Best Ways to Buy Bitcoin in Pakistan Safely
When purchasing Bitcoin or any other digital asset in Pakistan, it is best to use an online cryptocurrency exchange platform that provides a secure and transparent environment for crypto trades, such as Changelly. These platforms are regulated by financial authorities, making them reliable for cryptocurrency transactions.
Users can purchase, trade, and exchange crypto on platforms which also allow for the easy transfer of digital funds between crypto wallets. Global cryptocurrency exchanges offer a range of payment options, including international cards and bank transfers, enabling users to access the world of Bitcoin trading.
How to Buy Bitcoin with Credit and Debit Card
In order to purchase Bitcoin in Pakistan with a credit card or debit card, users must find a centralized exchange that provides support for Pakistani customers and allows fiat money purchases. Note that a decentralized exchange may not allow you to use fiat money to buy cryptocurrencies, because such platforms only support crypto-to-crypto trades.
The steps involved may vary, but the overall process will follow a similar pattern.
Pakistani users should research cryptocurrency exchanges that provide security, customer support, and advertise services to them.
Changelly is an illustrious example of a comprehensive cryptocurrency exchange platform where you get everything at once. From extremely low trading fees and a slew of supported payment methods to military-grade security and a hard-to-beat crypto selection of 400+ digital assets, Changelly is the answer to all your crypto trading needs.
To create an account, select an exchange and submit your name, email address and password.
Completing the verification process is necessary for an exchange user. KYC (Know Your Customer) requires providing personal identification documents such as a passport, driver's license, or national ID card. KYC is a preventive measure implemented by exchanges to ensure their users are not involved in illegal activities like money laundering, terrorist financing, and other criminal activities.
To set up your account, you must provide card details such as the number, expiration date and CVV.
To purchase Bitcoin, add your card to the exchange and navigate to the applicable section. Then, input the desired quantity of Bitcoin and complete the transaction using the designated button.
It is advisable to transfer Bitcoin from the purchase source to a secure wallet that you control. This will help protect your Bitcoin assets.
How to Buy Bitcoin with Bank Transfer in Pakistan
Bank transfers are a convenient method available on many top crypto exchanges and peer-to-peer (P2P) platforms. To buy Bitcoin using a bank transfer in Pakistan, you will first need to register with a crypto asset provider that serves Pakistani residents and enables bank wire purchases. Once you have done so, you can send Pakistani Rupees (PKR) into your crypto account and use the funds to purchase Bitcoin.
If you are using a P2P marketplace, you can also find a counterparty that is willing to sell their crypto assets for PKR and make a deal directly with them. Whichever method you choose, take the precautions when buying BTC in Pakistan. Make sure to only transact with reliable individuals or businesses that have a strong reputation. Research about the exchange you are planning to use and the person you are going to buy from, and make sure that the transaction will be secure and well-protected.
How to Buy Bitcoin with Apple Pay in Pakistan
Apple Pay is not available in Pakistan, which prevents it from being used to purchase Bitcoin in the country. Apple Pay is offered in select countries around the world, including the United States, Canada, Australia, the United Kingdom, and other parts of Europe and Asia.
It is possible for Apple Pay to expand its services to other countries in the future. You can monitor developments from Apple or contact your bank to see if any other mobile payment option, such as Samsung Pay or Google Pay, is available as an alternative for buying Bitcoin in Pakistan.
How to Buy Bitcoin from ATM in Pakistan
There are a few crypto ATMs in Pakistan installed in major cities, such as Islamabad, Lahore, and Karachi.
Bitcoin ATMs enable users to purchase and sell BTC by verifying their identity and providing a Bitcoin wallet address. Depending on the operator, a Bitcoin ATM may permit users to sell their Bitcoin holdings either for local currency (Pakistan Rupee) or major currencies, such as USD or EUR.
Crypto ATMs offer convenience, however they usually carry a higher transaction fee than other sources such as crypto exchanges or P2P marketplaces.
How to Buy Bitcoin with PayPal
Currently, it is not possible to buy Bitcoins in Pakistan with PayPal directly. This e-finance system does not support transactions related to cryptocurrencies, including Bitcoin, because of regulatory and compliance hurdles in the country.
However, there are other options to buy Bitcoin in Pakistan, including cryptocurrency exchanges and peer-to-peer marketplaces. These platforms allow you to acquire Bitcoin using a traditional payment method, such as bank transfers, credit/debit cards, and mobile payments.
How to Buy Bitcoin with Prepaid Card
Prepaid cards can facilitate the purchasing of cryptocurrencies such as Bitcoin. It is necessary to register for a crypto exchange that supports prepaid card payments before linking one's card to the account and making a deposit in order to complete the transaction.
How to Buy Bitcoin with Cash in Pakistan
Cash-for-Bitcoin transactions in Pakistan can be executed through P2P services like LocalBitcoins, Paxful, and Remitano. These platforms enable buyers and sellers to connect, while also providing a user rating system to assess the reputation of any potential counterparties.
Once you have detected a trustworthy seller, arrange an in-person meeting to physically transfer your banknotes and receive Bitcoins. Bring along a device with internet access (a smartphone or tablet) to ensure the coins are delivered safely to your crypto wallet.
Can Foreigners Buy Bitcoin in Pakistan?
Foreigners can purchase Bitcoin in Pakistan if they have a Pakistani bank account and adhere to the established local regulations.
Non-residents who wish to purchase Bitcoin in Pakistan must go through the same process as locals, such as setting up an account with a cryptocurrency exchange that allows Pakistani users and funding it from a Pakistani bank. They will also be asked to fulfill verification requirements, like the KYC process, before being able to purchase or sell any cryptocurrency.
When registering with a cryptocurrency exchange, it is possible to be denied if applying from Pakistan, regardless of residency. This may depend on the individual platform's terms and conditions, as they may have restrictions towards people from crypto-hostile jurisdictions or territories that are under international sanctions.
Who Accepts Bitcoin in Pakistan?
Bitcoin acceptance is still limited in Pakistan, but some businesses and merchants have begun to accept crypto payments, particularly in the tech and e-commerce industries.
Some examples of Pakistan-based businesses that allow you to pay for goods and services in BTC include:
PakWheels. An online marketplace for buying and selling cars, PakWheels has started taking Bitcoin as a form of payment.
Zameen. A real estate marketplace, Zameen has also started accepting Bitcoin payments from customers.
ChaiWala. A popular tea cafe chain in Lahore, ChaiWala has recently allowed Bitcoin payments for its food and beverages.
Telenor Microfinance Bank. Telenor Microfinance Bank, a leading bank in Pakistan, has announced plans to permit Bitcoin settlements for its services.
In Pakistan, the adoption of Bitcoin is not yet universal, although this might change in the future as organizations become increasingly aware of its benefits. Various cryptocurrency payment processors are available that facilitate businesses in receiving crypto payments and converting them to fiat currency.
How to Cash Out Bitcoin in Pakistan?
Exchanging Bitcoin for Pakistani Rupees (PKR) is a common way of cashing out in Pakistan, with crypto exchanges such as Changelly providing a reliable service.
Monetary exchanges of Bitcoin can be facilitated through P2P services such as LocalBitcoins, Paxful, and Remitano.
Users can resort to specialized services, such as Bitwala or Xendpay, to convert Bitcoin to their local currency and then transfer the funds to a bank account in Pakistan.
Keep in mind that certain plans may involve fees and limitations, so it is important to research them before deciding.
