Can i trade also on some chinesse exchange?

[Mikcik]

Hello
Can i also trade (buy/sell) bitcoins at some chinese exchange...? I mainly mean...:

1) Is it posible regarding the law, or can only chinese residence trade on chinesse exchanges?
2) Do they (the exchanges) want some proof of ID of mine before they will allow me to trade (or deposit cash or bitcoin)?
3) Is there any chinesse exchange (any bigger one?) that has also english as their native language (or does google translator do a good job in translating these?)
4) Can i get my money out of the chinesse exchnage somehow in cash?

If yes, what exchnage site does concretely fit all the points of my description?

[1714915920]

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[1714915920]

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[1714915920]

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[1714915920]

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[1714915920]

1714915920

[Bitcoinpro]

Not unless you want the Chinese communist party to confiscate your coins on the grounds of repayment for the US dollar holdings now being worthless.

[windywinter]

Hello
Can i also trade (buy/sell) bitcoins at some chinese exchange...? I mainly mean...:

1) Is it posible regarding the law, or can only chinese residence trade on chinesse exchanges?
2) Do they (the exchanges) want some proof of ID of mine before they will allow me to trade (or deposit cash or bitcoin)?
3) Is there any chinesse exchange (any bigger one?) that has also english as their native language (or does google translator do a good job in translating these?)
4) Can i get my money out of the chinesse exchnage somehow in cash?

If yes, what exchnage site does concretely fit all the points of my description?

1. You need a bank account, which requires that you are a Chinese resident, or an taobao & Alipay account, which requires that you are either a Chinese resident, a resident of Hong Kong SAR, a resident of RAE Macau, or a Taiwan resident.

2. They do not need proof of ID, but they require your ID information.

3. Almost all of them.

4. Unless you come to China in person.

[Mikcik]

Hello
Can i also trade (buy/sell) bitcoins at some chinese exchange...? I mainly mean...:

1) Is it posible regarding the law, or can only chinese residence trade on chinesse exchanges?
2) Do they (the exchanges) want some proof of ID of mine before they will allow me to trade (or deposit cash or bitcoin)?
3) Is there any chinesse exchange (any bigger one?) that has also english as their native language (or does google translator do a good job in translating these?)
4) Can i get my money out of the chinesse exchnage somehow in cash?

If yes, what exchnage site does concretely fit all the points of my description?

1. You need a bank account, which requires that you are a Chinese resident, or an taobao & Alipay account, which requires that you are either a Chinese resident, a resident of Hong Kong SAR, a resident of RAE Macau, or a Taiwan resident.

2. They do not need proof of ID, but they require your ID information.

3. Almost all of them.

4. Unless you come to China in person.

Oh...

So theres no way for me legally to simply open and account on chinesse exchnage (im from middle europe), deposit there money from wire transfer (or even just deposit there bitcoins), trade, and when i want to sent my money out, just again use bank/wire transfer...?

[empoweoqwj]

Forget it. The huge risk ain't worth the small reward.

[FenixRD]

Forget it. The huge risk ain't worth the small reward.

I disagree. BTCChina has been fantastically resilient against DDOS, has APIs included in Qt open trader, and the security of 2FA plus a little obscurity and finally their move to a "maker taker" fee system, makes it my exchange of choice. Their mobile site works too, as an actual mobile site. And, holy shit, they have an English version of the site.

You'll need a passport technically. They don't verify it ATM. It's for AML.

For me in the US, having funds sit as CNY for their fiat form has an added bonus, albeit small, since CNY is appreciating against the USD and has been for a few years, at around 3% APY. Put a different way, even if you think Bitcoin is a scam, you could effectively use this route as a 3% APY savings account.

[empoweoqwj]

Forget it. The huge risk ain't worth the small reward.

I disagree. BTCChina has been fantastically resilient against DDOS, has APIs included in Qt open trader, and the security of 2FA plus a little obscurity and finally their move to a "maker taker" fee system, makes it my exchange of choice. Their mobile site works too, as an actual mobile site. And, holy shit, they have an English version of the site.

You'll need a passport technically. They don't verify it ATM. It's for AML.

For me in the US, having funds sit as CNY for their fiat form has an added bonus, albeit small, since CNY is appreciating against the USD and has been for a few years, at around 3% APY. Put a different way, even if you think Bitcoin is a scam, you could effectively use this route as a 3% APY savings account.

Great, you need a passport but they don't verify it. Sound really "secure" for the future......

And the fact the Chinese government is clamping down on all Chinese exchanges.

Keep going, dude, just make sure you can get your money out one day.

[FenixRD]

Forget it. The huge risk ain't worth the small reward.

I disagree. BTCChina has been fantastically resilient against DDOS, has APIs included in Qt open trader, and the security of 2FA plus a little obscurity and finally their move to a "maker taker" fee system, makes it my exchange of choice. Their mobile site works too, as an actual mobile site. And, holy shit, they have an English version of the site.

You'll need a passport technically. They don't verify it ATM. It's for AML.

For me in the US, having funds sit as CNY for their fiat form has an added bonus, albeit small, since CNY is appreciating against the USD and has been for a few years, at around 3% APY. Put a different way, even if you think Bitcoin is a scam, you could effectively use this route as a 3% APY savings account.

Great, you need a passport but they don't verify it. Sound really "secure" for the future......

And the fact the Chinese government is clamping down on all Chinese exchanges.

Keep going, dude, just make sure you can get your money out one day.

The rest of them don't do that. The only things they verify to not be falsified are Chinese documents. If you are Chinese, they care. In the future, perhaps China will cooperate above-table with US FinCEN and so forth. But for now, they aren't required to do any of that. Taking down a declared ID number and category makes Lee, their CEO, the more conservative of them. They're certainly the most "real" of the exchanges. (OKCoin is backed by legitimacy too, and I arbitrage LTC there, but it's not nearly as solid as BTCChina.) He's paid the price in decreased volume after their run as the leader.

He's also the brother of the author of Litecoin, who works for Coinbase. Somehow, I'm not too worried that the money will just fly away. Too many real people with well-known IRL identities.

FYI if you actually care, you'd report this money on your taxes as money in a foreign account. Technically you're already supposed to, and as of June this year, most foreign banks (Swiss, etc.) are cooperating and will report your activity to the US. Whether China has any intention of doing this in the future, idk. Doubtful at present. See "FACTA".

Perhaps I am granted a higher confidence by actually having a passport, and regularly traveling to parts of Asia as well as other locations, and being able to (slowly) understand Mandarin. Everyone around here seems to have this notion that the Chinese are out to swindle us out of every last penny. Which is ironic, because many of them feel the same distrust for us.

[bitlrl]

No,you can't.Now the chinese centre bank have  the order that every exchange website must have real ID recognition.So now only chinese people can exchange.Or you can cooperate with chinese people.

[FenixRD]

I enter threads and reply without reading the words of anyone before me because I have that high of an opinion of myself.

Also I'm probably wrong but I just wanted to up my post count.

FTFY.

[empoweoqwj]

No,you can't.Now the chinese centre bank have  the order that every exchange website must have real ID recognition.So now only chinese people can exchange.Or you can cooperate with chinese people.

Absolutely right. You can "work round" it by working with Chinese people but again, my question is .... what's the point of jumping through all these hoops just to trade on these markets. So much risk involved, especially given the Chinese governments new-found dislike for bitcoin

[FenixRD]

Still wrong. In my inbox, not 30 minutes ago, a letter, one in Chinese, and a copy in English, not smashed through Google Translate but done professionally.

New Year’s Greeting from BTC China

January 7, 2014

Dear Customers,

Happy New Year!

2014 is here, and on behalf of BTC China, I would like to take the opportunity to personally wish you a happy and prosperous new year. Looking back, 2013 was a huge year for Bitcoin, attracting worldwide attention. From our humble beginnings in the summer of 2011, BTC China has followed Bitcoin’s rise and has grown steadily with your support. We thank you for that.

On December 16, we made an extremely difficult decision to abruptly raise our trading commission fees, back to the standard 0.3% level before we eliminated fees in late September. I would like to sincerely apologize for the abrupt nature of that decision, where we were not able to adequately notify our users, and give a proper explanation. The actual circumstances were complicated, and I assure you it was a difficult but necessary decision at that time. Due to imminent regulatory threats at that time, we felt we had to proactively reintroduce trading commissions, in order to promote a more sustainable Bitcoin trading atmosphere, with lower volatility. We now strongly believe that a zero-commission fee structure creates a frictionless trading environment, which causes large price volatilities, and encourages market speculation. By re-introducing a trading commission, we hope to foster a healthier marketplace, aiming for better price stability, to benefit Bitcoin in the long term. I hope you can understand our decision.

Now, I am excited to share with you three exciting things that we have put in place:

Maker-Taker fee structure. This new innovative fee structure will maintain a small 0.3% commission for traders, while rewarding market makers with a rebate. (The reward is effectively a “negative” commission, for market makers.) In summary, our company will still not be making money in commission revenue, giving all the benefits to our customers. By having a trading commission, this will reduce market volatility and reduce wild price fluctuations, which we believe is good for the entire Bitcoin market and ecosystem.

BTCC Voucher for deposits. This is BTC China’s new CNY deposit method, with many unique advantages. You can buy it easily from our network of resellers; it can be instantly credited into your BTC China account for trading. Best of all, BTCC Vouchers have no CNY withdrawal fees. They can be traded freely, and do not have geographical restrictions. You can now purchase BTCC Vouchers from our large list of recommended resellers, with some even offering a discount off of the face value. You can now get instant savings by using these BTCC Vouchers.

Reduction of CNY Withdrawal Fee: From popular demand, and to benefit bitcoin sellers, we have reduced our CNY withdrawal fee from 1.0% down to 0.5%. We thank you for suggesting this.

BTC China is the first and longest running Bitcoin exchange in China. We are committed to being the best Bitcoin platform in China. We know that trading commissions alone is not the only criteria to measure the value and attractiveness of a Bitcoin exchange. Instead, we hope to bring our loyal customers the best combination of high quality customer service, new products and services, in a Bitcoin exchange that is fully in compliance with regulatory authorities.

In recent months, we have faced periods of extremely high traffic, where our servers and customer service teams were not able to meet our desired level of service to our customers. I apologize for that, and we will work extra hard this year, to improve our technology capabilities and grow our customer service team. We have recently expanded our dedicated customer service team to over one dozen full-time employees, and they are passionate and ready to serve you and handle all of your support needs, now on a true 24-by-7 basis.

We will continue to lead the market through innovative products and services. (Have you tried our newest hosted wallet product, Picasso?) As the market leader in China, we will continue to invest in R&D and operations, continue to recruit talented people, and continue our mission of bringing Bitcoin to China, in a sustainable manner.

2014 is already here. Despite the ups and downs that the Bitcoin industry has experienced in 2013, BTC China is committed to building the best Bitcoin platform, so we will never give up. We humbly ask for your continued support, as we go down this journey together. We will continue to grow this company, to offer you the best products and services, this year and for many years to come.

As always, we would love to hear your feedback. Please email us at business@btcchina.com.

Best Wishes,
Bobby Lee
BTC China
CEO, Co-Founder
https://www.btcchina.com/

[empoweoqwj]

Still wrong. In my inbox, not 30 minutes ago, a letter, one in Chinese, and a copy in English, not smashed through Google Translate but done professionally.

New Year’s Greeting from BTC China

January 7, 2014

Dear Customers,

Happy New Year!

2014 is here, and on behalf of BTC China, I would like to take the opportunity to personally wish you a happy and prosperous new year. Looking back, 2013 was a huge year for Bitcoin, attracting worldwide attention. From our humble beginnings in the summer of 2011, BTC China has followed Bitcoin’s rise and has grown steadily with your support. We thank you for that.

On December 16, we made an extremely difficult decision to abruptly raise our trading commission fees, back to the standard 0.3% level before we eliminated fees in late September. I would like to sincerely apologize for the abrupt nature of that decision, where we were not able to adequately notify our users, and give a proper explanation. The actual circumstances were complicated, and I assure you it was a difficult but necessary decision at that time. Due to imminent regulatory threats at that time, we felt we had to proactively reintroduce trading commissions, in order to promote a more sustainable Bitcoin trading atmosphere, with lower volatility. We now strongly believe that a zero-commission fee structure creates a frictionless trading environment, which causes large price volatilities, and encourages market speculation. By re-introducing a trading commission, we hope to foster a healthier marketplace, aiming for better price stability, to benefit Bitcoin in the long term. I hope you can understand our decision.

Now, I am excited to share with you three exciting things that we have put in place:

Maker-Taker fee structure. This new innovative fee structure will maintain a small 0.3% commission for traders, while rewarding market makers with a rebate. (The reward is effectively a “negative” commission, for market makers.) In summary, our company will still not be making money in commission revenue, giving all the benefits to our customers. By having a trading commission, this will reduce market volatility and reduce wild price fluctuations, which we believe is good for the entire Bitcoin market and ecosystem.

BTCC Voucher for deposits. This is BTC China’s new CNY deposit method, with many unique advantages. You can buy it easily from our network of resellers; it can be instantly credited into your BTC China account for trading. Best of all, BTCC Vouchers have no CNY withdrawal fees. They can be traded freely, and do not have geographical restrictions. You can now purchase BTCC Vouchers from our large list of recommended resellers, with some even offering a discount off of the face value. You can now get instant savings by using these BTCC Vouchers.

Reduction of CNY Withdrawal Fee: From popular demand, and to benefit bitcoin sellers, we have reduced our CNY withdrawal fee from 1.0% down to 0.5%. We thank you for suggesting this.

BTC China is the first and longest running Bitcoin exchange in China. We are committed to being the best Bitcoin platform in China. We know that trading commissions alone is not the only criteria to measure the value and attractiveness of a Bitcoin exchange. Instead, we hope to bring our loyal customers the best combination of high quality customer service, new products and services, in a Bitcoin exchange that is fully in compliance with regulatory authorities.

In recent months, we have faced periods of extremely high traffic, where our servers and customer service teams were not able to meet our desired level of service to our customers. I apologize for that, and we will work extra hard this year, to improve our technology capabilities and grow our customer service team. We have recently expanded our dedicated customer service team to over one dozen full-time employees, and they are passionate and ready to serve you and handle all of your support needs, now on a true 24-by-7 basis.

We will continue to lead the market through innovative products and services. (Have you tried our newest hosted wallet product, Picasso?) As the market leader in China, we will continue to invest in R&D and operations, continue to recruit talented people, and continue our mission of bringing Bitcoin to China, in a sustainable manner.

2014 is already here. Despite the ups and downs that the Bitcoin industry has experienced in 2013, BTC China is committed to building the best Bitcoin platform, so we will never give up. We humbly ask for your continued support, as we go down this journey together. We will continue to grow this company, to offer you the best products and services, this year and for many years to come.

As always, we would love to hear your feedback. Please email us at business@btcchina.com.

Best Wishes,
Bobby Lee
BTC China
CEO, Co-Founder
https://www.btcchina.com/

Your point being?

It doesn't mention anything about allowing foreigners to trade. Just talks about China, China, China.

[FenixRD]

Your point being?

It doesn't mention anything about allowing foreigners to trade. Just talks about China, China, China.

Here, I bolded one piece of relevant text in my post via an edit. Also, there's the fact that they ID you with a passport number, and not a China-centric thing (like in the US, with a driver license or something). And offering English chat support. Yes, there are businessmen in China. Some even have bank accounts. But they'd still be paying taxes elsewhere. There's also wording on their site regarding it being the user's responsibility to comply with the laws in their local jurisdiction. Also, Bobby Lee is brothers with Charlie Lee, aka Coblee, author of Litecoin and employee of Coinbase. They continue to keep any ideas about how they may connect those things on the DL, but I'm pretty certain there are plans.

Also, why would you even assume you aren't allowed to? Do you trade on Bitstamp and BTC-e? I love BTC-e, but really, neither of those have identifiable people to track down. There's zero trust beyond faith. Do you really find that safer?! Really, I don't get it. CEO Bobby Lee lived in the US for years, worked for Yahoo, and went to Stanford. It's infinitely more "real" than any other exchange. Why would you assume you can't trade there...? Even in interviews, it's always been clear that he planned to make BTCC the most resilient of the global exchanges. Which... it's Bitcoin; they all are.

[LakeBTC]

Hello
Can i also trade (buy/sell) bitcoins at some chinese exchange...? I mainly mean...:

1) Is it posible regarding the law, or can only chinese residence trade on chinesse exchanges?
2) Do they (the exchanges) want some proof of ID of mine before they will allow me to trade (or deposit cash or bitcoin)?
3) Is there any chinesse exchange (any bigger one?) that has also english as their native language (or does google translator do a good job in translating these?)
4) Can i get my money out of the chinesse exchnage somehow in cash?

If yes, what exchnage site does concretely fit all the points of my description?

yes you can

1. sure
2. yes for withdraw only. for aml
3. we do
4. cash ... you mean literally? or bank wire? 

LakeBTC.com can do both CNY and USD right now.

[Mikcik]

With cash transfer i mean of course wire (bank) transfer, i didnt use correct words, sorry.

[FenixRD]

With cash transfer i mean of course wire (bank) transfer, i didnt use correct words, sorry.

If you put money in using cash, you're going to lose a LOT to wire and forex fees. Just buy BTC and transfer those. Anything else, can't see a good reason to try. The arbitrage opportunity is nil, as it's already being well-absorbed.