Buying cryptocurrencies while based in Pakistan can be a bit tricky for those who don’t know how. However, don’t worry – we’ll walk you through on how to buy bitcoin in Pakistan.
Main Cryptocurrencies like Bitcoin, Ripple, Ethereum, or Litecoin are the ones you should be concerned with buying initially. These primary cryptocurrencies can then easily be used to buy an equivalent amount of other popular cryptos such as Neo, Monero, EOS, Tron, Cardano, Stellar, and so many more.
This section will not only guide you on how to buy cryptocurrencies from Pakistan, but it will also list steps that can be used to buy cryptos no matter where you’re based.
How to Buy Bitcoin in Countries it is banned / illegal:
This is a 2021 Update: Our viewers have had a lot of issues purchasing bitcoin through Coinmama or Binance while based in countries like Pakistan where now, with new FATF regulations, even credit cards are blocked from those websites.
Well, don’t worry – we’ll guide you on how you can purchase bitcoin specifically from such countries, especially Pakistan.
The solution you are looking for is: Paxful.
What is Paxful?
Essentially, Paxful is a BTC exchange that brings users together in a specific country. You can find sellers in Pakistan or any country who have BTC, and for a slight surcharge ranging from 1-4%, they will sell those to you through local payment methods.
The process goes that, you will sign up to Paxful, and provide a few necessary verifications such as your ID card / Passport (basically the usual KYC verifications) which they process usually the same day.
Then, you can go to the “buy bitcoin” option, and find a buyer whose price you like. You will be able to see the payment options they accept such as “local bank transfer” and more. After you’ve selected them, it will initiate a transfer. You will on the page chat provided, ask for their bank details, and they will tell you. You transfer the amount, for the agreed upon amount of BTC (which will be shown on the same page), and then they may ask for a receipt as well. You will send the receipt, and they will release the Bitcoin.
The trust reliability issue is removed by Paxful as they hold the BTC of the seller in Escrow (meaning Paxful is holding it temporarily in their own wallet). If the seller lies and says you did not transfer the funds, you may call in a Paxful support rep who will resolve the issue. However, it is very rare for such issues to occur as bad ratings affect sellers who are doing this as a business quite seriously.
To sign up to Paxful and receive a discount on fees use this link: Paxful Sign-Up
Update May 2021: Binance has also added a P2P cryptocurrency purchasing feature which does not have any fees. Binance is extremely convenient and the best option for buying and trading cryptocurrencies. Please view how to sign up on Binance below.
How to Register with Binance and Create a Digital Wallet:
Now we will teach you how to register with a Cryptocurrency Exchange like Binance, and how to create a digital wallet on their platform. A Cryptocurrency Exchange is a place where you can buy, sell, and trade digital currencies also known as cryptocurrencies. You must also create a digital wallet where you can store the cryptocurrency you will purchase. You will need a separate digital wallet to store Bitcoin (BTC), a separate one to store Ripple (XRP), and so on.
Don’t worry though – it’s easy maintaining several digital wallets using a renowned online service that allows you to do so. Several websites will allow you to create online wallets with them where they will securely store your cryptocurrency once it has been transferred to them.
Pak Crypto Investor recommends one of the largest and most secure service providers who is friendly to crypto traders and buyers especially from countries like Pakistan, Sri Lanka, UAE, India, China: Binance
How to register on Binance from Pakistan:
Firstly, let us tell you one of the main benefits of having an account on Binance. Not only will they let you trade cryptocurrencies with leverage / margin, but they do not require you to verify your account. This means that you can deposit, trade, and withdraw your cryptocurrencies to and from Binance without providing details such as your ID Card (CNIC for Pakistanis), or Passport details. Normally, other crypto exchanges require you to upload copies of your ID card or Passport to be able to verify you before they allow you to trade cryptocurrencies or even deposit in their digital wallets.
Binance will only ask you for a valid e-mail address.
If you choose to verify your identity, they accept your National Identity Card (CNIC) or your Passport scans. The advantage of verifying your identity would be the ability to withdraw more than 2 BTC per day and access to higher leverage for trading. 2 BTC per day amounts to approximately $16,000 at the time of writing this, so it’s a very high daily limit for withdrawals.
Binance also offers leverage up to 20x but even with an unverified account you may access leverage of 5x.
Finally, Binance has low fees at 0.10% which may be lowered to 0.05% if you purchase and use their own coin – the Binance Coin (BNB).
Additionally to help you, if you sign up using our link, you will receive an additional 10% discount on trading fees for life. Click the link below, and you’re welcome!
How to Create a Digital Wallet on Binance:
Once you’re logged into Binance with an account, you will click on the “Wallet” tab on the dashboard bar. This will take you to a large list of crypto coins shown with an option for 3 actions next to the name: “Deposit, Withdraw, Trade”.
You can search for whichever coin you want to deposit into the wallet using the “search bar” at top. E.g. to search for Bitcoin, you can use type in “bitcoin” or “BTC”. Then you will click the “Deposit” action. This will take you to your wallet which shows a “BTC Address” on the right side of the screen. This BTC Address is your wallet address. When sending BTC from a different wallet to this one, you will use the “withdraw” option on your other wallet and input this BTC address for it to be transferred to your Binance Wallet. Similarly, when you purchase Bitcoin from a provider like CoinMama, they will ask you for a wallet address to deposit to, and you may use this one.
*Make sure to copy the exact address, as an incorrect one might lose you your coins*
Similarly, your Ripple (XRP), Litecoin (LTC), Ethereum (ETH), etc. wallets will have difference addresses when you click the “Deposit” button in front of their names on the Wallet page.
How to Buy Cryptocurrencies in Pakistan:
The easiest way to buy cryptos in Pakistan would be to use the Binance Exchange to do so.
There are many advantages of buying cryptocurrency from Binance:
Once you have purchased a cryptocurrency from Binance, you may trade it to make money in the form of cryptocurrency by trading for profits.
Buying and owning cryptocurrency presents huge opportunities to profit online especially from countries such as Pakistan. You may choose to exponentially increase your money by trading the currency and profiting if it goes up or down (see our trading guide). While doing so, you can also be confident that with time the value of cryptocurrencies like Ripple (XRP), Litecoin (LTC), Ethereum (ETH), and Bitcoin (BTC) will only increase as blockchain becomes more popular. If you do not wish to take the risk of trading, you can convert your currency to a stable coin and earn up to 15% interest annually risk-free.
Alternatives for buying cryptocurrencies from Pakistan:
If you want to buy bitcoin or any other cryptocurrency, and do not wish to use Binance, you may create an account with any exchange like Bittrex that accepts Pakistani clients. Following this you can buy and transfer Bitcoin, Ethereum, Litecoin, or Ripple from CoinMama.
You will have to transfer the cryptocurrency to a wallet however as CoinMama does not provide wallets. CoinMama also accepts Pakistani credit cards for selling cryptocurrencies.