According to the Myanmar regulation on cryptocurrencies, activities related to cryptocurrencies in this area are very unsafe. There are 0 ICOs, and 0 exchange offices located in the country and 26 ICOs have banned Burmese citizens from investing in their crowdfunding campaign. So, is Bitcoin legal in Myanmar, or is it banned? How to buy Bitcoin in Myanmar? At the moment, the state of Bitcoin in this area is controversial. However, you can still buy and sell Bitcoin in this area in the following ways.
Bitcoin legal in Myanmar
Last year, the Interior Ministry warned against cryptocurrency transactions, including Bitcoin, after a wave of scams was reported in the media. And it may take some time before Myanmar officially opens the cryptocurrency market.
Given the social and educational issues that plague Myanmar and especially in remote areas like Shan State, where a large part of the population is not well educated when it comes to technology, cryptocurrencies may not be the best option today. Besides, Myanmar does not have an internet space strong enough to protect it from cyber threats and fraud threats.
At present, local lenders seem to be keeping a distance from digital currencies. Because the central bank does not regulate cryptocurrencies or cryptocurrencies, those who invest in this type of asset will not be protected by Myanmar laws and regulations that have been put in place to ensure depositors funds are safe.
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.
Link: binance.com
Buy and sell Bitcoin at 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.
Link: remitano.com
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.
Link: huobi.com
Buy Bitcoin at CEX.io exchange
CEX.io is another popular option that allows the use of credit cards, debit cards, and some bank purchases. In addition to fiat types, they also offer cryptocurrency exchanges with each other.
CEX.io also offers a custodial wallet to store cryptocurrencies, but this is usually never a good option on any exchange. After buying cryptocurrency on an exchange, always transfer it to a wallet you have control over.
Although the transaction fee of CEX.io seems low, however, this exchange has a high premium on the price of each currency. The premium is when the listed price is higher than the rate of departure. It is difficult to say precisely what price you will pay, but the number is between 7% -8%.
Other than the somewhat high premium, CEX.io is a safe, secure option to buy Bitcoin and other cryptocurrencies.
Buy Bitcoin in 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.
Advantages:
- Works in most countries.
- Highest limit to buy bitcoin with a credit card.
- Reliable and reliable broker.
Defect:
- Some of the highest fees among credit/debit card Bitcoin brokers.
What Is Coinmama? How To Register On Coinmama?
Buy Bitcoin in Myanmar at SpectroCoin
SpectroCoin is an all-in-one solution for Bitcoin. Services offered include a wide range of Bitcoin solutions, from exchanges to Bitcoin e-wallets. SpectroCoin builds its business policy on Bitcoin’s philosophy of making financing quicker, frictionless, and flexible. Their service provides a solution for each client’s needs instead of asking them to adapt to us. That includes every aspect of service, starting from the number of payout methods to the range of support languages available.
Other ways to buy Bitcoin in Myanmar
Besides, you can also buy Bitcoin in Myanmar through some of the most advertised exchanges. Such as:
- Coindirect
Established by a consortium of technology investors, and with operations in London, Coindirect has the track record, infrastructure, and expertise to provide you with the best digital currency experience the world has to offer. Their experienced compliance team ensures that they comply with the highest international standards in terms of AML and CFT.
The advantage of Coindirect is that it has both a CH Play app and an Apple Store. Therefore, you can use the exchange anytime, anywhere.
- Indacoin
Indacoin provides an easy way to buy bitcoins and more than 100 cryptocurrencies for 15 minutes with Visa & Mastercard. That is what Indacoin introduces itself to everyone. However, little information about this exchange and that is its drawback. However, the advantage of this trading platform is fast registration, privacy for users.
- Unicoin
Unicoin Digital Capital Exchange is an exchange for cryptocurrencies jointly promoted by Pride Holding and Partners. Pride Holding is chaired by Her Excellency Shaikha Moaza Obaid Suhail Al Maktoum, is a nonbanking, private network of multi-national companies headquartered in Dubai, United Arab Emirates.
Unicoin Digital Capital Exchange is a cryptocurrency exchange that brings buyers and sellers together to buy, sell, and trade various cryptocurrencies. This is a fully electronic exchange with an automated trading system developed by our software partner, AX1 system. The system which is based upon the Blockchain allows buyer and seller to send, receive, and trade in our state-of-the-art platform and associated crypto wallet. Unicoin Digital Capital Exchange Strictly following the Anti-Money laundering (AML) and Combating the Financing of Terrorism (CFT) policies.
Buy Bitcoin Using P2P Marketplaces: Localbitcoins and Paxful
If you want to deal directly with sellers, Localbitcoin and Paxful are all popular global P2P markets that many people around the world are using to buy Bitcoins.
To buy Bitcoin on Localbitcoin, look for people who sell Bitcoin for Kyat. Their list must include the payment method (s) they accept, such as Unionbank, BPI, or AUB cash deposits. Choose a seller whose requirements match what you are looking for.
Source: Localbitcoins
Another P2P market that has become popular is Paxful. To buy Bitcoin on Paxful in Myanmar, browse the list on the website, similar to how you would do so on Localbitcoin. Paxful is proud that more than 10,000 Bitcoin has been purchased in Myanmar on its platform.
However, when dealing with sellers on the P2P market, you need to be cautious. Make sure you double-check the seller’s ratings and ratings for any clues that might mark the seller red before making a transaction. People have been scammed in these markets, and the possibility of getting your money back if you fall into a scam is very slim. However, many people have successfully purchased Bitcoin using these platforms.
Read more:
- What Is LocalBitcoins? How To Register On LocalBitcoins? How To Buy And Sell Bitcoin On LocalBitcoins?
- What Is Paxful? How To Register On Paxful? How To Buy And Sell Bitcoin On Paxful?