How to buy bitcoin in Pakistan

/, Finance/How to buy bitcoin in Pakistan

Buying bitcoin in Pakistan can be hard but not impossible. In fact, it’s easier than ever before to buy bitcoin or other cryptocurrencies in Pakistan.

Below are four ways to buy bitcoin in Pakistan.

1. LocalBitcoins

LocalBitcoins is the secure but expensive way to buy bitcoins in Pakistan. You just need to go to their website and make an account. It’s recommended that you accept bitcoin in your LocalBitcons wallet and send payments via bank transfer to be on safe side. Don’t send money other than bank transfers as the seller may ask you to do it via JazzCash, EasyPaisa or any other similar methods.

LocalBitcoins will escrow the bitcoin for you when you open a deal and you’d know that the seller has escrow so you can safely transfer the money.

2. Face to Face Deal

You can also purchase bitcoins from trusted people by arranging face to face deals. There are some closed groups on Facebook that deal with crypto exchange services in Pakistan.
How it works is you find a trusted seller from the group for whatever amount of bitcoins you want to buy. You ask for the rate, you can negotiate on the rates and once you have come to an agreement. Ask them to arrange a secure face-to-face meeting. Ask them if they accept cash or you can do a bank transfer. If they accept cash, ask them to transfer bitcoins first and you’ll handover the cash after. Make sure you have a trusted friend with you in case anything goes wrong. (Avoid taking any family member with you if you feel keeping things private from your family).

3. Exchanges

This would work if you have any international bank account that you can wire money to the exchange and they’d send you the bitcoins.

Top crypto exchanges

It is recommended that you don’t keep all your stash on the exchanges. Always transfer to your cold wallet such as Ledger Nano S if you don’t do trading. “Not your keys, not your coins” means if you do not hold your keys you don’t actually own your coins.

Ledger Nano S - The secure hardware wallet

4. Direct Purchases

A lot of people, mostly freelancers get paid in crypto these days. And they need to exchange it to fiat to do spending because bitcoin isn’t accepted everywhere yet. So you can also find people who get paid in crypto and you can make direct purchases from them.

Pro Tips

  • Don’t use any local exchanges as those aren’t really exchanges but centralized communities operating under affiliate software system on commission basis. First, they’d charge high fees and are very slow in processing your requests.
    Second thing is that they ask for your complete legal information like Name & address etc. And there are no guarantees that there system isn’t being tracked by GOVT.
  • Receive payments in hot wallets and transfer immediately after into your cold wallet. Protect your cold wallet and private keys somewhere safe.
  • Keep small amounts in your hot wallet for online purchases and stuff.
  • HODL 🙂
2018-07-09T17:11:30+00:00