4 Simple Ways to Buy Ethereum in Hong Kong
This is part two of an article that I was inspired to write thanks to a nice, gregarious Italian man who sits next to me at the coworking space where I spend most of my days. He was in desperate need of purchasing Bitcoin so that he could pay for a stream of Series A football. It gave me considerable pause as, after 10-plus years of dealing with and/or working in crypto, I still wasn’t even sure the easiest and most affordable way for him to purchase it.
While Bitcoin, like the Brady-era New England Patriots, dominates all others, Ethereum is the next “top dog” when it comes to total cryptocurrency market capitalization. And, like buying Bitcoin in Hong Kong, it is almost identical to the steps, wallets, and available platforms.
The two quickest and least painful ways to buy Ethereum in Hong Kong are by using a crypto ATM or creating an account with a cryptocurrency exchange like Binance and utilizing their peer-to-peer (P2P) portal.
Below, I’ll break down in simplified terms the four key ways to buy Ethereum in Hong Kong. So, whether you want to purchase your first bit of ETH to get started in crypto and simply hold, or you want to use ETH to transact and enter into the wild world of DeFi, or you are somewhere in between, I’ve got you covered.
But first, there are several essentials that you’ll need to buy and receive Ethereum in Hong Kong.
Pale Ale Travel Note: If you’re in the market for buying BTC in Hong Kong, make sure to check out my comprehensive beginner’s guide to buying Bitcoin in Hong Kong. There are several recommendations that I explain in-depth that will come in handy when purchasing Ethereum in Hong Kong.
What You Need For a Seamless Ethereum Purchase
As mentioned above, I cover all of this in my article breaking down how to buy Bitcoin in Hong Kong, so I recommend reading that for a more comprehensive overview. These are just the main bullet points.
Ethereum Mobile Wallet
MetaMask wallet QR code.
A mobile Ethereum wallet is an app that you will need to install on your phone or tablet. Simply put, it acts as your digital wallet to buy, receive, and send Ethereum. Most mobile wallets don’t require you to complete ‘Know Your Customer’ (KYC), which requires verifying your identity by providing personal information and a government ID, so this would be my recommended method for getting started right away when buying Ethereum.
Popular Ethereum mobile wallets that I recommend (and have used personally) include:
My most used wallet of the above is MetaMask as it isn’t only a wallet but a ‘portal to the decentralized world’, meaning you can easily access Ethereum network apps, exchanges, and products. Simply generate your QR code to screenshot and use it as your deposit address by clicking ‘Account Details’. It takes no more than 10 minutes to set up a MetaMask wallet.
I recommend using a MetaMask wallet if you plan on purchasing ETH via a ‘Crypto ATM’, OTC exchange, or direct transfer with a friend and/or colleague.
For a comprehensive list of Ethereum wallets and their respective devices, make sure to check out Ethereum.org.
Cryptocurrency Exchange ETH Wallet Address
All cryptocurrency exchanges will have a built-in wallet to generate an Ethereum wallet address to send, receive, and store ETH. I recommend using an ETH wallet address generated on a crypto exchange if you want to buy ETH via the exchange’s native peer-to-peer (P2P) system or bank transfer.
Popular cryptocurrency exchanges with P2P and bank transfer options include:
Don’t worry, I’ll explain the various methods to buy ETH in Hong Kong below along with where you can store your ETH for the long term.
I can’t stress enough that simply creating an account on a cryptocurrency exchange like Binance isn’t going to allow you to immediately buy Ethereum. You’ll still need to (a) complete ‘Know Your Customer’ (KYC) to upload an ID and verify your personal information and (b) install a two-factor authentication app on your mobile phone like ‘Google Authenticator’ or ‘Authy’. KYC can take anywhere from several hours to several weeks (depending on the documents required and the speed of the exchange).
I use Google Authenticator and always make sure to back up my ‘recovery codes’ offline, in case I lose my phone.
Pale Ale Travel Tip: If you’re interested in crypto, then I imagine artificial intelligence may also be in the realm of things that interest you. In that case, make sure to check out my article breaking down how to use ChatGPT in Hong Kong.
4 Ways to Buy Ethereum in Hong Kong
While it can be somewhat of a pain in the “you know what” to set up an Ethereum or crypto wallet (and KYC), just know that’s the hardest part. There’s more than a handful of methods to buy Ethereum in Hong Kong, with one of them being able to be completed in just under 10 minutes (if you really hustle).
Let’s first start with this rapid-fire way to buy ETH in Hong Kong.
Purchase ETH via a Crypto ATM
COINHERO ATM at The Hive Sheung Wan.
A crypto ATM is as the name implies, a machine/kiosk that is meant to “mirror” a traditional ATM in the way that you can buy and sell Ethereum in person (with fiat currency). These ATMs are typically accessible 24/7. Simply walk up to the ATM, deposit the amount of fiat (HKD in this case) you want to exchange for ETH and follow the instructions on the screen or above the ATM.
Each crypto ATM will lay out the exact steps you need to buy ETH, with a standard transaction typically involving (1) generating your ETH wallet address/QR code, (2) scanning the QR code on the machine, (3) inserting HKD into the ATM, and (4) choosing ‘Buy’. The total transaction time can be completed in less than a minute.
While this is definitely the quickest and “most anonymous” way to purchase ETH in Hong Kong, it is also the most costly, as crypto ATM transaction fees may range anywhere from 7% to 30%.
There are crypto ATMs scattered across Hong Kong so you definitely should not have any trouble finding one near you. COINHERO is a reputable crypto ATM company that I frequently use and recommend checking out their map of ATMs in the city. I use the following three crypto ATMs in Hong Kong:
- COINHERO Bitcoin ATM in Sheung Wan (at The Hive Coworking Space);
- COINHERO Flagship Store in Causeway Bay;
- HK Bitcoin ATM Mongkok Shop.
Pale Ale Travel Tip: With Hong Kong’s changing political and social landscape, I strongly recommend using a VPN when browsing and transacting online. Make sure to check out my article ‘Do I Need a VPN in Hong Kong?’ which also includes a list of VPNs I use to protect myself online.
Buy Ethereum on a Cryptocurrency Exchange
Create an account on a popular cryptocurrency exchange like Binance, HTX, or OKX and use their dedicated peer-to-peer (P2P) portal or bank transfer feature to begin buying Ethereum. All three crypto exchanges boast large P2P communities that connect those wanting to purchase Ethereum with those selling their ETH.
For this section, I focus on buying Ethereum via a crypto exchange’s P2P portal rather than initiating a direct bank transfer with the exchange and/or credit card purchase due to the hefty fees and numerous issues that people run into when trying to purchase (ex. Major Hong Kong banks declining transactions).
I’m here to ensure that this process is as straightforward as possible.
Pale Ale Travel Note: For reference, I have only used Binance’s P2P function to buy and sell crypto in Hong Kong so it would be the top exchange I recommend (plus, it is the largest crypto exchange in the world).
How to Buy Ethereum on Binance
Select ‘P2P’ to get to Binance’s peer-to-peer portal.
This is my go-to method for buying Ethereum (and other cryptos) in Hong Kong as once you have signed up, created an account, KYC’ed, and installed a two-factor authentication app on your phone, you can complete your purchase in less than 10 minutes.
First, head over to Binance’s P2P portal, where you will select ‘ETH’ and ‘Buy’. You’ll be presented with a list of ETH sellers, their trade completion and approval rates, the amount available to sell, and the payment method available (bank transfer or instant transfer).
Because of the speed and convenience of Hong Kong’s FPS cross-bank and payment system, I always select ‘Instant Transfer’ and simply provide the seller with my FPS ID (aka my phone number).
Above, I noted that I do NOT recommend initiating a direct bank transfer with the exchange. However, when you enter into a P2P bank transfer, this is completely “off” the platform – meaning that you are directly engaging with another individual rather than Binance itself.
Here is what the process looks like:
- Click ‘Trade’ in the upper menu and select ‘P2P’,
- Choose ‘Buy’, ‘ETH’, and ‘HKD’,
- Find an ETH seller with an amount available that can fill your order,
- You can also see the ‘rate’ that they are selling it at (rates are prioritized by most competitive to least competitive),
- Select ‘Buy ETH’ (the green button),
- Choose your transfer method (Instant Transfer or Bank Transfer),
- Enter the amount of HKD you want to exchange for ETH,
- Select ‘Buy ETH’ to confirm.
The transaction timer will begin and you will then need to send the agreed-upon amount of HKD to the ETH seller’s respective account. Don’t worry, everything is locked in escrow so no one is running off with your money. Also, there is a chat function to communicate with the seller if you run into any issues.
Using your authenticator app, you will approve and authorize the transaction, and voila – you have purchased your first bit of ETH on Binance.
Buy ETH With Cash in Hand (P2P)
This method really only works if you have someone in your circle of friends, family, or colleagues who wants to part with their ETH in exchange for your fiat (HKD). You can technically do this with a stranger but I can’t recommend this in good faith – especially for those getting started with crypto.
Think of this method as a crypto ATM without the physical kiosk. Instead, it’s a person on the other side. The benefit of buying ETH from a friend, family member, or colleague with cash in hand is that you can both set the price and fees – making it one of the most affordable ways to purchase ETH in Hong Kong. It’s also the most anonymous method to buy Ethereum on this list.
Simply prepare your ETH wallet address and/or QR code, provide your trading partner with the amount of HKD you want to swap for ETH and have them send the corresponding amount to your address.
As noted in my article explaining how to buy Bitcoin in Hong Kong, a cash-in-hand P2P exchange will involve you providing the seller with cash before they transfer. Think about it. It’s far easier to report and/or recoup stolen cash than digital tokens and/or currencies sent on a blockchain.
Use an OTC Desk
‘Over the Counter’ (OTC) crypto desks are private ‘exchanges’ and market matchmakers that connect individuals looking to buy and sell Ethereum. The reality of OTC exchanges is that you are typically transacting with the private exchange itself so I would think of it as more of interacting with a ‘private cryptocurrency exchange’ rather than an individual.
While OTC exchanges were once geared towards buyers and sellers transacting large volumes, namely institutional investors and high-net-worth individuals, most OTC desks in Hong Kong cater to individuals looking to buy and sell smaller amounts – with minimums ranging from HK$1,000 to HK$10,000 (or more).
If you’re reading this, I’d bet my non-existent house and future family that you’re not an institutional investor (that’s alright, me either), so here are several popular OTC desks in Hong Kong with low minimum transaction requirements (or none at all):
- BTC Shop HK – no minimum transaction volume. However, there is a HK$100 fee for transactions under HK$5,000.
- Crypto HK – one of the biggest OTC counters in Hong Kong with no transaction minimum (HKD, USD, CNY).
- OneSatoshi – no minimum spot price trades.
- Crypto OTC Digi Castle – HK$3,000 minimum transaction amount.
The OTC regulatory landscape in Hong Kong is somewhat uncertain and being ironed out (due to several major scams and fraudulent schemes), so if you want to buy or sell large amounts of Ethereum, I would actually recommend checking out a cryptocurrency exchange’s in-house OTC desk like on Kraken or Binance.
Securing Your Ethereum So That You Don’t Get Hacked or Do Something Dumb
I never keep more than I’m willing to lose on a ‘hot’ crypto wallet (aka a wallet that is connected to the internet). This is because (a) I’m a huge bozo, and (b) there are too many malicious actors in crypto that can “catch you sleeping” if you’re not careful.
If you’ve purchased an amount of Ethereum that would crush you mentally and financially to lose, it’s time to consider storing it with a hardware wallet – aka ‘cold storage’. A hardware wallet is a physical device that looks similar to a USB stick and acts as a user interface or bridge to the blockchain. It is not connected to the internet and only allows the person in possession of the physical device to access their funds.
It doesn’t get any better than this when it comes to securing your Ethereum and other crypto. The two major hardware wallets I use and recommend for cold storage include:
Both products have extensive documentation explaining how to get started. The biggest point that I cannot emphasize enough is that you should ALWAYS purchase the device via the retailer’s office website and not from third-party sellers like Amazon.
If you’d like to see a post explaining how to get started with hardware wallets and cold storage, let me know in the comments!
You’re On Your Way to Buying Ethereum in Hong Kong
How did that Ethereum logo get in the sky? Is it natural or Photoshop?
While buying ETH in Hong Kong still isn’t as simple as taking your debit card to the ATM and pressing ‘withdrawal’, it has become far more straightforward over the years. It just takes a little bit of preparation – namely setting up and/or creating an Ethereum wallet address or KYC’ing on a cryptocurrency exchange.
Once you’ve completed these steps, it becomes second nature and can be done almost as quickly as a standard ATM withdrawal.
For example, anytime I want to buy Ethereum on Binance, I fire up their P2P portal, place an order, and transfer my HKD via FPS to the seller’s account and then receive ETH to my wallet address – all within five to ten minutes. Or, I screenshot my ETH address’s QR code in MetaMask and use that at a crypto ATM as my ‘withdrawal address’.
If you have any further questions about buying Ethereum in Hong Kong or storing your crypto safely, don’t hesitate to reach out in the comments or via email (info@palealetravel.com)
HODL well everyone,
Big Body
Big Body is a voracious lov…eater, a cowardly fighter, and a self-proclaimed curry goat BBQ-eating champion (don’t forget the donkey milk) who likes Stoicism, baseball, and writing in the third person. Having worked for himself for the last 7 years, he isn’t particularly successful but he does still drink ice-cold Sapporo draft beers with the best of them and knows his way around a Dai Pai Dong or two. He is based in Hong Kong but you can still find him in Saigon, Osaka, and Vienna for extended periods.