Bitspark is a bankless money transfer company that helps you convert cash to cryptocurrency, globally.
In Hong Kong, where and how to buy Bitcoin has changed rapidly in the last few years. Considering Bitcoin’s recent price rally, now is a good time for a quick overview of where and how to buy Bitcoin in Hong Kong today.
Bitcoin ATMs can be found all throughout the city. While there are different types, with some offering altcoins as well, they generally work in the same way. Scan your QR code so it knows where to send the BTC to, insert HKD cash, and confirm to buy Bitcoin at the machine’s exchange rate.
The upside of Bitcoin ATMs is that they are convenient, anonymous, faster than buying via bank transfers, and safer than trading in person. The downside is that the fees built in to the exchange rates are very steep at 7%, with additional flat processing fees charged by some Bitcoin ATM service providers.
Over-the-counter services are likewise relatively easy to use. There are a few OTCs in Hong Kong. For example CoinCola is available if you hold CNY. You’ll have to complete simple KYC/AML procedures, and then you can reply to ads on their platform and purchase BTC via bank transfer, PayPal, AliPay and WeChat Pay. OSL is another example, however transferring Hong Kong Dollars into your account requires a minimum amount of HKD 400,000. OTCs can be a good option if you want to buy or sell a large sum of cryptocurrency.
Another option is LocalBitcoins. If you hold HKD, it’s possible to purchase crypto via bank transfer. Up until recently, it was also possible to buy crypto with cash. However, due to tightening regulations, back in Finland where the company is based, this option is no longer available.
There are a number of well-established exchanges that maintain a physical presence in Hong Kong including Binance, Bitfinex, Bitmex, and Huobi.
These exchanges can be good options for trading due to high liquidity and extensive coin listings. However, not all exchanges offer on and off ramps for fiat currency.
Since the beginning of 2019, Binance enables users to purchase major currencies, including BTC, with a credit card. However, they only take USD and EUR. Fees are stated to be 3.5% or a minimum of 10 USD, but some users have pointed out that the pricing is not always favourable. Before making your purchase, it will be good to calculate the exact fee you’ll be paying.
Another thing to remember is that these large, and trusted exchanges, are centralised. Therefore the safety of your funds is primarily dependent on their security systems.
Bitspark has a cash-friendly crypto wallet connected to a decentralised exchange, providing several on and off ramps and payment options. Our ecosystem contains a web platform, a mobile app, a decentralised exchange, and over 500,000 cash points worldwide.
If you want to buy Bitcoin with HKD in cash or via bank transfer, simply sign up on Bitspark’s web platform or mobile app, and indicate how much you want to deposit into your account. You can make a bank transfer, go to one of Bitspark’s affiliated shops for a HKD cash to crypto deposit, or if the amount is over HKD 100,000 have it picked up by a professional and secure pick-up service which will deposit the money into our vaults. Cash deposits have 1.5% fee; bank transfers or cash pick ups for vault storage incur a 1% fee.
See fees overview here.
In exchange for HKD you will get sparkdex.HKD, which is a stablecoin pegged to the value of the Hong Kong Dollar. This gives you complete agility. You’ll be able to trade in and out of BTC, ETH, or BTS easily. You also have the option to trade into other stablecoins, including BitUSD, BitEUR, or stable.PHP to name a few.
Besides giving you the ability to park your money and temporarily escape BTC’s volatility, the possibility to trade in and out of different stablecoins also means you’ll be able to choose from among a variety of fiat currencies when you wish to cash out.
Bitspark is a bankless money transfer ecosystem that enables businesses and people to cash in and cash out cryptocurrencies across Asia and Africa.