Are you looking for ways to buy bitcoins without hassle in Pakistan? Well, that’s the concern of many of the fellows. With a limit to payment processors and less tech awareness, there is a lack of proper channels to buy BTC in Pakistan. This is the challenge we all have to face somewhere in our lives when we are trying to buy BTCs with our local Pakistani currency.
But you don’t need to worry about this, I have tried many ways of buying BTC without sweating much of the extra rupees, and based on my research, I have compiled a list of the best ways to buy BTC in Pakistan using the local currency.
You can either go for the exchangers, escrow systems, or visa/credit card payments. Here is a list of the best ones in the order of ease.
One of the best ways to buy BTC in Pakistan by using Paxful. Paxful is a peer-to-peer market that connects the buyers with the sellers and vice versa. For example, you want to buy BTC of worth Rs 2000, and another person wants to sell his bitcoins, you both can make their accounts on Paxful and buy/sell BTCs. Well, that was just an example, Paxful is a marketplace of over 4 million people from around the globe. All you need to do is to click on the buy button on Paxful after entering your required amount and you will be able to see hundreds of sellers offering BTC at different prices. You can select the one who is selling BTC at the lowest rate or you can check the offers that fit your choice.
Suppose you have that Rs 2000 in your Jazz cash and you want to buy BTC with Jazz cash balance, you can simply go to Paxful, create an account, click on the “Buy” button, enter the amount of money, select payment method as JazzCash and click on the button “View Offers” You will be able to view hundreds of offers. Please note that there are hundreds of other payment methods in Paxful as well that you can select from.
Is Paxful Secure to Trade?
The simple answer is yes, when you start a trade on Paxful, it locks the same amount of BTC from the seller’s wallet and transfers this amount to your wallet once the seller receives your money.
Click on the button below to Join Paxful and save fees on 5 trades per month.
Local Bitcoin is a similar site in comparison to the Paxful but here the documentation and approval process is a little more difficult. Unlike Paxful, which just needs to confirm your identity via your NIC and Selfie. Local Bitcoin also requires your proves of income to buy BTC in Pakistan. Otherwise, it’s a great marketplace and is highly secure. I am doing trading on local BTC since 2017 and it’s always been helpful.
The pattern of trading is the same peer-to-peer trading where the website acts as a third-party escrow system to protect both the buyer and the sellers from Scams. You can buy Bitcoins with literally any currency on both the Paxful and BTC. I suggest you creating accounts on both, so you can find the most suitable offer for your next trade.
Is Local Bitcoin Secure to trade in Pakistan?
The simple answer for this too is “Yes” Because local bitcoin also locks the amount of Bitcoin in the seller’s wallet and releases the BTC into your wallet after you pay the seller and he confirms the payment.
Binance basically is not a peer-to-peer trading platform but is more of an exchange where you can not only buy BTC but you can also exchange it with other altcoins such as litecoin or ether. There are hundreds of other coins as well, but let’s keep it short and to the point.
To buy BTC on Binance in Pakistan, you need to add your credit card to the site and enter the number of dollars you want to exchange BTCs with. Unlike those peer-to-peer trading networks discussed above, Binance gives you a fixed amount and you can’t select from the offers if you are buying using the card.
However trading can be later done when you have some BTCs in your balance, you can sell at a high rate and buy again when the rate is low to earn profits, similarly, you can automate the trade in Binance as well. Suppose you want to sell X amount of BTC when the rate crosses $99,999. You can automate this process by setting a higher limit to earn profits.
There are many local exchangers in Pakistan that you can find via online groups or on a website but the biggest problem with them is that you have to trust them. It’s not that these trust issues exist only in Pakistan but you can find them anywhere in the world where BTC is being traded, after all, it’s very difficult to track the transactions and who is going to bother for minor transactions.
The only solution is to take proper precautionary measures and trust only the exchanger you know.
How To Sale BTC in Pakistan?
The most trusted way is to use Paxful or LocalBitcoin. Here is a complete guide on selling your BTC with Paxful. Here is the guide for selling your BTC with LocalBitcoin
How To Exchange BTC To Alt-Coins In Pakistan?
You can do it on any exchange like Binance and then withdraw the altcoin on the paper wallet. It’s advisable that you use a paper wallet to keep coins for a long.
How to Exchange BTC to USD In Pakistan?
Go for the peer-to-peer exchanges mentioned above. Sell your BTC and get USDs in your desired wallet.
Buying BTC in Pakistan is a risky thing as it can lead to a scam that is very hard to track. I highly recommend using escrow systems to buy BTC. No matter what amount of BTC you’re buying/selling. Escrow protects both the buyer and the seller. If you have any queries about this post, please don’t hesitate to ask in the comments section.