Summary: Latin America is witnessing a surge in cryptocurrency adoption, supported by the emergence of reliable exchanges that adhere to the regulatory norms established by financial authorities across the region. These platforms offer convenient deposit options for local currencies, such as BRL, MXN, ARS, and more, through bank transfers or credit cards, fostering a secure environment for the growth of digital currencies in these countries.
Our team has conducted a thorough review of leading exchanges in Latin America to assist you in finding the most trustworthy options. Through an in-depth analysis of their adherence to regulatory standards and their ability to support multiple local currency transactions, we have identified the top 5 digital currency trading platforms in Latin America:
- Trade over 770 Cryptos with up to 100x leverage.
- Free deposits in 90+ currencies like BRL, COP, ARS & more.
- 18 million+ users in 160 countries globally including Latin America.
Best Crypto Exchanges in Latin America
Our experts have developed a methodology to evaluate the premier cryptocurrency exchanges in Latin America. This framework includes considerations such as compliance with regulatory standards set by national financial institutions, security history, transparency practices (including audit outcomes), fees, functionalities, supported digital currencies, and more. After a detailed review, we have determined and listed the top 5 platforms in Latin America.
1. Bybit
Bybit is the best overall exchange in Latin America due to its widespread availability, advanced functionality, transparent reserves, user-friendly interface, and comprehensive offerings. With impressive support for over 1000 cryptocurrencies and multiple order types, it attracts a broad spectrum of users, from beginners to professional traders. What sets it apart is its emphasis on security and transparency, proven by its regularly updated proof-of-reserves. Additionally, it offers a powerful trading platform with many features like spot, options, and futures contracts, with high liquidity ensuring that trades are executed swiftly. Thanks to its global accessibility, it can be used in English, Spanish, and Portuguese.
- Deposit Currencies: ARS, BRL, CLP, COP, USD, PEN, UYU & VES.
- Supported Assets: 1000+ Cryptocurrency.
- Regulation: Registered in Latin America
- Fees: Costs include a 0.1% fee for spot trading, 0.01% fee for maker orders, and 0.06% for taker orders on futures markets. Deposits and withdrawals are completely free of charge.
2. Binance
Binance is the second-best exchange in Latin America and has distinguished itself through its exceptional multilingual support, which is crucial in a linguistically diverse region such as Latin America. Besides English, it supports Spanish (three types including México, Argentina, and Latinoamérica), Portuguese, French, Dutch, and 40 other languages, making it highly accessible. With an impressive list of over 350 supported cryptocurrencies, Binance stands as one of the most versatile exchanges in the market. Its advanced features include spot, futures, margin trading, and even a savings account for earning interest. Binance's robust API and user-friendly interface further enhance its reputation.
- Deposit Currencies: ARS, BRL, COP, USD & VES.
- Supported Assets: 350+ Cryptocurrency.
- Regulation: Registered in Latin America.
- Fees: Costs include a 0.1% fee for spot markets, 0.02% for maker orders, and 0.06% fee for taker orders on futures markets. Deposit and withdrawal fees vary depending on the method.
3. Gate.io
Ranked as the third crypto exchange in Latin America, Gate.io has gained recognition for its wide range of over 1700 digital assets, from stablecoins to meme coins and altcoins. Unlike many exchanges, Gate.io does not require its users to complete a Know Your Customer (KYC) process, promoting a high degree of privacy. However, it does not compromise security, employing strong measures to protect user assets. Gate.io also provides staking options, an NFT marketplace, crypto loans, and a crypto debit card. Its simple interface, wide range of cryptos, and not requiring identity verification make it a favorite amongst privacy-focused traders in Latin America.
- Deposit Currencies: ARS, BRL, CLP, COP, USD, GYD, PYG & VES.
- Supported Assets: 1700+ Cryptocurrency.
- Regulation: Not regulated in South America.
- Fees: Costs include a 0.1% fee for spot trading, and deposits and withdrawals are completely free of charge.
4. KuCoin
KuCoin earns the fourth-best ranking in Latin America and is renowned as the best altcoin trading platform. Offering support for over 700 cryptocurrencies, with a significant emphasis on altcoins, it allows traders to diversify their portfolios beyond the usual tokens. KuCoin features a state-of-the-art platform for spot trading, futures contracts, margin trading, and a peer-to-peer (P2P) platform. It also offers staking and lending services, allowing users to earn passive income on their crypto holdings. Its straightforward UI, comprehensive customer support, advanced security system, and diverse range of digital currencies contribute to its popularity among Latin American altcoin enthusiasts.
- Deposit Currencies: ARS, BRL, CLP, COP, USD & VES.
- Supported Assets: 700+ Cryptocurrency.
- Regulation: Registered in the Middle East
- Fees: Costs include a 0.1% fee for spot trading. Deposits and withdrawals vary depending on the payment method.
5. Bitso
Bitso is widely regarded as the top South American exchange globally. As a platform designed with a focus on the Latin American market, it understands the unique needs and challenges of local traders and accepts almost every fiat currency in the region. Bitso supports more than 60 cryptocurrencies, including local favorites and global majors. One of its distinguishing features is the ability to make direct deposits and withdrawals in local currencies, providing convenience and reducing costs for its users. Bitso also offers spot trading and crypto transfer services, allowing users to send and receive cryptocurrencies instantly.
- Deposit Currencies: ARS, BRL, CLP, COP, PEN, SRD, UYU & VES.
- Supported Assets: 60+ Cryptocurrency.
- Regulation: Registered in Latin America.
- Fees: Costs include a 2.5% fee for spot trading. Deposits and withdrawals vary between 1% - 4% depending on the payment method.
Is Cryptocurrency Regulated in Latin America?
Yes, the regulatory landscape for cryptocurrencies in Latin America varies significantly across nations, with diverse approaches reflecting the region's unique economic and legal environments. Countries like Argentina and Brazil have begun to embrace cryptocurrencies, with Argentina providing guidelines for digital asset operations and Brazil recognizing cryptocurrencies as financial assets subject to regulation by the Securities and Exchange Commission.
Conversely, other nations maintain a cautious perspective, focusing on consumer protection and the integrity of their financial systems without imposing outright prohibitions. This varied regulatory framework across Latin America highlights the importance of understanding each country's stance on digital currencies as they navigate the balance between innovation and financial security within their distinct contexts.
How to Buy Bitcoin in Latin America
South American investors interested in purchasing Bitcoin should consider Bybit, which aligns with the specific demands of the region's market. Bybit facilitates deposits in a variety of Latin American currencies, making transactions seamless and congruent with local financial practices. The platform stands out for its extensive cryptocurrency offerings, presenting over 1000 tokens for trading, all with competitive fees.
For those in Latin America looking to buy BTC, follow these steps:
- Sign Up: Enroll on the Bybit platform at no cost by utilizing your email to set up an account and create a secure password.
- Add Funds: Head to the 'Buy Crypto' section, select 'One-Click Buy,' and then pick your local currency for the deposit.
- Choose Payment Option: Among the available choices, pick your preferred deposit method and ensure Bitcoin is selected as your desired cryptocurrency.
- Finalize Transaction: Enter the amount you wish to buy and hit 'Buy' to conclude your Bitcoin purchase.
Latin American Tax Requirements
In Latin America, as digital currencies gain traction, the tax framework is adapting to accommodate the increasing engagement with cryptocurrencies. Tax authorities across various countries are defining tax obligations for both individuals and businesses participating in crypto transactions. The usage of cryptocurrencies for personal transactions is generally not subject to VAT (Value Added Tax), indicating a cautious yet receptive stance.
For traders and investors in Latin America, it's essential to know the potential capital gains taxes that may apply to cryptocurrency profits. Such gains are typically considered part of an individual's overall income and might be subject to different tax rates based on the specific country's legislation and the taxpayer's income bracket. While capital losses can often offset gains, they usually cannot be deducted against other types of income, highlighting the significance of informed tax planning.
Final Thoughts
To recap, the growth of cryptocurrency markets in Latin America has seen an extraordinary rise thanks to the proliferation of reliable and secure digital asset exchanges that adhere to varying regulatory frameworks in the region. In our study, we critically evaluated over 20 cryptocurrency exchanges and identified Bybit as the best option in Latin America due to its wide range of crypto offerings, advanced features, and emphasis on security. The other top contenders include Binance, Gate.io, KuCoin and Bitso.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
