Buy Bitcoin in Mongolia

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You'll need a Bitcoin wallet before you buy since some exchanges require one.

Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.

  • Popular Exchanges to Buy Bitcoin in Mongolia
  • eToro
    • Supports Bitcoin, Ethereum & 15 other coins
    • Start trading fast; high limits
    • Your capital is at risk.

    We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

  • Coinmama
    • Works in almost all countries
    • Highest limits for buying bitcoins with a credit card
    • Reliable and trusted broker

CoinmamaCoinmama Buy Bitcoin Read Review

Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.

Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.

Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.

We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms.

Pros
  • Works in almost all countries
  • Highest limits for buying bitcoins with a credit card
  • Reliable and trusted broker
Cons
  • Some of the highest fees among credit/debit card bitcoin brokers
Ease of Use
Easy
Privacy
Low
Speed
Fast
Fees
Average
Reputation
Trusted
Limits
High
Buy Bitcoin Read Review

LocalBitcoinsLocalBitcoins Buy Bitcoin Read Review

LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.

Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.

We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.

Pros
  • Can be private, fast and easy
  • In-person trades require no personal information
  • Purchases of bitcoin can be made quickly via cash deposit
Cons
  • Beware of scams; always follow the rules!
  • Harder to buy large amounts of bitcoins compared to large exchanges
  • Slightly to significantly higher prices than regular exchanges; premium for higher privacy
Ease of Use
Hard
Privacy
High
Speed
Fast
Fees
Low
Reputation
Trusted
Limits
Average
Buy Bitcoin Read Review

KrakenKraken Buy Bitcoin Read Review

Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.

Pros
  • Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
  • Very low maker fee, falling to 0% with sufficient trading volume
  • Highly-rated for security and data protection
Cons
  • Requires ID verification, so not private
Ease of Use
Hard
Privacy
Low
Speed
Average
Fees
Low
Reputation
Trusted
Limits
High
Buy Bitcoin Read Review

Bitcoin ATMsBitcoin ATMs Buy Bitcoin

You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.

Pros
  • Our map makes it super easy to find a Bitcoin ATM near you
Cons
  • Bitcoin ATMs often have 5-10% fees per purchase
Buy Bitcoin

Mycelium Local TraderMycelium Local Trader Buy Bitcoin

Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.

Pros
  • Easy and cheap way to buy bitcoins with cash
  • Private way to buy bitcoins, no personal information required beyond cellphone number
Cons
  • Users in sparsely populated areas will have trouble finding sellers
Ease of Use
Average
Privacy
High
Speed
Fast
Fees
Low
Reputation
Trusted
Limits
High
Buy Bitcoin

How to Buy Bitcoin in Mongolia

Despite Inner Mongolia's harsher Bitcoin legislation (controlled by China), the sovereign nation of Mongolia has taken a friendly stance on cryptocurrency, at least when compared to China.

Although Bitcoin isn't popular in Mongolia, nor is it anywhere close to mainstream adoption, several Bitcoin exchanges support the country, including Coinmama, one of the biggest exchanges in the world.

Unfortunately, most popular online exchanges require identity verification before facilitating trade. If privacy is a concern, we recommend using LocalBitcoins instead, or Mongolia's Bitcoin ATM located in Ulaanbaatar, the capital of Mongolia.

It's also essential to protect your investment from thieves who may try to hack centralized exchanges and steal crypto from your exchange wallet. Storing your Bitcoin on a cold storage hardware wallet like the Ledger Nano S offers the best protection.

With your wallet in hand and exchange selected, it's simply a matter of connecting your fiat payment method and buying Bitcoin. After depositing into your exchange wallet, however, make sure to store it permanently on your hardware wallet.

Bitcoin Mining in Mongolia

Mongolia is one of the best places in the world to mine Bitcoin and other cryptocurrencies thanks to its insanely cheap electricity. Or at least, it would be one of the best, if Bitcoin mining was legal in inner Mongolia.

Mongolia is a sovereign nation with its military and passport, but Inner Mongolia - claimed by China - is subject to its laws.

As part of China's plan{: target="_blank"} to drive Bitcoin mining out of the country, they're eliminating "illegal" Bitcoin mining operations from Inner Mongolia.

However, if you're a resident of the sovereign nation of Mongolia, Bitcoin mining may be profitable because its citizens pay less than $0.05 per kWh. Mongolia's electricity prices are practically one third that of the United States, making Bitcoin mining in the country a profitable move.

But here's the deal:

When I say profitable, I don't mean you're going to get rich. It's still incredibly difficult to profitably mine Bitcoin, which has fallen far from its golden age when anyone and their mother could profit.

According to our mining profitability calculator, using the Antminer S19 (one of the best pieces of mining hardware on the market) you'd make roughly $700 per year.

Considering the miner itself costs around $2,000 per unit, it'd take more than two years to pay it off, given the current price of Bitcoin. And that's assuming the miner will hold its efficiency, which it will not because block difficulty will increase with time.

If you want to acquire Bitcoin, buying it from an exchange above is your best bet. 99.9% of people don't mine, because it's an unnecessary hassle for the average person.