Buy Bitcoin from Vietnam's most active Cryptocurrency Exchanges or P2P Marketplaces

in bitcoin •  4 months ago

Let us find & review some of the best Vietnam Bitcoin Exchanges that operate in this region of South East Asia. Sign up with an active Cryptocurrency Exchange, P2P marketplace or trusted Third-party Merchant to begin trading digital currencies like Bitcoin, Ethereum & Litecoin using the local currency, the Vietnamese Dong

Vietnam is one of the fastest developing economies in the South East Asia region, with goals of modernizing the country to reach developed nation status by 2020 and becoming a leading FinTech Hub in the world. The rise of Fintech in Vietnam has been fueled by the country’s high Internet and mobile penetration rates, and its young, hyper-connected demographic.

When it comes to internet penetration rate, it turns out Vietnam is part of the top 20 countries in the World for the number of citizens that have direct access to the internet. Based on statistics, Vietnam has more than 55% of its 96 Million Population connected to the Internet and estimated that 83% of the population are using Smartphones, positioning the country to become one of South East Asia leading nation in terms of having the necessary infrastructure needed for the future of mass Cryptocurrency adoption.

A majority of adults in Vietnam still don’t have formal financial services such as a basic saving account, whereas only 31% of the population have a registered bank account. That leaves an estimate of 60 million people without access to traditional banking services even though the majority have access to the internet, this has created the perfect opportunity for digital currencies to be introduced as a new alternative financial instrument.

While Vietnam has liberalized its economy throughout the years by becoming a more business-friendly nation over the decades, it still remains a communist state with a government suspicious of what too much economic and personal freedom might bring.

According to studies, there are about 4 Million Vietnamese migrants all over the world, with many of them depending on money transfer companies to send money home, often at significant cost and inconvenience. Although historically a cash economy, Vietnam has solidified the country’s status as the 10th biggest remittance recipient worldwide receiving more than $12 billion annually, even though the expression “cash is king” is even more apt in developing nations.

There is a growing demand for Digital money transfer services and Vietnam is quickly establishing a reputation for its Financial technology, even though authorities remain sceptical when it comes to Digital Currencies. As for the regulatory stance of the country, it seems as Vietnam is not in favour of adopting Cryptocurrencies in fact, the State Bank of Vietnam (SBV) has made it clear it's not a fan of Bitcoin. It seems that Bitcoin is not to be accepted as a currency with payment function however, that does not prohibit Vietnamese citizen from the trading and possessing of Bitcoin. For now, the regulatory foundation is represented by a State Bank of Vietnam (SBV) decree on cryptocurrency issued on October 30, that declare the use of Cryptocurrencies as a form of payment to deemed illegal in Vietnam in late October 2017, with legislation taking effect in the first quarter of 2018.

Basically, you're not allowed to buy products or service in Vietnam but can directly invest in Bitcoin. Getting caught with paying in Bitcoin will make you liable to face a large fine up to 200 Million Vietnamese Dong (9,000$) and maybe even face imprisonment.
Also, there is discussion regarding a new legislation as part of a wider economic upheaval that will attempt to tax Bitcoin assets in the country in the foreseeable future, as this Cryptocurrency is yet to be declared an Asset or Currency. The central bank invokes Article 4.6 of Decree 101 of 2012 on non-cash payment however the current law has not yet specified whether Bitcoin is a currency or commodity or payment instrument, this means that bitcoin trading services are not payment services and, therefore, bitcoin exchanges and traders are not governed by Decree 101 of 2012.

The announcement of the state bank of Vietnam declaring Cryptocurrency as a form of payment to be illegal transactions prevents clients from utilizing their financial institution accounts to trade Digital currencies, essentially banning the country's banks and microfinance establishments from utilizing Blockchain Technology as a medium of exchange. A move that has hindered the growth of Blockchain technology adoption in Vietnam, making it unclear for the Bitcoin Community to commerce in Cryptocurrencies despite the fact Digital Currencies are not outlawed, meaning all Vietnam citizens are still entitled to invest in Bitcoin.

Expect growing demand of Cryptocurrencies as the result of more adoption throughout Vietnam, as local residents start to see the potential of using Digital currencies. Despite multiple warnings from the State Bank of Vietnam that Bitcoin would not be met favorably, the Vietnamese Bitcoin community has continued to grow and companies like BitcoinVietnam are working alongside the Government to define regulations for Bitcoin usage in Vietnam

The Vietnamese government is currently studying the possibilities of using Blockchain technology for a National-backed currency, with the State Bank showing greater interest in Cryptocurrencies as of late, that said blockchain’s future in Vietnam still remains uncertain. Enthusiasts say it's a good sign that the national bank is trying to study blockchain technology in hopes of implementing it in the future, as there are plenty of great use cases for Digital currencies especially for a country that depends so much on third-party Remittance services

 

Vietnam Bitcoin Exchanges


BitcoinVietnam

Known to be the country's first self-proclaim Bitcoin Exchange in Vietnam, BitcoinVietnam launched it's Marketplace in late 2013 and is up to date the most popular Bitcoin broker in Vietnam. Headquartered in Ho Chi Minh City, the company enables clients in Vietnam to buy and sell Bitcoin, Litecoin, Dash, BitcoinCash & Ethereum. Working as a 'Bitcoin broker', BitcoinVietnam is cooperating with an Israeli startup called BitsofGold but is considered to be a full Vietnamese-owned company to avoid extra red tape and spearheaded by its CEO, Nguyen Tran Bao Phuong and team who are focusing in bringing the most cutting-edge Blockchain technology to Vietnam

This service aims at providing a service that focuses on making it easy to buy and sell Cryptocurrencies in the country by featuring an instant exchange that supports the trading of Bitcoin, Bitcoin Cash, Dash and Litecoin in exchange for the Vietnamese Dong.

The company behind BitcoinVietnam Co. Ltd. has since established itself in Vietnam as an Industry leader while also branching out as the founding company behind the Digital Exchange VBTC and Cash2vn, a Crypto Remittance service. Bit2C Ltd. was founded in 2012 and operates Isreal's largest Bitcoin Exchange, as the company specializes in providing a Digital trading platform solution, which led to strategic partnerships whereby Bit2C licensed & supplied the technology needed to run VBTC Exchange, whereas the predecessor BitcoinVietnam.com.vn is also continuing to do business as a fixed-price Brokerage.

BitcoinVietnam has been playing a central role in the Vietnamese bitcoin economy for years and there seems no slowing down as the company keeps expanding, with the intention of branching out by providing a variety of services. This Digital Exchange has established a strong presence in Vietnam, making it the go-to marketplace for traders who value the simplicity when it comes to buying Cryptocurrencies from a reputable source and intended for users that are not so interested in the fast-paced world of Bitcoin trading but prefer a hassle-free experience to begin investing

Go to BitcoinVn.io


VBTC

The company behind BitcoinVietnam launched the VBTC exchange in July 2014, making it the 1st Bitcoin Live open-order book trading in the country. Since its relaunch in 2015 on BlinkTrade Bitcoin Exchange platform, VBTC has served as the necessary liquidity pool inside Vietnam as more people are turning to the Exchange to buy and sell Bitcoin.

Headquartered in Vietnam, VBTC was established when BitcoinVN decided to collaborate with an Israeli Exchange startup Bit2C Ltd. & several members to found the first and only Bitcoin live trading Exchange platform in the country. The company Bit2C Ltd. was founded in 2012 and is known to operate Isreal largest Bitcoin Exchange, specialize in operating a digital trading platform, which led to strategic partnerships whereby the company supplied the technology needed to run VBTC's Exchange.

VBTC exchange is also a member of the Blinktrade Alliance, an International group of companies, market makers and payment processing systems specializing in Blockchain Technology. As for storage solution, VBTC keeps its reserves in a cold, multi-sig wallet as provided by BitGo, a strategic partnership to increase protection & provide insurance in event of a security breach. In the past, VBTC Vietnam Co. Ltd. announced news regarding a partnership with Coinarch Pte. Ltd. to establish Vietnam's 1st Bitcoin Leverage Trading platform that allows traders to margin trade Bitcoin, however this project known as VBTC plus never kickoff and was postponed

In preparation for the future, clients that sign up with VBTC need to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies regardless of the fact, that there is no formal Cryptocurrency regulation in Vietnam, a move indicating that the company plans to avoid regulatory concerns that may arise as result of a Government crackdown

With plenty of international partnerships with businesses that specialize in Blockchain solution, indicates the strong desire for the company behind VBTC to work towards a goal of becoming Vietnam's leading Marketplace for Bitcoin trading, this makes much sense due to the high level of expertise needed to run a reputable Digital Exchange

As a Bitcoin-only Exchange, Vietnamese traders can deposit & withdraw using the local currency, Vietnamese Dong and are promised 1-hour international remittances to Vietnam with cash withdrawals at thousands of locations nationwide. Overall, VBTC is the most recommend choice among Vietnamese Bitcoin enthusiasts looking to trade BTC, as this Exchange not only have an active marketplace with most competitive rates but offers the most assurance to Bitcoin Investors amongst all other service providers

Go to VBTC.exchange


Kenniex

Kenniex Logo
A new live Bitcoin trading Exchange that was released in May, 2018 and is quickly gaining popularity among Vietnamese traders. Headquartered in Ho Chi Minh City, this Digital Exchange is the product of Kenniex Data Encryption Company in collaboration with Thuongnhanviet.vn, who are in charge of research and development

Kenniex supports a marketplace for the BTC/VND trading pair and has since its launch managed to attract decent trade volume. Begin trading without having to go through the hassle of disclosing personal sensitive information as clients only need to register an account with an approved email and have the option of linking a VietcomBank account, if they wish to deposit or withdraw using the Vietnamese Dong. As a digital exchange platform, Kenniex claims to have low fees and also the first e-money trading platform in Vietnam to have a trading office where investors can directly get in contact with exchange operators for Investment-related advice & consultation.

Kenniex was established with the goal of creating a playground for electronic money transactions with absolute security, ease of use & intuitive UI design. This Bitcoin-only Exchange may likely be an upcoming contender to the existing Cryptocurrency Exchanges in Vietnam, as Kenniex features an active marketplace to trade Bitcoin and is distinguishing itself as more service provider that focuses on professional support services.

Go to Kenniex.com


FiaHub

Incorporated in Singapore, Fiahub is a trading platform for the Vietnamese Market that provides a reliable, secure & fast method of exchanging the local currency, Vietnamese Dong to Bitcoin & Ethereum. The company behind Fiahub is DIGITEX Pte. Ltd. is a leading Singaporean company that consists of a group of IT expert that specializes in Blockchain Solution

FiaHub offers cross-platform trading via website & mobile app with an impressive UI design that makes easy to engage in Cryptocurrency Trading. Established in 2018, this Marketplace has high liquidity for the BTC/VND & ETH/VND pair and traders can directly trade from a Live Orderbook.

When it comes to funding, Fiahub offers a variety of choices as you can link up to 6 recognized Vietnamese Banks such as VietcomBank, ACB, TPBank, VIB, Techcombank and SacomBank. Its only required to verify an email address and phone no. in order to begin trading immediately, this also means that you need don't go through a time-consuming KYC. Digitex has developed a multi-level account system with an individual approach to each customer, from Bitcoin beginners to institutional traders.

Overall, this service provides good User Interface, Multi payment options and 24/7 customer support, making Fiahub a Marketplace to consider especially if you're looking for an easy and instant way to buy into Bitcoin & Ethereum in Vietnam

Go to FiaHub


Peer-to-Peer Exchanges

LocalBitcoins

Localbitcoins is the world most popular Bitcoin Peer-to-peer marketplace that provides users with an alternative way to obtain and trade digital currencies within a country. This P2P marketplace has been active since it's original launch in 2012. Based in Finland, the goal is to connect Bitcoin buyers and sellers from around the world via an open, peer-to-peer marketplace and as a result, Localbitcoins has since become a popular marketplace for Vietnamese Bitcoin traders

A platform that offers seller and buyers from around the world to meet and trade Bitcoin in countries worldwide has become the one of the most popular Bitcoin P2P Marketplace for Vietnam citizens. Anyone can find buyer/sellers of Bitcoin and directly initiate a trade request with users that are trusted based on the built-in rating system. Essentially, Localbitcoins.com provides an Escrow service that act's as a third-party to ensure that trades are conducted fairly

Localbitcoins has developed a good reputation and established itself in a large number of countries around the world, with the site currently listing exchangers in 15582 cities across 248 countries. If you're considering of buying Bitcoin in a country like Vietnam, it's recommended to avoid unregulated third-party marketplaces and instead use a P2P marketplace like Localbitcoins. This is the fastest method to obtain Bitcoin in Vietnam without having to go through a time-consuming KYC procedure and it's easy to find reliable vendors buying/selling Bitcoin in exchange of the Vietnamese Dong

Go to LocalBitcoins

Remitano

Owned by the Seychelles-based company Babylon Solutions Limited, Remitano has been around since 2016 connecting Bitcoin buyers and sellers on an open, peer-to-peer marketplace. Unlike LocalBitcoins, this service offers P2P for Cryptocurrencies like Bitcoin Cash & Ethereum providing more alternatives when compared to a Bitcoin-only Marketplace. To begin trading, a client only requires a verified email address, this allows anyone to trade Bitcoin with a Buyer or seller without requiring additional KYC verification

By participating in this Marketplace, users can create and list advertisements, communicate with prospective buyers and sellers and confirm all the transaction details before finalizing any trade. Remitano, offers an online wallet, an escrow mechanism for making trades, and dispute resolution services.

As for now, there is plenty of volume for the liquid pair VND/BTC on this P2P as they play an important role for the overall Bitcoin Market, because it provides an active marketplace of buyer & seller willing to trade the Vietnamese Dong in exchange of a variety of Digital Currencies besides BTC. While LocalBitcoin is a more reputable service, Remitano has proven to be a worthy contender, as this peer-to-peer exchange has grown in popularity and earned a name for itself, especially in Vietnam & the rest of South East Asia. We at CryptoHype believe that Remitano offers the best P2P Marketplace for Vietnam residents since the quality Customer service and ease of us makes this the go-to P2P platform to engage in Cryptocurrency trading

Since Remitano is popular among Crypto Enthusiasts, it's likely to remain the most active decentralized marketplaces for buyer/sellers of digital currencies such as Bitcoin, Ethereum, Bitcoin Cash & USD Tether in Vietnam

Go to Remitano


Mesito

A new Peer to Peer Exchange to offer its service in Vietnam, that let's trader sell/buy Bitcoin & BitcoinCash using the local currency, Vietnamese Dong. Mesito Exchange focuses on making trading digital currencies a hassle-free experience and is intended for people who want to buy or sell their Bitcoin anytime.

Developers really focused on designing a unique UI that makes it possible for someone, who may have little technical experience when it comes to Cryptocurrency Trading to find a potential buyer or seller. To begin trading, users are only required to verify a phone number, to be entitled to accept or make a listing. This particular service claims to have the lowest processing fee among all P2P marketplace and there is decent liquidity for the BTC/VND pair

Headquartered in Singapore since 2013, Mesito is developed by MIZU, a private organization that specializes in Exchange and Trading services. The team behind Mesito is run by a group of IT experts and managers, who are eager to expand their service throughout the Asian region. Mesito, now offers its platform to the majority of South East Asian countries, featuring an independent marketplace for Vietnamese traders.

Go to MesitoVietnam




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Nice article with a lot of information. I´m living in Thailand. I have to check out this exchanges. Right now I´m buying mostly from https://coins.co.th. Resteemed

Another great post @crypto.hype.

Vietnam is one of the fastest developing economies in the South East Asia region

I never knew about it. I personally thought that currently Malaysia is the fastest growing country (right after singapore of course). Vietnam is still so very backward comparing to Malaysia (that has been my strong impression).

Cheers
Piotr

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Malaysia, Singapore in particular, enjoyed more prosperity in the past but Vietnam has enjoyed consisted stable growth over the past decade and according to a forecast by PricewaterhouseCoopers, Vietnam may be the fastest-growing of the world's economies especially in the coming decade. A well-populated country and more future development, plus a strong growing Fintech sector, could make its economy the 20th-largest in the world within the following decades.

If a majority of the country residents where to adopt Bitcoin, Vietnam is part of the top 20 Internet users in the world and they haven't reach same infranstructure levels when compared to much smaller but more developed economies. Perhaps the next 20-30 years will be Vietnam's time to outpace countries like Singapore, Malaysia and Thailand. Vietnam, Laos, Cambodia and Philippines economies are going to grow much faster but yes, from the research alone these countries are mostly backwards thinking especially when comes to Cryptocurrency Regulation & acceptance. But I see way more use case for these countries to adopt Cryptocurrencies, time will tell I guess

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I love to see how responsive you are @crypto.hype

big thx for such an amazing reply and sharing your knowledge. Appreciate it a lot.

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.

Cool post man! #05upvoted

Crypto is the new bank!

It would be great if the government of Vietnam would embrace cryptocurrency. It would improve commerce significantly. The risk/reward would be high.

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Definitely, agree to this! I'm sure that Vietnam would be a top contender in the South East Asia Market. Government needs to find a good approach to regulating Cryptocurrency, to me Vietnam is a FinTech Hub that ready for Crypto adoption

I think that in a couple of years Crypto will be the most useful bank!

Awesome post.

It was so interesting to read

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nice nice

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Not sure hows the regulation there in Vietnam.