Buy Crypto / Bitcoin in Pakistan – Easy Guide
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How to Buy Cryptocurrency in Pakistan
The cryptocurrency craze is sweeping over Pakistan, and it’s not stopping anytime soon. Every day, hundreds of Pakistanis search on the internet, “where to buy cryptocurrency in Pakistan?” But, they often find guides that are either too hard to follow or made by international websites providing surface-level information.
Well, we’re glad to let you know that those days are over. We, as Pakistani cryptocurrency investors, have created a guide dedicated to our fellow crypto investors & traders in Pakistan. In this guide, we’ll take you from A to Z explaining the basics. So that you completely understand the method of buying crypto like Bitcoin in Pakistan.
All set? Then let’s dive into the world of cryptocurrency as Pakistanis together.
Before We Start, A Word of Advice
Before I start talking about cryptocurrency further, please carefully listen to my advice. Cryptocurrency is a highly volatile currency that can either be highly profitable or even bring immense loss.
We recommend exploring, learning and analyzing a particular cryptocurrency before investing in it. Additionally, we strongly emphasize that the capital/investment you use to buy cryptocurrency should be extra cash. You should never invest money that is crucial to your survival or needed for any other matters.
Please treat cryptocurrency as an investment opportunity and not as a gaming tactic.
BuyCrypto.pk is not a financial advisor and in case of any harm or loss to your investment, it won’t be responsible or held accountable. This blog is solely for knowledge purposes and your investment decisions should be based on your own research and volition.
Please Trade Wisely! Thank you.
Now let’s continue to talk about cryptocurrency.
What is Cryptocurrency? History, Importance, and Use
In 2009, a person by the alias of “Satoshi Nakamoto” had an idea to create a currency similar to fiat money (USD, EUR or PKR). But, the key main idea was that no specific country or organization will control it. It will be a decentralized currency that will be based on Blockchain technology.
That person was the creator of Bitcoin, the world’s first cryptocurrency that started it all. When we say cryptocurrency in Pakistan, many people think Bitcoin is the only cryptocurrency that matters. Frankly, it’s not true at all. Ever since bitcoin, there have been over 15,000 cryptocurrencies that have hit the exchanges.
The purpose of cryptocurrency was to put control of finance in the hands of people. A safe, anonymous, untraceable way to transfer funds or make payments. But, they became one of the most famous forms of investment too because their value appreciates over time.
Wait, Isn’t Crypto Currency Banned in Pakistan?
Yes and no. Cryptocurrency in Pakistan is not officially regulated. This means you cannot use cryptocurrency for sale, purchase, exchange, or investment officially. So, if you’re thinking of buying cryptocurrency from your credit or debit card in Pakistan, you won’t be able to.
However, you can easily hold cryptocurrency, trade it, and exchange it for PKR. On top of that, you won’t get into trouble for doing so. How? Let’s cover that in detail next.
Where to Buy Cryptocurrency in Pakistan
To buy cryptocurrency in Pakistan, you’ll have to jump through a few hoops. But luckily, the Binance cryptocurrency exchange has made the process much easier for us.
What is Binance?
Binance is a leading cryptocurrency exchange that was founded back in 2017 in Hong Kong. It features bitcoin and other famous altcoins like Etherium, Cardano, XRP and Shiba Inu, etc. You can easily trade, list, fundraise, de-list or withdraw cryptocurrencies on Binance
But the main focus of our buying process is P2P trading.
What’s P2P Trading? Why is it important for Pakistani Investors?
As mentioned earlier, you cannot purchase cryptocurrencies in Pakistan with your credit card. Hence, Binance’s P2P trading feature is a great workaround. P2P stands for Peer-to-Peer which is a Binance sub-platform that allows you to deal in local currencies. Yes, this means you can easily find local sellers that are providing cryptocurrency in exchange for PKR.
P2P Payment Method on Binance
Now that you’ve found sellers, how can you pay them?
Just use the following methods:
- Bank Deposit to Seller’s Account
- And some more…
Isn’t that great? Easily set the amount of crypto you want to buy in Pakistan and pay the seller. Easily get cryptocurrency delivered to your account. Now, let’s discuss the actual process of buying cryptocurrency on Binance in Pakistan.
Buy Cryptocurrency in Pakistan
Now’s let’s discuss the process of buying cryptocurrency in Pakistan through Binance.
Create a Binance Account
Start by visiting this link that leads to the Binance website. After you visit Binance, start by creating a free account with your email or phone number. You’ll be required to add basic information and complete your account creation.
Verification of Account
This is a little time taking process, but easy nonetheless. But why do you need to do it? Well, it helps verify that your account will be protected from any illegal activity like money laundering, fraud, or corruption.
Performing verification also unlocks your Binance accounts’ complete capabilities. You’ll be able to trade freely and use the P2P trading feature after it.
You’ll need to fulfill the following requirements::
- Personal Information: Your basic details
- Government-issued ID Card: Scan your CNIC both front and back, and upload it.
- Proof of Address: Add image of any utility bill that’s on your name and home address. It can be a screenshot of a digital bill too.
- Facial Recognition: Here, upload your selfie and upload it to Binance.
By providing all the above documents, you’ll receive an update from Binance in 2-10 working days. They’ll either confirm your account verification or request you to reupload some documents again.
Using P2P Trading to Buy Cryptocurrency in Pakistan
Now, let’s begin trading. We recommend logging into your Binance mobile application to make any P2P trades since it’s a bit easier. After your account is verified, access the P2P trading option in Binance. First of all, select PKR currency in the top right section.
Then select the cryptocurrency you want to buy from the highlighted section. We recommend selecting USDT and checking different listings.
Each listing has different rates but you need to keep something in mind. Each buyer has a specific limit of minimum and the maximum amount you can buy. E.g. If a buyer has a range of 150-20000, it means you can buy crypto of a minimum of 150 Rs. till 20,000 Rs.
Once you find a buyer that suits your needs, click on buy and begin the buying process.
Steps For Making a P2P Trade
This process is simple, you’ll have different payment methods that the buyer used listed in the “Payment Method Section”.
Follow these steps to ensure a proper buying process:
- First, message the buyer in the chat box to ensure the buyer is active.
- Once the buyer is active make sure to let him know that you’re about to send payment.
- Use any payment you find suitable and easily pay the buyer.
- DON’T FORGET TO SAVE THE SCREENSHOT OF THE PAYMENT
- After saving the screenshot, send it to the buyer in the Binance P2P chat box.
- Click on “Transfer the fund” to confirm that you have successfully sent the payment.
- After the buyer has confirmed the payment, you’ll receive funds (USDT) in your Binance wallet.
Converting USDT to Other Currencies
Wait, you’ve bought USDT, how can you buy other cryptocurrencies? It’s easy. Simply open the Binance currency conversion app inside Binance. Select the USDT option in the upper field and whichever currency you want to be covered in the second field.
Click on “Convert” and you’ll easily have whichever cryptocurrency you want in Binance. HURRAY!!
However, Binance does not convert USDT under 10 dollars. So you must have over 10 USDT in your account to convert it into other currencies.
And there you have it, people! You have successfully bought cryptocurrency in Pakistan. No debit card or credit card is needed. Easily deal safely with local sellers through P2P trading and start your cryptocurrency investment journey today. For more informative articles and blogs, do keep visiting your own Pakistani Cryptocurrency Website, BuyCrypto.pk.