Exchange Chinese Yuan / CNY to Bitcoin and vice versa

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Compare your Top 3 Bitcoin Exchanges
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Provider
Pro and Contra
Has been hacked?
Fees
Security
Trading
Many Altcoins
80 80
Pro
  • Very low Fees
  • A myriad of coins to exchange with
  • No lags experienced with website
Contra
  • Does not accept bank payment methods
  • Customer support lacks phone
  • US customers are restricted
Has been hacked? Yes (on 7. May 19) Fees
Deposit Fees:
None
Withdrawal Fees:
None
Trading Fees:
0.10%
Security Ok Trading
Futures? None
Derivatives? No
Margin Trading? No
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Easy to use
76 76
Pro
  • High liquidity
  • Integrated debit and credit cards
  • Newbie friendly
Contra
  • Major violations of users privacy
  • High Trading Fees for < $50k Trading / Month
  • Segwit still not supported ( = high TX fees )
Has been hacked? No Fees
Deposit Fees:
Yes
Withdrawal Fees:
Yes
Trading Fees:
0.50%-0.05%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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84 84
Pro
  • Safe and decentralized trading
  • Arbitrators
  • 2-out-of-3 multisig security in trades
  • Wide selection of FIAT and Crypto Currencies
Contra
  • They need more aggressive advertising
  • More active development
  • They need to team up with other companies
  • High fees
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
Yes
Trading Fees:
0.001% - 0.009%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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80 80
Pro
  • Easy account creation
  • No minimum deposit
  • Awesome interactive website
Contra
  • Unregulated
  • Some negative reviews
Has been hacked? No Fees
Deposit Fees:
None
Withdrawal Fees:
No
Trading Fees:
None
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? up to 100x
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90 90
Pro
  • - many coins and payment method supported
  • - fee sharing model
  • - transparency about company background
Contra
  • - reliability of service is depending on the sellers on the platform
  • - too many options to choose from can paralyze users
  • - high crypto prices
Has been hacked? No Fees
Deposit Fees:
Free
Withdrawal Fees:
Free
Trading Fees:
0.70%-1.00%
Security Medium Trading
Futures? No
Derivatives? No
Margin Trading? No
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82 82
Pro
  • Low fees
  • A wide variety of payment methods and currencies accepted, at least in theory
  • Easy to join and get going
Contra
  • Mixed reviews
  • Slow customer support
  • High commissions charged (by the seller) for buying Bitcoin with uncommon methods or in non-mainstream currencies
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
0.00%-1.00%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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Supports PayPal
78 78
Pro
  • Easy to get verified ( 2 factor authentication)
  • Accepts Credit Card and PayPal
  • 24 hr expected resolution through their help-desk
  • Referral program
Contra
  • Website is too plain (there are no charts and no transparency)
  • A good number of negative reviews about how they operate
  • Was hacked
Has been hacked? Yes, around January 2017 Fees
Deposit Fees:
No
Withdrawal Fees:
Yes
Trading Fees:
0.00%-0.10%
Security Good Trading
Futures? No
Derivatives? No
Margin Trading? No
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80 80
Pro
  • 2FA
  • Low Fees
  • A wide range of coins
Contra
  • No Fiat Payments
  • Leverage not available yet
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
0.025%-0.075%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? up to 50x
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Easy & Private
64 64
Pro
  • Private and fast
  • Easy to Use
Contra
  • Need to keep an eye for scams
  • Not suitable for large buyers
  • Now ID verification is required
Has been hacked? Yes Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
1.00%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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80 80
Pro
  • “Real” Decentralized Exchange
  • Anonymous
  • Account creation is fast and very easy (not required to complete KYC/AML)
  • Accepts Fiat payments
Contra
  • In Business only since 2016
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
Yes
Security Excellent Trading
Futures? None
Derivatives? No
Margin Trading? None
Visit Website
80 80
Pro
  • Verified merchants offer platform users services
  • Fast turnaround of deposits and withdrawals
  • High flexibility
  • Fully escrowed delivery
Contra
  • No mobile app
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
0.1% USD, 5 USDT, 0.0005 BTC
Trading Fees:
0.008%-0.150%
Security Good Trading
Futures? N/A
Derivatives? N/A
Margin Trading? up to 100x
Visit Website
68 68
Pro
  • Easy account creation
  • Online and Offline payment options
  • Easy to operate platform
Contra
  • Fees are high (3-11.9%)
  • No leveraged trading
  • No App
Has been hacked? No Fees
Deposit Fees:
N/A
Withdrawal Fees:
N/A
Trading Fees:
0.25%-8.75%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
Visit Website
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Best CNY / Bitcoin Exchanges

Brief History of CNY/BTC trading pair

China was one of the earliest markets discovering the benefits of bitcoin trading. Due to the strict Chinese currency regulation, users and investors realized that they can easily convert their Chinese yuan to bitcoin and spend their money internationally bypassing the local regulations about international money spending in China. The government tried to resist the technology for a couple of years, prohibiting the operation of exchanges with strict regulations in the past years.

CNY/BTC tradingThe CNY/BTC daily trading volume is about 18k-20k BTC per day. This represents 10-15% of the total bitcoin trading volume across the globe resulting China to be one of the biggest cryptocurrency markets in the world. The trading volume is split between two local Chinese exchanges. About 50-50% of the CNY/BTC trading is done on BTCChina and on OKCoin. Both of these two bitcoin exchanges are in the top 10 global platforms offering bitcoin trading in terms of trading volume.

The Chinese yuan is the official currency of the People’s Republic of China. Although the official name of the currency is Renminbi (RMB, meaning “people’s currency” ) and yuan is the basic unit of the renminbi, in international context CNY is referred to the money of China in general. Until 2005, the value of the renminbi was pegged to the US dollar. Since 2006, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. Many people in China use various VPN Services to access bitcoin exchanges outside of china, tunneling through the great firewall of china with their VPN.

Exchange CNY to Bitcoin

Exchange CNY to bitcoinIf you want to exchange CNY to bitcoin, first you need CNY. Up until 2010, it was not as easy to obtain CNY as a foreigner, as before 2009 before 2009, the Chinese renminbi had little to no exposure in the international markets because of strict government controls by the central Chinese government that prohibited almost all export of the currency, or use of it in international transactions. The transactions were settled in USD and all conversion had to go through the People’s Bank of China. Since 2010, however, the market has been opened for the international transactions in CNY as well.

In terms of CNY/BTC trading, most of the trading takes place of BTCC and OKCoin. Both of the exchanges had been on the market since 2013. BTCChina is a Shanghai based exchange that had been founded by Bobby Lee as a two-person company. OKCoin, based in Beijing is currently the biggest trading platform for Chinese users, which was founded by Star Xu an experienced technology executive. During the past couple of years, both of the exchanges managed to raise several millions of USD during a couple of series A funding round.

CNY/BTC Country Specific Regulation: Bitcoin in China

China has been very hostile against bitcoin in the past couple of years. The regulation has been stricter and stricter in the country year by year to hold or trade bitcoins.

Trade Chinese Yuan against bitcoinThe first declaration from the People’s Bank of China came in the beginning of December 2013, right in the middle of the bitcoin price boom. At that time the Central Bank stated a clear opinion on bitcoin by prohibiting financial institutions from handling bitcoin transactions. Later that month, another ban was issued on bitcoin exchanges which prohibited them to use third-party payment processors for doing their businesses. In 2014 PBOC ordered commercial banks and payment companies to close any bitcoin trading account which left only the individuals to be able to trade with bitcoin legally in China.

After three silent years, multiple bitcoin exchanges in China had to pause their bitcoin withdrawal service in the beginning of 2017. The announcements claimed that anti-money laundering processes had to be updated because of the order of PBOC.

As of now, it is legal for private parties can hold and trade bitcoins in China, however, the regulation prohibits financial firms like banks from doing the same.

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