Recently, the price of Bitcoin has once again reached a historic high, breaking through the $110,000 mark.
In the short term, the positive news of Trump's election as President of the United States has driven the price of cryptocurrencies up. The 2024 U.S. election is widely referred to as the "cryptocurrency election," and Trump is hailed as the "cryptocurrency president." He has expressed support for the cryptocurrency industry at several events this year, participated in the 2024 Bitcoin conference, and even proposed including Bitcoin in the United States' strategic reserve assets.
Observing Bitcoin's performance over the past year, more and more traditional investors and institutions are gradually changing their views on Bitcoin and starting to invest in cryptocurrencies. The approval of Bitcoin ETFs in the first half of the year confirms this trend.
In short, when you look at the value of Bitcoin ten or twenty years from now and realize the need to plan ahead, your life’s destiny may change accordingly.
Recently, many friends have asked how users in mainland China can invest in Bitcoin. This tutorial will clarify the entire process of registering on exchanges, identity verification, and purchasing Bitcoin in one go!
To invest in Bitcoin, just read this tutorial!
Preliminary Statement#
The following content does not involve the principles, fundamentals, or investment value of Bitcoin. This tutorial does not discuss any cryptocurrencies other than Bitcoin and does not recommend other cryptocurrencies! Investment carries risks; please proceed with caution. All content does not constitute investment advice; please make decisions after independent consideration.
1. Exchange Registration#
Registering on OKX Exchange#
Exchanges serve as centralized trading platforms for purchasing Bitcoin. Currently, the most mainstream and widely used exchanges among Chinese users are OKX and Binance, ranked first and third globally, respectively.
The registration and verification processes for these two exchanges are very simple, requiring only a mobile phone and an ID card, taking no more than 10 minutes.
OKX is the exchange with the most Chinese users, featuring an attractive interface, user-friendly for beginners, and a smooth experience. The specific registration steps are as follows:
Open OKX - Requires VPN or OKX Backup Link
- Fill in the registration information, then redirect to the App Store or Android Google Play to download and install, as shown in Figure 1.
- Open the OKX app, click "Register/Login" in the center of the interface, as shown in Figure 2.
- Click "Register Now," as shown in Figure 3.
- Select China as the country/region and click "Next," as shown in Figure 4.
- Enter your email and fill in the invitation code 71309601, as shown in Figure 5. This will grant you a lifetime 20% discount on transaction fees for purchasing Bitcoin through OKX, thank you for your support of this tutorial 🙏
- Enter your phone number and click "Verify Now," as shown in Figure 6.
- Set your password, as shown in Figure 7.
- Create a passphrase to enhance account security, as shown in Figure 8.
- Enter the main interface of the app and click "Go for Verification" to complete KYC verification, as shown in Figure 9.
- Click "Verify Now," as shown in Figure 10.
- Select China as the country of residence, ID card as the document type, and click "Next," as shown in Figure 11.
- Prepare your ID card and click "Start Verification," as shown in Figure 12.
- Upload a photo of the front of your ID card, as shown in Figure 13.
Complete the KYC steps as instructed.
Congratulations on successfully registering your first cryptocurrency exchange! 🎉 Expected time is no more than 10 minutes.
Registering on Binance Exchange#
Next, you can register on Binance, the largest exchange in the world.
The registration process for Binance is as follows:
Open the official Binance backup domain Binance
- Fill in the information, then go to the Apple App Store or Android Google Play, search for Binance, and download and install, as shown in Figure 1. Avoid using the U.S. App Store to prevent downloading the U.S. version instead of the international version.
- Open the Binance app, click "Register/Login," as shown in Figure 2.
- Click "Create Binance Account" in the lower left corner, as shown in Figure 3.
- Enter your email or phone number, domestic or international, as shown in Figure 4.
- Enter the invitation code 855276264, as shown in Figure 5. This will provide me with a reward, thank you for your support of this tutorial 🙏
- Completing the above steps successfully registers you, but you need to complete KYC identity verification before purchasing Bitcoin. You can verify with a mainland ID card, as shown in Figure 6, click "Identity Verification."
- Click "Get Started Now," as shown in Figure 7.
- Confirm that your country of residence and document issuing country are China, select ID card as the document type, and click "Continue," as shown in Figure 8.
- Click "Upload Document" or "Take Document Photo," as shown in Figure 9.
- Upload the front and back of your ID card, as shown in Figure 10.
- Perform facial verification, as shown in Figure 11.
- Verify personal information such as name and date of birth, as shown in Figure 12.
- KYC enters the review status, usually completed quickly, as shown in Figure 13.
- While KYC is under review, please enhance account security: Click the Binance icon in the upper left corner of the main interface to enter the personal interface, select account security, and complete settings for "Passphrase," "ID Verification," "Email," "Password," etc., as shown in Figure 14.
2. Purchasing on the Exchange#
After completing KYC, the first step is not to directly purchase Bitcoin, but to buy USDT through the exchange.
Before introducing the purchasing process, it is necessary to explain USDT: it is a stablecoin pegged to the U.S. dollar at a 1:1 ratio and can be seen as the universal currency in the cryptocurrency world. To purchase any cryptocurrency, you must first hold stablecoins like USDT.
Why can't you directly use fiat currencies like RMB or USD to buy Bitcoin? Because cryptocurrencies are considered high-risk speculative products by many countries, but demand is strong, leading to the creation of stablecoins pegged to the U.S. dollar. Mainstream stablecoins include USDT and USDC, with Binance and OKX typically using USDT.
Purchasing USDT on Binance or OKX is not a direct transaction with the platform but rather a C2C transaction with platform merchants, with payment methods including Alipay, WeChat, or bank cards. You may be concerned about the safety of funds, but once the order is generated, USDT is held in escrow by the exchange; if the seller does not release it, you can appeal through the platform.
The process for purchasing USDT and Bitcoin on Binance is as follows:
- Open the Binance app, enter "C2C Buy Crypto" in the search bar, and click to enter, as shown in Figure 1.
- The default purchase is USDT, as shown in Figure 2.
- Click "Amount," enter the amount in RMB you wish to purchase (e.g., 100), as shown in Figure 3.
- Click "Pay," select Alipay, WeChat, or bank card, as shown in Figure 4.
- Check the Shielded Merchant (high-reputation merchants), choose sellers with high transaction volumes, and click "Buy," as shown in Figure 5.
- Enter the amount again (e.g., 100), showing that you can buy about 14 USDT, and click to place the order, as shown in Figure 6.
- After the order is generated, click to view payment details, as shown in Figure 7.
- The seller provides payment methods (which may be in the chat interface, account, or QR code), as shown in Figure 8.
- Transfer as instructed and submit a screenshot in the chat interface; the seller will release USDT after confirmation.
- Click on the funds interface to check your USDT balance (stored in the "Funds Account"), as shown in Figure 9.
- Click "Transfer" to move all USDT to the "Trading Account," as shown in Figure 10.
- Return to the homepage and search for BTC/USDT (ensure to select "Spot" instead of "Contract"), as shown in Figure 11.
- View the Bitcoin candlestick chart and click "Buy" in the lower right corner, as shown in Figure 12.
- Enter the buying interface, where the available amount is your USDT balance, and the buying method is "Limit Order," as shown in Figure 13.
- Click "Limit Order" to switch methods (a limit order specifies a price, such as 59000, while a market order buys at the current price immediately), as shown in Figure 14. Note: The minimum trading volume is not a whole Bitcoin; you can purchase fractions like 10 USDT.
- If using a market order, enter the USDT amount (e.g., 10), showing the amount of Bitcoin you can buy (e.g., 0.00018 BTC), and click to buy BTC, as shown in Figure 15.
At this point, you have successfully purchased your first Bitcoin! 🎉
The purchasing process on OKX is similar and will not be elaborated further.
Appendix: Bitcoin Investment
Investing in Bitcoin requires a long-term mindset and adopting a DCA (Dollar-Cost Averaging) strategy (e.g., investing a fixed amount of 1000 RMB each month). Given the cyclical nature of Bitcoin halving (long bear markets, short bull markets), it is recommended to combine arbitrage during bull markets to enhance returns.
Finally, reiterate: aside from purchasing Bitcoin in spot markets, it is not recommended for beginners to engage with other digital currencies, financial tools (leverage, contracts), or investment methods, as the risks are borne by you. You should focus solely on buying Bitcoin on the exchange.
from @Nico Investment Wisdom
🔥 Solving Access Issues to OKX Exchange in Mainland China#
The original domain of exchanges often faces access difficulties due to restrictions or overseas servers, mostly due to network environment issues rather than platform failures. Exchanges like OKX and Binance regularly update backup domains to ensure access:
-
- OKX Backup Domain Overseas OKX - Requires VPN or Backup Link
-
- Binance Backup Domain Binance
-
- Bitget Backup Domain Bitget
-
- Bybit Backup Domain Bybit/Bybitglobal
-
- Huobi HTX Backup Domain Huobi/HTX
-
- Gate Backup Domain Gate.io
🔥 Further Reading#
🔥 Useful Tools from Alpha#
1️⃣ Axiom Dog-Charging Tool https://axiom.trade
2️⃣ Gmgn Dog-Charging Tool https://gmgn.ai
3️⃣ dbot Dog-Charging Tool https://app.debot.ai
4️⃣ Morelogin Multi-Account Fingerprint Browser www.morelogin.com
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