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 (Little Risky)
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 (Risky)
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 (Safe)
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.
You can purchase bitcoin on binance using Visa or MasterCard credit cards with 0% fee.
Below are steps to buy bitcoin on binance.
- Register on binance using this link.
- Verify your identity by uploading your information
- Your account would be approved in a couple days
- Add your credit card
- Buy bitcoin
It is recommended that you don’t keep all your stash on the exchanges. Always transfer to your cold wallet wallet such as Ledger Nano S if you don’t do trading.
Remember: “Not your keys, not your coins” means if you do not hold your keys you don’t actually own bitcoin.
4. Direct Purchases (Too Risky)
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.
- Don’t use any local exchanges as those aren’t really exchanges but centralized communities operating under affiliate software system on commission basis. Firstly, they would charge a high fee and are actually very slow in processing your requests.
Second thing is that they ask for your complete legal information like Name & address etc. There’s no guarantees that their system isn’t being tracked by the government.
- Receive payments in hot wallets and transfer immediately into your cold wallet wallet. Protect your cold wallet wallet and save your 12 words seed phrase in two different safe locations.
- Keep small amounts in your hot wallet for online purchases and stuff.
- HODL 🙂