Hong Kong Bitcoin & Crypto Exchange Guide: Getting BTC With Your HKD in 2022

For several years now, Hong Kong has proven to be a great centre for the growth of cryptocurrency. This country is packed with multiple OTC exchange platforms including OTC bitcoin exchanges.

Although Bitcoin and crypto are so common in Hong Kong, many Hong Kong residents are unaware of how to start using crypto. This article will guide you through the necessities of crypto and the best crypto exchange platforms.

Hong Kong Cryptocurrency Exchange Regulations

Hong Kong is a top crypto haven providing a regulatory environment for crypto exchanges. In Hong Kong, Bitcoin and crypto assets are not considered settlement currencies, but instead, they are virtual commodities.

The Securities and Futures Commission of Hong Kong (SFC) has been designated the ultimate regulator of crypto exchanges. Therefore, before operating in Hong Kong, all cryptocurrency exchanges must be licensed by the SFC. There are also multiple AML/CFT regulations to guide every business be it crypto or non-crypto.

Exchange Hacks and Crypto Scams in Hong Kong

Hong Kong has been the centre of one of the biggest crypto hackings that have ever occurred. One exchange platform, Bitfinex exchange, was hacked and lost $72 million when over 120k BTC were stolen. The hacking occurred in August 2016.

The country has also been the centre of some severe scams associated with over-the-counter traders. For instance, at some point, OTC traders majored in exchanging scam money into bitcoin for the scammers to avoid their assets being seized.

How to Choose a Crypto Exchange

When choosing a crypto exchange platform to use, there are many key factors to consider. Therefore, you need to do extensive research on the online exchange firm’s security protocols and authenticity. You need to know the platforms’ crypto storage options provided including, custodial wallets, hot wallets, and hardware wallets.

Moreover, you need to check the other factors like the cheapest option, escrow options, payment method, speed of transaction, etc. Currently, the most convenient options in exchanges are credit cards, debit cards, Paxful, Paypal, account to account, express transfers, Bitcoin ATMs, and many more. Some crypto exchanges accept international transfers.

Here are the Best Exchanges to Buy Crypto in Hong Kong

2 Binance

Binance is considered the most popular crypto exchange platform, offering top exchange services. It supports a range of products including 200 crypto assets and several fiat currencies like INR, KZT, USD, EUR, RUB, NGN, UAH, etc. Using Binance, you can convert cash to cryptocurrency and store the assets in your personal wallet.

Binance exchange charges a 0.1% spot trading charge, and for an instant buy/sell fee, the platform charges 0.5%. This platform has many payment/deposit options used by an average digital currency investor, including crypto payment, direct bank deposit, debit/credit card, Simplex, Via Banxa, and 60 more options. One drawback is Binance’s overburdened customer support service which has drawn criticisms from its users.

3 Coinbase

Coinbase is believed to be the most trusted major exchange, acting as a crypto trading hub for over 50 crypto assets, including Bitcoin, Ethereum and Litecoin. The Hong Kong currency is not supported in Coinbase, but there are multiple other fiats supported. Therefore, a user can convert their cash into cryptocurrency and enjoy crypto’s benefits.

Coinbase supports several payment alternatives, including bank account, debit card, wire transfer, PayPal, and several other options. For transactions worth $10 or less, the standard fee is $0.99, but any transactions higher are charged an average spread fee of 0.5%. Coinbase fosters account security using two-factor authentication systems.

4 CEX.io

CEX.IO is a crypto exchange that was founded in 2013 to provide excellent cryptocurrency brokerage services. The platform has multiple payment forms, including bank transfers(leveraging SWIFT), card payments, etc. Moreover, the platform supports multiple fiat currencies, including USD, EUR, GBP, RUB.

This platform supports a few digital currencies, including bitcoin, bitcoin gold, Ethereum, Bitcoin Cash, Zcash, and Dash. The trading fees are adjustable based on the 30-day trading volume, with the lowest fee being 0.1% for takers and 0 for makers. accordingly, CEX.IO promises its users a secure experience when trading.

5 Poloniex

Poloniex is a crypto exchange platform launched in 2014 to provide world-class crypto brokerage services for over 100 currencies, including bitcoin and Ethereum. The platform supports multiple national, local currencies like AUD, USD, EUR, CAD, ZAR, UYU, and several others.

The platform implants several deposit methods, including direct coin deposit or fiat funding using a Simplex account or bank cards. Poloniex fee schedule also depends on the number of crypto assets transacted per month.

6 Paybis

Paybis is a UK-based digital asset exchange platform providing great crypto investment options. The platform has a standard trading fee of 2.49%, and for small deposits, the minimum fee is $10.

Currently, Paybis supports at least ten crypto assets, including bitcoin cash, ripple, bitcoin, and Ethereum. Accordingly, Paybis supports over 47 fiat currencies, including USD, EUR, etc. The most common funding methods in Paybis include Skrill, Neteller, debit/credit card, bank transfer.

7 Coinmama

Launched in Israel in 2013, Coinmama has been providing top virtual currency exchange services. Coinmama supports a variety of payment options, including Mastercard and Visa. The transaction fees in Coinmama are at a standard 5.5%, and the platform proves very expensive.

Currently, Coinmama supports crypto assets like BTC, ETC, ETH, BCH, ADA, and XTZ. Coinmama also supports many fiat currencies like CAD, EUR, USD, GBP, AUD, etc. Although expensive, the platform offers a safe customer experience even when trading volatile investment products like Bitcoin.

8 Kraken

Kraken is a crypto exchange platform launched in 2011 to provide excellent crypto trading options. Currently, Kraken supports over 50 cryptocurrencies and multiple national currencies like EUR, USD, AUD, CAD, CHF, GBP, and JPY. Using Kraken, you can exchange between currencies of different nature i.e, digital and traditional.

The platform supports multiple payment methods like Fedwire, SWIFT, SEPA, wire transfer, including debit and credit card options are used in limited cases. The trading fee for Kraken ranges between 0% to 0.26%.

9 CoinSwitch

Coinswitch is a crypto trading platform boasting over 4 million users. Coinswitch supports over 300 cryptocurrencies, including bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, and over 45k trading pairs.

The platform charges a fee ranging from 0-0.98% of the transaction fee. Coinswitch has a limited number of payment methods like MasterCard, Visa, but it is like the more convenient fiat-based methods like Paypal.

10 Bittrex

Bittrex is a crypto exchange platform launched in 2013 to provide virtual currency investment options. The platform instilled several payment alternatives, including wire transfer, bank cards, SEPA, and crypto payments.

The makers and takers fee in Bittrex is 0.2%, while deposits with Visa are charged 3%. The fiat options supported include EUR, GBP, and USD, while the crypto options are BTC, ETH, EOS, BCH, DASH, ADA, etc.

11 Paxful

Paxful is a peer-to-peer exchanges network designed to connect users to complete trades. The platform accepts around three hundred payment methods, including Paypal, wire transfers, Amazon gift cards, credit cards, and western union, Mpesa. The platform fees are charged to the sellers at 1%.

The platform implants systems like 2-factor authentication and others to help protect user funds. Among the cryptocurrencies supported include bitcoin and tether. As a peer-to-peer platform, the fiats depend on the country of origin of the buyer.

Hong Kong Crypto Exchange FAQs

Is Cryptocurrency legal in Hong Kong?

Cryptocurrency is not accepted as legal tender in Hong Kong. However, the assets can be used and traded in the country. Hong Kong is the world centre for crypto trading.

How can I legally buy crypto?

The legal ways of purchasing crypto in Hong Kong include using the trading designated platforms. Among the platforms is cryptowallet.com, which trades the assets at the prevailing exchange rates.

Where can I buy crypto?

You can buy crypto on all the trading platforms listed in this article. Moreover, there are some over-the-counter trading desks, but you are advised to understand the legal status of the platforms before using them. The price of Bitcoin in Hong Kong depends on the prevailing market rates.

Can I buy crypto online in Hong Kong?

Yes! You can buy Cryptocurrency online using online-based crypto trading and brokerage firms. However, some online platforms accept direct cash deposits, while others don’t. CryptoWallet allows users to deposit cash via wire transfer or debit/credit card.

What is the cheapest crypto wallet?

Many crypto wallets are entirely free, including the multi-currency wallet available here at CryptoWallet.com. Of course, unlike other wallets, we also allow you to spend crypto as a real currency using your crypto debit card! To learn more, download the CryptoWallet app here.

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.

To open a Bitcoin wallet, simply download the app for Android or iOS below!

Download Our App Today and Get Started!
Bitcoin Wallet App

Ready to spend crypto like real money?
Our new app is almost ready!

Don’t miss the launch of the CryptoWallet app – enter your email below so we can let you know it’s ready

Let's stay in touch

Do you earn money in crypto?
Take our survey!

CryptoWallet is creating a crypto card that allows you to spend crypto simply. Answer only 4 questions to help us make the best crypto card for you!

The survey is anonymous. We appreciate your help!