How to buy a bitcoin in Pakistan where the economy is still developing, cryptocurrencies are becoming increasingly popular. However, proper adoption of cryptocurrencies on a national level has yet to be seen. If it does, given how quickly the world is transitioning to a digital economy, it could positively impact the country’s economy.
Even though Pakistan missed out on a huge opportunity in 2017, many crypto analysts believe Bitcoin will reach $100,000 by the end of 2021. The good news for local crypto enthusiasts is that cryptocurrency is not illegal in Pakistan; rather, it is classified as a grey area because the government has not established specific regulations.
This hasn’t stopped Pakistanis from trading cryptocurrencies, though. Given the widespread adoption of cryptocurrencies among its citizens, many industry leaders believe the country can truly profit from them. Fahad Shahab has been hired as the Business Development Leader for Pakistan by CoinPayments, a leading cryptocurrency payment processor globally.
What is the best way to buy Bitcoin in Pakistan?
Now for the age-old question of how to buy Bitcoin in Pakistan. There are numerous shady methods of purchasing Bitcoin that offer no guarantees to the buyer, and, in the majority of cases, the seller disappears with the funds. In such cases, buyers cannot reclaim their funds due to the country’s regulatory authorities’ refusal to accept cryptocurrency. This is most common when people use crypto exchanges that have few or no security features. Another major reason crypto users become victims of scams is that they do not use a trading platform and instead deal directly with the seller without the involvement of a third party.
In Pakistan, there is only one working exchange through which people can purchase Bitcoin. Localbitcoins.com is the only website in Pakistan where you can buy and sell Bitcoins. To use localbitcoins.com to trade Bitcoins, you must first create an account on their website. We’ll show you how to buy Bitcoin in Pakistan step by step in this article.
- Go to the Localbitcoins website and sign up for a free account.
- To create an account, you must first provide an email address and a password.
- You must upload a scanned copy of your CNIC for the large transaction. You do not need to upload it if you will not be making large transactions.
- After you’ve created an account, go to the Buy Bitcoins page.
- Following that, you’ll be presented with a list of Bitcoin traders. They’re selling Bitcoins, and you should choose the trader with the best reputation.
- Now, go ahead and click “Buy” and read all of the terms and conditions.
- After you’ve finished reading it, make a note of how many Bitcoins you want to buy from the seller.
- The seller will now send you the local payment information, along with instructions on how to send the local currency.
- The seller will then release the bitcoins. Remember that you have an hour to send money to the seller. If you don’t, the seller may dispute the transaction.
- Bitcoins will be delivered to your wallet.
You can also sell Bitcoins by clicking on sell Bitcoins and selling to the trader who offers the best price.
From Paxful Exchange
Paxful’s crypto exchange has a user-friendly interface that makes buying and selling Bitcoins and other cryptocurrencies simple. Follow this step-by-step guide to buy Bitcoin on the Paxful exchange:
- Sign up for a Paxful account by entering your email address and password. Enter the code sent to your email address to activate your account.
- Locate the ‘Buy’ button in the top left corner of the screen and click it. You can also select the ‘down arrow’ next to the Buy button by clicking it. A drop-down menu will appear, with three cryptocurrency options.
- When you click ‘Buy Bitcoin,’ you’ll see a list of traders offering Bitcoin at different prices. The amount you want to spend can be entered into a slider on the left-hand side. You can also select your preferred payment method here. Choose a bitcoin seller and click the ‘Buy’ button on the right side of their box.
- Following that, you’ll see a screen that asks you to enter the amount of money you want to pay and displays the amount of BTC you’ll receive in return.
- After you’ve entered the amount of cryptocurrency you’d like to buy, click “Buy Now.” You will be directed to the next screen, which will clearly state the purchasing instructions. You can also communicate with the buyer and ask questions if you have any doubts. It is recommended that you share a screenshot in the chatbox and then mark the order as ‘Paid’ on the left-hand side after transferring the specified amount in PKR to the seller’s bank account (or the payment mode you selected earlier). The seller will review the transaction, and crypto coins/tokens will be released to your Paxful wallet once the funds have been received in the seller’s preferred account.
Remember to mark the order as ‘Paid’ as soon as the funds have been transferred to the seller’s account. If the seller fails to release coins within the specified time frame, Paxful support should be contacted by filing a dispute. The support team will assist you with your problem.
Because the platform uses an escrow system to keep your money safe, this process is safe and secure. Whether you’re a buyer or a seller, the platform ensures that all disputes are resolved quickly.
Because of the ban, most people in Pakistan trade Bitcoins with cash. Urdubit was a different Bitcoin trading platform, but they no longer trade Bitcoins in Pakistan. It was Pakistan’s first Bitcoin trading platform. Another option for purchasing Bitcoin in Pakistan is to do so in person. You make a face-to-face agreement with someone in exchange for payment in local currency.