How to Buy Cryptocurrency in Dominican Republic

Buying cryptocurrency in Dominican Republic

Buying cryptocurrency in Dominican RepublicIn the Dominican Republic, financial institutions are collectively banned from using all kinds of cryptocurrencies in transactions. In contrast to this, individuals are still allowed to use them, keeping in mind the government's warning to be extra cautious and careful when dealing with cryptocurrencies due to their high risk and unpredictable nature. There are businesses starting to accept them as a method of payment and there are even Bitcoin ATMs available in the Dominican Republic. CEX.IO, counting over three million users, is considered the most popular exchange where citizens of the Dominican Republic can buy cryptocurrencies. The verification process itself is quite expensive, making it one of the safest exchanges worldwide. The Dominican Republic's government hasn't shown interest in actually regulating cryptocurrencies, meaning altcoins won't be regulated for a long time. Citizens can still continue using them at their own risk though. Overall, the country's stance on cryptocurrencies is quite controversial.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Dominican Republic. 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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