How to Buy Cryptocurrency in Dominican Republic
Buying cryptocurrency in Dominican Republic
In 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
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
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
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
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
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options