How To Do Crypto Trade in Pakistan: Buy and Sell Cryptos Guide

Cryptocurrencies have been a hot topic globally, and Pakistan is no exception. However, there have been hot and cold moments regarding Pakistan’s government banning crypto trade—mainly because they think that unbanning crypto could exploit the market and benefit the freedom fighters, or decentralised payment methods could potentially risk the country’s sovereignty. Hence, to buy cryptos in Pakistan, you need to know how to do so without sweating much, and this blog post is all about educating its readers.

In May 2023, Minister of State for Finance and Revenue, Aisha Ghaus Pasha, boldly stated: “Cryptocurrencies will never be legalised in Pakistan.”

Interestingly, despite the ban, cryptocurrencies continue to gain popularity within Pakistan. Annual trading volumes for Pakistan-based wallets have surged from $18 billion to $20 billion a year ago to an impressive $25 billion. The allure of digital assets persists, even in the face of regulatory challenges.

So, here is a step-by-step guide on where you can do crypto trade in Pakistan—in any country worldwide, even if crypto trade is not yet legalised there.

Use Reliable Crypto Exchanges to Buy Cryptos: Try Binance

There have been a few exchanges where you can buy and sell cryptos, but purchasing digital currencies in Pakistan is challenging. Certain crypto exchanges, like Coinbase, Kraken, Gemini, and OKX, help, but they can’t beat the Binance’s reliability. 

How to Sign Up for Binance

Open a Binance Account: Step-by-Step Process to Buy Cryptos

Go to the Binance official website or open a Binance application available on Android and iPhone operating systems.

Click the Sign-Up option and select Continue with Google for a smooth account-making experience.

Do’s and Dont’s While Opening a Binance Account

Use your password carefully. Do not use your name in your password. Even if you forget your Binance account password, do not worry.

Fill in the necessary information, like your official first and last name, mentioned in your computerised national identity card or passport.

Binance Forget Password: Recover Your Binance Account

It offers a “forget password” feature that lets you reset your password upon providing the necessary verifications.

How to Verify Binance Account

Regarding verifications, Binance asks for recovery methods through email and your local cellular or SIM card network. Only use the mobile number which is in your personal use because if something malicious happens to your account, you cannot claim it if you stop using the cellular network.

Buy Cryptos via Binance P2P Method

Peer-to-peer, also called P2P, is a feature within the Binance platform that allows users to buy and sell cryptocurrencies directly. Here is the complete process of securely buying and selling cryptos reliably.

Click On Buy Cryptos/Sell Cryptos Interface on the Binance Application

The first step to buying or selling cryptos in Binance is to use the interface provided on its platform, which has multiple options, for instance, purchasing crypto with Pakistani Rupees (PKR) or using your local currency, selling cryptos, converting one digital asset to another and depositing the currency. Since we assume you are new to the trading or crypto investment, utilising the buying or selling option is essential.

Buy Cryptos: Choose the Crypto You Want To Purchase

Binance offers a search option to buy your favourite cryptocurrency, including $FET, $REI, $DOGE, $PEPE, $BTC, or whatever currency you want to invest in. In our case, we picked Elon Musk’s backed Dogecoin.

Select the Amount in Local Currency: Pick the Payment Method

The next step will be to select the amount you want to purchase. Dogecoin is currently trading at $0.21 (at the time of posting), and we want to buy 10,000 PKR worth of dogecoins. So, you need to put in the desired amount.

Moreover, pick the mode of payment you want to send through the payment. In our case, Easypaisa is more flexible. However, you can try other banking methods like Nayapay, Meezan Bank, Sadapay, or Raast Pay. You can try your local banking methods and the national currency for transactions outside Pakistan, and it works for every nation, be it the Americans, Canadians, Europeans, British or Indians.

Crypto Order Creation on Binance

Once you select the buy option on the Binance user interface. The order is automatically created. Make sure to check the seller’s reviews. Binance does not let unverified users sell the cryptos or do crypto trade. So, at this stage, everything is safe and reliable.

How to Avoid the Third-Party Payments in Binance

Remember always to copy the “Reference message” and then pay the seller using his/her account number. Don’t send the payment through the account with a different title. It will prohibit the seller from withdrawing cryptos. Moreover, bear in mind that third-party payment is not accepted. If you have a Binance account with the “Alex Kahn” name, then the Easypaisa or your local account number must have a title name of “Alex Kahn.”

Make Payment to Crypto Seller’s Account

Once you have carefully reviewed the seller’s account and found nothing malicious about it, the seller’s account is verified. You can proceed with the payment. Afterwards, you can upload the payment receipt and click the make payment option.

Congratulations You Got Your Cryptos: Order Completed on Binance

Once you have paid the crypto seller and sent the payment receipt, congratulations. You will receive cryptos in a short moment. Moreover, please check the seller’s order completion time. Some have 3 minutes, some have 1 hour, so stay patient until the time ends. You will get your digital assets. At this stage you have successfully bought cryptos.

How to Cancel the Buying Order on Binance

You might still want to cancel the order for several reasons, including inserting the wrong cryptos, inserting a false payment method, or needing more money to buy cryptos. Here is how you can do it in several steps.

Order Cancellation Reason and Confirmation

You must know that you can’t knowingly cancel more than three orders per day; otherwise, Binance will lock your account. Moreover, once you are done with cancellation, you will receive the confirmation.

Do’s and Dont’s While Cancellation Binance Order

You have to pick and select the reason for cancelling your buying order. You can write any reason. If you have already paid the seller, keep the order and don’t cancel it. However, if you don’t pay him/her, you can select any option due to the buyer and elaborate on the reason.

How to Sell Cryptos in Binance

We are not repeating the whole crypto-selling process and may guide you instead. You only have to reverse the roles since you have learned how to buy cryptos. Now, consider yourself a seller, and the one who will buy is a purchaser. You can select sell cryptos instead of buying cryptos. Repeat the same process. If you still need clarification, then wait for our next blog, where we will explain how you can sell cryptos in Binance as well perform crypto trade with ease.

In Conclusion

While the legal status of cryptocurrency in Pakistan remains unclear, there are still ways to buy cryptos as well as do crypto trade and sell digital assets. This guide has explored using a P2P platform like Binance to purchase crypto securely with Pakistani rupees. Remember, cryptocurrency is a volatile market, so always do your research before investing. This guide serves as a starting point, and it’s recommended to consult financial advisors for personalised advice. Read more blogs on our site.

Disclaimer: Don’t Buy Cryptos Without Necessary Crypto Education

Remember that this blog doesn’t constitute financial advice and that users should research before investing in cryptocurrency. Don’t do crypto trade without having appropriate crypto education as it’s a volatile asset to have.