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This article is not financial advice and is for educational purposes only. Buying cryptocurrencies is a high-risk type of investment.
How to Buy Bitcoin in Pakistan in 2024
Updated: December 10, 2023
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For individuals looking to invest in Bitcoin, Pakistan is a great place to start. Here in Pakistan, rules and restrictions on Bitcoin activities are low compared to other Asian countries. There’s also a blooming community and trade market surrounding this cryptocurrency.
Bitcoin happens to be just one of the numerous cryptocurrencies available in Pakistan. Presently it has the highest value and receives the highest engagements, but there are many other cryptocurrencies that provide investors with good investment opportunities. Some other cryptocurrencies available include; Ripple (XRP), Ethereum (ETH), and Litecoin (LTC).
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Is Buying Bitcoin a Good Idea?
Bitcoin is no different from any other investment that involves high risk. Whether you invest in Bitcoin or not solely depends on your tolerance range and investment goals. Bitcoin is actually a good investment vehicle when you learn about its benefits, these benefits will aid you in taking informed decisions on whether you should invest in Bitcoin or not.
Bitcoin, a decentralized person-to-person cryptocurrency, and the first of its kind, is widely recognized as a revolution investment vehicle in today’s financial markets. Created in 2009 by Satoshi Nakomoto, an anonymous programmer, BTC had its backbone in blockchain. Here are benefits of buying Bitcoin:
Fast and Affordable
It takes only a few minutes to carry out bitcoin transactions. Irrespective of the destination or amount, money transfers are always swift. Making a move to another part of the world via your bank can be quite expensive. When money transfers are made via Bitcoins, the cost is either non-existent or negligible. Bitcoin can also be transferred to any country on the planet. The cryptocurrency has no geographical limitations. This feature combined with the assurance of protecting the user’s privacy and rights, makes Bitcoin the first legit global currency.
Seen as the most significant advantage of buying Bitcoin is the right to make payments in the trading markets. Users can either receive or transfer payments in bitcoins at any location and at any time, with zero restrictions. Also, different payment options are available, so you can easily choose any one of these options to carry out bitcoin transactions.
Decentralized Issuance
Bitcoin is free from Regulation or valuation from central bank or any government, and it cannot be controlled or distributed by any federal agencies, or even the world bank. Bitcoin is depoliticized and the power of FIAT money has zero effect on this Cryptocurrency. There’s also no third party interference. No one has the authority to charge, demand, or even freeze your Cryptocurrency. Bitcoin can’t be stolen, and the government can’t seize it.
Bitcoin transactions are completely secure…the owners’ confidential information isn’t disclosed in any way.
Transparency
Bitcoin adequately enables its users complete transactions without having to give out their personal information to the public. Like digital cash, hackers can’t get their hands on the Cryptocurrency in any way. At the same time, your true identity as a user is adequately protected for good. This goes a long ways towards preventing data breaches, and other fraudulent acts. In the case of BTC, consumers gain a lot from anonymity, and this is because all their details is kept hidden and protected using blockchain technology.
Other benefits of buying Bitcoin include:
-
High potential for huge returns
-
Adequate protection from data breaches
-
Immediate Settlement of transactions
-
Diversification, and lots more.
Best Options to Buy Bitcoin in Pakistan
There are several options to purchase Bitcoin in Pakistan. Each of these options charge (approximately) 5.9% fee on every Bitcoin purchase you make. Here are some the best, and popular options for Bitcoin purchase available in Pakistan.
Kraken
Launched two years after Bitcoins’s establishment, Kraken is one of the most popular crypto exchanges in the crypto world. While oldest isn’t always related to the best, Kraken offers its users a platform with great security, more than 50 coins to buy, and the ability to loan and also stake coins at all price points. Here are some of the pros and cons of using Kraken:
👍 Pros
• A wide range of cryptocurrencies is guaranteed
• There are lots of stake rewards
• Futures trading for longtime investors
👎 Cons
• Zero tax support
• Limited customer support
Binance
While other cryptocurrency platforms like Coinbase and Robinhood have garnered headline, Binance still remains the world’s dominant cryptocurrency exchange platform. With comparatively affordable fees, a wide range of popular cryptocurrencies available to run trades and a user-friendly platform, its quite easy to see why Binance has become popular within a short period of time. Here are some of the pros and cons of the Binance platform.
👍 Pros
• Low fees are charged, compared to its contemporaries
• Supports a wide variety of crypto coins and tokens
• User-friendly interface
👎 Cons
• Not available in some countries
• Its parent company was once compromised
ByBit
ByBit is a popular cryptocurrency exchange option available in Pakistan. It was launched in 2018, over the years, ByBit has shown remarkable growth, having over 2.5 million users across the world. ByBit is really growing fast. It’s not advisable to use Bybit as a beginner in Crypto trading, as the exchange option focuses more on veteran traders. Here are some pros and cons of ByBit.
👍 Pros
• USDT settled contracts
• Reduced risk of price liquidations and manipulation
• High trading volume
👎 Cons
• This exchange platform is unregulated
• ByBit has a limited number of trading pairs
Best Crypto Exchanges in Pakistan: Comparison
| Broker | Pros | Trading Fees | PKR support | |
|---|---|---|---|---|
-Best liquidity |
-Standard fee of 0.1% |
Yes |
||
-Excellent security set up that has never been compromised |
Trading fees between 0.25% - 0.25% |
No |
||
Best for Bitcoin Derivatives High leverage |
- Takers are charged 0.075% per order |
Buying Bitcoin on Binance
Buying Bitcoin on Binance is quite easy, one of the easiest ways of buying Bitcoin on the platform is via credit/debit card. Here is a stepwise procedure showing how one can easily purchase Bitcoin on the Binance platform.
Step 1
Firstly, log in to your binance account using your personal login details. You can get these details by simply registering on the platform.
Step 2
Once you are logged in on Binance, navigate to the upper part of the home page. Look for the “Buy Crypto” tab, and click on it. A list of crypto on buying options will be displayed, click on the credit/debit option.
Step 3
After you’ve chosen the credit/debit card option, you’ll be redirected to a page where you’ll have to select the amount of money you wish to spend for your Bitcoin purchase.
Step 4
Once you’ve selected the amount of money you wish to spend, click on the “Buy” tab which is located just below. At the point of purchase you’ll be prompted to verify your Binance account. Press «Verify Now». Your Birth Certificate, Passport photograph, means of identification, first name and last name, will all be requested at the point of verification. This is standard procedure. Once you’ve successfully verified your Binance account, you’ll then be allowed to proceed with your payment.
Step 5
Once everything is completed, and you’ve successfully selected the amount you wish to buy, and also verified your account, all that’s remaining is for you to go through the order summary, and finish it up!
Where to Store Bitcoin
What is the safest method of storing your Bitcoin? This is a question one should always ask as a Bitcoin owner. Given that many new individuals are joining the system and are not really familiar with how it works, hackers are coming up with different ways of stealing Bitcoins.
Users can easily lose their Bitcoins as a result of computer failure, poor security, and loss of access keys.
Below, we will go through some of the best ways to store Bitcoin.
Hot Wallet
Online wallets are sometimes called hot wallets. Hot wallets are wallets that carry out their operations on devices that are connected to the internet. Hot wallets are quite vulnerable if not properly monitored, and this is because they tend to generate private keys to your cryptocurrencies on these devices.
Hot wallets are quite easy and comfortable to use, but if you don’t take proper precautions, you can easily be defrauded. The fact that hot wallets are actively connected to the internet, makes them vulnerable but also fast in carrying out trade cryptocurrency and other transactions.
Cold Wallet
This is known to be the safest option for Bitcoin storage. The best way to describe a cold wallet is a wallet that doesn’t have access to internet hence and as such, has a lesser vulnerability level.
Cold wallets are sometimes called hardware wallets or offline wallets. They help users store their addresses on devices that are not connected to the internet, and typically accompanied with software that operates in parallel. This setup enables the user view their portfolio without having to input private keys.
There are two types of cold wallets:
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Paper wallet
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Hardware wallet
A paper wallet is a type of cold wallet that one can generate off certain webpages. A paper wallet is capable of producing both private and public keys that one can easily print on paper. You can only access addresses if you have this piece of paper. You can easily laminate the paper and store it safely.
A hardware wallet on the other hand, is a USB drive capable of storing private keys securely. The hardware wallet has more pros over hot wallets as it can’t be corrupted by virus that could be on computers. Hardware wallets are also open-source, permitting users to determine its safety rather than the producers claiming that its safe and secure.
How Can I Use Bitcoin in Pakistan?
Bitcoin as we all know, is a unique kind of money that has no range. The fact that Bitcoin is decentralised, makes users able to access their finds wherever they are, including Pakistan, and whenever they want to.
Below is a list of everything you need to know before buying or selling Bitcoin, and using the cryptocurrency effectively in Pakistan:
Have a Safe and Reliable Wallet
Bitcoin just like other cryptocurrencies, is a digital currency. You can’t possibly keep it in your purse like coins or bills. Bitcoin operates digitally and can be stored or traded via a digital wallet. In this wallet, users get to keep, receive, and send Bitcoins from anywhere in the world, and adequately monitor their funds.
Run Transactions Through Peer-to-Peer Exchanges
Getting a reliable wallet is very important, and also is getting the right exchange platform in Pakistan. It’s on this platform that you’ll purchase your first fractions of BTC. Majorly, there are two platforms available in Pakistan:
-
Traditional
-
Peer-to-peer (P2P)
Traditional exchanges have been in vogue for quite some time now, probably right after Bitcoin was established. They act as bridges between buyers and sellers, by providing a list of offers available to both parties.
P2P exchanges on the other hand, allows users to exchange cryptocurrencies directly with one another. You’re allowed to scout and choose the exchange offer that works for you best and completes trades effectively.
P2P and traditional exchanges are both available in Pakistan, all you need to do is go with the one that works best for you. If you choose a crypto exchange with low fees, your trades will be more profitable.
Keep Important Documents at Arm’s Length
Most cryptocurrency exchange platforms in Pakistan comply with the Know Your Customer (KYC) and the Anti-money Laundering (AML) regulations to protect traders and their assets from fraud, and other illegitimate actions.
KYC involves verification of traders’ identities. This will require you to tender documents like ID card, passport photograph, proof of address, driver’s license, and full name.
Comprehensive background check reduces fraudulent activities in the Bitcoin space in Pakistan.
Find out Bitcoin’s Trade volume in the Country
Statistics show that Pakistan is among the top five Asian Pacific countries with the highest Bitcoin trade volume.
In 2020, the trade volume in Pakistan increased from 58k in January to 1.14 million in November, showing that the number of Bitcoin traders in the country increased. This is a good development for Bitcoin traders in Pakistan, as there’s a potential for increasing trend in the coming year, that us, more activities for traders.
Ready to get a fraction of Bitcoin? Register on a reputable platform and goin search of good trade opportunities, also follow the few points mentioned above. Good luck!
Is Bitcoin Legal in Pakistan?
Among other cryptocurrencies in Pakistan, selling and buying Bitcoin lies in grey areas presently. Pakistan State Bank placed a ban on all cryptocurrencies, this happened in 2018. The ban was however, lifted after a while. It has not been legalized or regularised and therefore, Bitcoin trading activities have been permitted in the country.
Top 10 Best Altcoins
Cryptocurrencies just as mentioned earlier, are designed to be absolutely free from government’s control and manipulation, although as cryptocurrencies have grown, this basic part of the company has been under pressure. Cryptocurrencies modeled after the creation of Bitcoin are called altcoins, or shitcoins. Altcoins basically try to present themselves as improved/ modified versions of BTC.
Below is a list of the top 10 Altcoins that have been doing really well in the past years. You should also be aware that these Altcoins weren’t just selected, some important factors were put into consideration, one of these factors being the level of the Altcoin’s engagement.
| Cryptocurrency | Industry | Current price | 1y return | 1m Return | Total score | |
|---|---|---|---|---|---|---|
Binance Coin (BNB) |
Cryptocurrency exchange |
313.00$ |
6.06% |
21.24% |
9.5 |
Invest |
Cardano (ADA) |
Blockchain platform |
0.50$ |
39.19% |
-13.63% |
9.2 |
Invest |
Ripple (XRP) |
Payments |
0.55$ |
33.70% |
-9.11% |
9 |
Invest |
Dogecoin (Doge) |
Payments |
0.08$ |
-4.43% |
-14.44% |
8 |
Invest |
Polkadot (DOT) |
Blockchain platform |
7.02$ |
18.96% |
4.53% |
8 |
Invest |
LItecoin (LTC) |
Payments |
68.11$ |
-21.14% |
-3.77% |
7.6 |
Invest |
Stellar (XLM) |
Payments |
0.11$ |
30.10% |
-4.45% |
7.5 |
Invest |
Uniswap (UNI) |
Decentralized exchange |
6.32$ |
2.50% |
8.00% |
7.4 |
Invest |
Tron (TRX) |
Blockchain platform/Media |
0.11$ |
57.12% |
7.22% |
7 |
Invest |
IOTA (MIOTA) |
Internet of Things |
0.23$ |
11.96% |
-13.69% |
6.9 |
Invest |
Summary
Bitcoin alongside some other digital currencies’ value have increased over the years. A lot of individuals are aware of these facts, and are buying these digital currency in large quantities. Well, that’s a smart move we would say.
This article puts readers through the right cryptocurrency trading platform in Pakistan, how to effectively store your Bitcoins and other cryptocurrencies, and also talks about the basic principles of being a Crypto trader. The future of digital currencies, their security, their value is questionable. However, whether you’re looking to Invest in it or not, it’s advisable that you understand the risk factors and volatility of cryptocurrency before making investments.
FAQs
Can You Purchase BTC Anonymously in Pakistan?
Yes! It’s possible to buy BTC and other cryptocurrencies in Pakistan anonymously. This could be done by P2P exchanges like Paxful, Bisq, and lots more.
Can You Purchase BTC Using Credit/Debit Cards?
Yes! Most of the exchange platforms in Pakistan provide this service, so it’s very possible, as long as you KYC is complete.
Is it Right to Leave BTC on Exchange After Purchase?
No! Absolutely wrong. For adequate security, it’s recommended that one stores BTCs in soft wallets, as your private key will remain safe and entirely off internet access.
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Team that worked on the article
Peter Emmanuel Chijioke
Contributor
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Olga Shendetskaya
Author and editor at Traders Union
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito
Cryptocurrency and stock expert
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.