Buying bitcoin in Pakistan can be difficult but not impossible. In fact, it is easier than ever to buy bitcoin or other cryptocurrencies in Pakistan.
Below are four ways to buy bitcoin in Pakistan.
1. LocalBitcoins (Low Risk)
LocalBitcoins is a secure but expensive way to buy bitcoins in Pakistan. You just need to go to their website and create an account. It is recommended that you accept bitcoin from your LocalBitcons wallet and send payments via bank transfer to be on the safe side. Do not send money without banking as the seller may ask you to do so with JazzCash, EasyPaisa or any other similar means.
LocalBitcoins will bypass bitcoin if you open an agreement and you will know that the seller has escrow so you can transfer money securely.
2. Face-to-Face Agreement (Dangerous)
You can also buy bitcoins from trusted people by arranging deals face to face. There are some closed groups on Facebook that deal with crypto exchange services in Pakistan.
How it works you find a reliable trader in the group for any number of bitcoins you want to buy. You ask for a price, you can negotiate rates again once you have reached an agreement. Ask them to arrange a secure face-to-face meeting. Ask them if they accept the money or if you can make a Bank. If they accept cash, ask them to transfer the bitcoins first and you will give cash afterwards. Make sure you have a trusted friend if something goes wrong. (Avoid taking any family member if you feel like keeping things a secret from your family).
3. Trading (Safe)
This can work if you have any international bank account with which you can deposit money and they will send you bitcoins.
Binance Exchange
You can buy bitcoin at binance using Visa or MasterCard credit cards for 0%.
Below are the steps to buy bitcoin at binance.
Subscribe to binance using this link.
- Verify your identity by uploading your information
- Your account will be approved within a few days
- Add your credit card
Buy bitcoin
It is recommended that you do not keep all your stash in the trade. Always transfer to your cold wallet wallet like the Ledger Nano S if you are not trading.
Remember: "Not your keys, not your coins" means that if you do not hold your keys you are not actually the owner of bitcoin.
Ledger Nano S - Hardware case
4. Direct Buying (Very Dangerous)
A lot of people, especially freelancers are paid with crypto these days. And they need to exchange to spend money because bitcoin is not widely accepted right now. So you can also get paid people with crypto and you can buy from them directly.
Expert Tips
Do not use any local trade as that is not a real exchange but a middle-class community operating under a commission-related software system. First of all, they will charge a high fee and are actually very slow in processing your applications.
Secondly they ask for your full legal knowledge like Name and Address etc. There are no guarantees that their system is not being tracked by the government.
Receive payments with hot wallets and transfer them quickly to your cold wallet. Protect your cold wallet and store your 12-character names in two separate safe places.
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