How to Buy Bitcoin in Vietnam – Buy Bitcoin in Under 5 Minutes
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Bitcoin (BTC) continues to grow in popularity as mainstream adoption of crypto steadily develops. As the origin of all cryptocurrencies, Bitcoin was invented in 2008 by the anonymous individual/group known as “Satoshi Nakamoto”. As the best cryptocurrency for beginners, learning how to buy Bitcoin in Vietnam is a great place to start.
This how-to buy Bitcoin Vietnam guide will provide a full breakdown of the steps required to purchase Bitcoin and which exchange to use. Here we discuss the pros and cons of buying Bitcoin alongside a full analysis of the options available to new traders.
Table of Contents
#1 Crypto Exchange Vietnam – eToro
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How to Buy Bitcoin in Vietnam – The Quick Four-Step Strategy
- Step 1: Sign up to eToro: Use our recommended broker as the best place to begin
- Step 2: Verify your ID: Upload your government-issued identity documents onto the platform to verify your identity.
- Step 3: Deposit fiat funds: Make your first deposit, ensuring the amount you add is no more than what you are willing to lose.
- Step 4: Buy Bitcoin in Vietnam: Search for Bitcoin on your chosen platform and buy Bitcoin.
Where to Buy Bitcoin in Vietnam
According to the polls, Vietnam is the top country for cryptocurrency holdings by society. A whopping 41% of the public claims to own cryptocurrencies well ahead of a developed Scandinavian country, Norway, which only has 17% of its citizens owning crypto according to the same poll.
So, how can you also join the crowd in Vietnam and purchase your first Bitcoin? We created a straightforward tutorial for every aspiring Bitcoin investor to refer to when they need to buy Bitcoin.
1. eToro – Overall Best Broker to Buy Bitcoin in Vietnam
eToro has been serving traders since 2006 and it has become a significant player in this field throughout the years. It only makes sense that the platform which pioneered social trading also adopted Bitcoin trading as early as 2013, only 4 years after Bitcoin’s invention in 2009.
This innovative trading exchange offers state-of-art trading tools to all traders, which can also be used by cryptocurrency investors alike. Being able to start an account in a matter of minutes, low-barrier for entry with as little as a $250 deposit and fractional Bitcoin trades for as low as $25 make eToro a true champ in the eyes of newbie Bitcoin traders.
At the same time, trading experts and institutions can still benefit from algorithmic trading, artificial intelligence enhancements, margin trading, futures trading, mobile trading and social trading features. Allowing PayPal deposits is another strong point of eToro as many traders prefer to make deposits using this digital money platform already.
To paint a clearer picture, we have listed the most striking pros and cons of the platform in the hopes of providing a penetrating glimpse to the cryptocurrency trading experience on eToro.
Pros
- Minimum required funds to get started is pretty low
- One of the oldest brokerage platforms in the cryptocurrency space
- Advanced and innovative trading infrastructure
- Pioneered social trading and copy trading activities
Cons
- Limited crypto selection for U.S. persons
67% of all retail investor accounts lose money when trading CFDs with this provider.
2. Kraken – One of the Oldest Platforms to Buy Bitcoin
Kraken is one of the oldest cryptocurrency exchanges and it was founded as early as 2011 in San Francisco, California. Since Kraken is available globally, Vietnam based users can also take advantage of this fantastic, OG crypto exchange. Furthermore, Kraken has a “pro financial freedom” and “inclusive” mission statement which makes it a tad bit more special.
Kraken has a really nice and user-friendly UI design. Through this broker’s interface, you can instantly buy crypto through the “Buy Crypto” button but you will need to have a verified account first to do that. Fiat deposits can be conveniently made through the “Funding” section on the website or you can also use state-of-art iOS or Android Kraken mobile apps.
Deposits in Kraken can be made quickly through SEPA, FedWire, Swift, or bank wire transfer. Kraken even allows in-person cash deposits via post office in Canada but if you’d like to make instant deposits, the debit/credit card method will be your best bet. For that option as well, you have to first make sure your account is verified.
Pros
- Ease of use and sleek user-interface
- Support for all major coins and many altcoins
- Convenient payment methods
- Friendly interface for beginners
Cons
- Fee structure varies a lot and can be a bit confusing to stay on top of
- KYC verification is required upfront before any purchase can be made
- No phone calls. Customer Service is limited to chatting
67% of all retail investor accounts lose money when trading CFDs with this provider.
3. VBTC – Popular Platform to Buy Bitcoin in Vietnam
Next, we have VBTC, which is another famous Bitcoin exchange located in Vietnam. This platform is highly recommended for both beginners and advanced traders. Trade reporting, algorithm trading, and market orders are few important features provided by this platform.
The best thing about VBTC – which stands for Vietnam Bitcoin – is its worldwide support, making the trading experience more pleasant in Vietnam or any other country. It is friendly with its interface for quick trading operations and requires little getting used to if you are coming from another trading platform.
Pros
- Trade reporting and algorithmic trading are attractive selling points
- In operation since 2014 with many satisfied clients
- Works in harmony with local banks in Vietnam
Cons
- The verification process appears to be lengthier than usual
- Dong is the only supported fiat currency
67% of all retail investor accounts lose money when trading CFDs with this provider.
4. Bitcoin Vietnam – Best Exchange to Buy Bitcoin Locally in Vietnam
Bitcoin Vietnam – also known as BitcoinVN – has a super sleek and minimalistic website and overwhelmingly positive user reviews on Trust Pilot. Launched in 2013, Bitcoin Vietnam supports Bitcoin Cash, Dash and Litecoin, Ada, Tron, XRP, Monero in addition to, of course, Bitcoin itself.
Once you choose the swap pair, for example, VDN to BTC, you can directly enter your BTC address on the main page and proceed to purchase Bitcoin. You will then be shown bank transfer details through Viet Capital Bank and a convenient QR code if you prefer to make your transfer using TIMO, the Vietnamese digital bank.
Pros
- Local currency Vietnam Dong can be used in addition to a USD option
- An innovative deposit method named cash pick-up exists
- Has great user reviews on Trust Pilot
- In service since 2013
- Integrated with Vietnam’s TIMO
- The user-interface is very practical and informative
Cons
- Selection is pretty limited and most altcoins aren’t offered
- More of a crypto purchase platform rather than a trading exchange
67% of all retail investor accounts lose money when trading CFDs with this provider.
Purchasing Bitcoin – Is it a Good Investment?
We all have heard of the latest buzz around “cryptocurrencies” and perhaps the notion itself isn’t that hard to comprehend as most of us are getting accustomed to blockchain technology. Bitcoin can be considered as the major cryptocurrency that gave life to the current boom starting from 2009 and today, we even have a sovereign country that officially recognizes Bitcoin as a legal tender today, none other than the glorious, El Salvador.
It’s true. Over the last years, Bitcoin and cryptocurrency, in general, have spawned wide recognition worldwide. As of August 21 2021, bitcoin has hit a valuation of a whopping $50,000 per BTC, the highest it’s been in months, and this sudden upsurge has made people question whether it’s the right time to join the cryptocurrency bandwagon and invest in Bitcoin. In this regard, there may be a few points to consider:
- With every passing day, we see more recognition by authorities regarding the cryptocurrency world fueling its economic progress beyond current levels.
- With the advent of new cryptocurrencies, Bitcoin is seeing overwhelming competition but this also results in a strong Bitcoin following and to date, it remains the major crypto-asset both in the books of on-chain and off-chain players.
- Being in an ever-evolving market with cutting-edge technology, there is no guarantee that your investment will always flourish but potential future opportunities remain stronger than ever at the same time.
- Being a blockchain asset, Bitcoin and cryptocurrencies, in general, are prone to scams and creative cyber attacks by bad actors. Just make sure you take precautions with your passwords and network security.
However, aside from these considerations, cryptocurrency and Bitcoin, in general, are thriving. Dubbed as digital gold by some investors, Bitcoin is generally more popular than other cryptocurrencies owing to the fact that the majority of people have actually watched it grow and literally invested in it.
Bitcoin seems to have long-term price appreciation potential because while its adoption is increasing, its supply is fixed at 21 million. This fixed-supply model suggests that while fiat money continues to depreciate due to printing and inflation, Bitcoin may continue to flourish and establish itself as a solid digital value storage system. And because of these factors, Bitcoin actually has the power to be the first legit global currency.
The Advantages of Investing in Bitcoin
As a preferred cryptocurrency and an excellent means of speculation, Bitcoin has the following advantages of a major fintech innovation:
No inflation: Since the total Bitcoin amount is capped at 21 million, it doesn’t lose value to inflation throughout the years like continuously printed fiat currency does.
Not centralized: Unlike conventional money, which is mainly controlled by governments, Bitcoin is not owned, produced or distributed by any government or central bank.
No unfavourable exchange rate: As a global commodity, Bitcoin has the same value in all countries and is not subjected to highly varying exchange rates offered by banks and their local branches. You can always conveniently find alternative crypto exchanges if you don’t like the exchange rate from a specific service. Because of this high liquidity and decentralized competition, users aren’t locked into mediocre swap rates and cryptocurrency exchanges are usually very competitive.
Fast and Cheap: Bitcoin online settlements are almost instantaneous. It is also cheaper and more efficient to transfer value compared to centralized money transfer systems like Mastercard, PayPal, Visa, etc. The fact that investors can send and receive Bitcoin payments anytime, anywhere makes it a truly global asset.
No third-party involvement: When it comes to Bitcoin transactions, there is no third-party intervention. Your Bitcoins cannot be frozen or charged by anybody out of your control. Bitcoins can’t be taken away from you or seized by third parties without your permission (However, your password to a Bitcoin wallet can be taken from you which is an issue outside the capabilities of the blockchain technology).
The Disadvantages of Investing in Bitcoin
Aside of the numerous advantages Bitcoin and blockchain bring to our world, this technology is not 100% risk-free. It’s a new and innovative technology which requires tech-savviness and attention to detail.
Volatile nature: Bitcoin is highly volatile in terms of its value. It can rise and fall in an unpredictable manner. For example, if you purchased Bitcoin at $60,000 in April, 2021, you may have suffered the crash to almost $30,000 after a few months in July the same year. It was an almost 50% loss and although Bitcoin seems to have recovered from those levels, in the moment it can feel pretty stressful.
Mistakes can happen: Unfortunately, although blockchain technology is very solid and secure, Bitcoins are not completely immune to human or technology errors. Mistakes with your bitcoin wallet can mean losing your coins. Permanent losses can occur by making transferring mistakes between different blockchains or exposing your password phrase online unintentionally.
Unpredictable future outcomes: Since Bitcoin is a new and disruptive technology, its future seems somewhat unknown. There is regulation ambiguity in most countries and no one can predict the future of Bitcoin or where exactly it will lead its investors in the cryptocurrency journey.
No central governance: Although this point can be an advantage, having no central governance can be a significant drawback as well. Blockchain technology represents decentralization and Bitcoin doesn’t have a governing body. This is something people are getting used to. It means there are no regulations or protocols. So, you can’t really turn to any authority if you have a complaint.
How Much Does it Cost to Buy Bitcoin in Vietnam?
Bitcoin is a popular subject in Vietnam right now. Amidst bank and political resistance, there is still a growing cryptocurrency industry with a seemingly bright future. Bitcoin’s value is constantly reaching new highs, making it an excellent potential source for speculation profits. As of today, A single Bitcoin is worth 984 million Vietnamese Dong.
As a result of its popularity, using, providing, and issuing Bitcoins became a major discussion in Vietnam. You can still buy/sell and invest in cryptocurrencies. But Vietnam bans users from purchasing products or services with Bitcoin.
Vietnam’s demand for mining rigs was quite weak a couple of months ago as Bitcoin’s value fell as much as 50%, bottoming at $29,300 in July. However, this price drop was reprehensible to the global community and Bitcoin surged again to a whopping $50,000 in August.
As of October 19th 2021, the first Bitcoin Futures ETF was launched – setting a new milestone for the cryptocurrency industry. This catalyst towards mainstream acceptance now gathers global attention as Bitcoin Price began to break towards and above $63,000 once more.
BTC price broke above $68,000 as of November 9th 2021 and still struggles towards the $70,000 mark as it fights the resistance level. Bitcoin’s current price is $66,826.
Purchasing Bitcoin – How to Pay for It
Now that you have a better understanding of Bitcoin and the crypto atmosphere in Vietnam, it’s time to move forward with the most crucial question: “How do you purchase Bitcoin in Vietnam?”. In this section, we’ll provide you with some simple tips on getting started with Bitcoin right away.
Paypal
PayPal launched Checkout with Crypto on March 30, 2021. This new functionality allows you to pay for online transactions using Bitcoin quickly and easily. PayPal customers will purchase items using digital money at any business or retailers that accept PayPal. In this regard, you have to select a store or online shop that offers PayPal Checkout and proceed to checkout as usual.
As a payment option, your Bitcoins (or any other cryptocurrency) will be shown. After you’ve decided on which cryptocurrency to use, it’ll be turned to fiat currency, and the transaction will be executed. Furthermore, eToro, as a cryptocurrency exchange, allows you to make deposits via Paypal which can be used to buy Bitcoin in Vietnam afterwards.
Buy Bitcoin with Paypal at eToro from $50 Now >
Direct Transfers
For direct transactions or deposits, you will need an account with a crypto exchange platform and then navigate to the “bank transfer” or “direct transfer” sections. To acquire Bitcoin quickly and easily with a bank transfer, you can follow these steps:
- Choose a direct transfer option and your desired currency (USD, Euro, Vietnam Dong etc.)
- Get the bank transfer details for the fiat transfer to your exchange account.
- Make sure to pay attention to details such as memos or notes to identify the transfer as coming from you.
- Your fiat will be deposited into your account once the transfer clears.
- You can then press “Buy Bitcoin” to purchase Bitcoin with your fiat.
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Buy Bitcoin using a Credit/Debit Card
Buying bitcoin and other cryptocurrencies using a credit or debit card is easy and efficient. Assuming you have created an account on your favorite crypto exchange platform you can follow these steps:
- Go to the “Fiat Deposits” or “Deposits” section in your account and select “Payment Methods.”
- Click “Buy Crypto via Credit/Debit Card.”
- Fill up the blanks with your credit/debit card details.
- Enter the amount you wish to transfer and submit.
After having the fiat money deposited to your account you can click “Buy Bitcoin”. Following that, your Bitcoin will be sent to your wallet! At this moment, most exchanges accept Visa and MasterCard credit and debit cards.
Buy Bitcoin with Credit/Debit Card at eToro from $50 Now >
How to Buy Bitcoin – A Full eToro Guide
Step 1: Signup for an Account on eToro
We believe eToro offers a great brokerage service for newcomers and experts alike when it comes to buying Bitcoin. You can sign-up in seconds by clicking the sign-up button on the eToro website. It will be handy for you to have the following documentation/info ready:
- Full Name
- Date of Birth
- Government-issued picture ID/Passport
- A photo of a recent utility bill to verify your address
Buy Bitcoin from just $50 Now >
Step 2: Verify your Trading Account
To verify your identity during sign-up, simply upload your government-issued ID and utility bill (including your address). If you provide the right documentation, your account will be confirmed by eToro in less than 15 minutes and it will be ready to be funded with fiat in order to be used in buying and trading Bitcoin or other cryptocurrencies.
Step 3: Fund your Trading Account
Once you are verified and through the KYC process, you can start investing in BTC (Bitcoin). eToro accepts deposits via Paypal, bank transfer and debit/credit cards without deposit fees and your account will be funded almost instantly once your transfer clears.
Step 4: Buy Bitcoin Today
Finally, you’ll be ready to make your first Bitcoin purchase. You can simply type BTC or Bitcoin in the search box for tickers and by clicking trade you can make your Bitcoin purchase today. Congratulations now you own Bitcoin on eToro!
67% of all retail investor accounts lose money when trading CFDs with this provider.
Conclusion
In this article, we learned how to purchase Bitcoin in Vietnam and we discussed the different methods to accomplish this task. By choosing a well-known exchange, you can rely on the security and custody services provided by that exchange while enjoying small deposit fees (sometimes zero) and beginner-friendly trading platforms during your Bitcoin purchases.
Today, you can purchase Bitcoin and take advantage of the potential of this decentralized technology without much hassle in most countries and fortunately, the list includes Vietnam. Blockchain technology proved itself as a secure public ledger system (you still have to be careful about the security of your passwords and computer environment) making it even more attractive for investors to make speculations in the price fluctuations of Bitcoin.
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FAQs
Are cryptocurrencies in general illegal to buy in Vietnam?
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