How to buy and sell Bitcoin in Cambodia?
After a series of articles by AZCoin News on how to buy Bitcoin in Asia, including Singapore, Malaysia, Thailand, the Philippines, etc. now we will see how to buy Bitcoin in Cambodia, one of the least developed countries most in Southeast Asia.
Bitcoin legislation in Cambodia
Cambodia has a population of about 15 million and a GDP of $ 1,100. Although the population is only 15 million, Cambodia has more than 20 million mobile SIM cards in circulation, implying that many people own multiple SIM cards. The Cambodian Ministry of Posts and Telematics also reports that there are currently more than 3.8 million Internet users in the country, indicating an internet penetration of about 25%.
Although Internet penetration is still low when compared to other countries, the increase in accessible 3G facilities will increase Internet penetration over time. Along with a low bank penetration rate of only about 5%, Bitcoin will have an excellent chance to play a more significant role in banking for the large population without banks through digital wallets.
According to the National Bank of Cambodia (NBC), the purchase and trade of bitcoin and other cryptocurrencies are illegal. And NBC has issued warnings against the use of cryptocurrency in Cambodia.
However, that stance may soften when last month, the bank implemented an interbank Blockchain payment system called Bakong. Whether it is unclear whether this is legal or illegal does not prevent the popularity of Bitcoin’s use and acceptance in the Kingdom of Cambodia.
And despite difficulties from NBC, businesses across the country, including hotels, restaurants, travel companies, and cafes, publicly accept Bitcoin as a payment option. Therefore, buying Bitcoin in Cambodia is not tricky.
Buy and sell Bitcoin at Binance
Binance is one of the largest cryptocurrency exchanges in the world. Binance was founded by Changpeng Zhao (CZ) – former development manager at Blockchain.com. After conducting the ICO, Binance launched the trading platform in July 2017.
The name Binance comes from a combination of “Binary” and “Finance.” Meaning is to represent the emerging digital financial system.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
- There are currently more than 450 trading pairs on Binance. You can find most altcoins that want to trade on the exchange.
- Users who do not need KYC can withdraw up to 2 BTC / day. Other than those requiring KYC to withdraw money (such as Poloniex, …), you can use Binance for small transactions without providing too much personal information.
- Because Binance is a popular exchange in the world, Binance is also a target of very high hacking attacks. In 2018, Binance had some unfortunate incidents. In July, an anonymous coin traded for up to 96 BTC. This case is predicted to be hacked, or it may be the price of Binance itself.
- By March 2019, Binance was hacked with 7,000 BTC to make the community suffer. However, thanks to the timely response and transparent handling of the CEO, this incident did not significantly affect the crypto market.
Binance supports nearly 400 trading pairs on its platform. In which BNB is an internal coin issued by Binance to fund the development of Binance.
Read more: What Is Binance? How To Register On Binance?
Buy and sell Bitcoin at the Remitano
Remitano is an online peer-to-peer escrowed marketplace that facilitates the buying and selling of cryptocurrencies. The cryptocurrency trading platform is designed to support the buying and selling of cryptocurrencies with both fiat and cryptocurrencies. That is, Remitano is only an intermediary third party to ensure the safest transactions, and transactions will be made directly between buyers and sellers together. According to the introduction, Remitano is a product of Babylon Solutions Limited based in the Republic of Seychelles (registration number Seychelles Reg. No. 168830).
According to the introduction on the official website, the Remitano exchange is currently providing services in some major countries such as the U.S., Malaysia, Vietnam, Nigeria, Cambodia, China, and some other developed countries. As an online crypto-exchange platform, Remitano has a global reach, servicing clients across more than 30 countries. Remitano is also one of the largest cryptocurrency exchanges in Malaysia, Nigeria, and Vietnam.
The platform supports the most popular cryptocurrencies that include, but are not limited to, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple’s XRP, and Tether. Remitano accepts payments by bank transfer and in cryptocurrencies.
- Facilitates the instantaneous purchase of altcoins
- Supports the deposit of funds in both crypto and fiat currencies
- Crypto-exchanges are made via an intermediary escrow platform, providing additional security
- 24/7 customer support
- Low Liquidity: In some geographies, there are few buyers and sellers that can lead to cryptocurrencies with a broader spread from the market price
- Price Variance: Prices can vary from market price, thus requiring both buyers and sellers to have some knowledge of the market environment
- Unregulated: Investors can be a victim to scams, though this risk is reduced through the review and rating system and the Escrow Platform
Buy and sell Bitcoin at Huobi
Huobi is an exchange of Chinese origin, but accessible worldwide. Notably, in the market where exchanges are regularly hacked, Huobi has never been attacked during its operation.
Founded in September 2013, Huobi is one of the oldest exchanges in the field. Therefore, the reputation and safety of the exchange has been time tested.
Huobi has two different versions – Huobi OTC (that allows trading of cryptocurrencies with fiat currencies at zero fees) and Huobi Pro (that is for advanced trading capabilities). Huobi is coming up with a cryptocurrency exchange-traded fund (ETF) to be named HB10.
One of the reasons for Huobi’s popularity is its massive offering. The exchange features more than 50 trading pairs that are available at all times, just like the exchange’s customer support. All USD fees are 0.1% large, while crypto-to-crypto fees are even lower, at 0.05%.
With all of this combined, in addition to high-quality analytics, an excellent reputation, high liquidity, and more — it is easy to understand why Huobi is advancing as rapidly as it is.
Buy Bitcoin through Coinmama
Coinmama allows customers in almost every country to buy bitcoins using credit or debit cards. They charge ~ 6% for each purchase. Customers in Europe can also buy Bitcoin with SEPA transfers for a lower fee.
- Works in most countries.
- Highest limit to buy bitcoin with a credit card.
- Reliable and reliable broker.
- Some of the highest fees among credit/debit card bitcoin brokers.
Buy Bitcoin in Cambodia at BitcoinCambodia.com exchange
BitcoinCambodia may qualify as the oldest bitcoin exchange platform in Cambodia. Not to be confused with BitcoinCambodia.co, the somewhat reclusive operator of this exchange lives in Sihanoukville and has a solid reputation.
BitcoinCambodia is the first Bitcoin exchange service in the country. The company comes with a mission to provide people with an easy solution to buy or sell Bitcoin for cash in Cambodia. You can create an account and buy directly in USD through WING Cash Xpress.
- Easy way to buy bitcoins with cash in Cambodia.
- Private; No need to verify identity.
- For low liquidity, the selling rate is not bad.
- Straightforward interface.
- There is no online purchase method; we must use WING Cash Xpress.
- The 4.5% fee is significant.
- Transactions made after 6 pm may not be processed until 8 am the next day.
Buy Bitcoin through the Localcryptos.com exchange
Localcryptos.com is a highly liquid trading platform, being used effectively to buy and sell Bitcoin, formerly known as Localethereum.com. Localethereum is an exciting startup for Ethereum transactions. They have grown as a business and transformed their business model. Through a new name, Localcryptos.com offers trading in a large selection of cryptocurrencies.
BitcoinCambodia.co is a broker that uses LocalBitcoin. They make buying and selling bitcoin in Cambodia easy and safe. You can pay by cash in Phnom Penh or online via MoneyGram, PayGo Wallet, WING Cash Xpress, or ABA Bank Transfer.
- Provide the broadest range of payment methods among Cambodian exchanges.
- All payment options are fast, with cash transactions taking a day or two to schedule.
- Minimum purchases make it difficult for you to buy small quantities.
- The limit varies but is quite low; The highest is $ 1.500 for cash transactions or $ 1.000 for online methods.
Buy Bitcoin at MyCelium Local Trader
A MyCelium is an excellent option for traders in urban and densely populated areas. This is because Mycelium works by finding the nearest local Bitcoin seller or investor and buying or selling from a currency of your choice. Mycelium does not charge any fees, and you can meet directly with your investors and make your trades.
The platform does not require any verification process and is relatively easy and cheap. Mycelium wallet provides a private key and is considered one of the safest places to store one’s Bitcoin. However, MyCelium is only available on mobile platforms.
In addition to the methods proposed in this guide, there are other forms of exchange available in Indonesia, such as Shapeshift and Quoine. However, you should be accurate and cautious in choosing your preferred digital currency exchange and try to keep an eye out for scams.
Buy Bitcoin in Combodia at Changelly
Changelly allows you to buy Bitcoin with Litecoin, Dogecoin, and many other digital tokens. Changelly works in almost every country, but you’ll need another cryptocurrency to buy Bitcoin. Exchanges happen practically immediately because Changelly never controls your tokens, only exchanges them.
This is considered the easiest and fastest way to buy Bitcoin with Altcoin. The transaction fee is quite reasonable for big traders. However, you need to use Altcoin or other digital tokens to use Changelly.
Buy Bitcoin by using P2P marketplaces Localbitcoins
LocalBitcoins is an escrow service that also helps fit Bitcoin buyers and sellers. This is an international exchange suitable for Bitcoin buyers and sellers. Based in Finland, the company has been operating since 2012 and has a reputation for being reliable. The most common payment method for purchases is cash. However, users can advertise transactions for any payment method they like.
Bitcoin users should keep their Bitcoin on a device that they directly control with keys that are backed up to an external storage device. Third-party wallets have a history of hacking or suspending user access. However, Localbitcoins offers one of the most trusted online wallets available. And their deposit system may be the best among the online exchange services.
- Can be private, fast, and easy.
- Direct transactions do not require personal information.
- Buying Bitcoins can be done quickly through deposits.
- Beware of scams; Always obey the rules.
- It is harder to buy large amounts of bitcoin than the major exchanges.
- The price is slightly higher than regular exchange; Premium for more top privacy.
Buy Bitcoin at Bitcoin ATMs
When ATMs operate, you are allowed to make purchases without any identity verification; The purchase fee is higher when using the ATM because you have to pay 3% more.
However, according to statistics site CoinRadar, it seems that there is no Bitcoin ATMs in Cambodia right now.
- How To Buy And Sell Bitcoin In Singapore?
- How To Buy And Sell Bitcoin In Indonesia?
- How To Buy And Sell Bitcoin In the Philippines?