As the status of digital assets continues to rise in the global investment field, more and more Chinese investors are turning their attention to mainstream cryptocurrencies such as Bitcoin and Ethereum. Although cryptocurrency exchanges have been completely shut down in China since 2017, holding and trading digital assets as an individual is not illegal, and domestic users can still participate through various compliant channels. This article will systematically introduce the complete process of purchasing Bitcoin and Ethereum in China, covering every step from account registration and platform download to actual trading.
Main Ways for Chinese Users to Purchase Cryptocurrencies#
Peer-to-Peer (C2C) Trading Platforms#
C2C trading is currently the most commonly used method for domestic users to acquire digital currencies. This model connects buyers and sellers for direct transactions, with the platform acting as an intermediary to provide fund escrow services, ensuring transaction security and reliability.
Mainstream C2C Platform Options:
- Binance C2C: The largest user base globally, rich in merchant resources, supports Alipay, WeChat Pay, and bank transfers.
- OKX C2C: Deeply rooted in the Chinese market for many years, with a simple and clear trading process.
- Gate: An established trading platform with a complete range of digital currencies.
Key Points for C2C Trading:
- Prioritize certified merchants with high reputation and large trading volumes.
- Avoid using sensitive terms during payment to ensure compliance.
- For large transactions, it is advisable to split them into batches to effectively control risk.
- Fully utilize the platform's escrow services to ensure fund safety.
Over-the-Counter (OTC) Services#
In addition to standardized C2C platforms, the OTC market also provides channels for purchasing digital currencies. These transactions are usually conducted through social platforms to contact brokers. Although the service is more personalized, extra caution is needed in assessing the credibility of trading counterparts.
OTC Trading Precautions:
- Start with small amounts for initial transactions to gradually build a trust foundation.
- Use dedicated accounts for operations to isolate risks.
- Transfer assets to personal wallets promptly after completing transactions.
Compliant Trading Channels in Hong Kong#
Hong Kong has an independent regulatory framework for digital assets and has issued compliant licenses to multiple trading platforms. Mainland residents can utilize an annual foreign exchange quota of $50,000 to trade on these licensed platforms through online or offline methods.
Detailed Process for Registering a Digital Currency Account#
Factors to Consider When Choosing a Platform#
Before registering an account, it is crucial to select a safe and reliable trading platform. Global leading platforms such as Binance, OKX, and Gate offer comprehensive security guarantees and user-friendly trading environments.
Step-by-Step Registration Guide#
Although the interface designs of various platforms differ, the registration process is generally consistent:
- Platform Access: Enter the trading platform's website through official channels.
- Information Entry: Click the registration button, enter your email or phone number, and set a complex password that includes letters, numbers, and special characters.
- Verification Completion: Check and enter the verification code to complete basic verification.
- Identity Authentication: Upload a photo of your ID and complete facial recognition as guided.
- Security Settings: Enable two-factor authentication, set a fund password, and establish withdrawal protection.
The Value of Identity Authentication#
Completing KYC (Know Your Customer) authentication not only enhances account security but also increases trading and withdrawal limits. The authentication review can usually be completed in a relatively short time.
How to Obtain the Trading Platform Client#
Android Device Installation Guide#
Android users can safely obtain the trading application through the following steps:
- Visit the official website of the exchange and find the application download page.
- Enable the "Allow installation of apps from unknown sources" option in phone settings.
- Download the installation package and complete the installation.
- Perform a security verification upon first launch.
Some brand phones may require additional settings, such as disabling special security modes.
Practical Guide for Purchasing Bitcoin and Ethereum#
Fiat Currency Exchange Process#
For Chinese users, the most common way to deposit funds is to first acquire USDT stablecoins through C2C trading, and then exchange for the target cryptocurrency:
- Log in to the trading application and enter the C2C trading area.
- Select the USDT trading pair and filter merchants that support common payment methods.
- Confirm the transaction amount and details.
- Complete the payment operation as guided.
- Confirm receipt and wait for the digital currency to arrive.
Purchasing Target Cryptocurrencies#
Once USDT is obtained, you can proceed to purchase the target cryptocurrency:
- Enter the platform's spot trading area.
- Search for BTC/USDT or ETH/USDT trading pairs.
- Choose the order type based on your needs.
- Enter the transaction amount and confirm.
- After the transaction, the assets will be credited to your spot account.
Asset Security Management and Risk Prevention#
Asset Storage Strategies#
After purchasing digital currencies, a reasonable storage plan is crucial:
- Allocate hot wallets and cold wallets based on usage needs.
- Adopt a decentralized storage strategy to avoid risks associated with a single platform.
- Safeguard private keys and mnemonic phrases with multiple backups.
Awareness of Investment Risks#
The digital asset market has unique risk attributes, and it is essential to fully understand them before investing:
- The market is highly volatile, requiring reasonable allocation of investment proportions.
- It is advisable to start with a small amount of funds and gradually accumulate trading experience.
- Develop independent judgment capabilities to avoid blindly following trends.
- Set up risk control mechanisms to manage potential losses.
Diverse Choices of Trading Platforms#
- OKX: Intuitive interface design, highly friendly for beginners.
- Binance: Outstanding global liquidity, complete product line.
- Gate: Wide coverage of innovative cryptocurrencies.
- Bitget: Unique copy trading system.
Biyitong Navigation: Digital Asset Entry Platform#
Biyitong Navigation serves as a professional digital asset service platform, providing users with secure and reliable access to exchanges. Through Biyitong Navigation, users can quickly reach various mainstream trading platforms, with all links rigorously reviewed to ensure safe access. Biyitong Navigation also integrates industry news and market analysis, making it an important reference tool for digital asset investors.
Whether you are new to cryptocurrencies or an experienced trader, Biyitong Navigation can provide valuable support and is recommended to be included in your list of essential tools.