How to Buy Cryptocurrency in Mexico
Buying cryptocurrency in Mexico
Cryptocurrencies are so popular because they offer an easy way to transfer money, which is becoming increasingly more difficult to do in Mexico. The country has a long track record of struggling with tax evasion and money laundering, which is why the government implemented new fintech laws to supervise financial service providers in banking and private capital sectors. According to this law, financial institutions were banned from issuing or transferring cryptocurrencies to customers in any way. In reality, the regulations sounded worse than they were, as the government didnít outright ban cryptocurrencies or deem them illegal. The trend of cryptocurrencies is rapidly gaining momentum in Mexico. Between September 2019 and May 2020, the trading volume of Bitso, Mexicoís lead crypto exchange, went up by 342%, according to Bitso reports. Earlier in 2020, Bitso reported that it had exceeded 1 million users on the platform, 92 % of them being Mexican.
As of 20/03/2021
These exchanges all accept customers from Mexico. 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
eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged.
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
- Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
- Fees (spreads) are high
- Only USD as base currency
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.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
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