exchanges will also affect your decision-making.
Other notable factors include verification speed, fee cost, and the level of trust the market awards the exchange. Some traders like a variety of payment methods available to them as well.
Here are the Best Exchanges to Buy Crypto in Vietnam
1 CryptoWallet.com #1 Recommended
Cryptowallet.com is our first pick, and it’s much more than an exchange.
It’s a crypto financial solution that allows you to buy, sell, and even spend crypto in stores. You can pay bills in cryptocurrency funds and even earn ongoing passive income by signing up new users to the service.
At the moment, users can buy, store, and spend hundreds of cryptos like Bitcoin, Ethereum, Ripple, Litecoin, and Tether.
2 Hotbit
Launched in 2018, Hotbit is among the popular exchanges in the crypto world. It’s based in Shanghai, China, and Taipei, Taiwan. The exchange has switched solely to dealing with cryptocurrency exchanges, not accepting fiat deposits or withdrawals.
It charges a trading fee of -0.05% to 0.2% of the transacted volume, with an easy-to-use and navigates. The exchange accepts bitcoin (BTC), ethereum (ETH), and some 200 others cryptos.
3 Idex
Idex is a decentralized crypto exchange platform that’s based on the Ethereum blockchain. It accepts deposits in tokens and ETH. IDEX is among the largest cryptocurrency exchanges offering services in Vietnam.
It attracts a 0.1% trading fee for makers and 0.2% for takers with a relatively easy-to-use site. The exchange supports ETH, EOS, and more than 60 other cryptos.
4 Gate.io
Launched in 2017, Gate.io is a Chinese crypto exchange that’s available.in English and Chinese. It accepts deposits in crypto only and is very easy to use.
Gate.io charges a 0.2% transaction fee that decreases with increased trade volume. One can purchase up to 150 coins, including BTC and ETH.
5 CoinBene
CoinBene is a trusted crypto exchange platform that charges a flat 0.1% trading fee on transactions. It only accepts crypto to crypto payments and deposits.
The exchange has a very simple and easy-to-use platform. It supports more than 170 cryptos, with BTC and ETH being notable examples. Coinbene has a short verification process that includes submission and verification of the email address.
6 Bitit
With a very easy, user-friendly platform, Bitit is a good crypto exchange. It accepts deposits with a range of payment methods and at least 15 different fiat currencies such as the US dollar (USD) and Euro (EUR).
It attracts a trading fee ranging from 0.25% for instantaneous buying. About 50coins are accepted, including BTC and ETH.
7 Shapeshift
Shapeshift is a vibrant exchange that accepts deposits in cryptos instead of Fiat currencies. It is relatively easy to use and navigate. Shapeshift provides users with several methods of payment, including the vastly used debit cards.
There are no charges apart from an under $1 miner fee, instead offering a 30sl second lasting exchange rate. It accepts cryptos such as BTC, ETH, and 45 other cryptos.
8 Bitstamp
The Bitstamp exchange offers a safe way to purchase up to 7 cryptocurrencies, including BTC and ETH. It stands among the top financial institutions in Vietnam, accepting deposits in cryptos as well as fiat directly from one bank.
The exchange charges a 0.5% trading fee, with it gradually reducing from 10,000 USD onwards. It is easy to use and navigate the site but is however suited for experienced and intermediate users.
9 Bithumb
Bithumb exchange is an easy-to-use exchange platform thanks to reduced features. It, however, accepts cryptos as the only deposit option. This platform is also able to reach international markets serving in many countries globally.
The trading fee is a flat 0.25% of volume. Currently, Bithumb supports a wide variety of the number standing at 30 currently including the famous BTC and ETH.
10 Huobi
Huobi is a fast and secure exchange with an easy-to-use platform for all traders. It doesn’t support fiat currencies, accepting deposits in cryptos only. This platform’s customer support team works.
A 0.2% of volume fee on trade is charged, decreasing the increase in volume up to 0.1%. It supports some 200+ cryptos, the key ones being BTC and ETH.
11 Indacoin
The Indacoin crypto exchange is an impressive way to purchase virtual currencies. This platform accepts several payment options, including debit and credit card transfers in fiat. It is quite easy to use and user-friendly and provides an excellent marketplace.
The trading fee charged depends on the transaction method, from 0% for BTC-e code to 4% for debit cards and 2.9% for payza. 140 cryptos are supported, including BTC and ETH.
Vietnam Crypto Exchange FAQs
Is cryptocurrency legal in Vietnam?
Cryptocurrencies are legal in Vietnam as an asset but are illegal as a medium of exchange. While no specific laws are governing the issuing and selling of cryptos, the government has a ban on ICOs.
Is there a Bitcoin machine in Vietnam?
Yes, there are Bitcoin machines or ATMs in Vietnam. The latest stats indicate they are present in 11 locations in the country.
Where is the safest place to buy cryptocurrency?
The safest place to buy cryptos for beginners is on Cryptowallet.com. It is also a safe haven for purchasing bitcoin instantly, with both instances requiring one to have a secure device on their part.
Where can I buy crypto without verification?
On the LocalBitcoin crypto exchange. Users can buy crypto without ID by either paying in cash deposit or meeting in person and buying via cash as the form of payment. However, this should be carried out at your own risk!
How do I buy crypto with PayPal?
Users can buy certain cryptos, namely, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, directly from their personal or premier PayPal account. All they need to do is confirm certain information as they make the purchase as guided on their accounts.
What’s the best Bitcoin wallet in Vietnam?
The best Bitcoin wallet in Vietnam will depend on your individual needs and requirements.
However, there are certain criteria that you should always consider when looking for a crypto or Bitcoin wallet.These factors include the wallets security, features, and availability.
CryptoWallet.com is an example of an excellent choice that excels at meeting all of the above requirements for Bitcoin and crypto users in Vietnam. CryptoWallet.com is also fully regulated, meaning it is deemed reputable and trustworthy.
In terms of features, CryptoWallet.com allows you to buy, hold, sell, and even spend your BTC, ETH, USDT, LTC and XRP anywhere that accepts debit payments (using the CryptoWallet.com debit card) all within the same easy to use application.
Of course, none of this is useful if you cannot access or use your wallet in Vietnam. Luckily, CryptoWallet.com is fully available for Vietnam users. When you combine this with the factors outlined above it makes it an excellent option to use as your Bitcoin or cryptocurrency wallet in Vietnam.
We also have guides that give an in-depth look at other countries where cryptocurrency is legal including:
United Kingdom
Hong Kong SAR China
Singapore
India
Bitcoin Wallet App
To send Bitcoin, you simply need to copy the address or public key you’re sending money to and paste it into the recipient section.
This process is guided with on-screen instructions.
