Ever since Bitcoin’s recent boom began with Elon Musk’s erratic tweet and Waqar Zaka’s advocacy for it, the interest in it has touched levels never seen below. Everyone wants to invest in Crypto – well, not really, considering the latest crash. Still, its value is bound to restore to previous levels, while the Pakistanis’ interest in Bitcoins is not going down sooner.
These questions have rarely been answered by the experts, most of whom are running paid groups or redirecting users to their YouTube channels whose video tutorials only end up increasing the confusion. Little material exists to guide budding Pakistani investors in detail.
TechJuice brings you a detailed, step-by-step guide for buying Bitcoin (or any other crypto) coupled with everything about crypto there is to know.
Here are a few steps (on the web) you need to follow before beginning to invest in crypto in Pakistan:
See the detailed guide for Binance verification.
Step 3. Once verified, you can start purchasing by selecting the Buy Crypto – P2P Trading option. You cannot purchase any cryptocurrency without first purchasing the USDT by Tether ( a stable currency used for purchasing digital coins)
Step 4. Enter the amount in PKR and select a trader for buying the USDT. Click on “Buy USDT” and proceed. You won’t be able to use a card for the payment and will have to send the amount directly to the seller’s bank account.
Note: All online trades are protected by Binance’s escrow, which means that each time a seller posts an ad, the amount of crypto mentioned in the ad is automatically locked in the seller’s p2p wallet. Therefore, if the seller commits fraud and does not release your crypto, you can appeal to the Binance customer support to release the crypto to you.
Step 5. Now that you have the USDT, you can buy Bitcoin equivalent to its value per the current exchange rate.
Step 6. Place the order by clicking on “Buy BTC” and verifying by filling Binance’s KYC. Once you place an order, you’ll have to transfer the required funds to the seller’s bank account (displayed along with the seller’s info).
Note: Do not make the mistake of going for the lowest offer because scammers usually offer the lowest price to lure buyers. Instead, go with verified merchants (yellow tick beside the name), those holding high seller ratings, and at least 300+ successful transactions to ensure safety.
Step 7. Once the transfer is complete, post the proof of transfer using the chatbox. Once acknowledged, the seller will release the asset. (If the seller doesn’t release it, you can appeal with Binance).
Note: You can’t buy crypto through any bank’s debit or credit card due to a ban in place by the State Bank, and the payments can only be made and received through local Pakistani bank accounts/JazzCash/EasyPaisa through the P2P (person to person) system.
Key Crypto Tips/Facts To Remember before trading in Pakistan.
Before you begin trading in crypto, its best to consider a few things:
Coins to invest
Invest in good projects with real-life value instead of going for “pump and dump” coins or $hitcoins such as Dodge coin.
Crypto is currently unregulated in Pakistan. However, it’s not illegal.
Your earnings would be channeled rebound a bank account. If they’re above a certain threshold, you might have to explain these sources to FBR at one point. So, keep a log of all your trades for the safe side.
Keep updated with the TRENDS: Most important!
Ensure that you are keeping up with the crypto-industry-related news AT ALL TIMES. Elon Musk had DOGECOIN up by 500% in a day with a few random tweets. Later, his company bought $1.5 billion worth of Bitcoin, and then Doge had to take a major beating!
Know when to sell and know when to buy as per the rapidly changing internet/social media landscape!
Cryptocurrency: What is it?
Cryptocurrency is a digital or virtual currency protected by cryptography. Cryptocurrencies are distributed…