How to Buy Cryptocurrency in Chile

Buying cryptocurrency in Chile

Buying cryptocurrency in ChileThe Chilean government does not have any regulations in place regarding cryptocurrencies and businesses related to them. Instead, cryptocurrencies are in what we call a grey legal area, so the question of whether they are illegal or not still remains unanswered. Nevertheless, the Chilean IRS plans to propose a tax on crypto despite the fact that it isn't even regarded as an actual currency. If the country's IRS were to go ahead with their plan to tax cryptocurrencies, it would have to completely alter the very definition of income. As events unfold, this is something that would definitely have an impact on all Chileans. Another entity that is considered a major player in determining the future of cryptocurrencies and all businesses related to them is banks. Banks are leading an ongoing battle against virtual currencies that aren't regulated. So far, many exchange accounts have been shut down with no prior explanation
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Chile. 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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