Summary
Cryptocurrency trading in China faces strict regulations, with a ban on crypto exchanges and initial coin offerings (ICOs) since 2017. Despite this, crypto ownership remains legal. Popular payment methods for crypto-related transactions include bank transfers and peer-to-peer (P2P) platforms. The Chinese Yuan (CNY) is not widely supported on international exchanges due to regulatory constraints. Key regulatory bodies include the People’s Bank of China (PBOC) and the Cyberspace Administration of China (CAC). For Chinese residents seeking access to crypto exchanges, here are the best crypto exchanges that cater to international users:
Best Crypto Exchanges in China
Despite the crypto trading ban in mainland China, many Chinese residents still seek access to cryptocurrency exchanges. These platforms cater to international users, offering a range of services and cryptocurrencies. While the Chinese Yuan (CNY) is not directly supported due to regulatory constraints, users often utilize alternative methods such as stablecoins or intermediary currencies for transactions.
For Chinese users looking to engage in crypto trading, popular methods include using VPNs to access international exchanges, leveraging P2P platforms, or utilizing over-the-counter (OTC) services. It’s crucial to note that these practices may carry legal risks within China, and users should exercise caution and stay informed about the latest regulations.
1. BTCC
Users:
5m
Free Demo:
Mobile App:
Bonus:
$11,000
Cryptos:
250+
Leverage:
225x
Spot Fees:
0.2%/0.3%
Futures Fees:
0.045%/0.045%
Pros
- Excellent futures trading
- Deep liquidity & Low futures fees
- 225x leverage for professionals
- Stocks, Forex, Commodities, Indices available
- 24/7 customer support
Cons
- Lacks spot assets
- Relatively high spot fees
- Not available in some countries
BTCC Overview
BTCC is a dedicated derivatives exchange offering cryptocurrencies, stocks, forex, commodities, and indices with up to 225x leverage. This makes BTCC an excellent choice for experienced day traders and crypto scalpers.
With deep liquidity and a wide variety of over 300 tradable assets, BTCC has one of the best futures trading platforms available. However, spot trading is a relatively new feature, meaning that BTCC only supports a low number of assets.
Fees at BTCC are highly competitive, starting at only 0.045% maker and 0.045% taker. VIP discounts are offered for users based on their 30-day trading volume, making BTCC a great crypto exchange for active traders.
BTCC also has a free demo trading account where users can practice trading without risking their money. This makes BTCC an attractive choice for beginners who are just starting out with crypto trading.
2. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
3. Coinbase
Users:
100m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
250+
Leverage:
5x
Spot Fees:
0.4%/0.6%
Futures Fees:
0.02%/0.05%
Pros
- Most beginner-friendly exchange
- Fully regulated and licensed
- Great customer support
- Reputable with over 100 million users
- Comprehensive fiat deposit methods
- Great wallet for on-chain access
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
Coinbase Overview
Coinbase is one of the largest and most well-known cryptocurrency exchanges for buying cryptos.The platform currently has a user community of over 100 million users worldwide. What makes Coinbase special is its user-friendly interface. The platform is designed to be easy to use, making it accessible for beginners. Coinbase offers a clean and intuitive interface for buying, selling, and managing cryptocurrencies.
Crypto traders have access to over 250 cryptos for active trading. One downside of Coinbase is the fee structure. When you place an order at the market price that gets filled immediately, you are considered a taker and will pay a fee of 0.60%, which is very expensive.
Another thing about Coinbase is that it offers a wide range of crypto services. These include wallets, NFT, crypto staking, Coinbase cards, and many more to help improve the overall trading experience on the platform. One of our favorite features is the Coinbase wallet.
It is suitable for beginners but also offers advanced trading tools including real-time charts, technical indicators, and many more for advanced traders.
4. BloFin
Users:
2m
Free Demo:
Mobile App:
Bonus:
$5,000
Cryptos:
400+
Leverage:
150x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Excellent for trading
- Very beginner friendly
- No KYC required
- 24/7 customer support
- Up to 150x leverage and deep liquidity
Cons
- Not good for passive income products
- Relatively new spot feature
Overview
Founded in 2019, Blofin is a no-KYC exchange where users can trade perpetual futures. With a recently added spot trading feature, as well as Copy trading for customers to enjoy, Blofin has earned a spot as a top contender in the crypto industry.
Blofin users can access 300+ trading pairs with leverage of up to 150x on the futures market. The exchange has a daily trading volume of $12.6 billion for futures trading, making Blofin one of the most active derivatives exchanges. The platform has integrated a user-friendly trading interface for both beginners and expert traders to navigate.
Blofin trading fees are set according to industry standards. For spot trading, a fee of 0.1% is incurred for both maker and taker, while for futures, the maker and taker fee is 0.02% and 0.06%.
What we love about Blofin is its generous VIP fee schedule, which allows traders to reduce their fees based on their 30-day trading volume.
5. BTSE
Users:
5M
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
230+
Leverage:
100X
Spot Fees:
0.10%/0.12%
Futures Fees:
-0.010%/0.040%
Pros
- Secure and reliable platform
- Negative maker fees for futures trading
- Wide variety of trading options
- Low trading fees
Cons
- Limited payment methods
- Insufficient customer support options
BTSE Overview
BTSE is a cryptocurrency exchange offering diverse trading options for users of various experience levels. The platform supports over 230 digital assets, including major cryptocurrencies and altcoins. BTSE provides spot trading with fees of 0.10% for makers and 0.12% for takers. The exchange also offers futures trading with 100x leverage, featuring negative maker fees of -0.010% and taker fees of 0.040%.
A significant advantage of BTSE is its no-KYC policy, allowing users to trade with increased privacy. The platform serves a substantial user base of 5 million and implements robust security measures. BTSE offers a mobile app for convenient trading on-the-go.
However, BTSE lacks a demo account for risk-free strategy testing. The exchange has limited payment options and customer support, which may pose challenges for some users. Additionally, BTSE does not currently offer any promotional bonuses for new or existing traders.
Is Crypto Legal and Regulated in China?
Cryptocurrency in China exists in a complex legal landscape. While owning cryptocurrency is not illegal, trading and mining activities face severe restrictions. In September 2017, the Chinese government banned Initial Coin Offerings (ICOs) and shut down domestic cryptocurrency exchanges. This was followed by a complete ban on cryptocurrency transactions in September 2021.
The primary regulatory bodies overseeing crypto-related matters in China are the People’s Bank of China (PBOC) and the Cyberspace Administration of China (CAC). These authorities have implemented stringent measures to curb cryptocurrency activities within the country. The PBOC has been particularly active in developing a central bank digital currency (CBDC), known as the digital yuan, as an alternative to decentralized cryptocurrencies.
Despite these restrictions, blockchain technology is viewed favorably by the Chinese government. In 2019, President Xi Jinping endorsed blockchain as a core technology for national innovation. This has led to increased investment in blockchain projects that align with government objectives, while maintaining a strict stance against decentralized cryptocurrencies.
Is Crypto taxable in China?
The taxation of cryptocurrencies in China is a complex and evolving issue, given the country’s restrictive stance on crypto trading and mining. Currently, there are no specific tax laws targeting cryptocurrency transactions in China. However, this does not mean that crypto-related income is exempt from taxation.
According to the State Administration of Taxation, any form of income, including that derived from virtual currencies, may be subject to taxation under existing tax categories. For instance, income from crypto mining could potentially be classified as business income and taxed at rates ranging from 3% to 45%, depending on the amount.
Capital gains from cryptocurrency trading might fall under the purview of personal income tax, which has a progressive rate structure of 3% to 45%. However, due to the ban on crypto exchanges and trading platforms within China, enforcement of such taxes remains challenging.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in China.
How to Buy Crypto in China
Despite the regulatory challenges, some Chinese residents still seek ways to acquire cryptocurrencies. It’s crucial to note that engaging in crypto transactions within China carries significant legal risks. For those who choose to proceed, caution is paramount. Our top recommendation for accessing cryptocurrencies is BTCC, which offers a range of services for international users.
Here’s a general guide on how to buy cryptocurrencies:
- Choose a Crypto Exchange: Start by selecting a reputable international exchange that accommodates users from your country. Ensure the platform supports payment methods you can use and check its KYC (Know Your Customer) requirements.
- Create an Account and Verify Identity: Sign up on the chosen platform and go through the KYC process, which usually requires submitting identification documents for verification.
- Fund Your Account: Deposit money into your account. For users in China, this often involves using stablecoins or intermediary currencies, as direct CNY deposits are restricted. Common options include bank transfers to supported currencies or peer-to-peer (P2P) transactions.
- Pick Your Cryptocurrency: Select the cryptocurrency you wish to buy, such as Bitcoin (BTC), Ethereum (ETH), or stablecoins like Tether (USDT).
- Place Your Order: Execute your trade by buying your chosen cryptocurrency at the current market rate, or set a limit order for your preferred price.
- Secure Your Funds: Once you’ve made your purchase, move your cryptocurrency to a secure wallet. You can choose between a hardware wallet, software wallet, or the exchange’s built-in wallet, depending on your security needs and how you plan to use the funds.
While these are the basic steps, the specifics may vary by platform and location. Always prioritize security and stay informed about the legal guidelines in your area.
Best Crypto Wallets in China
Choosing a secure cryptocurrency wallet is essential for protecting your digital assets. Although cryptocurrency activities face restrictions in China, users who hold crypto still need reliable storage options. Here are some recommended wallets for Chinese users:
Hardware Wallets: Ideal for long-term asset storage due to their robust security.
- Ledger: Known for its top-tier security features and broad cryptocurrency support.
- Trezor: A well-known hardware wallet offering an easy-to-use interface alongside strong security protections.
Mobile Wallets: Convenient for regular transactions and easy access.
- Trust Wallet: A versatile option supporting various blockchains and integrated with DApps.
- Exodus: Recognized for its user-friendly design and built-in exchange functionality, available on both mobile and desktop.
Desktop Wallets: Best for smaller amounts and frequent trading.
- MetaMask: Widely used for Ethereum and ERC-20 tokens, this browser extension also facilitates DApp interactions.
When selecting a wallet, consider factors such as security, supported currencies, and ease of use. Hardware wallets are typically the most secure for long-term storage, while mobile and desktop wallets are more convenient for regular transactions. Always download wallet apps from official sources, and securely store your private keys or recovery phrases.
Bottom Line
For Chinese residents seeking access to cryptocurrency markets, navigating the regulatory landscape requires caution and diligence. Among the best crypto exchanges in China for international users, BTCC stands out as our top recommendation, offering a robust platform with a wide range of cryptocurrencies and competitive fees. Bybit follows closely as our second choice, providing advanced trading features and a user-friendly interface. While engaging in crypto activities from China carries risks, these platforms offer reliable options for those who choose to participate in the global cryptocurrency market.
