How to Buy Cryptocurrency in Jamaica
Buying cryptocurrency in Jamaica
Bitcoin and other cryptocurrencies are completely legal to buy and sell in Jamaica, although the Jamaican government has issued multiple warnings related to this type of financial transactions. Namely, the government has warned its citizens of the potential risk of using cryptocurrencies, mainly due to their volatility. However, they have not in any way banned or restricted the use of such alternative payment methods. With that said, it is fairly easy to obtain and even trade cryptocurrencies in Jamaica with dozens of exchanges available in the country. Unfortunately, there are no cryptocurrency ATMs in Jamaica, although the citizens can still purchase and sell cryptocurrencies via online platforms. Some of the most popular exchanges in the country include CEX.io and Binance, along with eToro. It is important to mention that, as of October 2020, Coinbase only allows crypto-to-crypto conversions for the citizens of Jamaica. Moreover, the residents can also get Bitcoin debit cards through Pursa.co, which makes it easy to use Bitcoin in everyday life.
As of 20/03/2021
These exchanges all accept customers from Jamaica. 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