Cryptocurrency has gained a lot of ground in Vietnam in the past few years. The country ranked first in Chainalysis’s Global Cryptocurrency Adoption Index 2022. One of the major reasons cited is that there are no crypto taxes in the country since cryptocurrencies are not officially recognized as a means of payment or assets.
Cryptocurrency transfers are also appealing to a large section of the Vietnamese diaspora that often sends money back home. Sending remittances in cryptocurrency helps them avoid exorbitant administrative fees.
While the Vietnamese government has restricted credit institutions and payment providers from directly dealing with cryptocurrencies, the fact is that GameFi and remittances have driven the grassroots adoption of cryptocurrency in the country.
All this is reflected by the number of cryptocurrency exchanges offering their services in Vietnam. The Vietnamese public has a lot of options when it comes to choosing an exchange for crypto trading. Let us have a look at some popular cryptocurrency exchanges in Vietnam.
Top 7 Cryptocurrency Exchanges Operating in Vietnam
Centralized Exchanges(CEXs) match cryptocurrency buyers and sellers and thus, facilitate crypto trading. There are a number of prominent ones in Vietnam offering a multitude of services beyond just crypto buying and selling.
Binance
Binance, the world’s largest cryptocurrency exchange, is also available in Vietnam. It facilitates crypto-to-crypto transactions at a low cost and is capable of processing over 1.4 million transactions per second.
It has a great and varied collection of crypto coins- from popular ones like BTC to gaming coins like AXS and SAND. Binance also has a native token, a blockchain, an academy for learning resources and a research center.
For security, Binance employs a multisignature scheme and threshold signature scheme. It is fully KYC-compliant and keeps all user data encrypted whether in storage or transit. There is a real-time monitoring system in place and in case any suspicious activity is detected, withdrawals are suspended for a minimum of 24-48 hours.
Features
✔️More than 350 cryptocurrencies available
✔️High transaction throughput
✔️Supports spot trading, options trading, swap farming and futures trading
✔️2-factor authentication and IP whitelisting for security
Pros and Cons
✅Mandatory KYC verification ❌Regulatory troubles
✅Low trading fees ❌History of major cyber attacks
✅Educational resources in ❌Not for beginners
several languages
✅Multiple trading options
Trading Fees
The trading fees on Binance generally fall in the range of 0.10% or lower. However, you can also get discounts on the fee if you use BNB for payments.
Binance trading fees explained
Customer Reviews
Binance is a good exchange if you are tech-savvy
Binance does not have the best customer support
Why We Picked It
Binance has a lot of variety-whether in terms of coins or trading options. It is good for intermediate traders who may want to go beyond purchasing and selling cryptocurrency and are able to navigate cluttered interfaces.
Kraken
Kraken, founded in 2011 just before the fall of Mt.Gox, is one of the oldest cryptocurrency exchanges. It is also the first cryptocurrency company to be approved as a Special-Purpose Depository Institution(SPDI) in America.
Kraken offers not just a collection of 185+ cryptocurrencies or high staking rewards but also a plethora of learning material including a blog, a podcast and guides for individual cryptocurrencies.
Beyond 2-factor authentication(2FA), Kraken also employs SSL encryption for a safe user experience. Encrypted email is used for communication and phone number or SMS recovery is not allowed for safety. Transparency is ensured with Proof of Reserves audits conducted by external auditors.
Features
✔️Over 185 cryptocurrencies available
✔️Has a Pro version with advanced features
✔️Proof of Reserves audit conducted
Pros and Cons
✅Lower fee on Pro version ❌Has been previously hacked
✅High liquidity ❌High fees on basic version
✅Supports stop orders and ❌Not for amateur traders
crypto short sales
✅Multifaceted educational material
Trading Fees
Kraken charges different fees on its basic and Pro versions. While the basic version has the final fees decided by several factors such as payment method and order size, Kraken Pro charges maker and taker fees taking into account the 30-day trading volume.
Kraken Instant Buy fee
Kraken Pro fee
Customer Reviews
Kraken’s customer service is fast and responsive
Accounts may be randomly closed on Kraken
Why We Picked It
Kraken has something for everyone-whether on the basic or on the pro version. It is one of the oldest exchanges that have established their place in the industry. It has a decent selection of coins and supports many fiat currencies as an added bonus.
OKX
Previously known as OKEx, OKX is a cryptocurrency exchange headquartered in Seychelles. With 350+ available cryptocurrencies, OKX offers several options for trading. It has an attractive design compatible with the needs of investors who are just starting out.
Beyond spot trading, OKX also has margin and derivatives markets. It also has mining pools for crypto staking and supports blockchain gaming and DeFi apps on OKX Chain.
Features
✔️Over 350 cryptocurrencies available
✔️Has a native blockchain and native coin OKB
✔️OKX Wallet supports 40+ networks
Pros and Cons
✅Several payment methods ❌Complicated fee structure
supported ❌Lower level of liquidity
✅Trading fee is low
✅High APY for staking
✅Demo trading available
Trading Fees
OKX has a somewhat complex fee structure with trading fees depending on OKB holdings, whether the account is Regular or VIP and other factors.
Trading fee for OKX
Customer Reviews
OKX has a variety of trading pairs and high APYs
OKX users are inundated with spam
Why We Picked It
OKX is a beginner-friendly platform with simple buy and sell features. It has a good variety of cryptocurrencies and trading pairs at low overall costs. You can earn some passive income too as it offers high rewards for staking.
eToro
eToro is a social trading company based out of Israel. Not precisely a cryptocurrency exchange, it is an investment company that also holds cryptocurrencies along with stocks and ETFs.
Although it has a limited number of cryptocurrencies, the fact that eToro is regulated by authorities in America, Australia and the UK is a big plus.
eToro follows the standard of enabling 2FA for account security and using a mix of hot and cold wallets for storing funds. Encryption and masking technologies are also used to protect users’ personal and financial information.
Features
✔️Social trading and investment platform
✔️One of the first to introduce copy trading
✔️Over 75 cryptocurrencies available
Pros and Cons
✅Stock and crypto trading ❌Limited cryptocurrency selection
✅Old and established platform ❌High fee for crypto purchases
✅Copy trading available ❌Limited ETFs
✅Demo trading to practice
investing
Trading Fees
eToro does not differentiate between makers and takers and charges a flat rate for transactions on the platform.
eToro fee for crypto purchases
eToro wallet fees
Customer Reviews
eToro has dedicated account managers
eToro has higher fees than other platforms
Why We Picked It
eToro offers a mix of stocks, ETFs and crypto to traders. It is a well-known and heavily regulated platform. While the fee may be on the higher side, it makes up for that with the services and personal touch it offers.
Bybit
One of the fastest-growing cryptocurrency exchanges, Bybit has quickly become the world’s largest USDC Options market. This platform combines Traditional Finance(TradFi) with Decentralized Finance(DeFi) to create a next-level exchange.
Bybit’s strength lies in its spot market which has over 280 trading pairs available at very low maker and taker fees. Besides that, you can use USDC as well as USDT as collateral for perpetual contracts. It also has an NFT marketplace that supports multiple chains including Ethereum and Solana.
Bybit keeps most of the user funds in cold wallets for security. It uses multi-signature and Trusted Execution Environment technologies to further strengthen platform security. Data access is strictly controlled and several authentication measures are employed for safety.
Features
✔️280+ spot trading pairs available
✔️USDC and USDT as collateral for perpetual contracts
✔️VIP Programme with many benefits and perks
Pros and Cons
✅Low-cost trading ❌Unverified trade volume statistics
✅Beginner-friendly
✅Advanced order types supported
Trading Fees
Bybit has a VIP programme whose members among other things have to pay a lower trading fee than non-VIP users.
Trading fee for Bybit
Customer Reviews
Bybit settles transactions quickly
There may be glitches in the Bybit platform
Why We Picked It
Bybit has a number of trading pairs and a slick and easy-to-use website and mobile app. It has several interesting features including a testnet site to practice strategies before putting them into use.
Gate.io
Gate.io is an exchange that has a massive collection of nearly 1,400 cryptocurrencies. The sheer variety offered by it is a big reason why investors choose to trade on this platform. Another big advantage is that Gate.io accepts around 20 fiat currencies, a lot more than other major exchanges.
Gate.io supports spot trading, leverage trading and copy trading where you can copy the trading strategies of leading traders. It also claims to provide fast withdrawals and free NFT minting.
Features
✔️1,300+ cryptocurrencies available
✔️Supports spot, leverage and copy trading
✔️Native coin is known as GateToken
Pros and Cons
✅Massive collection of coins ❌Poor English on the platform
✅Supports several fiat currencies ❌Not suitable for beginners
✅Advanced features for seasoned ❌Has been previously hacked
traders
Trading Fees
The highest taker fee on Gate.io is 0.2% and it only goes down as the VIP level increases.
Gate.io trading fee explained
Customer Reviews
Gate.io has good leverage options
The KYC process on Gate.io can be tedious
Why We Picked It
Gate.io has a great collection of cryptocurrencies and advanced trading features. Experienced traders who want to dabble into lesser-known coins and can handle some risks and navigate a platform mainly in Chinese can go for it.
BitcoinVN
BitcoinVN is a home-grown cryptocurrency exchange. It offers 81 assets including BTC, LTC and ETH. It also supports the Vietnamese Dong(VND) which is a big advantage for local crypto traders.
It is a straightforward exchange with a simple design that facilitates crypto swapping and staking. On BitcoinVN, you can directly purchase cryptocurrency via bank transfers and even withdraw cash and pick it up from the exchange’s cash office partners.
Features
✔️Native Vietnamese exchange
✔️81 cryptocurrencies available
✔️Enables direct purchases of cryptocurrencies
Pros and Cons
✅Simple interface ❌Limited features for non-registered users
✅Supports VND ❌Not a lot of assets for staking
✅Facilitates crypto staking
Trading Fees
The fee on BitcoinVN generally depends on the method used for payment. For example, the exchange fee is 1% for VND, 0.8% for BTC and 0.5% for USDT.
BitcoinVN fees explained
Why We Picked It
BitcoinVN is a home-grown exchange where you can directly buy cryptocurrency with VND. It has local offices in the country and takes all relevant measures to keep assets safe.
Top 5 Decentralized Exchanges in Vietnam
Decentralized Exchanges(DEXs) are a better option for people that want complete privacy and anonymity while trading. DEXs are also less geo-restricted as compared to centralized ones and hence, can be easily accessed from anywhere.
UniSwap
UniSwap was launched in 2018 and has now become one of the top DEXs as per CoinMarketCap data. It has been developed with the help of the Ethereum Foundation and is used to swap ERC-20 tokens.
On UniSwap, liquidity is provided by Liquidity Providers(LPs) who deposit ETH or any other ERC-20 token into the liquidity pool to create a market. The whole process including the distribution of trading fees is automated which makes it resistant to manipulation and system attacks.
Since UniSwap is a non-custodial platform, you don’t need to transfer your assets to it. Your funds remain safe in your custody as long as you take adequate measures for their protection.
Features
✔️Developed on Ethereum and uses AMM protocol
✔️Native coin is an ERC-20 token called UNI
✔️Works with wallets like MetaMask, Trust Wallet and Coinbae Wallet
Pros and Cons
✅Access ERC-20 tokens ❌No fiat currency can be used
✅Safety of funds ❌Expensive Ethereum gas fees
✅Instant trading possible
✅Anonymous trading
Trading Fees
UniSwap v3 tried to reduce the gas fee and introduced three tiers for charging trading fees.
Trading fee for UniSwap
Customer Reviews
UniSwap is a popular DEX
UniSwap has nonexistent customer service
Why We Picked It
UniSwap is a popular exchange for a reason- you can swap nearly all ERC-20 tokens on it. It has liquidity pools where you can deposit your tokens and get a part of the trading fee for providing liquidity.
PancakeSwap
PancakeSwap is another Automated Market Maker(AMM)-based DEX though it is built on the BNB Chain and not Ethereum. You can easily swap almost all BEP-20 tokens and a limited number of non-BEP-20 tokens as well on it.
Beyond token swaps, the PancakeSwap exchange also has limit orders and perpetual trading. There are yield farms where you can deposit tokens to get some APR. Lottery programs where you can win CAKE tokens are regularly run.
PancakeSwap has a 0.25% transaction fee per trade which is further distributed to liquidity providers, sent to the treasury and used for CAKE buyback and burn.
PancakeSwap uses multisig and time-locked smart contracts for security. Its code is open-source for transparency and the security audit reports are available on its website.
Features
✔️Developed on BNB Chain and uses AMM protocol
✔️Native coin is a BEP-20 token called CAKE
✔️Has syrup pool for CAKE staking
Pros and Cons
✅Access to BEP-20 tokens ❌Bitcoin is not available
✅Private trading ❌Has limited non-BEP-20 tokens
✅User control over private keys ❌No in-built wallet
✅Simple fee structure
Trading Fees
Trading fee for PancakeSwap
Customer Reviews
PancakeSwap is a satisfactory exchange
PancakeSwap may have a problem with scam coins
Why We Picked It
PancakeSwap has lots of innovative products that are sure to catch your eye. The fee is standard and it has some good staking opportunities including in the syrup pool.
dYdX
While dYdX is mainly for derivatives trading it does have spot and margin trading as well. It is compatible with both desktops and mobile devices and enables perpetuals trading at quite low fees and negligible gas costs.
dYdX instantly executes trades and you can quickly make withdrawals without any wait time. This exchange works with most major cryptocurrency wallets such as Trust Wallet and Metamask.
Features
✔️Supports perpetuals trading
✔️No fee on low-volume trades
✔️Native ERC-20 token is DYDX Token
Pros and Cons
✅Fast crypto withdrawals ❌Less number of trading pairs
✅Almost zero trading fees ❌Not suitable for beginners
✅No gas fee for trading perpetuals
Trading Fees
dYdX has multiple tiers depending on the trading volume for determining fees. It charges no maker-taker fee on low-volume trades up to $100,000.
Trading fee for dYdX
Why We Picked It
dYdX is a great option if you are into perpetuals trading. This is a platform committed to maintaining security. It tries to pretty much eliminate gas fees and has zero maker-taker fees for trades up to $100,000.
Balancer
Balancer is a DEX developed on Ethereum. Like many other DEXs, it also has liquidity pools where liquidity is created by liquidity providers(LPs). The difference is that Balancer has programmable and muli-token liquidity pools where you can deposit as many as eight tokens in a pool.
Balancer has managed to reduce slippage to a great extent and developed automated portfolio managers. It has a native token BAL which is given as compensation for staking to LPs. BAL holders also get to participate in the network’s governance.
Features
✔️Automated portfolio manager
✔️Programmable liquidity pools
✔️Native token BAL is an ERC-20 token
Pros and Cons
✅Multi-token pools ❌No educational resources
✅Quick withdrawals ❌Only web version available
✅Negligible gas fees
Trading Fees
Since Balancer pools are programmable, fees are set by the pool creators and can range from 0.0001% to 10%.
Trading fee for Balancer
Why We Picked It
Balancer is for traders that want the freedom to customize the liquidity pools the way they want. There are public and private pools to choose from and it has low trading as well as gas fees.
DODO
While DODO is also an Ethereum-based DEX, it does not use AMM for creating liquidity but uses a protocol called Proactive Market Maker(PMM). Adopting PMM has enabled it to ensure more capital efficiency and price stability.
DODO has some interesting features such as DODO Vending Machine where anyone can create a liquidity market. It also has an NFT Vault for price discovery of non-standard assets. Even liquidity pools can be established for NFTs once the vault is created.
Features
✔️Developed on Ethereum and uses PMM model
✔️Facilitates easy listing of coins
✔️Native DODO Coin is an ERC-20 token
Pros and Cons
✅Better fund utilization ❌No support for fiat currencies
✅Lower slippage
✅No impermanent loss
Trading Fees
DODO’s fee is 0.3% per trade but eventually, the final fee comes to be around 0.6% per trade as stated by its co-founder.
Trading fee for DODO
Why We Picked It
DODO has better price stability as compared to AMM-based DEXs. It has some creative products such as DODO Vending Machine and NFT Vault that you may want to check out.
Is Cryptocurrency Legal in Vietnam?
Cryptocurrency exists in a legal grey area in Vietnam. This means that while they are not legal they are not necessarily illegal either. Although there is no legislation regarding cryptocurrencies or virtual assets, the Vietnamese government seems to be inclined towards heavy regulation of the crypto industry.
While a portion of the Vietnamese population has enthusiastically gotten into crypto trading, the government is more cautious about digital currencies.
In 2017, the State Bank of Vietnam(SBV) stated that cryptocurrency and Bitcoin and Litecoin in particular are not legal currencies. Therefore, they cannot be used as a means of payment in the country.
Directives issued in later years further cemented the government’s inclination towards better management of the crypto industry. However, this does not mean that the authorities are averse to blockchain technology itself.
In 2021, Vietnam’s government issued Decision 942 directing the SBV to research and develop a virtual currency.
The call for crypto regulation was renewed in October 2022 when Prime Minister Pham Minh Chinh stated that the government should study crypto regulation and include an amendment for virtual currencies in the country’s Anti-Money Laundering bill.
However, till early 2023, there are no signs of a legislation specifically addressing cryptocurrencies and their uses. Hence, cryptocurrency remains in a regulatory limbo in Vietnam.
Conclusion
Cryptocurrency exchanges are ubiquitous if you are into crypto trading. The Vietnamese public’s interest in it has led to a proliferation of cryptocurrency exchanges in the country. Hence, there is no dearth of options when it comes to trading or investing in these virtual coins.
Vietnam’s regulatory uncertainty regarding cryptocurrency may mean that you don’t have to pay any taxes on cryptocurrency transactions, but it also means that there is no user protection in case of scams and fraud.
Therefore, it is important to choose wisely before investing in cryptocurrency. It is a highly volatile asset and it is prudent to consult a qualified professional before putting your money into them.