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So you live in Pakistan and would like to invest in Cryptocurrencies? But the reality is that most Cryptocurrency exchanges only accept the US Dollar or the Euro.
So what are the Top Cryptocurrency exchanges in Pakistan?
The best way to buy Cryptocurrencies in Pakistan locally is from a P2P Cryptocurrency Exchange like LocalBitcoins.
Alternatively, you can convert your PKR to US Dollars and then by Cryptocurrencies at any exchange that accepts US Dollars.
After you bought Bitcoins, you can go to a Cryptocurrency trading desk like Binance and buy any other Cryptocurrency.
In this article, I am going to show you what the best exchanges are to purchase Cryptocurrencies directly with PKR, and also how to convert PKR to US Dollars and then buy Cryptocurrencies with those.
Top Cryptocurrency exchanges in Pakistan
One of the best places to buy Cryptocurrencies, all over the world, is to use LocalBitcoins.
LocalBitcoins is a Finish company that allows for anybody to place advertisements to sell Bitcoins.
In other words, it is completely peer-to-peer.
You can buy Bitcoins from literally anywhere in the world, because you pay the seller with your local currency, through a convenient payment method, like a bank transfer.
If you do not feel comfortable to pay a stranger real money to send you Bitcoins, you can always take the 2-step approach.
This approach means, that you will be first converting you PKR to US Dollars. And then with these US Dollars, you will be able to buy Cryptocurrencies through any popular Cryptocurrency exchange like Coinbase, CEX.io, or Coinmama.
Now that you now about these 2 popular methods to buy Cryptocurrencies in Pakistan, I will break each of these methods down in detail and walk you through step-by-step.
How to buy Bitcoin on LocalBitcoins?
As the name LocalBitcoins already suggests, you will only be able to buy Bitcoins on LocalBitcoins.
But that really shouldn’t worry you, because once you have Bitcoins, you can go to popular Cryptocurrency trading platforms like Binance and exchange your Bitcoins to the thousands of different Cryptocurrencies available.
The hardest step, usually, is to convert your normal FIAT money into Bitcoins.
That’s why I am going to show you step-by-step how to buy Bitcoins on LocalBitcoins if you live in Pakistan and want to pay with PKR.
- First, you will want to go to LocalBitcoins.
- Now you will want to select “Pakistan” from the country drop down and “PKR”.
- Optionally you can enter how much PKR you will want to spend on Bitcoins, but you do not have to specify that.
- Then hit enter and you will see all the sellers that fit your specified criteria.
- You will be able to see the payment method that each seller uses, how much Bitcoins they are willing to sell, and most importantly their trust level.
You will always want to choose a seller with a high trust level and reputation, as you surely do not want to get scammed.
- Once you chose a trustworthy and reputable seller, look at the address you have to send the money to.
Follow the instructions of the seller, and once you sent the money, confirm that in LocalBitcoins.
- After the payment arrives, the seller will release his or her Bitcoins into your LocalBitcoins wallet.
You do not want to keep your Bitcoins there, though, because online wallets can and have been hacked, and then your Bitcoins are gone.
Rather, you will want to send your Bitcoins to a Software or Hardware wallet. Software wallets are free, and the best ones out there are the Jaxx wallet and the Exodus wallet.
If you, however, want your Bitcoins to be as safe as possible, you will want to invest around 100 US Dollars or 13400 PKR into a good Hardware wallet.
Top Cryptocurrency exchanges in Pakistan
Hardware wallets are specifically designed pieces of Hardware, that securely store all of your Cryptocurrencies offline, and they can’t be accessed by any virus or malware on your computer.
If you are interested in buying a Hardware wallet, I would recommend you checking out this guide on the best Hardware wallets out there.
And that’s it.
These are all the steps you need to take to buy Bitcoins from LocalBitcoins.
How to buy Bitcoins by exchanging your PKR to US Dollars first?
The first thing you will need to do is to exchange your PKR to US Dollars.
You can do this on many different exchanges, like TransferWise.
This process is pretty straightforward, as you just have to register an account on TransferWise and then you can exchange your PKR to US Dollars.
So once you have that, I am going to show you how to buy Bitcoins with those US Dollars, and also other Cryptocurrencies.
There are lots of different exchanges on which you can buy Bitcoins with US Dollars, but I am going to show you how to do it on Coinbase, since it is the most popular, and in my opinion, also the most beginner-friendly way to buy Bitcoins.
- So, go to Coinbase.
- Register for an account and complete all the required steps.
The process of creating an account takes a few days since you will have to comply with all kind of anti-laundering laws, that will require you to upload your passport.
- So, after your Coinbase account has been verified and is completely set up, you can deposit your US Dollars in your Coinbase account. The deposit process is straight-forward, as you just have to send the Dollars from TransferWise to your US Dollar wallet in Coinbase.
- From here the process of buying Bitcoins is very easy, as you just have to buy the Bitcoins on Coinbase, and your US Dollars from your USD-Wallet will be exchanged to Bitcoins.
- These Bitcoins will then be placed in your Bitcoin wallet on Coinbase, and you successfully bought Bitcoins on Coinbase!
Now, as already mentioned in the LocalBitcoins-section above, you better do not store your Bitcoins in an online wallet on an exchange, as exchanges have been hacked before, and you surely do not want to lose all your Bitcoins, so better store them in your own wallet.
The best way to store your Bitcoins is by putting them in a Hardware wallet.
This is a specially designed piece of Hardware, which has the purpose of storing all your Cryptocurrencies securely, offline.
With a Hardware wallet the Bitcoins will be completely protected by viruses and malware on the computer, so a remote hacker can not access your Cryptocurrencies.
If you are interested, I have created a complete guide on the best Hardware wallets out there, which you can access here.
But if you do not want to spend around 100 US Dollars or 13000 PKR, then you should go with a free Software wallet.
Software wallets are free and you can install them on your computer or Smartphone and they will also securely store all your Cryptocurrencies.
I recommend the Jaxx wallet and the Exodus wallet, which are both completely free to use.
How to buy other Cryptocurrencies?
Now that you successfully bought Bitcoins with your PKR I am going to show you how you can convert those Bitcoins to the thousands of other Cryptocurrencies that are available.
To do that you need a Cryptocurrency exchange that lets you convert your Bitcoins to a lot of different Cryptocurrencies.
While with Coinbase you can only buy a handful of Cryptocurrencies, and LocalBitcoins only allows you to buy Bitcoin, Cryptocurrency trading desks allow you to exchange your Bitcoins to the thousands of Cryptocurrencies available on the planet right now.
There are many popular Trading desks that allow you to exchange your Bitcoins to other Cryptocurrencies, but I am going to show you how to do it on Binance, as it is one of the most popular trading desks out there.
- To get started, go to Binance and register an account.
- Then you will need to set up 2 Factor Authentication.
That way you do not only need to enter your password, but also a random code that will be sent to your mobile phone.
This makes your account secure and harder to hack.
- After that, you can send your Bitcoins that you bought previously to your Binance account.
- Once you deposited your Bitcoins to Binance, you can start exchanging your Bitcoins for any other Cryptocurrency of your choice that is available on Binance.
And there you have it.
You can now buy any Cryptocurrency available on Binance. (and there are a lot of Cryptocurrencies available on Binance)
Just remember that once you bought your Cryptocurrencies, it is best to take them off your Binance wallet and into your own Software or Hardware wallet, as online wallets can get hacked as I explained above.
To sum it up, you can buy Cryptocurrencies in Pakistan, by either using LocalBitcoins or exchanging your PKR to US Dollars and then buy Bitcoins.
In order to then exchange your Bitcoins for other Cryptocurrencies, you can use a trading desk like Binance to then exchange your Bitcoins to all the other Cryptocurrencies out there.
These are really the top exchanges you should go to if you live in Pakistan and if you like to get into Cryptocurrencies.
Now I would like to hand it over to you: Are you from Pakistan and do you want to invest in Cryptocurrencies now?
Let me know in the comments below and I will get back to you.
Anyways, thanks for reading all the way to the end and I wish you an awesome day!