How to Sell Crypto in Vietnam in 2021

Looking to sell crypto in Vietnam? Of course you are!

Vietnam is a dynamic hotbed for cryptocurrencies and blockchain-related startups. Of course, the crypto scene is crowded with competing crypto exchanges, and the whole process can be a bit overwhelming. Let’s take a look at the best ways and platforms you can use to safely sell your crypto.

How to Sell Crypto in Vietnam

Cryptocurrency exchanges provide the easiest way to buy and sell Bitcoin and other cryptocurrencies in Vietnam. They allow you to exchange your cryptocurrency for fiat money such as Vietnamese dong and send that money to your bank account. 

This guide will take you on a journey through the best exchanges to sell your crypto in Vietnam, so read on!

What is a Bitcoin Exchange?

A Bitcoin exchange allows you to buy and sell cryptocurrencies, either for other digital assets and cryptocurrencies or for fiat currencies such as U.S. dollars or Vietnamese dong. 

How does a Bitcoin Exchange Work?

To use a Bitcoin exchange you will need to sign up and once approved, deposit funds. These funds can consist of cryptocurrencies you hold and are looking to sell or from fiat money sent from your credit card or financial institution bank card to your exchange wallet. 

Once you have deposited funds you can trade them for fiat money that you can exchange to your account or for cryptocurrencies like Bitcoin that you want to hold. 

How to Choose the Best Exchange to Sell Crypto in Vietnam?

When choosing the best exchange to sell your Crypto, Vietnamese users should consider a variety of factors including:

  • Ease of use: How difficult will it be for you to use the exchange? Does it have advanced features or is it tailored towards novices and new users? You should make sure the exchange you choose is not too difficult for you to use, based on what stage of your crypto journey you are on.
  • Security: Is the exchange known for its security? Have they been targeted for hacks in the past? Were the hackers successful? The last thing you want is to place your hard-earned money somewhere it is not safe.
  • Fees: Of course you don’t want to spend an arm and a leg in fees to achieve your goal of selling your cryptocurrency. Don’t just check for selling fees but also consider fees for sending your cryptocurrency to and from the exchange.
  • Pros and Cons: Consider any other relevant information related to the exchange. In the case of pros do they have helpful customer service or a large range of payment methods? In the case of cons do they lack features you may need or provide regulatory concerns in Vietnam? 

The Best Exchanges to Sell Crypto in Vietnam

Now that we’ve taken a look at how exchanges work, it’s time to choose the best place to sell your crypto!

2 Binance

Binance is popular with traders and more advanced users. It has a very large selection of cryptocurrencies to trade between but can be intimidating to new users.

  • Ease of use: Intermediate
  • Security: Strong security
  • Fees: 0.5-2.5% fees to exchange your cryptocurrency into fiat currency.~345,000-690,000 VND ($15-30 USD) to withdraw fiat currency to your bank account.

Pros (What We Like)

  • Lots of coins for cryptocurrency trading.
  • Binance exchange is the largest cryptocurrency exchange by trading volume on the list.

Cons (What We Don’t Like)

  • Confusing layout and difficult to use.
  • Has been targeted for phishing attacks on customers in the past.
  • Repeated complaints about a lack of customer support.

3 FTX

FTX was founded by crypto celebrity Sam Bankman-Fried. It is known for its low fees but is also more advanced and targeted towards seasoned traders.

  • Ease of use: Difficult
  • Security: Medium security
  • Fees: Fees for selling crypto into a fiat currency are calculated at the time of the trade.~1,715,460 VND ($75 USD) to withdraw fiat currency to your bank account

Pros (What We Like)

  • Large selection of cryptocurrencies.

Cons (What We Don’t Like)

  • High withdrawal fees to send fiat money to your bank account.

4 Huobi

Huobi was founded in mainland China but is now based in Seychelles for regulatory reasons. They have a large user base and low fees but generally do not allow large withdrawals from the platform.

  • Ease of use: Intermediate
  • Security: Medium security
  • Fees: 0.02% for selling cryptocurrency on the platform. ~5,550-22,000 VND ($5-20 USD) for withdrawals to your bank account.

Pros (What We Like)

  • Low fees.

Cons (What We Don’t Like)

  • Regulatory concerns.
  • Restrictive withdrawal limits.

5 Kraken

Kraken is a security-focused exchange with a reasonable selection of cryptocurrencies. It tends to be preferred by more advanced users that do not need elaborate features.

  • Ease of use: Easy
  • Security: Strong security
  • Fees: 1.5% transaction fee to convert crypto into fiat. ~450,000-900,000 VND ($20-$40 USD) to withdraw fiat money to your bank account.

Pros (What We Like)

  • Highly regarded for its security.

Cons (What We Don’t Like)

  • High withdrawal fees.

6 Gemini

Gemini is also a security-focused exchange although it is newer and less tested than Kraken. It was founded by the Winklevoss twins of Facebook fame.

  • Ease of use: Average.
  • Security: Medium security.
  • Fees: 1.5% on sales of crypto into fiat currencies. 0-3.5% to withdraw fiat to your bank account. 

Pros (What We Like)

  • Backed by high-profile cryptocurrency investors the Winklevoss twins, lending a degree of credibility to the platform.

Cons (What We Don’t Like)

  • Fees are on the higher side.

7 Bitfinex

Bitfinex is operated by the same company that operates Tether, the world’s largest stablecoin. It is one of the oldest exchanges on the list having been established in 2012.

  • Ease of use: Advanced
  • Security: Medium
  • Fees: 0.2% to sell crypto into fiat dollars, 0.1-3% for fiat withdrawals depending on which method is used

Pros (What We Like)

  • Large offering of cryptocurrencies.
  • Lower fees than some other exchanges.

Cons (What We Don’t Like)

  • Has been hacked in the past.
  • Some regulatory concerns.

8 LocalBitcoins

LocalBitcoins is a peer-to-peer exchange that connects individuals looking to buy and sell Bitcoin.

  • Ease of use: Advanced
  • Security: Medium security
  • Fees: Fees vary based on trading activity and peer-to-peer agreements

Pros (What We Like)

  • Slightly more private than selling on a traditional centralized exchange.
  • Escrow services provide a unique way to exchange cryptocurrencies peer to peer.

Cons (What We Don’t Like)

  • Peer exchanges can present security concerns when meeting or dealing with strangers online.

9 BitMex

Bitmex is only an option if you are looking to trade between cryptocurrencies, not if you are looking to sell your crypto for fiat currency, since they are a crypto-only exchange.

  • Ease of use: Advanced
  • Security: Medium
  • Fees:  0.075% to trade between cryptocurrencies (BitMex is a crypto-only exchange, no fiat is accepted).

Pros (What We Like)

  • High-leverage trading makes this trading platform popular with some.

Cons (What We Don’t Like)

  • Solely for the exchange of cryptocurrencies, not suitable for selling cryptocurrency into fiat.

FAQ

Is cryptocurrency legal in Vietnam?

Buying, holding, and trading cryptocurrency and digital assets in Vietnam is legal in Vietnam. In fact, Vietnam is quickly becoming a blockchain hub and is currently the second-largest cryptocurrency market in the world. This means that the adoption and use of virtual currencies in the country are very high.

However, it is technically illegal to use Bitcoin and other cryptocurrencies as a means of payment in Vietnam. This is generally interpreted as exchanging cryptocurrencies for goods or services instead of fiat money, which should be avoided. Our crypto debit card converts your crypto into fiat money for you at market rates and then allows you to spend that fiat money on the spot, therefore you will have no problem or legal concerns using our crypto debit cards for payments in Vietnam.

Where can I sell my cryptocurrency for cash?

You can sell your cryptocurrency for cash using our unique crypto debit card. You can use the crypto debit card at any store or service accepting debit cards, and if you need physical cash you can use your crypto debit card to withdraw it from any regular ATM. You don’t need to worry about sending your crypto off to an exchange or finding the market rate and converting your crypto, we do all of it for you in the background!

Is it easy to sell cryptocurrency?

The CryptoWallet.com debit card provides one of the easiest and fastest methods for selling your cryptocurrency in Vietnam. When you load your crypto debit card with crypto we automatically sell and convert it to the market rate in fiat currency on the spot without any additional steps by you. You can then use the crypto debit card to spend your virtual assets anywhere that accepts debit cards as forms of payment or go to an ATM and withdraw your new cash.

What is the value of Bitcoin in Vietnam?

Exchange rates for Bitcoin fluctuate daily, and they are the same in Vietnam as in the rest of the world.