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

67% of retail CFD accounts lose money. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. US Residents - eToro USA LLC does not offer CFDs, only real Crypto assets available.

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 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

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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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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OKEx

OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.

Pros
  • Good range of coins
  • DEX trading
  • No hacking history
Cons
  • Not available in US
  • KYC required
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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

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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