How to Buy Cryptocurrency in Cambodia

Buying cryptocurrency in Cambodia

Buying cryptocurrency in CambodiaBack in December 2017, the country's central bank, Bank Indonesia, passed a regulation prohibiting the use of cryptocurrencies such as Bitcoin as forms of payment starting 1 January 2018. From then on, very stern regulations were adopted in the country, which limited citizens and businesses trading Bitcoin or other tokens without acquiring a license. Such regulations were probably put in place because Cambodia made an announcement about issuing its own digital currency in 2019. This promise came true in October 2020. However, this doesn't mean that purchasing Bitcoin in Cambodia isn't possible. An easy way of doing so is through various cryptocurrency exchanges, all of which have their own transaction fees, limits of withdrawal and modes of payment. Cambodians are also free to use LocalBitcoins to make exchanges with others within the network much easier. What makes LocalBitcoin different from any other exchange is the fact that it is more private.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Cambodia. 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

Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • Slow account verification
  • Two major hacks
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Kucoin

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.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Changelly

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.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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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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