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Paybis Paybis is a popular cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
Kraken Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries.
Deposits can be made via bank wire, SEPA, ACH and SWIFT. Users can buy bitcoin, ethereum, dogecoin and dozens of other coins. Visit Kraken's Website
BTCC BTCC is China's second largest Bitcoin exchange and the longest-running Bitcoin exchange in the world. You can fund your exchange account online via bank transfer.
OKCoin OKCoin is the largest Bitcoin exchange in China. Customers can make deposits to their exchange accounts via bank transfer.
Huobi Huobi is the third largest Bitcoin exchange in China. You can fund your exchange account online via CNY bank transfer or with USD via OKPay (1.5% fee) or international wire transfer (1% fee).
Bitcoin ATMs You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%. View Bitcoin ATMs
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Hong Kong has been bustling with Bitcoin activity ever since China decided to clamp down on cryptocurrencies, with several exchanges moving their base from the mainland to this autonomous territory. More importantly, Hong Kong is known for being a non-interventionist regime, and the government didn’t pay much attention to Bitcoin for a long time.
In late 2014, Hong Kong’s Finance Secretary John Tsang defined Bitcoin as “a commodity generated in the cyber world,” clarifying that it shouldn’t be considered to be either electronic money or a store of value for making payments. However, the government did warn people of the volatility of Bitcoin and that it is a highly-speculative product.
As it turns out, the Hong Kong special administrative region has now formalized regulations with an aim of protecting investor interest in light of the drop in Bitcoin prices and potential fraud.
But changes could be coming.
In a document released in May 2021 by Hong Kong Financial Services and the Treasury Bureau, the bureau is proposing changes to the way cryptocurrency exchanges will be allowed to operate in the country.
One proposal will require exchanges to apply for a license to operate. Currently, while many are licensed to operate in Hong Kong, there is no legal obligation to do so.
The more alarming proposal is that exchanges will only be allowed to hold portfolios for “professional investors.” To qualify for the professional investor status, an investor would need to have a portfolio worth HK$8 million (US$1.03 million). This is a concern because it keeps exchanges from dealing with retail investors and could force exchanges to leave the country, driving investors into unregulated markets. These regulations could affect the availability of Bitcoin ATMs to the general population, where there is already a concern that China wants to know who is purchasing cryptocurrency. As of June 2022, coinatmradar.com shows there are 149 ATMs in Hong Kong that allow for the purchase and sale of bitcoin.
For now, one of the easiest ways to buy Bitcoin in Hong Kong is through cryptocurrency exchanges. You can refer to our guide on Bitcoin exchanges in Hong Kong to select one based on different criteria such as transaction fees, withdrawal limits, payment methods, security, reputation, and ease of use. However, some exchanges might require you to get a cryptocurrency wallet first in order to store the Bitcoin purchased.
Also, it is advisable to use a separate wallet for security reasons so that users can protect themselves against potential exchange hacks. In case you don’t have a wallet, you can read our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one. Once you have a wallet, you can easily purchase Bitcoin on an exchange of your choice and transfer the tokens to the wallet.
With so many Bitcoin ATMs in Hong Kong, it is easy for anyone looking to buy Bitcoin to simply turn up at one of the machines and quickly purchase the digital tokens in a fast and anonymous manner using cash.
The advantage of most of these ATMs is that users don’t need to go through the sign-up and verification processes that cryptocurrency exchanges require, however most of them require at least a phone number, so they aren't totally private. While the purchase is also instant, the downside comes in the form of high transaction fees that could range somewhere between 5% and 10%. You can use our Bitcoin ATM Map to easily locate a Bitcoin ATM in Hong Kong.
On the other hand, steps are being taken by start-ups like Pundi X to boost the number of locations where people can spend their Bitcoin. In July last year, Pundi X had completed the trial of its Bitcoin point-of-sale device and was on track to deploy some of the devices in Hong Kong. It tied up with an organic food restaurant chain in the country where customers can pay using Bitcoin.
However, as the Hong Kong government doesn’t recognize Bitcoin as a store of value of payment mode yet, payments using cryptocurrencies will take some time before taking off.
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There are three main types of Bitcoin wallet and all of them are supported in Hong Kong:
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.
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In 2015, the Dash Foundation as well as Bitcoin Hong Kong issued warnings to their audience that both had noticed several websites popping up claiming to them. These websites were clearly scams pretending to speak for Bitcoin Hong Kong and the Dash foundation and should be ignored and reported to authorities.
Like many crypto scams, they allowed users to send them coins and offered insane guaranteed returns of 40% as well as bonuses for users who invited their friends to join in as well.
To date, 5 individuals connected to the scam have been arrested, but other may still be at large and perpetuationg similar scams.
Beware.
In February of 2015, Hong Kong Bitcoin exchange MyCoin abruptly closed its doors and disappeared with the $387 million it had of customer funds on deposit.
It later came to light that MyCoin may have never been operating legally in Hong Kong in the first place, which limited the amount of oversight into their operation.
It is now believed that MyCoin never actually facilitated any real trading, but was instead running a Ponzi scheme.
The speed of withdrawals became slower and slower as time went on. In fact, lower tier members were told by higher tier members that they needed to recruit more customers in order to get their money out.
In August of 2016, 119,756 Bitcoins were stolen from the Bitfinex cryptocurrency exchange, a subsidiary of iFinex based in Hong Kong. Bitfinex is a global exchange, however so this hack did not just affect Hong Kongers.
While the value of this Bitcoin at the time of the hack was a mere $72 million, the value as of Setember 2020 sits just at $1.2 billion.
Over the next four years, enthusiasts have watched the coins move from address to address, with the most recent movement being for $12 million to unknown wallets.
In total though, only 1-2% of all the funds stolen have ever been moved, indicating that the thieves may be having a hard time safely unloading the coins without risking exposing their identities.
In 2019, several reddit users out of Hong Kong began to notice young attractive women on tinder matching with them and, after sometimes a month of talking, would bring up tips about a new cryptocurrency they were interested in. After baiting the victim, they would convince them to deposit coins on a specific exchange, that would end up being a scam site that just takes you money.
Girls (mostly from Hong Kong) will play the very long game of leading you to believe they have an inside tip about a new crypto. They will talk to you for over a month possibly before they bring it up.
Since September two people alone have admitted in reviews to losing $60k
I almost fell for it but searched reviews of the exchange they tried to get me to use, first.
bastian 74 Reddit UserOther users commented with their own stories, some falling victim and some seeing the scam for what it was. One thing everyone agreed on: these scams were sophisticated and believable and everyone should beware no matter how sceptical you think you are.
As with all investing decisions, do your own research and be sceptical of anyone on Tinder claiming to have the inside scoop on hot new coins to buy. It may be a total scam.
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Coinbase supports crypto to crypto conversions for Hong Kong. There is no way to trade fiat for crypto while using Coinbase is you are a Hong Kong resident.
Coinhere, Nitroswap, and HK Bitcoin ATM all over Bitcoin ATMs across the city of Hong Kong, at locations such as various Sunshine 24 stores as well as others.
Bitcoin prices are changing every second.
The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.
As tensions between Hong Kongers and the Chinese Government have intensified, protesters wanting to buy protest supplies and wealthy citizens looking to export some of their wealth have seemingly turned to Bitcoin to make it happen.
Retailers in Hong Kong have been happy to make this easier, with Pricerite, a large chain in Hong Kong now supporting Bitcoin payments over the lightning network in all of their stores.
Hong Kongers can buy Bitcoin mining ASICs the same way everyone else can. They will need to contact an ASIC manufacturer such as Bitmain or Canaan Creative to make an order.
Hong Kong's Securities and Futures Commission (SFC) has released guidance on futures contracts with regard to Bitcoin.
They followed the guidance up with a warning:
The SFC has not licensed or authorised any person in Hong Kong to offer or trade virtual asset futures contracts. Given the current risks associated with these contracts and in order to protect the investing public, the SFC would be unlikely to grant a licence or authorisation to carry on a business in such contracts.
Hong Kong Securities and Futures CommissionLong story short, as of September 2020, there is no legal way to buy Bitcoin futures contracts in Hong Kong.
Any exchange with a Hong Kong dollar trading pair, such as Coinmama, Cex.io, and Kraken will allow you to sell your Bitcoin for fiat currency.
Another way to buy Bitcoins in Hong Kong is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.
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