Buy bitcoin & other crypto with WeChat Pay (2023)
Do you want to buy Bitcoin using your account with WeChat Pay? You can! In this guide, I explain how to invest in crypto with your WeChat Pay account.
How to buy crypto with WeChat Pay?
Step 1: open an account with a crypto exchange
You cannot buy crypto directly within the WeChat Pay application. You will therefore need to link your WeChat Pay account to a reliable crypto exchange. The table below shows you directly which crypto exchanges you can use:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with WeChat Pay after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
You can try the possibilities 100% free of charge with a demo at a crypto exchange. By practising with a demo, you will discover if you were born to trade crypto or not.
Step 2: verify account & deposit money
You need to verify your crypto account first in most cases. You verify your account by uploading a copy of your passport and proof of address. After these documents are approved, you can immediately start trading crypto. Of course, you then have to transfer money from your bank account with WeChat Pay to your crypto account first.
Step 3: buy crypto with WeChat Pay
It is always wise to compare different cryptocurrencies first. Although Bitcoin is the best known & most popular, you can also invest in thousands of other cryptocurrencies. By no means do all cryptocurrencies have equal potential: you can find plenty of stories of cryptocurrencies that quickly became worthless. Therefore, beware of crypto scams!
When you are sure which cryptocurrency you want to buy, you can select it directly within the platform. Enter the amount you would like to invest and press buy to send the order to the exchange. It can then take a few seconds to minutes for the order to be executed.
You can then find your order immediately within your account. It is wise to keep an eye on your crypto investments. You can see in real-time whether your crypto investments are yielding a profit or a loss. Whenever you want, you can sell the crypto again and have the money transferred back to your account with WeChat Pay.
What is WeChat Pay’s stance on crypto?
WeChat Pay has not published a clear crypto policy. However, within China, companies themselves are not allowed to offer or facilitate crypto services. This makes it challenging to buy Bitcoin & other crypto via WeChat Pay.
Many users choose to buy crypto through peer 2 peer transactions or by using an international exchange. It is important to keep a close eye on the regulations surrounding crypto, as the Chinese government strictly enforces them.
How popular is crypto in China?
Despite strict crypto policies, crypto in China is still unprecedentedly popular. New developments such as the rise of NFTs are also embraced by crypto enthusiasts in the country.
However, the Chinese government fears that crypto could encourage capital flight, which the government wants to prevent. Therefore, pay attention to local regulations when you want to invest in crypto within China.
About WeChat Pay
WeChat Pay is a mobile payment service that is part of WeChat. You can compare WeChat to the American WhatsApp. With over 900 million users, the application is the most popular for making payments within China.
Consequently, at Berkshire Hathaway’s 2018 equity meeting, Charlie Munger indicated that WeChat is one of the potential competitors of Visa, Mastercard and American Express.
WeChat Pay also responds to local customs: in 2014, for instance, the application introduced a feature for handing out red envelopes. In China, it is tradition for people to give money to younger relatives in a red envelope to celebrate the New Year.
Can you buy Bitcoin from WeChat Pay?
WeChat Pay unfortunately does not offer crypto itself at the time of writing. However, by linking your account with WeChat Pay to a reliable crypto exchange, you can still invest in Bitcoin without any problems. Follow the steps at the beginning of this guide to get started immediately with your first crypto investment.