Cryptocurrency is becoming increasingly popular in Hong Kong, with hundreds of Bitcoin ATMs around the city and exchange headquarters relocating from China. For those in Hong Kong looking to invest in cryptocurrency, here is everything you need to know about wallets, ATMs, OTC exchange services, and online purchasing options.
Cryptocurrency is on the rise in Hong Kong, with new Bitcoin (BTC) ATMs and exchanges popping up on the regular. There are several ways to acquire crypto in Hong Kong, with both local and global options available, in person and online. Among these, there are various kinds of crypto exchanges, from peer-to-peer and overseas to over-the-counter (OTC).
For those just starting out, in order to buy cryptocurrency, a crypto wallet is a necessity. These can be an external device, akin to a hard drive or USB, or internal, on one’s smartphone through an app, for example. Several exchange services also provide a wallet service, to more conveniently buy, sell, and store in one place. Popular wallets include Blockchain Wallet and Binance for iOS, and Coinomi and Jaxx Liberty for Android.
Once you have your wallet set up, either visit a Bitcoin ATM or purchase crypto online.
There are several Bitcoin ATMs all across Hong Kong, online, and over the counter exchanges to meet all cryptocurrency needs. Crypto culture in the city is booming, especially following China’s recent crackdown, with miners, exchanges, financial technology (FinTechs), and blockchain-related firms moving out of the country, opening many opportunities for those in Hong Kong to build their portfolio.
To get you started on your investments, we have compiled a list of wallets, ATMs, and cryptocurrency exchanges in Hong Kong.
Coinbase was founded in 2012 with a vision to expand the crypto-economy and make buying and selling of crypto easy, secure, and for everyone. With over 73 million users, Coinbase has demonstrated itself as a reliable crypto-portfolio platform Its wallet service allows users to store all crypto in one place, as well as NFTs which are viewable within the app.
The app is accessible both on your phone and desktop, and is classified as a “self-custody” wallet giving users full control over their wallet. The app supports purchasing with credit cards, meaning purchasing NTFs in particular has never been so accessible, with a direct cash to NFT pipeline. It supports decentralised apps, giving users security in browsing with ease.
Coinbase aptly states, “It’s your crypto – use how and where you’d like.”
Recommended by HK Bitcoin ATM and other notable decentralised platforms, Blockchain alleges to be “the world’s most popular crypto-wallet,” with over 79 million users. Like many other crypto-wallets on the market, Blockchain is not only a wallet, but it is also a platform to buy, sell, and trade cryptocurrencies. The company originally started as Blockchain Explorer, giving users access to information about crypto trends and transactions and allowing companies to build on Bitcoin. It has since developed into a widely used wallet.
Simply make an account, link a payment method, and begin buying and trading. Blockchain also enables swapping currencies. The wallet is equipped with a ‘key’ in the form of a “Secret Private Key Recovery Phrase,” for added security. Blockchain also offers ‘airdrops’ (large scale giveaways), to establish smaller currencies and expand reach.
Exodus is a crypto-wallet that aims to “remove the geek requirement, and keep design a priority, to make cryptocurrency easy for everyone.” The service is well-known as a wallet that is accessible to beginners.
Founded in 2015, Exodus now supports over 150 different cryptocurrencies. Exchanging on their desktop or mobile app is possible 24/7 and in seconds, also enabling easy exchange between your own assets to diversify your crypto-portfolio. In addition to online wallets, Exodus offers the Trezor hardware wallet, an external company partner, to increase security by taking coins offline.
HK Bitcoin ATM
Hong Kong Bitcoin ATM is the oldest Bitcoin ATM operator in Hong Kong, having been in business since 2013. HK Bitcoin ATM has remained consistent for users, even during times when there have been significant dips in access to cryptocurrency. Unlike some other companies providing this service, HK Bitcoin ATM does not require registration – one can immediately buy a cryptocurrency with cash and a crypto-wallet.
CoinUnited.io operates one of Asia’s largest Bitcoin ATM networks and cryptocurrency platforms, also providing OTC exchanges, blockchain startup investment, and seminars on crypto. The company was founded in January 2021 in Hong Kong and grew rapidly. CoinUnited.io ATMs can be found all across the city, with a 10,000 sq.ft. flagship store in Causeway Bay. They have one hundred Bitcoin ATMs in Asia, as well as a wallet service that supports over 5,000 cryptocurrencies.
CoinHere was founded in Hong Kong in 2017 with the goal of making cryptocurrency as accessible as possible. The company has over thirty five Bitcoin ATMs across Asia, found in all nooks and crannies of the city, from laundromats to coworking spaces, including a location at the Hive Sheung Wan.
CoinHere currently supports the buying and selling of BTC, Ethereum (ETH), Dogecoin, and more. CoinHere believes that “Bitcoin ATMs provide a great way for new users to acquire digital assets with a low barrier to entry.” Furthermore, several of their ATMs are accessible 24/7. They have built partnerships with FTX and Binance to directly list their tokens on CoinHere’s ATMs for added convenience.
Currently, TideBit is the only exchange that works directly with the Hong Kong dollar (HKD) from local bank accounts, where you can deposit cash for free or utilise wire transferring for a 2% fee. TideBit emphasises simplicity, is catered to newcomers, with state-of-the-art security, and a trading platform built from the ground up to maximise efficiency and speed.
OKCoin is a cryptocurrency exchange that boasts low fees and fast growth. The company is the biggest crypto exchanges in China and has branches in Hong Kong, Singapore, and Japan, as well as in Europe and the United States.
OKCoin hopes to decentralise finance and “level the economic playing field for everyone around the world.” In terms of volume, it is one of the largest exchanges in the world that has gained customers’ trust with advanced encryption and security, while remaining unaffiliated with a financial regulatory authority.
Crypto.com is a cryptocurrency exchange platform based in Hong Kong, whose ultimate vision is to have “Crypto in Every Wallet.” The platform is user-friendly and easy to use for crypto novices. In addition, the company is insured for US$350 million, giving users an extra sense of security in the case of physical damage or third-party theft.
The app has a Crypto.com Pay function to allow one to pay and get paid in cryptocurrencies, an efficient method for building assets through goods and services. The site also provides a wallet and Visa Card, meaning one can spend crypto anywhere Visa is accepted – a big leap in making crypto more accessible and widespread.