Bitcoin (BTC) is the world's first widely adopted cryptocurrency, with its price surpassing $70,000 in early March 2024 and a market cap exceeding $1.3 trillion. As of April 26, 2024, Bitcoin's market capitalization ranks among the top 10 globally, surpassing major companies like Meta and Tesla. This guide will walk beginners through purchasing cryptocurrencies using New Taiwan Dollars (TWD).
Step 1: Open an Account with a Licensed Exchange in Taiwan
To buy cryptocurrency with TWD, we recommend using exchanges approved by Taiwan's Financial Supervisory Commission%E5%B7%B2%E5%AE%8C%E6%88%90%E6%B4%97%E9%8C%A2%E9%98%B2%E5%88%B6%E6%B3%95%E4%BB%A4%E9%81%B5%E5%BE%AA%E8%81%B2%E6%98%8E%E7%9A%84%E8%99%9B%E6%93%AC%E9%80%9A%E8%B2%A8%E5%B9%B3%E5%8F%B0%E6%A5%AD%E8%80%85%E5%90%8D%E5%96%AE-%E8%AD%891121114.pdf). As regulations become clearer, user protections continue to strengthen.
In September 2023, the FSC officially released the "Guidelines for Managing Virtual Asset Platforms and Trading Business (VASP)", enhancing protections through:
- Transparent trading information
- Secure customer asset custody
- Improved internal controls
- External expert oversight
Rybit is a fully licensed Taiwanese exchange offering:
- Simple, intuitive interface
- Competitive pricing
- Time and cost savings for users
👉 Learn more about licensed exchanges
Step 2: Convert TWD to USDT Stablecoin
USDT (Tether) is a USD-pegged stablecoin that maintains a 1:1 ratio with the US dollar, serving as:
- Pricing benchmark
- Value storage
- Primary trading pair for most cryptocurrencies
Think of USDT as the "USD of crypto" - to trade cryptocurrencies, you'll first need to convert fiat currency (TWD) to USDT.
Rybit makes buying USDT quick and easy (1-3 minutes):
- Check rates on the homepage and click "Buy Now"
- Copy your Rybit trust account information
- Paste into your banking app
- View transaction records under "Wallet" → "Fund History"
Step 3: Exchange USDT for Bitcoin (BTC) or Ethereum (ETH)
Bitcoin (BTC)
- Decentralized digital currency
- Blockchain-secured transactions
- Current price: ~$64,000 (≈NT$2,000,000)
Ethereum (ETH)
- Second-largest cryptocurrency
- Native token of Ethereum blockchain
- Current price: ~$3,150 (≈NT$100,000)
To buy BTC/ETH on Rybit:
- Navigate to "Trade"
- Enter USDT amount and preview trade
- Confirm details
- Complete purchase
No trading fees for BTC/ETH trades until July 31, 2024
👉 Compare exchange vs OTC buying methods
Step 4: Asset Management Strategies
Option 1: Rybit Earn
- Earn up to 10% APY on idle USDT
- Minimum 10 USDT (≈NT$320)
- Flexible 7-30 day terms
- No complex setup required
Key Features
- Simple interface
- Daily compounding
- Short lock-up periods
Option 2: ETH Staking
- Earn rewards for securing Ethereum network
- Minimum 0.1 ETH (vs 32 ETH direct staking)
- Flexible terms (1-180 days)
- Daily rewards distribution
FAQ
Q: Is cryptocurrency trading legal in Taiwan?
A: Yes, when using FSC-licensed exchanges like Rybit that comply with VASP guidelines.
Q: What's the minimum investment amount?
A: You can start with as little as NT$320 (10 USDT).
Q: How long do transactions take?
A: Most trades complete in 1-3 minutes.
Q: What's the difference between BTC and ETH?
A: Bitcoin is primarily digital gold/store of value, while Ethereum enables smart contracts and dApps.
Q: Can I earn interest on my crypto?
A: Yes, through staking (ETH) or savings products (USDT).
Q: How do I withdraw profits to TWD?
A: Reverse the buying process through your licensed exchange.
This guide covers the complete process from account setup to advanced earning strategies. For best results, always use licensed platforms and diversify your crypto investments.