How to Buy Cryptocurrency in Colombia

Buying cryptocurrency in Colombia

Buying cryptocurrency in ColombiaIn 2020, there was a major boost in crypto use as an asset as well as for transactional purposes in Columbia, where peer-to-peer lending platforms and cryptocurrency exchanges hit historic growth. Furthermore, the country of Columbia accounted for 11.3% of LocalBitcoins' global volume, making it one of the firm's top markets. While the coronavirus pandemic may have caused the boosted use of Bitcoin in the country, its citizens started showing interest in cryptocurrencies long before that. Having said this, the question of Colombia's crypto regulation remains unsettled. A published guidance by the SFC in 2014 declared that Bitcoin was not recognized as currency and that it was not considered legal tender. The very same guidance barred banks from dealing in virtual currencies which are considered personal property and aren't subjected to value-added tax. Other than this, there is little clarity regarding the actual policy of crypto regulation in the country
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Colombia. 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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