How to Buy Cryptocurrency in Bolivia

Buying cryptocurrency in Bolivia

Buying cryptocurrency in BoliviaBolivia 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

Exchanges Info

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

Open a eToro Account

eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged.

eToro

eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also has 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

Pros
  • Fully regulated financial institution
  • Trade crypto, stocks and other financial assets
  • Follow and copy the trades of expert traders
Cons
  • Fees (spreads) are high
  • Only USD as base currency
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Bybit

Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • Limited asset coverage
  • No option instruments
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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