How to Buy Bitcoin in China 2020: The Real Deal
As of 2020, buying bitcoin in China is complicated but possible via peer-to-peer (P2P) platforms or over-the-counter (OTC) brokers, despite the government’s crackdown on exchanges. No longer can you simply use a centralized exchange like Binance or Huobi directly in CNY; those platforms have either left or restricted Chinese users. Instead, you’ll need to turn to local P2P marketplaces such as LocalBitcoins (now Paxful), Binance P2P, or OKEx P2P, where you can buy from individual sellers. Alternatively, some OTC brokers on WeChat or Telegram still operate but carry higher risk. Importantly, China has not banned individuals from owning bitcoin, but it has banned exchanges and ICOs. So, while buying bitcoin is not illegal, you must navigate carefully.
Where to Buy Bitcoin in China 2020
1. Peer-to-Peer (P2P) Platforms
P2P platforms connect buyers and sellers directly. Popular choices in 2020 include Binance P2P, OKEx P2P, and Huobi OTC. These platforms allow you to pay via Alipay, WeChat Pay, or bank transfer. The process: register, complete KYC, find a seller with good reputation, initiate a trade, transfer money, and then the seller releases bitcoin. Always check seller’s completion rate and trade volume.
2. Over-the-Counter (OTC) Brokers
OTC brokers are individuals or groups who sell large amounts directly. They often advertise on social media or crypto forums. Transactions are typically done via WeChat or Telegram. While faster for large amounts, OTC carries higher risk of scams. Verify the broker’s credibility through references or escrow services.
3. Bitcoin ATMs
Bitcoin ATMs are rare in China due to regulations. As of 2020, only a few exist in major cities like Shanghai or Beijing, but they often require verification and high fees. Not recommended.
Legal Risks and Warnings
China’s stance on cryptocurrency is clear: individuals can hold and trade, but businesses cannot facilitate exchange. The People’s Bank of China (PBoC) has repeatedly warned against speculative trading. In 2017, it banned ICOs and shut down domestic exchanges. However, buying bitcoin via P2P is not illegal. Be aware that using VPNs to access foreign exchanges may break internet regulations. Also, the government monitors large transactions via banks, so avoid moving huge sums.
Step-by-Step Guide to Buy Bitcoin in China 2020
- Get a wallet: Choose a non-custodial wallet like Trust Wallet or Ledger.
- Register on a P2P platform: Use Binance P2P or OKEx P2P (they accept Chinese users). Complete KYC with your ID.
- Find a seller: Filter by payment method (Alipay/WeChat), price, and amount. Check seller’s rating.
- Initiate trade: Click “Buy” and follow instructions. Platform holds seller’s bitcoin in escrow.
- Transfer payment: Use Alipay or WeChat to send CNY to seller’s account. Confirm within the platform.
- Receive bitcoin: Seller releases bitcoin after payment confirmation. Withdraw to your wallet.
Choosing the Right Payment Method
| Method | Speed | Limits | Privacy |
|---|---|---|---|
| Alipay | Instant | Up to 50k CNY/day | Medium |
| WeChat Pay | Instant | Up to 20k CNY/day | Medium |
| Bank Transfer | 1-2 hours | Unlimited | Low |
Recommended: Alipay for small amounts due to speed and convenience.
Fees and Costs
P2P platforms often have no trading fee, but sellers may price 1-3% above the market rate. Bank transfers are usually free. Withdrawal fees apply when moving bitcoin to a wallet (e.g., 0.0005 BTC on Binance). Total cost: 2-4% per transaction.
FAQs
| Question | Answer |
|---|---|
| Is buying bitcoin legal in China 2020? | Yes, individuals can buy and hold bitcoin. Only businesses cannot operate exchanges. |
| Can I use Binance in China? | Binance.com is blocked by the Great Firewall. Use a VPN to access or use Binance P2P. |
| What payment methods work? | Alipay, WeChat Pay, and bank transfers are commonly accepted. |
| Are there limits on purchase amounts? | P2P platforms have daily limits based on your KYC level. Sellers may also impose limits. |
| How to avoid scams? | Only trade on reputable P2P platforms, use escrow, and check seller ratings. |
Alternatives: Mining and Overseas Accounts
If you’re in China, another option is to mine bitcoin directly, but it’s profitable only for large-scale operations. Alternatively, open a bank account in Hong Kong or abroad and use international exchanges like Kraken or Coinbase. This bypasses Chinese regulations.
Final Thoughts
Buying bitcoin in China 2020 is doable via P2P, but requires caution. Stick to established platforms, verify sellers, and keep transactions under radar. Remember, crypto is volatile; only invest what you can afford to lose. For those seeking wholesale sourcing of electronics for mining, consider platforms like Soudangkou for competitive pricing on hardware.
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