CryptoAsia #2: The Top 7 Ways to Buy Bitcoin in Cambodia
With permission from the founder of www.cryptoasia.co, I will regularly post news items on cryptocurrencies in Asia - particularly in Cambodia.
There are many ways to buy bitcoin in Cambodia. Most of these methods require you to meet in person with the seller and exchange cash. Some local exchangers will accept money transfer services such as Wing and Truemoney.
CryptoAsia has compiled a list of reputable options (below) with a brief description of each.
1. Local Bitcoins
Localbitcoins.com is used internationally to match bitcoin buyers and sellers. Based in Finland, the company has been in operation since 2012 and has a well-deserved reputation for being reliable.
Generally speaking, bitcoin users should keep their bitcoins on a device that they directly control with their keys backed up to an external storage device. 3rd party wallets have a history of being hacked or suspending user access. However, Local Bitcoins offers one of the most reliable online wallets available. And their escrow system might be the best among online exchange services.
Opening an account is quick and easy. Browse the listings in Cambodia and open a trade with a local exchanger. The chat feature makes it easy to discuss details with the counter-party and the escrow system ensures that he has bitcoins to sell. Make sure to review the trader feedback before entering into a trade and leave feedback about your experience after the trade is done.
2. Remitano
If Local Bitcoins is the preferred method for foreigners to trade bitcoin in Cambodia then Remitano.com holds that title for Khmer people.
Now in its 3rd year, the online peer-to-peer exchange has grown in popularity and earned a name for itself. Similar to Local Bitcoins, Remitano offers an online wallet, an escrow mechanism for making trades, and dispute resolution services. Check out their international remittances feature, as well.
Remitano is the only bitcoin exchange service on this list that CryptoAsia has not used personally. However, there doesn’t appear to be any reason to avoid them. As with any other method for trading bitcoin, research and common sense are your first defense against impropriety.
3. Coin Cafe, Phnom Penh
Coin Cafe is the first and only restaurant in Cambodia to accept bitcoin for payment. Bring your smart phone and your appetite and make payments directly to their bitcoin address.
In the past, Coin Cafe was a good source for bitcoin trades in Cambodia. In recent times, however, they have become less reliable as the owners don’t often keep a regular supply of the digital currency. If you want to make a trade then call or email them first before you go.
4. Mekong Monkey
Mekong Monkey is a bitcoin enthusiast living in Kampong Chhnang. He trades under the moniker Konkee on Local Bitcoins and his offers can be seen at his website bitcoincambodia.co.
This trader is reliable and produces a lot of good content on cryptocurrencies and Cambodia. See his website for more details.
5. Bitcoincambodia.com
Bitcoincambodia.com may qualify as the oldest bitcoin exchange platform in Cambodia. Not to be confused with bitcoincambodia.co (see above), the somewhat reclusive operator of this exchange lives in Sihanoukville and has a solid reputation.
6. Facebook Group
The biggest bitcoin Facebook group in Cambodia has only about 200 members, but many of them are active bitcoin buyers and sellers. Although you won’t have the escrow protection offered by a professional exchange service, most of the traders here rely on their reputation in this small community. Request membership from the group moderators and post a request on the message board.
7. Online International Exchange
The most reliable way to sell or buy bitcoin in Cambodia is to open an account with an international digital currency exchange.
There are many reputable online exchanges based outside of Cambodia. Unlike the peer-to-peer options listed above, these exchanges will require government issued identification to open an account and, most likely, a bank account to fund it.
The only one I've used so far is local bitcoins.
It is a really good site to buy bitcoin in my opinion.
I'll be sure to check out the other ones.
Thanks for your suggestions @chhaylin
Heheh.... of these Mekong Monkey is the most funny name.
Get your Money@MeklongMonkey :-)