Introduction
Since its inception in 2009, Bitcoin has become the focus of the global market as the world's first decentralized digital currency. Although cryptocurrency mining activities were explicitly banned in the country in 2021, users can still participate in Bitcoin purchases through certain platforms. This article will provide a detailed interpretation of the complete process and precautions for legally and safely purchasing Bitcoin domestically, in conjunction with the latest policies and market dynamics.
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Purpose of this article: This article aims to provide informational reference and does not encourage or recommend Bitcoin trading domestically. All operations are based on individual understanding of policy information and the principle of risk-bearing, with significant policy and compliance uncertainties. Please be sure to conduct thorough research on the latest policies and regulations and fully assess the risks.
How to buy Bitcoin domestically? Detailed Bitcoin purchase methods
Main ways to purchase Bitcoin domestically
Currently, domestic users mainly purchase through the following cryptocurrency exchanges:
Mainstream exchange list:
Binance: The largest exchange globally, supporting various payment methods.
Huobi Global: An established exchange with a user-friendly Chinese interface.
OKX: Offers a rich variety of trading products and tools.
Gate.io: An exchange with up to 3600 cryptocurrencies, suitable for small and medium investors.
Detailed steps:
Choose a compliant overseas exchange (extremely critical):
Research the platform: Understand the platform's background, registration location, regulatory licenses (such as FinCEN/MSB, MAS, FSA, FINMA, etc.), security measures (cold storage, 2FA, insurance), user reviews, supported fiat currencies and cryptocurrencies, trading fee structure, user interface friendliness, etc.
Mainstream references (examples, not recommendations): Binance (the largest globally, with compliant entities in multiple locations) OKX (formerly OKEx, registered in Seychelles and other locations).
Register an account (taking Binance as an example):
Visit the official website of the selected exchange; if on PC, you can register directly in the upper right corner, and if on mobile, you can download the app and register inside. Whether it's Binance or OKX, Apple users need an overseas ID to download (how to change Apple ID).
Use an email address or phone number (it is usually recommended to use a stable foreign email like Gmail, Outlook, etc.), and Binance supports registration with domestic phone numbers. Finally, set a strong login password.
Exchange registration
Complete identity verification (KYC):
Core difficulty and risk point: This is the most critical and sensitive step. Exchanges must conduct strict "Know Your Customer" verification to meet regulatory requirements.
Required materials (LV.1):
Identity proof: A valid ID card, driver's license, or passport, any one can be used for registration. Both Binance and OKX platforms have relatively simple LV.1 verification; just upload the front and back of the identity proof, enter your name and ID number, submit, and wait for approval.
Complete identity verification complete identity verification complete identity verification
Risk warning:
Authenticity of information: Providing false information may lead to account verification failure.
Risk of information leakage: Providing sensitive personal information to overseas platforms carries potential leakage risks.
Deposit (fiat currency recharge):
Recharge using the C2C method supported by secondary exchanges, usually by entering the C2C trading page from the exchange's homepage. As a buyer, simply select a qualified merchant, choose a stablecoin (such as USDT, USDC, etc.) to buy, and enter the purchase amount. It is recommended to try a small amount first, then make payment using the method provided by the merchant, and wait for the merchant to release the coins; this simple deposit process is complete.
PC-side deposit:
C2C deposit C2C deposit C2C deposit C2C deposit
Mobile-side C2C deposit:
C2C deposit
Purchase Bitcoin (BTC):
Once the account has funds (fiat currency such as USD/EUR/HKD, or stablecoins like USDT/USDC, or other cryptocurrencies):
Spot trading:
Find trading pairs like BTC/USDT, BTC/USD, BTC/EUR, etc.
Choose "Limit Order" (specify the desired purchase price) or "Market Order" (buy immediately at the current best market price).
Enter the amount of BTC to purchase or the amount of fiat/stablecoin to spend.
Confirm the order.
Purchase Bitcoin (BTC)
Instant exchange for Bitcoin: Some platforms also support instant exchange functions, allowing direct conversion from one cryptocurrency to another. Stablecoins can be directly exchanged for Bitcoin, and Ethereum (ETH) can also be instantly exchanged for Bitcoin, etc.
Instant exchange for Bitcoin
Frequently Asked Questions
Q: Is it legal to purchase Bitcoin domestically?
A: Currently, personal holding and trading of Bitcoin is not illegal domestically, but financial institutions are prohibited from participating, and speculation on virtual currencies is not encouraged.
Q: Is there a limit on the amount for purchasing Bitcoin?
A: Exchanges usually have no restrictions, but LV.1 certification has a daily limit for C2C deposits. If higher limits are needed, further advanced certification (LV.2) can be completed.
Q: Why do I need to buy USDT first before purchasing?
A: Due to regulatory reasons, most exchanges do not support direct purchases of Bitcoin with RMB; USDT serves as a stablecoin bridge.
Q: Do I need to pay taxes on purchasing Bitcoin?
A: Currently, there is no clear cryptocurrency tax policy domestically, but some overseas countries require reporting of capital gains tax.
Q: How can I ensure transaction security?
A: Choose reputable exchanges and large transaction sellers, use platform escrow services during transactions, and do not trade privately.
The purchasing process mainly includes selecting a platform, identity verification, fiat currency recharge, exchanging for Bitcoin, and asset custody. Users should fully understand the risks, take safety measures, and participate rationally in digital currencies before purchasing. With the development of blockchain technology, the methods of purchasing and using digital assets like Bitcoin may continue to evolve, so it is recommended to keep an eye on relevant market dynamics.