New regulations looming for bitcoin trading in China. According to a Beijing-based media company Caixin citing anonymous sources; the People’s Bank of China (PBOC) is considering two regulations on the management of bitcoin trading platforms to prevent them from becoming money laundering sites. Analysts say the new measures may apply to foreign exchange and financing activities. Bitcoin traders may also be required to register with their real names. The regulator recently inspected domestic trading platforms after warning they risk being closed if found violating the country’s currency regulations. It is attempting to curb capital outflow following fears of continued weakness in the domestic currency. “There needs to be a clear bottom line for the management of bitcoin trading platforms and websites. A blacklist should also be set up. Activities such as trading or financing on margin and market measures such as commission-free trading must be banned,” said Zhou Xuedong, Operations Director at the PBOC. China accounts for about 90 percent of all bitcoin trading on exchanges. The country has strict capital controls, which makes it difficult for Chinese citizens to convert the yuan into foreign currency and limits the amount of cash investors can move abroad. Bitcoin market cap adds $1 billion in 24 hours as price soars past $1,700 https://t.co/2w8soC25ro. This has pushed Chinese investors to use the digital currency as a way to circumvent capital controls and minimize risk from the falling value of the domestic currency. Demand for the virtual currency in China has been rising recently. As the world’s best-performing currency, bitcoin, set a new all-time high on Thursday, trading at over $1,800 to the US dollar. © Autonomous Nonprofit Organization “TV-Novosti”, 2005–2018. All rights reserved. Buy Bitcoin in China. All links are external & open in a new tab, except for "Read Review" buttons. Before jumping into this page, an important disclosure. You'll need a Bitcoin wallet before you buy since some exchanges require one. Don't have a wallet? Read our guide on the best Bitcoin wallets. Coinmama. Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge an. 6% fee on each purchase. Works in almost all countries Highest limits for buying bitcoins with a credit card Reliable and trusted broker. Some of the highest fees among credit/debit card bitcoin brokers. LocalBitcoins. LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer. Can be private, fast and easy In-person trades require no personal information Purchases of bitcoin can be made quickly via cash deposit. Beware of scams; always follow the rules! Harder to buy large amounts of bitcoins compared to large exchanges Slightly to significantly higher prices than regular exchanges; premium for higher privacy. BTCC is China's second largest Bitcoin exchange and the longest-running Bitcoin exchange in the world. You can fund your exchange account online via bank transfer. BTCC has great liquidity and good prices Bank deposits are processed within 30 minutes of confirmation. Not private since identity verification is required Interface may be confusing for first-time buyers Limited payment methods; only bank transfer Bank transfers not originating from China Merchants Bank may be delayed outside regular banking times. OKCoin Buy Bitcoin. OKCoin is the largest Bitcoin exchange in China. Customers can make deposits to their exchange accounts via bank transfer. OKCoin has great liquidity and good prices Wechat integration Offers USD as well as CNY trading. Not private since identity verification is required Interface may be confusing for first-time buyers Limited payment methods; only bank transfer. Huobi Buy Bitcoin. Huobi is the third largest Bitcoin exchange in China. You can fund your exchange account online via CNY bank transfer or with USD via OKPay (1.5% fee) or international wire transfer (1% fee). Huobi has great liquidity and good prices Always-available, bilingual customer support Offers USD as well as CNY trading. Not private since identity verification is required Interface may be confusing for first-time buyers Limited payment methods; only bank transfer. LakeBTC Buy Bitcoin. LakeBTC is the fourth largest Bitcoin exchange in China. They operate internationally, in around 40 different countries. LakeBTC is one of the top 15 global exchanges based average daily trading volume. Customers can deposit via cash, bank wire, Western Union, MoneyGram, OKPay, Perfect Money, PayPal, Payza, Skrill, Neteller, Leupay, CHATS or LakePay, although not all methods are available in all countries. Global exchange that offers many payment methods Vast array of BTC-fiat currency trading pairs. Interface may be hard to use for first-time buyers. Gatecoin Buy Bitcoin. Gatecoin is a regulated Bitcoin and altcoin exchange based in Hong Kong. They accept bank transfers from around 40 different countries. Users can buy bitcoin using HKD, EUR, USD and CNY. High liquidity Several BTC-fiat currency trading pairs Multi-sig security feautures. Was hacked in May of 2016; users should not store funds on the exchange if it can be avoided. Bitcoin ATMs Buy Bitcoin. You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%. Our map makes it super easy to find a Bitcoin ATM near you. Bitcoin ATMs often have 5-10% fees per purchase. VirWoX. Technically, VirWoX isn't even a Bitcoin exchange. It mainly serves as a way for people to buy Second Life Lindens, a currency used in the virtual world Second Life. You can't buy Bitcoin with PayPal directly at VirWoX, but it's possible to first buy Second Life Lindens (SLL) and then trade your SLL for Bitcoin. This process works perfectly, but in the end will cost you about 10% in fees. The easiest and basically only way to purchase bitcoins with PayPal or Skrill. Comes with a price: it will cost around 10% in fees to buy with PayPal. Bitfinex Buy Bitcoin. Hong Kong-based Bitfinex has long been one of the largest USD Bitcoin exchanges in the world. Bitfinex accounts may be funded by bank wire only, their fee on accepting such transfers is low at only 0.1%. Very low fees even for low volume buyers; 0.1% for market makers and 0.2% for market takers One of the best ways to buy large amounts of bitcoins Allows lending of fiat or bitcoin to margin traders at interest (but this is risky in light of the hack) Very deep liquidity promotes a price close to fair market rate Supports several altcoins. Was recently hacked and has yet to fully compensate all users for their loss Geared towards traders; possibly quite confusing for first time buyers Single payment option. Mycelium Local Trader Buy Bitcoin. Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers. Easy and cheap way to buy bitcoins with cash Private way to buy bitcoins, no personal information required beyond cellphone number. Users in sparsely populated areas will have trouble finding sellers. Changelly Buy Bitcoin. Changelly lets you buy bitcoin with Litecoin, Dogecoin, altcoins and many other digital tokens. Changelly works in nearly every country but you will need another cryptocurrency in order to purchase bitcoins. Exchanges happen almost instantly because Changelly never actually controls your tokens but just exchanges them. Easiest and fastest way to buy bitcoins with altcoins Fees are reasonable for larger traders. Need altcoins or other digital tokens to use. bitcoin-otc Buy Bitcoin. Bitcoin-OTC is an over-the-counter marketplace for the peer to peer exchanging of bitcoin. It is almost like a Craigslist for Bitcoin. Users must create ads or locate other ads to find sellers of bitcoin. Bitcoin-OTC is somewhat complicated and hard to use, but may be the only option for users in some countries without an exchange. One country dominates the global bitcoin market. More Charts. Almost all bitcoin trading is done in China. The share of the cryptocurrency that's traded via China's mainland currencyÂ escalated over the past few years, overtaking the US dollar as the dominant currency. From less than a 10% share in January 2012, the yuan now makes up nearly 100% of all bitcoin trading. Bitcoin surged 120% last year, outperforming every other currency in the world. It kicked off 2017 by rising above $1,000 for the first time since 2013. Those moves were made possible largely because of China. Volumes of bitcoin trading increased as China's foreign reserves shrank, by about 8% to $3.05 trillion in 2016.Â Meanwhile, the yuan weakened against the dollar, hastening the rush of money out of the country and increasing interest in bitcoin. Last week, the cryptocurrencyÂ came under pressure after China announced it was investigating exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, and other issues. Â. As of 8:34 a.m. ET on Wednesday, bitcoin traded down 4.8%, or Â $43, near $862 per coin. It jumped above Â $915 late Tuesday nightÂ but struggled to take out resistance in the $880/$920 area. This chart shared by Deutsche Bank shows the staggering rise of China as the dominant trader of bitcoin. The Bitcoin 101 Report by the BI Intelligence Research Team. SEE ALSO: China is behind the latest bitcoin craze. SEE ALSO: Want to get ahead on Wall Street? Here's everything you need to know to land your dream job. Follow Markets Chart Of The Day and never miss an update! Get updates in your inbox. Subscribe to Markets Chart Of The Day and never miss an update! Recommended For You Powered by Sailthru. One country dominates the global bitcoin market. Almost all bitcoin trading is done in China. Recommended For You. Featured. Markets Emails & Alerts. Get the best of Business Insider delivered to your inbox every day.