How to Buy Cryptocurrency in Bolivia
Buying cryptocurrency in Bolivia
Bolivia is one of those countries that banned cryptocurrencies despite them becoming a growing trend in the financial world. Back in 2014, they prohibited the use of cryptocurrencies in commercial transactions or payments. The laws against using cryptocurrencies became even stricter over time. In fact, the Bolivian authorities arrested 60 individuals back in 2017 because they were supposedly being trained on investing in cryptocurrencies. This goes to show how strictly the country has banned any use of these non-traditional digital currencies. Overall, even the most popular cryptocurrencies such as Bitcoin are viewed with skepticism in this country. The adoption is quite slow, almost non-existent to this day. However, there is a whole community of advocates who are pushing the government to start adopting the use of digital currencies for the sake of economy and equality. Whether they are going to succeed at making a change remains a question. For now, there is still a ban on using cryptocurrencies, although some Bolivian users still managed to trade a monthly average of $21 300 on Paxful in 2020 alone
As of 20/03/2021
These exchanges all accept customers from Bolivia. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
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eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also have an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success
- Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
- Fees (spreads) are high
- Only USD as base currency
Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options