How to Buy Cryptocurrency in Colombia

Buying cryptocurrency in Colombia

Buying cryptocurrency in Colombia In 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

Brand

Coins

Security

Usability

App

Service

Open a Bybit Account

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