How to buy Bitcoin in Malta
The team at bitcoinworks.mt has received several questions from our readers and one of the most frequently asked questions is, how you could buy Bitcoin the easiest in Malta?
Throughout these two years, Bitcoin and crypto, in general, have increased in popularity and have grabbed a lot of attention. That’s why we will guide you through how to buy Bitcoin locally – in Malta through Binance which is one of the world's most trusted exchanges. In fact, Binance is registered and located in Malta and has had its headquarters there ever since. However, there are two main ways to acquire Bitcoin in Malta when using Binance. Binance offers its users to buy Bitcoin P2P on their platform or just by buying Bitcoin of Binance directly through, “Bitcoin Buy”.If you choose to use Binance as a maltase resident, you can easily fund your Binance account with EUR deposits via several maltase banks. Deposits are also possible by using a debit or credit card. After the deposit, you can easily buy Bitcoin on Binance by using your EUR that have been deposited.
But how does this exactly work?
You can buy Bitcoin from Malta on Binance by following these four simple steps!
Step one - Firstly, make sure to register and create an account on Binance and complete the identity verification process.
Step two- After a successful KYC process make sure to log in to your Binance account and go to your wallet and press deposit fiat and choose EUR.
Step three- Enter the total amount of EUR you want to buy bitcoin with and deposit EUR using your preferred way.
Step four- Once your EUR is deposited you can easily buy Bitcoin on Binance.
How P2P trading works in Malta
The second option to buy Bitcoin in Malta is through P2P trading, but what does P2P stand for?
P2P stands for peer-to-peer which basically is a financial transaction between two people. During the early days of Bitcoin, this was the only to buy Bitcoin, by buying an x amount from somebody that wanted to sell their Bitcoin. This can seem rather tricky, but by using the Binance P2P platform it gets much easier and safer to buy Bitcoin from somebody. This is because Binance hosts and secures that the trade is processed correctly. Binance secures a P2P transaction and protects your crypto by using an escrow service. To clarify, the P2P procedure works the same in Malta as in other countries.
How to buy Bitcoin on Binance using P2P in Malta
Buying bitcoin from a Binance user that wants to sell it on the Binance P2P is easy. To be able to start buying Bitcoin P2P you simply create & register a Binance account and complete the identity verification process. Once this is done simply continue to Buy Bitcoin/Crypto P2P and choose EUR and Bitcoin. You can select from several payment options, make sure to select the payment options that you can use. Later, browse and find a seller that sells an amount of Bitcoin that you would like to buy and start the payment process.
Note: Once the P2P transaction is verified you will receive your acquired Bitcoin in your Binance wallet.
Escrow service: How Binance protects your Crypto/Bitcoin when buying Bitcoin P2P
Every Binance P2P trading transaction is safely secured by an escrow service which simply is a secured arrangement with a trusted third party. An Escrow service works in the sense that they handle the exchange of assets between trading parties. This makes a P2P transaction almost like just like the Bitcoin blockchain which also verifies every P2P transaction using miners and nodes. However, the Binance P2P trading platform is trusted due to every financial trade is verified/ double-checked. When a buyer places a P2P order the Bitcoin or other Crypto from the seller gets automatically transferred to a temporary deposit service where Binance P2P ensures that both parties get the asset that was agreed from the trade.
Bitcoin ATM in Malta
If you for some reason don’t want to buy Bitcoin directly from Binance or on Binance P2P you can visit a Bitcoin ATM located in Sliema where you can copy your bitcoin address in your Binance wallet and buy BTC from there. However, this requires that you register on Binance to access your Binance Bitcoin address.
Click here for more info about where the Maltese Bitcoin ATMs are located.