How to Buy Cryptocurrency in Cuba
Buying cryptocurrency in Cuba
Cuba emerges an unlikely hotspot for cryptocurrencies despite the impression of stagnancy and backwardness it gives off. However, due to the decade-old U.S. trade embargo on Cuba, cryptocurrencies became a means of overcoming these restrictions. This embargo makes it difficult for Cubans to obtain credit and debit cards for international use, so Cubans were forced to seek out other alternatives, such as Bitcoin. Even though cryptocurrencies aren't illegal in Cuba, most businesses still keep out of the country due to U.S. sanctions and variability of regulations. Despite such hardships, an Italian-Cuban entrepreneur named Mazzola started up the country's first ever decentralized Bitcoin exchange called Qbita in 2020. Cuba's government itself announced that it's considering the possibility of developing its very own cryptocurrency, not unlike other countries under U.S. restrictions, such as Venezuela or Iran. Faced with such harsh sanctions, it is clear to see that Cuba's future lies in cryptocurrencies.
As of 20/03/2021
These exchanges all accept customers from Cuba. 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
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
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.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Poloniex is a centralized cryptocurrency exchange that started its journey back in January 2014. The platform offers margin trading, spot trading and margin lending
- No verification required
- Low fees
- Margin trading and lending options
- Not regulated
- No Fiat deposits
- No US users
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.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.
- Receive coins to your wallet instantly.
- High limits for buying bitcoin
- Faster customer service
- High levels of security
- No option for trading with other users
- Higher fees
- No mobile app
Bittrex is a veteran US-based cryptocurrency exchange launched in 2013. Its has Worldwide availability, comprehensive mobile app, high liquidity and low fees.
- Strong security features
- Faster transaction & withdrawals
- Compliant with US laws
- Inexpensive bank card deposits
- No leveraged margin trading
- Intrusive verification process
- Unexplained closure of account