To provide better investor protection and create a unified regulatory framework for the entire ecosystem, Hong Kong’s regulators have extended their authority and purview over the past four years concerning cryptocurrency-related activities. As a result, Hong Kong is emerging as a regional centre for cryptocurrency activity, which allows you to buy Crypto with credit card.
Is It Legal to Buy Crypto in the Hong Kong?
Retail investors in Hong Kong can now trade major digital currencies on registered crypto exchanges according to the city’s new regulatory environment for virtual assets, which went into effect on June 1 2023. After a one-year grace period, cryptocurrency exchanges selling or marketing to Hong Kong investors would need a license. After that, they can easily buy Crypto with credit card.
How to buy Crypto into Hong Kong?
Binance and other cryptocurrency exchanges allow customers to use credit and debit cards to buy and sell digital currency. The procedure is relatively consistent across platforms:
- Users may see how much bitcoin can buy after inputting a Hong Kong or US dollar amount on the platform’s buying page.
- Cryptocurrencies acquired this way often show in the user’s account within minutes after inputting and verifying credit card information and transaction details
How to buy Crypto with credit card?
Here’s how to buy Crypto with credit card:
- Step 1 – To purchase cryptocurrency, go to the store’s homepage and pick the Buy or Buy crypto button, or use the menu bar’s Buy option.
- Step 2 – Choose the cryptocurrency you want to acquire and the local currency you wish to use for the transaction.
- Step 3 – Select Card as your payment option and enter the desired amount.
- Step 4 – To add a debit or credit card, choose Add card and provide the relevant information.
- Step 5 – Make sure you only add cards that are in your name.
- Step 6 – After entering your billing address and selecting Next, you may finish adding a card to your account by selecting Add Card.
- Step 7 – After adding a card, choose it from the drop-down menu on the payment page and click the Next button to buy Crypto with credit card.
- Step 8 – Verify the details of your purchase, agree to the terms of service, and click Buy before the timer runs out. If settlement has not occurred, click Refresh to see the current market price.
- Step 9 – After making a payment, you’ll be given the option to either review your purchase information or return to the site.
How to buy Crypto with PayPal
Buying using PayPal is easy, and detailed instructions are provided below:
- Access your PayPal account by signing in. After that, choose the three-dot symbol located on the right.
- When you choose the icon, a drop-down menu will appear, and cryptography should be at the end of the list.
- A cryptographic options panel should now appear. If you want to purchase a cryptocurrency other than Bitcoin using PayPal, you may do so by selecting any of the coins offered.
- If you choose Bitcoin, a chart will load with a large “Buy” button.
- After selecting this option, you will be prompted to enter the number of Bitcoins you want to purchase.
- The next step is to decide on a suitable mode of payment. Using existing linked accounts is a breeze with PayPal.
- PayPal now requires you to verify the amount you’re purchasing, including fees and Bitcoins received.
Top-3 trading platforms for Crypto in Hong Kong
Explore the carefully selected list below for a thorough understanding of Hong Kong’s top three trading sites, where you can buy Crypto with credit card:
1. Bybit
Regarding digital assets in Hong Kong, dealers and investors of all experience use’s Bybit. It displays a wide variety of over 770 crypto assets. It offers a variety of fast and easy Hong Kong Dollar (HKD) deposit methods, all adapted to the specific needs of the Hong Kong market. Regarding reliability, security, and user-friendliness, this platform stands head and shoulders above the competition.
2. Gate.io
Gate.io, located in Hong Kong’s thriving financial district, is the best platform for cryptocurrency fans and provides a robust and safe entryway into the world of digital currencies.
It allows instant and simple trading of more than 1,700 cryptocurrencies and has a substantial 24-hour trading volume of $5.01 billion.
3. KuCoin
KuCoin has become the another most popular option for Hong Kong crypto traders. It is well-regarded worldwide and has a fantastic coin collection of over 700 and a trade turnover of over $1.42 billion daily. KuCoin has become a byword in the cryptocurrency industry for innovation and security, and 29 million investors trust it from more than 200 countries.
Payment options for buying Crypto in Hong Kong and which is best?
One of the most convenient methods to get Bitcoin is with the use of a debit card, or you can buy Crypto with credit card. There are more than 300 methods to pay for Bitcoin on Paxful, making it the most excellent site to buy, trade, and send Bitcoin. These include bank transfers, gift cards, and PayPal, Western Union, Moneygram, and debit or credit cards.
How do you withdraw from crypto wallet in Hong Kong?
To withdraw your money:
- Obtain an account and sign in to it.
- To withdraw your Bitcoin, go to your balances and choose the Withdraw option.
- The amount and recipient of the withdrawal may be specified from the resulting window.
Which crypto wallet has the lowest fees in Hong Kong?
Bybit is a cryptocurrency exchange that stands out in Hong Kong because of its user-friendly design, robust security, vast crypto portfolio of over 770 assets, and diverse trading experience with minimal fees and simple HKD deposit methods. These features make Bybit a standout in the Hong Kong market.
Tax on Crypto in Hong Kong
Only regular bitcoin trading is considered income and subject to Hong Kong’s profits tax, which is limited to 16.5%. Every year, the trade of digital assets generates unreported revenue that amounts to billions of dollars all around the globe.
Conclusion
The value of the cryptocurrency market has skyrocketed during the previous 12 months. The market value of the sector as a whole has rocketed from $18 billion to more than $500 billion. As more and more individuals become aware of this rapid development, a flood of new users has started joining crypto exchanges and started to buy Crypto with credit cards.