How to Buy Cryptocurrency in Ecuador

Buying cryptocurrency in Ecuador

Buying cryptocurrency in EcuadorDespite Ecuador’s ban on bitcoin and other digital currencies in 2014, their popularity continues to rise. Then-President Rafael Correa, whose term lasted from 2007 to 2017, introduced the said bill. Part of this law demanded a creation of a state-issued digital currency in Ecuador, which would be supported by the resources of Ecuador’s Central Bank (BCE). And soon enough, the state issued its very own digital currency – Dinero Electrónico. However, the system has faced a good deal of criticism, and its use by banks and customers has been infrequent at best. It is important to point out that this move was precisely about monopoly, where the state has the exclusive power to start circulating its own digital money with the help of its central bank. Having this in mind, there are still buyers and sellers listing themselves on Localbitcoins.com in the state, and bitcoin can easily be purchased via Paypal.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Ecuador. 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

67% of retail CFD accounts lose money. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. US Residents - eToro USA LLC does not offer CFDs, only real Crypto assets available.

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 have 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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Kucoin

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.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Changelly

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.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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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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