I will be covering details on how to use urdubit in video tutorials here in this blog post. Hopefully all your questions will be answered here. If you do however have any questions please register and ask in the comments section. Also share this article so that people can learn about bitcoin in Pakistan.
Video Part 1
Verification on urdubit is an important setup and we wont allow you to deposit or withdraw pkr unless you are verified. Like all international trading platforms we want our countrymen to be safe and secure hence we follow standard KYC/AML procedures to ensure that you are really you. So lets get this part out of the way so you can start buying or selling bitcoins.
Video Part 2
Video Part 3:
This is a detailed video of how to buy and sell bitcoin bitcoin in Pakistan. Most people have this problem as there was no trading platform before this. Rest assure this was very secure and you will have fun if you use it once or twice.
I have seen alot of people asking around how to use this exchange to buy bitcoins. So I figured this would be the ideal time to write this tutorial. Since I have already registered with the site I wont be giving screenshots of the signup but its pretty straight forward. Just a word you dont have to be verified to start trading at Urdubit. Verification only comes in handy if you want to cash out PKR. The information that Urdubit asks for verification is strictly to comply with KYC of State Bank. We dont disclose your identity or information to anyone. The information will only be provided to a government institution if requested by them on account of fraud or terrorist activity. Urdubit wants to safeguard its customers from any illegal activity and/or scam hence the verification is required. Do take note that under current Pakistan Law you dont have to pay any Taxes for selling or buying software. Bitcoin is basically a protocol hence termed as software therefore there is no requirement to report this to any tax authority.
First Login & Verification:
After you login for the first time you are presented with a verification forum. You dont have to verify yourself to begin trading with your btc you can simply deposit or withdraw btc and also trade them to PKR by listing your order under the order book but you cant deposit money or withdraw only when you are verified. The verification is inline with State Bank Of Pakistan Guidelines.
1. Enter your correct details.
2. Hold your Original CNIC/B-forum next to your face and take a selfie. Then click on Upload button. Now select the file with the selfie. This is to verify this is indeed yours since you are not physically present there.
3. Scan or take a photo in high resolution of your Original CNIC/B-Forum up close so that the entire card is visible and then click on same “Upload File” button again and upload this picture.
4. Follow the above for the back of your CNIC and upload the third file.
5. Now scan or take a screen shot of your bill make sure its under your name if its not you have to submit the copy of the original paid bill.
Dont worry if you make a mistake urdubit will call you for your verification so please make sure the number you provided is correct.
Please look at the down arrow as posted in the following screenshot. Clicking it will let you deposit PKR into your account
If you are using the Whitedev theme you can look for the links as denoted in the following screen:
To deposit funds look at the down arrow as marked by me on the above screen shot. The following page will popup:
Similarly if you are using a the Whitedev theme a similar screen will popup asking the same information, currently there are only 2 banks listed here for deposit. At this point you just have to enter the amount and select the bank. There after you simply deposit the money in that account take a screenshot and upload it here. Since easypaisa has a limit of maximum Rs25000 per month its acceptance will be manual and on first come first serve basis. Mobicash is not currently accepted. You can call urdubit or email them email@example.com for manual easypaisa details.
After the funds have been deposited please upload a screenshot or the picture of the deposit receipt via the system. To do this first click on My deposits look for arrow with number 1. Then you will see the deposit request as denoted by arrow 2 and then click on Send receipt as denoted by Arrow no. 3. Once you click on that the system will ask you to upload the screenshot or picture of the deposit receipt that you took. Just upload it and wait. Urdubit has a process of 1 business day to realize deposits.
Depositing btc or bitcoin into your urdubit is almost as easy as adding PKR. The biggest advantage for bitcoin lovers here is that they can deposit and withdraw btc anytime even without verification. You can anonymously trade bitcoins after depositing them and cashing out via btc. Hence its a safe haven for bitcoin trades that want to just use pkr as a trading pair with bitcoin.
Click on the button as pointed to buy the arrows:
For whitedev theme the following screen will showup:
Important thing to note here is that you have to generate a new address every-time you want to deposit funds. Please do not send bitcoins twice to the same address as the system wont realize it and it is very difficult to realize them. Once you click that button the following will appear:
Clicking Yes will generate you a QR code to scan through your cell phone and also give you the wallet address please see image below:
Deposits are fully automated and will appear in your wallet once the network confirmations are done. To check the status of the “My Deposit” and will show you the number of confirmations that are currently in progress.
Withdrawing btc is fully automated now. To withdraw btc simply click the following button as shown by the arrows in the image:
Clicking on this link will give you a popup asking you to enter a wallet address. Just enter the amount you wish to withdraw (remember there is a network fee of 0.0001btc) and address you want to withdraw. Once again I would like to remind you that this is instant and there are no reversals.
Pakistan’s first trading platform has just gone Live. Here you can trade your btc to pkr or vice versa. While still in beta Urdubit is offering first 1000 users a balance of Rs100 to begin trading and learning the platform. It has just been published on Coindesk. This is great news for all Pakistanis. With the current trade deficit we always have to borrow interest bearing loans in USD. This also fills the need for Pakistan’s requirement for a payment processor. Now people can buy internationally by just using bitcoin and not have to worry about USD all together. Its a great initiative as many websites in Pakistan can now find customers abroad with secure payments. I hope to cover this story further and also cover a tutorial on new user signups and how you can trade on this website. This is currently the only known trading platform bitcoins in Pakistan.