How to Buy Cryptocurrency in Grenada
Buying cryptocurrency in Grenada
Lately the subject of cryptocurrencies and Bitcoin has been steadily gaining popularity. Furthermore, there is a growing number of countries in the Caribbean that are beginning to recognize the economic potential of cryptocurrencies and supporting them through well-established legislative frameworks. This is mirrored by public enthusiasm to learn more about the industry itself, as well as in government attempts to regulate it. Unfortunately, Grenada still does not have any specific legislation to help regulate cryptocurrencies and cryptocurrency trading. But the good news is that it has signed up to participate in the ECCB (Eastern Caribbean Central Bank) pilot project. The project will involve launching of a blockchain-powered central bank virtual currency, and it is going to test the use of crypto alongside the official national currency. Like many other Caribbean countries, the government of Grenada is hoping such endeavours will boost the country’s economy and make it attractive for investors.
As of 20/03/2021
These exchanges all accept customers from Grenada. 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 â€śThe Peopleâ€™s Exchange.â€ť 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 doesnâ€™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
- Doesnâ€™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