How Vietnamese Traders Access Crypto Exchanges in 2026

Over 21 million people in Vietnam-more than one in five-are holding cryptocurrency. That’s more than the entire population of New Zealand. Yet, Vietnam has no official national crypto exchange. No government-backed app. No state-run platform. Instead, millions of Vietnamese traders access global crypto markets every day using a mix of clever workarounds, local payment tools, and platforms built for them-even if they weren’t made in Vietnam.

Why Vietnam’s Crypto Market Is Unique

Vietnam doesn’t ban crypto. It never did. But it also never said it’s legal. For years, the State Bank of Vietnam called Bitcoin and Ethereum "not legal tender," which meant banks couldn’t touch them. That created a gray zone: you could buy crypto, but not with your bank account. So people found ways.

In January 2025, everything changed. The government passed Resolution 05/2025, launching a five-year pilot program. Only five companies can run licensed crypto exchanges in Vietnam. Each must have at least VND 10 trillion (around $380 million) in capital. Most of that must come from institutional investors. And no foreign company can own more than 49% of the business.

This wasn’t meant to stop crypto. It was meant to control it. The goal? To keep trading in Vietnamese dong (VND), limit speculation, and stop money laundering. But the result? A bottleneck. Only a handful of local players even qualify. And even those are still waiting for approval.

So where do regular traders go? Not to these new local exchanges. They go to the big global names-Binance, Bybit, OKX, Bitget-and they use them in ways the platforms never expected.

How Traders Actually Deposit VND

You can’t wire money from a Vietnamese bank directly to Binance like you would to PayPal. But you can do something better: use peer-to-peer (P2P) trading.

P2P lets you buy crypto directly from another person. In Vietnam, this works like a local classified ad. You find a seller on Binance’s P2P marketplace, agree on a price in VND, and pay them via MoMo, ZaloPay, or VNPay. These are Vietnam’s most popular e-wallets-used by 70% of adults. The seller releases the crypto once they see the payment hit their wallet. It’s fast. It’s simple. And it’s how over 80% of Vietnamese crypto trades begin.

Banks don’t like this. Some freeze accounts if you deposit more than VND 100 million ($4,000) in a single transfer. So smart traders break it up. Five transfers of VND 20 million? No problem. One transfer of VND 100 million? Red flag.

There’s also direct bank integration. As of September 2025, 28 Vietnamese banks connect directly with major exchanges via NAPAS, Vietnam’s national payment network. Deposits take 2-5 minutes. Withdrawals? 15-30 minutes. But this only works if you’re using an exchange that’s been approved for this feature-and only Binance, Bybit, and Bitget have fully rolled it out.

Which Exchanges Vietnamese Traders Use (and Why)

Not all exchanges are equal in Vietnam. Here’s what’s actually happening on the ground:

• Binance dominates with 45% market share. Why? It’s the only one with deep VND liquidity. You can trade BTC, ETH, or SOL directly against VND with tight spreads-sometimes as low as 0.08%. It also has 24/7 Vietnamese customer support, local promotions (like its $5 million Bitcoin giveaway in Q3 2025), and the fastest KYC process: under 18 hours.
• Bybit is the king of futures. Over 68% of Vietnamese trading volume on Bybit is in perpetual contracts. Leverage is capped at 25x, but that’s still enough for traders chasing quick gains. It’s also the most popular among younger users thanks to its clean interface and partnerships with Vietnamese esports teams like Team Secret.
• OKX is trusted for transparency. It publishes monthly proof-of-reserves audits. Fees are lower than Binance’s (0.08% spot), but its customer service is mostly in English. Many users report problems with KYC verification because their National ID (CCCD) doesn’t match the system’s facial recognition-especially if their ID photo is old or blurry.
• MEXC and KuCoin attract traders looking for new coins. They list tokens early, often before Binance does. But their VND support is weaker. You’ll need to use P2P more often.
• Remitano is the beginner’s choice. Simple interface. No complex trading tools. But it’s also the most vulnerable to scams. In Q3 2025, over 4,200 fraud cases were reported on P2P platforms in Vietnam, mostly on smaller, less monitored services.

Security and Identity: What You Need to Verify

To trade on any of these platforms, you must verify your identity. Vietnam doesn’t accept passports or driver’s licenses. You need your CCCD-the national ID card with a chip and facial photo. And you need to use the exchange’s app, not the website.

The verification process is strict. You take a live selfie. The system compares it to the photo in Vietnam’s national database. If your face doesn’t match within 0.8% accuracy? Your application gets rejected. Many users fail because they’re wearing glasses, have changed hairstyles, or took the photo in bad lighting.

Two-factor authentication (2FA) is mandatory. Most use Google Authenticator. A few use Vietnam’s national digital identity app, which is being rolled out in early 2026. That will replace the current system entirely.

The Hidden Costs: Taxes, Fees, and Latency

Crypto trading in Vietnam is taxed. Capital gains are 22%. But here’s the catch: exchanges don’t report it. You have to track every trade yourself. Buy 0.1 BTC for VND 50 million. Sell it for VND 70 million. You owe tax on the VND 20 million profit. No exchange gives you a tax report. You need spreadsheets. Or a local accountant.

Fees vary. Binance charges 0.1% for spot trades. Bybit is 0.06% for takers. MEXC? 0.02%. But lower fees mean less liquidity. If you’re trading large amounts, you’ll pay more in slippage than in fees.

Latency is another issue. Because Vietnam’s internet backbone isn’t as fast as Singapore’s or Hong Kong’s, API response times are 38% slower. That matters if you’re scalping or using bots. A 420ms delay means you miss orders. Some traders use VPNs to connect through servers in Thailand or Singapore to reduce lag.

What’s Coming Next

By early 2026, Vietnam’s National Digital Identity system will go live. That means you won’t need to upload your CCCD anymore. You’ll log in with your government-issued digital ID-just like logging into a bank app. It’ll be faster. More secure. And harder to fake.

The five licensed exchanges are still being reviewed. SSI Digital, TCEX (Techcom Securities), and VPCrypto (VPBank) have applied. But none are live yet. Until then, global platforms will keep dominating.

Experts warn that if the government tightens rules further-like banning P2P or forcing all trades through licensed exchanges-many traders might leave. Some already have. Since January 2025, 27% of Vietnamese crypto startups have moved to Singapore.

But for now, the system works. Millions of people are trading. Banks are adapting. Payments are flowing. And even with the rules, Vietnam remains one of the most active crypto markets in the world.

What Traders Wish They Knew Earlier

• Never deposit more than VND 100 million ($4,000) in one bank transfer. Split it into smaller amounts.
• Use Binance or Bybit for P2P. They have the most sellers and the least fraud.
• Don’t trust apps that aren’t on Google Play or Apple App Store. Many fake crypto apps are circulating in Vietnam.
• Keep screenshots of every trade. You’ll need them for taxes.
• Join Vietnamese crypto Telegram groups. The biggest one, "Crypto Vietnam Official," has over 48,000 members and shares daily tips.