What are the ways to buy BTC with VND? This article will guide newcomers on how to buy BTC with VND easily and securely.
If you have been trading in the crypto industry for many years, you are probably familiar with buying and selling BTC and “cashing out” to VND. But for those who are new to the market, this article will guide you through all the ways to buy BTC with VND.
How Many Ways Are There to Buy Bitcoin (BTC) with VND?
Currently, there are two common ways to buy Bitcoin in the crypto market:
- Buy directly from exchanges that support Vietnamese Dong (crypto-fiat).
- Buy BTC through OTC (over-the-counter) trading.
Below, I will specifically guide you on how to buy BTC for each type.
Buying Bitcoin (BTC) on Crypto-Fiat Exchanges
Here are 5 Bitcoin (BTC) exchanges that are trusted and used by many people in Vietnam.
BVNEX Exchange
BVNEX is a leading fiat currency exchange in Vietnam. Although newly launched (in 2020) by BVNT Foundation Limited Liability Company, BVNEX has made significant “hits” with quality IEO projects.
In addition to supporting Bitcoin trading, BVNEX also supports trading many other coins with two main trading markets: VNDT (Vietnamese Dong) and USDT (Tether).
BVNEX also cooperates with many strategic partners such as MXC, Binance, Huobi, Ontology, Dash, Tomochain, etc.
Pros:
- Reliable and trustworthy.
- Has a customer support department to assist with transaction problems (if any).
- Fast.
- Can place buy orders at the desired price or choose to buy BTC at the market price.
- Can buy BTC with very small amounts; a minimum BTC purchase order can be as low as 50,000 VND.
- BTC/VNDT transaction fees are relatively cheap, with Maker at 0.15% and Taker at 0.25%.
- User-friendly interface, easy to use.
- Supports many banks.
- Has apps for Android and iOS.
- Has a Telegram community for users to exchange and contact the admin directly.
Cons:
- Transaction fees (compared to OTC trading).
- After buying BTC, if you want to transfer it to another exchange for trading, such as Binance, Kucoin, etc., you must complete KYC to withdraw. The withdrawal limit depends on the KYC level, ranging from 200 million to 10 billion VND, or unlimited.
Remitano Exchange
Remitano is a very popular exchange chosen by many traders to buy and sell Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), etc. using VND.
The exchange was established in 2015 and has built a strong presence in the market. Although the exchange operates in 58 countries around the world, most of Remitano’s traffic comes from Vietnam.
Pros:
- Good liquidity due to many active buyers and sellers.
- Has apps for Android and iOS.
- Supports multiple languages.
- Has an OTP (One Time Password) function; you can log in to Remitano on subsequent occasions without re-entering your password.
- High security.
- Has a 24/7 customer support department.
- Depositing money to the exchange is free.
- Can place BTC buy orders or buy BTC from advertisers.
Cons:
- Depositing coins into Remitano also incurs a fee, depending on the type of crypto.
- The trading fee for buying/selling on Remitano is 1%, which is quite high (for advertisers) compared to other exchanges in the market.
- Slow transaction completion time because it requires confirmation between the buyer and seller.
- When buying BTC from advertisers, you will be limited in quantity and have to buy multiple times if you haven’t reached the required amount.
Binance P2P
Binance P2P is a service belonging to Binance, the world’s largest cryptocurrency exchange by trading volume. Binance P2P was launched not too long ago, in January 2020.
You can directly buy and sell USDT, BTC, ETH, BNB, etc. with VND through Binance P2P.
Pros:
- Reliable and trustworthy.
- Convenient: The amount of BTC you buy will be transferred directly to your Binance wallet address.
- Many advertisers with reasonable rates; you can choose who to trade with.
- No transaction fees.
- Has a support team to help when problems arise.
Cons:
- KYC and bank card information are required before trading.
- Requires confirmation of the Terms of Service.
- Requires a minimum transaction amount depending on the advertisement of each seller.
- Long transaction completion time, takes about 15 minutes.
Aliniex Exchange
Aliniex is a cryptocurrency exchange that allows you to buy and sell coins directly with VND.
The exchange was established in October 2017 as a product of Alini, JSC, based in Hanoi.
Pros:
- Simple interface, easy to use.
- 24/7 support team.
- Supports many different banks.
- Good security thanks to SSL (Secure Sockets Layer) technology.
Cons:
- Transaction fees are quite high, 0.3% applies to both instant buy/sell and limit orders.
- Only has a website interface, no mobile app yet.
T-Rex Exchange
T-Rex is a P2P exchange that allows users to buy and sell BTC and ETH directly with VND. It was established in 2018 and is headquartered in Singapore.
Pros
- Supports many banks.
- Has a mobile app for iOS and Android.
- Reliable.
- Has a support department to assist with transaction problems.
Cons
- Transaction fees are quite high, 0.5% on the total transaction amount is charged for Takers and applies to users who have completed KYC. For those who have not completed KYC, the fee is 1%.
- The minimum and maximum purchase amount for each transaction depends on the advertiser.
Buying Bitcoin (BTC) Through the Individual OTC Market
OTC (Over-the-Counter) is a way to directly buy and sell crypto between buyers and sellers. This is a spontaneous form of transaction due to the increased buying and selling demand of the market and is not controlled by any party.
Pros
- Fast and neat transactions.
- Convenient.
- Buy and sell rates are usually better than buying on exchanges.
- No transaction fees.
Cons
- High risk if you choose the wrong person to trade OTC with.
I would also like to introduce you to some reputable OTC traders in the industry, such as Jade Vo (@jadevo) and Oanh Oanh (@huyenoanhpham). You can consider contacting them to buy and sell crypto when needed.
Here are some OTC trading tips you should also keep in mind to ensure safety when trading crypto:
- Carefully check the transfer information and bank account holder before making a transfer to the seller.
- The transfer content should not include words related to coins, crypto, or cryptocurrency to avoid being blocked or having your account locked by the bank.
- After transferring the money, you should ask the seller to send you the Txid so you can check if the transaction has been executed based on https://blockchain.info.
Conclusion
Crypto investment cannot avoid risks. You should learn more knowledge so that when you enter the market, you are already a strong competitor.
If you are wondering where to buy BTC with VND, the information mentioned above can give you some references. If you want to learn more about the buying and selling instructions for each exchange, you can read the available guides.
